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From millions of dollars to under a grand: The dramatic fall of the NFT (english.elpais.com)
submitted 7 months ago by to c/technology@lemmy.world
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[–] 1 point 6 months ago (6 children)

You buy enough to raise the price, announce that you're buying it, schmucks try to get in on the wave, you dump while tweeting diamond hands.

Repeat.

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  • [–] 1 point 6 months ago (5 children)

    Again, why?

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  • [–] 1 point 6 months ago (4 children)

    To make money

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  • [–] 1 point 6 months ago (3 children)

    The government you're talking about can print money at will.

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  • [–] 1 point 6 months ago (2 children)

    But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.

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  • [–] 1 point 6 months ago (1 child)

    That's just FOREX with extra steps?

    If Russia controls the entire supply of Bitcoin (which is what you're saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it's just a Russian currency.

    The whole supposed attraction of Bitcoin is that it's not a government currency, and the supply isn't controlled by a central bank. Ethereum has additional uses to that, but that's still one of the prime factors as well.

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  • [–] 1 point 6 months ago

    Not the entire supply, just enough to affect prices. Basically the stock market but without even the appearance of it not being manipulated to hell.

    And it's not Russia, or not just them, anyone with enough money to play can fuck people with sub-8 figure net worths over.

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