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AutisticMumTo3 She/her 🌈

@fribbledom
Cryptocurrencies are a 'wild west' of gambling and scams with little or no regulations for the most part or at least that is how it seems to me

30 March at 20:49 | Wall-to-wall | Open on leftist.network
11 comments
Jonathan Mesiano-Crookston

@AutisticMumTo3

Yep that's how they started and that's how they'll end.

31 March at 1:42 | Open on mastodon.social
errorbody
🇳𝗮ꜟ𝖼𝘩
errorbody

@Naich @AutisticMumTo3 @fribbledom

When you think of NFTs, what do you have in mind? If the answer is images of apes or rocks which sell for hundreds of thousands of $ or even millions, I once more urge you to dig deeper. From the outside everything might look like a casino, a scam, toy money or stupid jpegs. While that is part of it, there's no reason denying that, it's not the entire picture. Critics love that image and I get it, it sure makes for good jokes, but don't stop there.

31 March at 7:32 | Open on mastodon.social
errorbody

@Naich @AutisticMumTo3 @fribbledom

There are NTFs with real world utility. I just wanted to add that here because otherwise people only think about the three NFT projects they already know. That would be a shame.

31 March at 7:34 | Open on mastodon.social
🇳𝗮ꜟ𝖼𝘩

@errorbody @AutisticMumTo3 @fribbledom
Examples of NFTs which are genuinely useful...?

31 March at 7:51 | Open on fosstodon.org
errorbody

@Naich @AutisticMumTo3 @fribbledom

empowa.io/project/collateral-n

There's a little FAQ at the end. I can't expect you to get what the project is about instantly as you've most likely never heard of it before. You can of course browse their entire web presence to learn more.

31 March at 7:59 | Open on mastodon.social
🇳𝗮ꜟ𝖼𝘩

@errorbody @AutisticMumTo3 @fribbledom
So, basically shares. Reinventing a centuries old concept with an extra layer of needless complexity.

31 March at 8:18 | Open on fosstodon.org
errorbody

@Naich @AutisticMumTo3 @fribbledom
I don't see it that way. Owning shares make you a stakeholder in a company which rewards you with some divident. The collateral NFT support building climate resilient housing on the African continent. On top of that, because you take a little risk, you get extra tokens. The people making use of Empowa, I speak of the homeowners, often have an informal income. They don't get a credit. Using Empowa they rent to own their houses. The NFTs help the developers.

31 March at 8:33 | Open on mastodon.social
Simon Lucy

@errorbody @Naich @AutisticMumTo3 @fribbledom

So it's a pyramid collection which may benefit 2 families which might turn into 100. The current value of $EMP means it's about $37 a share and then how many houses can be built for $37 grand?

But then $EMP lost half its trading value over the year. Why use a volatile barely trading currency instead of just a regular currency? The benefits might attract children but children aren't able to invest in this not very novel scam.

31 March at 9:14 | Open on mastodon.social
errorbody replied to Simon

@simon_lucy @Naich @AutisticMumTo3 @fribbledom

The NFT serves as collateral and not to fund the houses themselves. If you'd use fiat currencies you couldn't get the community on board. Crypto is borderless and not tied to a nation and more accessible in that sense. I can use the fiat currency of my home country and buy ADA and swap it into EMP (which isn't available on many CEXs, yes). I'd see great use of a stablecoin because, as you've pointed out, EMP is a volatile asset.

31 March at 9:34 | Open on mastodon.social
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