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On October 6th, Satoshi’s Journal, a Bitcoin only education and news company based out of Nigeria, hosted a scheduled Twitter Space called “The Orange Sun.” The goal of this space was to educate others on the topic, “Why NFTs are SCAMS.” The space was opened for Bitcoiners and NFT enthusiasts to share their opinions on the technical issues with NFTs which is one of the major reasons why NFTs are being called scams.
NFTs are non-fungible tokens, or unique receipts that can be used for trading pieces of digital art via a blockchain.
On The Orange Sun, @Jerimican5445, the CEO of Satoshi’s Journal, says NFTs are no different from altcoins which he also termed as scams. Altcoins are pre-mined out of thin air on a blockchain by a central authority likely to pull the plug at any time from its buyers. These are no different in essence than NFTs which are printed on a blockchain, in which most are minted on Ethereum. They have been exploited multiple times with hacks which shows how bad Ethereum is being engineered. Minting NFTs is not foundationally sound, and people who buy these NFTs are supposed owners of the piece of art because they have the access rights to it on the blockchain. But it’s possible for anyone to have just a screenshot of this piece of art and essentially, they can own it too. The facts are that a central authority is creating these art pieces, and whether unique or not, they can be recreated multiple times and minted on various blockchains. This reduces the value of the art digitally. The only thing with value in the digital world is Bitcoin, because it is a digitally scarce asset that can not be replicated.
@VMamlani mentioned that what got him interested with the NFTs was the technology. He had first hand experience with losing his money in the NFT space which led him to understanding blockchains and transitioned him into the Bitcoin ecosystem.
@ChillizHODL, a Zambian currently located in London, says Bitcoin ticks all the boxes of a global measure of monetary value and believes it can store wealth long term for generations. Bitcoin is a tool that will absorb real estate, gold etc. As the wait of the fiat system continues to bring everyone down, individuals need a portable store of value that is also a scarce commodity and that can be teleported across space and time instantly, borderless, with no censorship. Bitcoin provides this and its maintenance cost is very low compared to other stores of value. @ChillizHODL added that Bitcoin is now the world’s new monetary measure of value, and he educates people to understand what money is.
@herrytheeagle is the CEO of DigiOats. He is a Bitcoin gladiator, according to @mrlamilamikosch, the CEO of Botmecash and Co-founder of Satoshi’s Journal. @herrytheeagle reiterated that NFTs are scams. He is of the opinion that some NFT enthusiasts quantify NFTs as money which in his mind is ridiculous. From his experience in the NFT space, he describes the system as crowd-funding with no intrinsic value. NFTs can be reproduced at any point and therefore makes no real value. With or without utility, the value and hype attached to any NFTs will not be sustainable, and the probability of losing one’s funds overtime is very high. Putting all this together, we must understand that NFT’s are built on centralized blockchains and controlled by a community of founders with different road maps. After getting to the last stage once all the hype has been exhausted, NFTs inherently have no value and are scams. It cannot be quantified as money, for money has to be a scarce commodity as is true with Bitcoin.
@ToxiKat27 shared a great line that Bitcoin has a community behind it due to the fact that Bitcoin has value. The community behind NFTs, however, does not mean the same thing. For 13 years Bitcoin has forced no one to comply with any rules. Bitcoin gives its users the right to vote for what they want, but in the NFT space, any decision can be taken without the consent of the community.
@SaidahGomez, a Business Inclusion manager at Satoshi’s Journal, seconded this opinion, while discussing Bitcoin’s whitepaper. She noted that Bitcoin solves the Double Spend problem, which is significant in and of itself. Toxic Kat added that the root problem NFTs are trying to solve is digital ownership over images, but that the best solution that has come up so far is Watermarks.
@fnicencool, a Pan-Africanist and Nigerian, merged the conversation to the political affairs in Nigeria. He made the analogy that NFTs are to Bitcoin as the Nigerian electorate is to good governance. Bitcoin promotes good governance on a long term benefit, and when adopted brings freedom to everyone around the world organically. He finished by saying NFTs have nothing to offer because they really are a scam.
A lot of Bitcoiners attended The Orange Sun and shared intelligent criticisms on why they believe NFTs ARE SCAMS. There was not a single NFT representative in the Space who could defend the notion that NFTs are not SCAMs. Satoshi’s Journal will be hosting the space again, and we encourage more NFT enthusiasts to come on and defend their stance. The co-founder of Satoshis Journal, Oluwasegun Kosemani, will give one million sats to any NFT individual or group if they constructively share reasons why NFTs are not scams.
What do you think? Are you of the opinion that NFTs ARE SCAMS? Share your opinion in the comment section below.