NFTs & WAGMI

I'll be the first to admit that I don't understand this stuff at all. But from where I'm standing it looks like a more sophisticated South Sea Bubble.
People now losing their life savings (which must be doubly horrendous in the USA if you can no longer pay for healthcare) and some committing suicide as a result.

https://www.theguardian.com/technology/2022/sep/09/bitcoin-buttcoin-online-community-praying-for-cryptos-death?CMP=Share_AndroidApp_Other

 

People are also losing their life savings paying for basics such as hot water, food and a warm home.

 

Very true. But pumping any spare dosh into dubious online money-making schemes is surely a recipe for disaster.

 

More fool them though. As with gambling, only put in what you can afford to lose. Obviously not that easy. The huge hype had everyone going crazy and selling their homes to put into Bitcoin. As with most things, if you don’t understand it and can’t afford it, you don’t need it. I guarantee that Reddit group contains a lot of people who are bitter they “missed out” or lost their savings. The sensible people who know what they are doing, aren’t bothered about any dips in the market. A) because they know this is what happens in trading and B) because they’ve put down money that they can afford to lose. Or C) they stayed well clear of any such schemes.

 

Indeed. But, as I read it, the underlying premise of the Buttcoin site is that the whole Bitcoin thing is basically a scam, akin to pyramid selling schemes etc and is therefore bound to end in tears for most people.
I don't don't have the technical knowledge or understanding to know whether that is actually the case, and I fear that any attempt to educate me is doomed to failure.

 

I know several people who have made millions. A good friend of mine owns a huge business empire based on bitcoin and is more than solvent off the back off it (his company are the current shirt sponsors of Southampton FC, also the official gaming partners of Arsenal). It’s an absolute business if you know what you’re doing.

 

Something similar happened with Football Index. A couple of years ago it was everywhere, the next big thing.. advertised on tv, radio, a few clubs had it as shirt sponsors etc, turned out to be a Ponzi scheme.

 

Mate of mine owns online gaming companies that take bitcoin instead of sterling. Simple. Not a ponzi. He’s also waiting for the the FA/Government to ban all betting sponsorships on shirts. No skin of his nose as I’ve already adhered to, but I can see how it can all fall down,