Music NFT's are gaining in popularity with fans and musicians alike because of the nature of crypto, and the fact that musicians get more money from the sale.
I really hope this gets bigger because musicians need to get paid what they're worth.
I don't know enough about cryptocurrency or NFT's to jump into investing. I'd like to see bands and musicians be able to earn a livable income without resorting to raising cash through crowdfunding, but I'm not sure that this is the way to go about it.
This cryptocurrency is turning into a whole new economic engine. People say it's not based on anything but America has been off the gold standard for decades now. What is our current economy based on?
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
Crypto was and is used originally as a means of avoiding banking transactions for illicit uses. Simultaneously it was figured to be a means to do speculative gains by doing bitcoin mining with computers solving computations to harvest by reward blocks of bitcoin coming into the system giving a higher rate of return. It takes huge wasteful amounts of energy running banks of computers doing computations for this scheme. https://www.investopedia.com/tech/how-does-bitcoin-mining-work/
The US went off the gold standard in the early 70's when the demand on the gold standard used for balance of payments was drawing too much gold out of reserves. The standard became the sovereign currency of a nation. Worldwide. The dollar floats in exchange rate with other world currency. It's the ability of a nation to be able to honor it's bond notes and it's currency hold it's worth.
You gotta wonder though what this countries economy "is" based on because we've outsourced a great deal of our industry and manufacturing over the decades. The supply chain dilemma now an example. We became a Service economy in the process of ridding our industry. And now our economy is run by Wall St., a financialized economy.
It is numbers on a screen. Except for assets like real estate. Right now even used cars.
So it is still a supply vs.demand vs. speculation equation in regards to knowing what the currency is based on and what it's worth. (Oil notwithstanding) A service based economy will never lead the world in anything except appearance. We may be a banana republic in terms of economy and influx of foreign capital, but damned if we don't look good doing it. Same with Crypto, essentially. It might have started out as way to keep your Silk Road activities hidden, but it's morphed into something bigger.
Big enough to make the billionares sit up and take notice.
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
One economist I really like and follow refers to crypto as Andy Warhol paintings. All show and no substance. They can speculate with it all they want. Wasteful as it is. But it will never replace a sovereign currency. As long as a sovereign country's economy is stable. Which anymore, looking a bit wobbly. Explain why our inflation is over 7 percent and China's is 0.9? Supply chain issues? What about price gouging to make up for the economic slow down. Who supplies the world with goods now and what happened with made in USA? Go back 40, 50 years to see.
One economist I really like and follow refers to crypto as Andy Warhol paintings. All show and no substance. They can speculate with it all they want. Wasteful as it is. But it will never replace a sovereign currency. As long as a sovereign country's economy is stable. Which anymore, looking a bit wobbly. Explain why our inflation is over 7 percent and China's is 0.9? Supply chain issues? What about price gouging to make up for the economic slowdown. Who supplies the world with goods now and what happened with made in USA? Go back 40, 50 years to see.
In Cryptos defense, nothing could replace a sovereign currency as long as its nation is stable. Nor should it try. Cryptocurrencies might end up being a supplement economy, though.
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