The Metaverse is Here

[BB in Crazy!!!!]

I might just be an old guy, but the metaverse/NFTs sound like something that will evaporate as fast as they came into existence.

NFTs are well known to be a money launderer's wet dream, unfortunately some will be holding jpegs they spent thousands on (in the hopes at selling them for more) and will be worth nothing.

All my opinion anyways.

NFTs will stick around, just the use and what’s deemed valuable will change. Like comparing Beanie babies to legit art to sneakers to comic books. The problem is we can’t see into the future to know what will still be valuable 20 years from now. Beanie Babies are now worthless, comic books still sell for thousands.

There is no underlying profitable business. No sales of goods or services. The value keeps going up because they are successful in finding the bigger fool to dump it on. These days, there are tons of fools. These fools will later complain the government didn't regulate this shit and protect them from their own foolishness.

Metaverse is basically an MMO video game. Those have made a brick shitload of money in the last two decades and tons of people use those services.

 

[Jack Reacheround]

The money they spend on it that goes in the bank accounts will still be worth something.
Look how much people spend on DLC and video game skins. Lots of money to be made off people willing to spend it. I don’t use that stuff typically, but I certainly am willing to buy and sell if I can make a huge profit.

Yes, but the difference is that nobody buys video game skins as an investment. People are thinking virtual real estate is going to appreciate in value. It isn’t.

 

[Jack Reacheround]

Rich people gonna rich people... But the fact that one of the greatest wealth transfers has occurred as a result of crypto, NFTs, meta, etc. Is hugely important.

There’s another way to do this, for everyone, that doesn’t depend on people gambling on the future value of a nebulous concept. It’s called taxes.

 

[TeTe]

There’s another way to do this, for everyone, that doesn’t depend on people gambling on the future value of a nebulous concept. It’s called taxes.

You do realize that crypto is considered an asset class and all trades, sales and gifting is required to be reported on your 1040 right? There's a question now on the front page going a couple of years flat out asking if you've made any virtual currency transactions. Now sure, anyone could lie but they're putting themselves at the risk of committing perjury if they say no.

The IRS will definitely track large transactions made to bank accounts from crypto exchanges like they would for anything else. They've been cracking down a lot over the past couple years to bust tax dodgers.

 

[Mark McMichael]

People are free to waste their money on whatever they choose. People have always bought expensive art, baseball cards, etc. Don't need big brother to save people who have more money than they know what to do with. This has been the story since money was invented.

Yup.

And that is the best description. It is todays art. But it is art that is super charged in value with all the risk of will it endure being carried by todays buyers are huge prices.

I don't hate those making the gamble and making big bucks today but they must understand how fickle young people are today and how quickly they go from FB to IG to TikTok to next and they don't GAF about what was popular yesterday.

I don't see how this endures and maintains its value if the next younger generation is not the buyers from this current generation. Art goes to literal zero the minute there is no buyer.

Get in, get yours and get out imo.

 

[Uber_Noober]

Pump your brakes ese, your new red car won’t be legal in your new universe. You’re gonna have to ride in a Jetson’s bubble mobile.

 

[wildchild88]

This is where I officially become out of touch with the world.. and I'm still young..

If this shit really takes off, which it will, everyone who doesn't buy in will be irrelevant...

 

[Jack Reacheround]

You do realize that crypto is considered an asset class and all trades, sales and gifting is required to be reported on your 1040 right? There's a question now on the front page going a couple of years flat out asking if you've made any virtual currency transactions. Now sure, anyone could lie but they're putting themselves at the risk of committing perjury if they say no.

The IRS will definitely track large transactions made to bank accounts from crypto exchanges like they would for anything else. They've been cracking down a lot over the past couple years to bust tax dodgers.

It’s so much harder to track. The wealthy intend to use it to hide their assets.

 

[Kyler Ruxin]

This might help

I didn't understand a word of that. This world has left me behind.

 

[BB in Crazy!!!!]

Yes, but the difference is that nobody buys video game skins as an investment. People are thinking virtual real estate is going to appreciate in value. It isn’t.

Short term at least it is. Long term the metaverse itself is a good investment, the real estates within the metaverse are a risky investment. Because they could appreciate in value as the metaverse grows. But it may not. That is the bonus the rich people have over peons like us. It won't break their bank to buy video game real estate for a million, when we can't.

 

[BB in Crazy!!!!]

There’s another way to do this, for everyone, that doesn’t depend on people gambling on the future value of a nebulous concept. It’s called taxes.

We already do taxes lol. Taxes doesn't make the unwealthy more wealthy. It just makes our government more willing to spend and makes politicians and their friends more wealthy.

 

[Otto!]

I’m enjoying life in the real world too much to spend anytime in a simulation.

 

[SKZR]

I was thinking about the Metaverse and then I thought the collapse of the metaverse will be when sex robots can cook and clean and the sex robots kill us and start living with each other.... How do I invest in sex robots?

 

[Jack Reacheround]

We already do taxes lol. Taxes doesn't make the unwealthy more wealthy. It just makes our government more willing to spend and makes politicians and their friends more wealthy.

We do taxes. But we don’t do them right. Back in the 50s, the marginal tax rate for the wealthiest 10% was over 90%. That means that when people earned over a threshold level of income, let’s say $1million (I don’t know how much it was), every dollar they earned over that threshold was taxed at 90%. And the government was able to use that money to provide things for the rest of the population that help with upward mobility. In other words, things that allow those in desperate situations to “pull themselves up by their boot straps.” That money was used to finance housing developments, for urban renewal, and all kinds of things that gave the middle and lower class the ability to be upwardly mobile.

So it is definitely preferable to what is essentially a game on which people gamble where a few win a massive amount of money.

Additionally, I have seen zero evidence that any type of real “wealth transfer” has taken effect as a result of crypto currency, so the whole thing is moot. The entire premise was faulty, and I should have addressed that rather than assuming it was correct.

 

[BB in Crazy!!!!]

We do taxes. But we don’t do them right. Back in the 50s, the marginal tax rate for the wealthiest 10% was over 90%. That means that when people earned over a threshold level of income, let’s say $1million (I don’t know how much it was), every dollar they earned over that threshold was taxed at 90%. And the government was able to use that money to provide things for the rest of the population that help with upward mobility. In other words, things that allow those in desperate situations to “pull themselves up by their boot straps.” That money was used to finance housing developments, for urban renewal, and all kinds of things that gave the middle and lower class the ability to be upwardly mobile.

So it is definitely preferable to what is essentially a game on which people gamble where a few win a massive amount of money.

Additionally, I have seen zero evidence that any type of real “wealth transfer” has taken effect as a result of crypto currency, so the whole thing is moot. The entire premise was faulty, and I should have addressed that rather than assuming it was correct.

It’s not just taxing that’s the problem. It’s also the spending. I agree with you that taxes are not done right.

As for wealth transfer with regular people with crypto. The game is less rigged against us. I’m making money with crypto, and had I more balls in what I put money into this year, I would have been a millionaire this year alone and it’s my first year in crypto. But it is partially a luck game, and not just a research and patience game.

 

[Jack Reacheround]

It’s not just taxing that’s the problem. It’s also the spending. I agree with you that taxes are not done right.

As for wealth transfer with regular people with crypto. The game is less rigged against us. I’m making money with crypto, and had I more balls in what I put money into this year, I would have been a millionaire this year alone and it’s my first year in crypto. But it is partially a luck game, and not just a research and patience game.

I’m glad it’s working out for you. But, the whole plan is to get enough normal people to invest in crypto so that the value is driven higher and higher. And then those with the largest amounts of cryptocurrency, i.e. the rich who could afford to buy tons of it, are going to sell it all off and make a fortune. And because they’re also the ones who can afford to amass a shitload of supercomputers to mine for it, they will ultimately control the money supply.
So for some, at this time, it is working out well. But this is not about democratizing or decentralizing currency. It is about privatizing it so that those with enormous sums of wealth can have even more power over that wealth, and also a way to hide assets.

 

[TeTe]

Additionally, I have seen zero evidence that any type of real “wealth transfer” has taken effect as a result of crypto currency, so the whole thing is moot. The entire premise was faulty, and I should have addressed that rather than assuming it was correct.

You haven't seen any evidence because you wrote off the space a long time ago.

I mean, I'm not going to claim I know anything about something I haven't bothered trying to understand.

 

[TeTe]

I’m glad it’s working out for you. But, the whole plan is to get enough normal people to invest in crypto so that the value is driven higher and higher. And then those with the largest amounts of cryptocurrency, i.e. the rich who could afford to buy tons of it, are going to sell it all off and make a fortune. And because they’re also the ones who can afford to amass a shitload of supercomputers to mine for it, they will ultimately control the money supply.
So for some, at this time, it is working out well. But this is not about democratizing or decentralizing currency. It is about privatizing it so that those with enormous sums of wealth can have even more power over that wealth, and also a way to hide assets.

There are thousands of people who got rich off of doge coin and Shiba Inu that weren't rich in the least bit when they invested when it was at a fraction of a penny. All the power of social media... Just like with meme stocks.

Wealth transfer. People paying off their student loans off of a thousand dollar investment in a coin with zero utility.

 

[Jack Reacheround]

You haven't seen any evidence because you wrote off the space a long time ago.

I mean, I'm not going to claim I know anything about something I haven't bothered trying to understand.

???
So there is evidence that a massive wealth transfer from the upper 1 to 10% to the lower 90% has occurred as a result of cryptocurrency, but I just haven’t seen it? Is that what you’re saying? Because I am perfectly willing to accept that it has happened and I just don’t know about it.

But I guarantee you that if it is true, wealthy people, like the CEO of Fidelity, wouldn’t be spending millions to Lobby Washington on behalf of cryptocurrency, because it would not be in their best interest. If cryptocurrency was in fact responsible for some kind of wealth transfer from them to the middle and lower classes, they would by lobbying Washington to outlaw it. That part is just common sense.

I’m not trying to shit on you guys. I am trying to help you here. Be careful.

 

[Jack Reacheround]

There are thousands of people who got rich off of doge coin and Shiba Inu that weren't rich in the least bit when they invested when it was at a fraction of a penny. All the power of social media... Just like with meme stocks.

Wealth transfer. People paying off their student loans off of a thousand dollar investment in a coin with zero utility.

That’s great. But this is not enough. It’s not enough for a tiny percentage of people to get lucky gambling on the future value of a made up currency to be considered some kind of massive wealth transfer. A few people got lucky. That’s it.