587
From millions of dollars to under a grand: The dramatic fall of the NFT
(english.elpais.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 11 Mar 2026
587 points (100.0% liked)
Technology
82713 readers
2660 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 2 years ago
MODERATORS
The price goes up as you buy it.
You could attempt to corner the market, but in doing so, you're also going to be massively enriching the current holders.
What point would taking the entire supply do - especially since you can easily just start another blockchain?
You buy enough to raise the price, announce that you're buying it, schmucks try to get in on the wave, you dump while tweeting diamond hands.
Repeat.
Again, why?
To make money
The government you're talking about can print money at will.
But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.
That's just FOREX with extra steps?
If Russia controls the entire supply of Bitcoin (which is what you're saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it's just a Russian currency.
The whole supposed attraction of Bitcoin is that it's not a government currency, and the supply isn't controlled by a central bank. Ethereum has additional uses to that, but that's still one of the prime factors as well.
@mattyroses @HK65 starting another blcokchain is not as easy as copy the blockchain unless you convince the majority of people that your fork is better than the previous one
Sure, there's a large network advantage.
But here you're talking about a hypothetical where, for some reason, a major government has bought up all blockchain tokens and won't release them. So nobody's on the original one anyways.