The most obvious stupid scam ever conceived and they actually managed to hook a bunch of actual corporations
Square Enix, Nickelodeon, Coke, KFC, and more fell for this shit while regular people were laughing about how obvious a con it was.
Really puts into question the capitalist myth of the genius entrepreneur and the idea that these corporate types are rich because they are smart or deserving in some way.
Tokenized securities would eliminate global financial fraud
I don’t think they would actually.
The problem here is that the vast majority of crypto trading occurs “off chain”. Meaning via intermediaries like Coinbase, which trade on internal databases, exactly like existing securities. The history of crypto is full of examples of exchanges doing exactly this sort of market manipulation. Not to mention insider trading, front running their order books and maintaining fractional reserves.
The elimination of fraud would remain a social and legal issue, the technology used to keep the books just isn’t important. If the government can’t prevent a specific type of fraud now, it wouldn’t be able to with tokenized securities either.
But web3 has the chance the revolutionize the world
Had me going until you let the mask drop and started talking like HackerNews.
and everything about the distribution of wealth.
Under a capitalistic system, it’s going to make it worse and it already has. Same deal with Bitcoin and other cryptocurrencies. Same promises of making things for fair and just and all the poors around the world having little paper wallets and being their own banks until rich assholes bought majority stakes there too.
People that can’t afford to gamble away what little they have being invited into the casino! Wholesome!
Seriously, your cryptobro shit is getting more and more mask-off.
embarassingly naive. The only thing Blockchain technology is good at is fleecing people who still havn’t realized its a failed technology with no future beyond money laundering and scamming rubes
Public ledgers fix a lot
They also drastically multiply the amount of wasted electricity and dump a lot more carbon. It’s a solution trying to make its own problem to solve that also burns the planet that much faster.
EDIT: NFTs are typically minted with Ethereum, which spends a lot of electricity already. If you want to dream up a magical version of a rent-seeking token that doesn’t do that, that’s cute, but it’s not what’s happening with rich techbros trying to get people to buy ledger spaces that are associated with ugly cartoons.
Actually block chain powers the world’s best version control system used by millions of people, it was really revolutionary