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From millions of dollars to under a grand: The dramatic fall of the NFT (english.elpais.com)
submitted 6 months ago by to c/technology@lemmy.world
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[–] -2 points 6 months ago (2 children)

Congrats, now you understand fiat currency. It only has value because we agree on it.

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  • [–] 6 points 6 months ago

    No. I mean you can get all philosophical and say that everything has value only because that's a human concept, but thats not really something I would answer to.

    Fiat has value because it's enforced. Because we have institutions that enforce it and because all of our lives are intertwined with it. We buy food with it and we are paid with it. It's everywhere. It doesn't make it immune to manipulation and fraud and crime, but we can take legal action because law is also intertwined with the same system.

    Crypto is , with a couple of exceptions, a really terrible casino.

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