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NFTs Are At Best a Fun Hobby and Poor Investment
And At Worst A Flim-Flam Scam Designed to Enrich the Promoters, With Perhaps One Exception
(Editors Note: In the original article I indicated 4k Physical Custody NFTs did not pass the scam test. I publicly challenged Elias Ahonen to prove otherwise and he did! This article has been subsequently revised to reflect this colloquy.)
In my last article, I outlined why DeFi was doomed to fail. The current train wreck of crypto banks is because these banks create unsound base money. The result is they have no prayer to develop sound fiduciary money.
Here I will outline why NFTs are at best a poor investment and at worst a flim-flam scam designed to enrich the promoters. And I will address the specifics beyond what my good friend Jimmy Song has done generally.
NFTs substitute something virtual and digital for something tangible and physical creating all kinds of unintended consequences.
Baseball cards are perhaps the best example to clarify the distinction. The 1952 Mickey Mantle baseball card below recently sold for $12.6 million dollars. So no doubt collectibles can pay off handsomely. But what makes this sale unique?
