Home DeFi & NFT NFTs Can Become A Money and This is Embarrassing

NFTs Can Become A Money and This is Embarrassing

NFTs can become a money and this is Embarrassing

Neil Jacobs Shared: “NFTs can become a money. A type of money.” – Ray Dalio. This is embarrassing…

Community Response:  I don’t think he’s wrong. Anything could be money. NFTs will be a type of money for some degenerate percentage of the population. And there will be severe consequences for choosing the wrong type of money.

*Fungibility* is a fundamental aspect of money, though. Which NFT are clearly not. They’re actually specifically designed to not be, and that’s what their name says. If different NFTs are worth something different, that’s complicated. 1 BTC = 1 BTC.

Not all Satoshi’s are fungible though. I think only mixed UTXOs.

I think there is a misconception about Bitcoin (or SATs) fungibility: They are, IMHO. What can be analysed is the history (past transactions). But that doesn’t really render them “non fungible”. Like it can be known who wired you USDs on your bank account. It’s still USD, though.

It’s weird how boomers don’t get bitcoin, but they think they get NFTs everyone has to go through the blockchain not bitcoin phase. It’s sad.

They get it.  They just don’t want everyone else to.  Amazing this guy doesn’t get it. He is super intelligent. It’s like he is doing mental gymnastics not to get it. Not sure why.

He is not going to go against anything the CCP is for. Capital seizure is a thing and his fund has 10s of billions invested in China.

If only there was a word for the concept of being able to exchange one thing for another and consider them equivalent, maybe we could use those things as money.

They’re trying to drive folks out of Bitcoin.  There’s a reason they call these folks market makers, because they can drive narratives one way, while they make moves the other way. Jelly they didn’t get in early on, ignore the noise, and have eyes on the signal.

60/40 portfolio died so he pivots to NFTs, at least his book is great.

I thought his book was full of average wisdom.  Laughable, and he also believes BTC can’t exceed $1m.

BTC is the most valuable currency for investment. As long as we hold it firmly, it will certainly bring you unexpected surprises.  Hard money. The one and only digital energy.  Money is a social construct. It’s fluid.

NFTs are actually the exact opposite of money. Non-Liquid Tokens. The correct acronym should be NLT.

Truth be told … when money fails, everything becomes money! If RayDalio expanded to say just that and included, bread, milk, eggs, homes, used cars, shitcoins, [insert fav] then he wouldn’t look so out of touch by highlighting only NFTs.

“non fungible money”?

His timeline does not stretch as far as Gen Z onwards. He admitted it. But when he mentioned money, it has to be medium of exchange, store of wealth & transportable. Decentralize proof of work is the way. As for currency war, inevitable. Its nearer than many would believe.

ALL assets are becoming more liquid. Love/hate shit coins, anything with value will be tokenized. Bitcoin didn’t destroy fiat, it democratized it. But this is what makes BTC so important – it will give this new system a strong, stable foundation underneath the chaos.

Rice can become a money, when people are starving. Just don’t understand, why would I need any randomly generated picture on JPG with centrally stored “certificate”?

Busy reading his new book, which is great, but I thought his statements regarding BTC, crypto and NFTs in his interview with LEX pretty average.

Money is whatever we mutually agree money is. That’s the only qualifier that’s ever existed throughout history. NFTs as money; of course.

Money is not something you buy. Goods and services you buy and use a medium of exchange which is a store of value to exchange your time and energy for those goods and services. NFTs are not money. He is not good at his homework.

He’s not wrong, he’s saying store of value in NFTs without the fungibility characteristic, a type of money.

Its fine billionaires can bend the rules because they need to appeal to both logical and illogical investors.

Many “brilliant minds” becoming just a regular mind. Friends of the kings don’t deceive anymore.

It’s true what he’s saying. It can be used as medium of exchange non fungible tokens can be money.

Compare NFTs to BTC. This is manipulation. Don’t fall for it.

He’s confusing money and asset. Says both actually in the same sentence. Oh boy.

Wouldn’t a unit of money be, effectively, a fungible token?

NFT’s are digital clout, it’s being part of community, it is social signalling.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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