Comment on Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.

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ininewcrow@lemmy.ca ⁨1⁩ ⁨year⁩ ago

It is an allegory for the whole financial system … it’s all made up imaginary money, funds and amounts that don’t exist and never will … it’s all based on trust, faith and belief. If enough people wake tomorrow and stop believing in a segment of this entire system, it can all quickly collapse.

I remember reading about ten years ago that of all debt was stopped all over the world and all of it was to be repaid … it would take the world several million years to do so.

There is wealth in the world but we’ve created very complicated, imaginary ways to make it seem that wealth is worth millions of times more than the actually exists.

I see it as a modern day religion … it exists because we all believe in it … if the faithful ever lose faith, the religion dies.

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