One thing you can say about capitalism is that it has a way of creating new, ever more diabolical scams and asset bubbles. You would think the credit derivative debacle of the 00's would have been the peak, but now we have NFTs, crypto and blockchain lmao.
And now, before the hype train completely goes off the rails, the "metaverse" and fake virtual "real estate" is going to be the latest fraud to compound all the underlying frauds. It's fictitious capital all the way down!
Who is going to foot the bill once the rest of the world catches up to China and realizes that crypto mining is an overwhelming social/environmental ill? How many systems are going to be reduced to toxic waste from blockchain-inspired mania before it all collapses?
NFTs are especially hilarious because they don't even solve the intractable problem of copyright infringement that every digital "asset" suffers from, they just make it easier to trade and speculate on the "ownership" of that problem!
I really wonder if anyone involved in designing the credit derivatives that collapsed the financial system a decade ago are involved in any NFT schemes.
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