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Originally Posted by Fred
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I think it was Bukowski that said "The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.” My corollary is that you can never go wrong heading in the opposite direction of a pack of supposedly smart people telling each other just how smart they are.
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That put a chuckle in the gut. 
Edited to add - my gut says no, but the greedy human part of me wants in. I'm not at NO, but I'm definitely not at YES, either. |
This whole NFT thing has always seemed familiar to me. And it finally dawned on me what it reminded me of: the dot-com bubble, something I experienced from the inside when I worked in telecom manufacturing. The internet was the next big thing and anyone with a plausible sounding idea could find venture capital money to fund the development and get it to market long enough for the IPO (where the VCs cashed out.) Then all the retail investors watched the stock double and split, double and split even while the underlying company was slowly bleeding to death. In the brick and mortar world, we buit networking equipment like it was going out of style and couldn't get fiber in the ground fast enough.
It was all good times. Until it wasn't. I hung on in the industry for another decade, surviving annual layoffs long enough to watch my stock options expire because they never got within a country mile of the strike price. Finally, I left for the relative stability of oil and gas industry.
Remember the Sock Puppet, mascot for pets.com?
Pets.com was founded in November of 1998 and was liquidated exactly two years later.
And how much you want to bet that it is the same Silicon Valley VC crowd that pumped and dumped dot-com running the same playbook here with NFTs.