Friday, February 3, 2023

An Honest Conversation On The Problem With NFTs & Cryptocurrency, with @Folding Ideas

In this episode, Chelsea speaks with Dan Olson from @Folding Ideas to discuss his recent explainer video on the danger of crypto and NFTs.

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NFTs video:


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  • OK, hear me out; I applied for a "talent provider" that aims to help people of color on STEM get a foot on the tech industry. The program partners with various companies willing to give internship to new comers. Companies' representatives give a short presentation to the "fellows" for why they are a good place to start one's career. Well, this year, one of those companies was a startup crypto company. To say what this company does exactly is difficult as the pitch they made was as vague as any other pro-crypto message out there. Among the 'perks' to attract interns (other than "we care about diversity" because of the target audience) was "developing technologies for the future of web 3.0," "get involve in crypto investment," and stuff like that. This distresses me enormously.

  • i’m flabbergasted I come across people who are this sceptical without understanding money printing, Central banking digital currencies, and criminal banksters behaviour and what bitcoin is which is based on cryptology, they just throw the word crypto around without understanding what that is… just know this it’s not a question of if you buy bitcoin it’s a matter of when and you get it at the price you deserve

  • I do not understand the point of there extremely opinionated opinions….(nothing I suspect) They say the word crypto a lot although there’s only one coin that is backed by cryptology and that is bitcoin and if you don’t understand that it’s going to be the global currency because of CBDCs and money printing us into hyperinflation then you need to maybe have a discussion about something that is reality because those things are the reality that are making bitcoin the future Global currency because Bitcoin is backed by cryptology that is decentralised…

  • I’m a 10x devour of “the line goes up” – aiming for 25x-ish

  • I love my local wallet inspector! He's a very nice guy. Gets rid of my expired $50 bills. I have a lot to be thankful for in a guy like him, preventing me from getting in trouble with the government, and being sent directly to jail for illegal currency.

  • This guy is reaching very hard to fight against progress. Our monetary system, and systems of "ownership" are extremely antiquated. It sounds like he has no solutions. He calls fiat currency good, even though no fiat has lasted longer than 200 years and leads to turmoil and wars when these economies fail. Lots of talk and a lot of theory. You can apply many of these arguments to any new, speculative product or technology. That doesn't make them true, or valid.

  • We have business customers wanting to FOMO into crypto…we as a business try to point them to using the underlying tech not in non money grab way or bubble joining way… instead as a method of for example communicating directly with customers in a personal way….yet look at F1… the number of unscrupulous companies now plastered over those cars is astounding😓

  • I could listen to this man talk about this topic for like days, thanks you for giving me another delicious portion.

  • Crypto is just a faux-decentralized version of Company Scrip for the 21st century. Everyone involved in it is either playing people or getting played.

  • "plus you get free drinks AND you get to smoke inside!" really made me laugh . Its very nice seeing a channel that takes a very progressive and funny spin to finacial advice! I'll be checking out this channel more in the future.

  • What a great point about stability and why Crypto cannot be a currency precisely because it is so volatile and may I add subject to speculation too.

  • I haven't seen a Cryptocurrency ad in, oh, years, now.
    Every single advertisement on this video and Dan's video have been Cryptocurrency ads. And the script in them is remarkably real to his experiences. Wow.

  • I always picture Lionel Hutz from the Simpsons, "the difference between us and other banks is that other banks are banks"
    … Only with the work "currency"

  • Cryptocurrency is an anonymously founded, shill ridden, digital device dependent, equity exchange ledger made of electricity. It's the digital age's version of wooden nickles.

  • Dan is so awesome!!!

  • Why I’m leaving NFTs- An artist’s perspective:

  • A wallet inspector, garage certified, these lines are GOLD 😂

  • Eh, bitcoin was basically made for libertarians and anarchic economic system in general, you just need to read the introduction from the whitepaper to understand that

  • I watched Dan's video and this interview, and I was much surprised that the same journalistic rigor Dan took in his video was not applied to him here. It's easy to get confirmation bias from agreeing philosophers. The only way to expand one's universe is to be open to the possibility that there might be something worthy beyond it. I am a life-long learner, educator, technology entrepreneur, born in a communist & dictatorial country… I'm also a DeFi founder, from a DAO. I will be happy to have a civil sitdown with Dan and Chelsea, and give an alternative perspective on these subjects around crypto, Web3 and DeFi with the Folding Ideas community.

  • I came here from Dan's video… and it's absolutely mindblowing how well he explains the dangerous aspects of NFTs and blockchains and DAOs, and this interview is an even better look into his thoughts on crypto and NFTs. Enjoyed this a lot, especially how Dan comes across as just an "everyman's man" who is really knowledgeable.

  • Is Dan saying that any currency with a finite amount is deflationary?

  • I think a huge, huge problem is Americans (everyone, but I think Americans most of all) are conditioned to think in binary, ESPECIALLY if they perceive that two systems are seemingly adversarial. They believe that if two systems are at odds, one MUST be correct, or good. For instance, an….. insanely troubling poll showed that a pretty large percentage of people would side with the Axis in WW2. There's probably at least some true fascist sympathizers but I think many people are living under hardship and thinking like, "Well life under an Allies victory didn't turn out very well for us," and therefore, their opponents must have been on to something- not judged objectively, but simply due to being an adversary. I think people are seeing crypto the same way. I've heard some people pivot repeatedly to crypto being hated by old money or banks or the government as insinuated proof that it must be doing something right.

  • What's so hard for me to grasp if crypto is just a pyramid scheme is that it has been so validated by three or four of my favorite financial podcasts people that are skeptical of investments with dubious value. Vitalik Buterin has been on Lex Friedman's podcast, Eric Weinstein's podcast even Jordan Peterson the amount of exposure people have given it, people that I thought were intelligent and had integrity. Now I don't know what to believe has everybody been fooled by the complexity of a subject no one understood? Utopianism – a world without banks and control?

  • fantastic video, please use a pop filter.

  • she is blaming crypto for recession really

  • he says that the last to get into bitcoin like kids will be bad for them , how is it bad for them less return less risk , what is the difference between stock market that empower the stock holder that got privilege to get in first

  • i like his first video but this interview didnt make sense on a lot of comments

  • L D

    1) A lot of the images sold are stolen from the artists who created them. Most of the time, the actual artists who created the images don't get the money from the sales of their art.

    2) A lot of people who talk up NFTs do it because NFTs effectively pump up the price of crypto currencies because they require computing power that would be used otherwise for crypto mining, effectively creating artificial scarcity.

    3) Crypto mining and NFTs are consuming a ton of energy. A standard NFT purchase can use the same amount of electricity as running a house for 2 days. Currently crypto mining uses the same energy as all of the Netherlands each year, and the energy usage is still growing. They keep promising to switch to a less energy intensive system, but they've promised that for years.

    4) NFTs aren't actual items. People have sold NFTs then taken down the link that the NFT pointed to, and the buyers had no recourse. Anyone can make a copy of the artwork – NFTs are simply proof that you paid for a link to a digital file. The file itself isn't guaranteed to permanently exist anywhere. It's like buying a theater ticket that lets you go see a particular movie whenever you want. You don't actually own a copy of the movie and if the theater shuts down, your ticket is worthless.

  • "If it was a scam, it would be gone already. Scams only last a few years!" -sweet summer child who has definitely been scammed multiple times

  • @1:04:00 so the fact that crytpo doesn't eliminate the ability for "bad" money to be used to purchase somehting is a reason to not adopt it over fiat ? Even though 1) fiat has the same issue, and 2) crypto allows you to track these transactions much more easily than fiat (marked bills if prescient) and 3) in a dystopian possibility that crypto users are actively fighting against & it seems you might be in favor of, such transactions and specific economic actors could be cut out of the financial system entirely (which can already happen with fiat).

    I'm not sure what the point you are making here is ?

  • @1:00:00 So you mean purchasing a utility token in order to use it for it's intended utility instead of as a speculative investment? Fancy that.

  • @52:21 You literally just said you cut some info because it distracted from your narrative of "crypto bad"… eurgh.

  • 4 minutes in and already a fallacy which indicates the bias I was hoping not to find: The reason NFT's are popular is because they provide a use case for crypto; something to spend it on…..You can already spend hundreds of different crypto tokens on amazon, wallmart, ebay, home depot and loads more – with even more on the horizon… Please do more research. I'm trying to develop a complete understanding of the space but I find I know a fair bit more than most people espousing expertise.

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