NFT Insanity Part 1
I really just can't get over how stupid people are being. I woke up this morning to check my crypto news feed, and I see three different articles about the same topic:
- Justin Sun bids $500,000 on Twitter NFT.
- Justin Sun bids $1,000,000 on Twitter NFT.
- Justin Sun bids $2,000,000 on Twitter NFT.
God, he's such a little bitch it's unbelievable.
Funny because like 30 minutes ago I cross-posted to Steemit just-in case I can siphon any rewards while SBD is trading at these absurd amounts.
This status-whoring kumquat is at it again!
The crazy thing about NFTs is that they are still in the idiotic infant stages of complete pointlessness, but people are still running around throwing a million dollars or more on a single stupid thing that has zero value.
You mad, bro?
Fuck yeah I'm mad! But I'm not mad at anyone but myself. I could have easily had my game up and running by now with NFTs that actually do something and a network that develops itself using tokenomics. Well, I say "easily" but not really, but certainly possible!
Tokenomics and decentralization.
Again, from my perspective, nobody is doing this right. Nobody is building networks that develop themselves. No one is creating projects whose ownership transfers to the community and then that community builds out the product. Everyone hungers for control over the thing they're trying to build. Everyone is greedy.
There are only a few networks that actually incentivize their own development. Bitcoin... Ethereum... Hive... most of the smart-contract platforms... but that's just all on the base layer. There are zero second-layer projects that expand on the idea further. There are zero games that employ these core concepts of decentralization. People are paying a million dollars for a SHA-256 hash.
It's like watching kids run around a playpen but the playpen is actually a factory that can build anything. But the kids decide they're going to build paper airplanes and sandcastles. It's like watching people mine gold by hand instead of with industrial machinery.
https://www.youtube.com/results?search_query=gold+mountain+congo
Have you guys seen this?
Unicorn mountain in the Congo over 50% gold... it's so soft you can mine it with a damn shovel like it's the 49'ers gold rush. I don't know how much gold is in this "mountain", but I was led to believe that all the gold in the world was already mostly mined and you could fit the entire world supply inside a couple Olympic-sized swimming pools.
https://www.visualcapitalist.com/12-stunning-visualizations-of-gold-bars-show-its-rarity/
A figure commonly thrown around is that the entire global supply of gold would be enough to fill two Olympic sized swimming pools. ... Thus we get about 8.2 million liters of gold. If an Olympic-sized swimming pool has a volume of 2.5 million liters, then we divide and get our answer.
The below-ground stock of gold reserves is currently estimated to be around 50,000 tonnes, according to the US Geological Survey. To put that in perspective, around 190,000 tonnes of gold has been mined in total, although estimates do vary. Based on these rough figures, there is about 20% still to be mined.
I assume "mountain" is an exaggeration?
Because if not the world supply of gold is about to get quite flooded. Forget asteroid mining... we've got plenty right here on Earth.
This reminds me of the podcast about E4M (encryption for everyone).
Paul Le Roux invented it and then started a mafia organization.
https://gimletmedia.com/reply-all/the-founder
A big part of his mafia organization was to acquire African gold on the cheap and then move it across borders to where it was much more profitable. I think the numbers thrown around were something crazy like you could x100 your money with a group of mercenaries in the right place.
It's very obvious that the warlords and mafia are going to move in on this area and capitalize. Already the men with guns have secured the 'mountain' and require and artisan mining license to proceed with the operation.
Off-Topic (or is it?)
The point here is that this hill full of gold is strikingly similar to crypto. We know that there is gold in them-there-hills but we just haven't figured out the correct recipes that build and farm that value. It's right there for the taking. It's like pawing at a cliffside of solid gemstone and the only tools we have is our bare hands.
It's just weird seeing it all go down this way. With such crippling executive disfunction on top of debilitating chronic injury that gets aggravated just by sitting down and typing... there is just a lot of work to be done and little resources to accomplish those goals.
The interesting thing is that I know I can probably get away with doing very little... just keep blogging for the next 9 months and I still have a solid chance of being a multi-millionaire by Q4. Crazy when I think about it. I guess then I'd have the resources to build this stuff out. But I really should have been working my hardest this whole time... hm.
In any case I've started taking a look at what little I've accomplished and wondering how I should build it out. With a million things to be done it's hard to even prioritize a starting point. I probably waste more time wondering what I should do than actually doing it. Ah! Glorious overthinking!
Conclusion
Justin Sun is still a tool.
NFTs took a single step forward and are already overvalued.
I have a lot of work to do.
lol @ Peter Schiff.