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

honestly doesn't sound like the host understood Folding Ideas' video

What about the fact also that you're not even owning anything? You're just owning a receipt to pretend that something has value when a lot of the times art gets stolen or not even purchased. It's not even the art that you're buying. You're just buying the rights to brag about… Standing in line to own something. I don't even get it..

I love Dan's willingness to speak earnestly.

Dan's video is the best takedown of not just NFTs, but their evil cousin, crypto, I have seen yet on YouTube. I'm actually surprised there isn't more skepticism around crypto.

NFTs are bad, but obviously so, however crypto is equally bad, but since it's not as obviously bad, more people are taken in.

To everyone in the comments who agrees with Dan Olson, please do your own research on cryptocurrencies and the gold standard. Don't just take this man's SUBJECTIVE OPINION as fact. DYOR!!! Also, cryptos are not MLMs. If Dan's gonna make a blanket statement like that he might as well call stocks + other equities MLMs too. As for the volatility of cryptos, that's why stablecoins exists! You can earn yield on your stablecoins without ever having to invest in the market. Let me ask you this. Would you rather have US dollars just sitting in a bank account losing purchasing power every year (thanks to neverending inflation) or would you rather invest some of that money into a decentralized digital asset that has a big chance of preserving your money? Keep in the back of your mind that Dan is not an economist or a financial professional and doesn't seem to have a background in monetary policies or theories. He's literally a guy on the internet who's good at creating content that gets people socially engaged. This isn't a bad thing, but if you want the hard truth on cryptos…this guy ain't it.

Its been 5 days YouTube… how are you just recommending this to me 😛

If you've held Bitcoin or Ethereum for 4 years, there is no point in time where you will have lost money.
Holding onto regular currency, you are guaranteed to lose value to inflation.

If you need a boring crypto use USDC or DAI or Dollar, if you want to store your worktime over years or decades use bitcoin.

18:58 in and I can say that I haven't heard Mr. Olson state a singular, congruent opinion about why he thinks crypto is bad. Even the point about children, today, not being able to purchase crypto is senseless IMO. Crypto being deflationary doesn't mean somebody can't transact in it at the current store of value. I spent 2 weeks in Ghana and the easiest transaction I made the entire time was spending crypto (USDT) on my lodging. The ATMs constantly quoted different exchange rates, and I found out that my bank was charging me additional fees for pulling out my money, just because I was on a different continent. The broker for the lodging also kept continually charging me different exchange rates on US Dollar to GH Cedes with the spread being upward of $115 on a ~$1000 transaction. Transacting in crypto made that a non-factor and the banks irrelevant who had been charging me "foreign transaction fees" so that I could avoid up-charging the merchants on credit purchases. While I agree there are tons of issues with crypto and who's actually in control of stakes and keys – I do think that it is a far superior financial system that whatever the US and other westernized countries are doing at the moment

Main problem I see is that most people see only usage of whole crypto ecosystem to buy coin/token as equivalent of digital gold, sit on it forever and hopes, it will go up.

Current usage of NFT as representation of digital art, that oou actually dont even own is obviously scam. NFT should be seen rather as receipt or paragon or steroids, so I can see usage for something like car registry, where you have system, where user will pay for token validation and on other side will be network of decentralized servers providing these operations. But still NFT is just receipt, not coin, that has value on its own.

And of course cryptocurrencies are still young, deregulated, dangerous and full of scamers (as every industry). Only difference is, that most people still have no idea, how it works and get easilly scammed.

My only exposure with Dan was seeing his popular video where he comes across as VERY informed on the topic. However, here it seems that he relies heavily on rhetoric to make his points and lacks that sharp analytical wit he showed in his video.
(I am aware that his video was definitely scripted, however if one were knowledgeable on the area they at least be able to give details on the subject matter – rather than simply stating that crypto is bad currency without going into detail [18:10]).

Can we get Dan to sit down for a chat with Punk6529?