NYSE Moves Closer To NFT Trading With Trademark Application (reuters.com) 19
The New York Stock Exchange has filed an application to register the term "NYSE" for a marketplace for non-fungible tokens (NFTs), taking a step closer to setting up an online trading place for cryptocurrencies and NFTs. From a report: The hype around cryptocurrencies last year spilled over to NFTs, a form of speculative investment that has attracted fans including former U.S. first lady Melania Trump and Jamaican sprint great Usain Bolt. Companies involved in this sector have also been backed by heavyweights Microsoft and SoftBank Group. If the NYSE launches a new marketplace, it would compete with SuperRare, Rarible and NFT markeplace giant OpenSea, which was valued at $13.3 billion after its latest funding round.
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NFTs run on Ethereum (Score:1)
It's all just one big glorified scam to pump Ethereum. The Ethereum HODLers are trying every dirty trick in the book to get their altcoin to be the next BTC.
No. (Score:3)
If we let this happen then eventually our entire economy is going to collapse. The people involved to know that the politicians they bought off will pay our taxpayer dollars to bail them out but in the meantime every single one of us is going to be looking at Mass layoffs in order to get stock prices to shoot back up following the collapse.
We have got to stop letting these people gamble with the economy. And we have got to stop pretending that we can just let the free market handle it. We do not have the political capability and will to let those people fail because they have got so much money and power that they will take the economy down with them anyway and they know it. We will bail them out we don't have a choice. Because the way they have set up the system they win either way. If we don't bail them out the economy collapses for decades and if we do bail them out they can crash the economy every 10 years on us.
there is exactly one solution that will preserve capitalism in America. And that is heavy regulation and constant updates to that regulation so that it becomes impossible for these people to use their power to gamble. We should also take some of that power away by doing 1930s New deal style programs that will result in less wealth inequality. Elizabeth Warren has a couple of books written about this if you really want to know the specifics and why they work and why they are necessary. The way to stop this is well understood.
If like me you want to capitalist and this is how you preserve capitalism. If we don't do something about this constant crashes they get worse every time will eventually cause the rank and file voters to put a dictator in power and that'll be the end of capitalism in America. Will be a quasi socialist and fascist faux Republic. Similar to Russia to China
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A bailout here is definitely not required. This whole thing is designed to rip off gullible investors. The rich guys who are pulling the strings here will make billions off this, and the suckers who get left holding the bag will all be too small for bailouts or government help. See all the pension funds that invested in Enron.
The economy will be fine, it's just going to get reshuffled, and the rich will get richer, the poor will get poorer.
You're not thinking big enough (Score:2)
Finally if all else fails dump the worthless securities on a public 401k or pension with the help of a corrupt governor and their cronies.
This is what they did with mo
subject matter experts (Score:5, Funny)
Oh, my! Captains of industry are all over this thing. Wonder if there's still time to get in?
Easy way to verify stock ownership (Score:2)
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That seems like the OPPOSITE of what this will do. NYSE already knows what you own, because they're talking to your brokerage. That was required when you bought it, it's required if you sell it. If you want to buy a stock on the NYSE and sell it privately, or on some other exhange, then maybe this would be true, but you'd still need to notify your broker, and the NYSE doesn't exactly want to make it easier for you to move assets off their exchange now do they?
They're doing this so they can sell data. Da
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It's a nice thought but it's so far wide of the mark and completely misses the benefit.
Your expectation of how the market works just doesn't match the reality. Shares are constantly created out of thin air and are then lent out. Some estimates put some re-hypothecation ratios as high as 1:100 (i.e. every 1 real share is lent out 100 times). Just because your broker says you own it doesn't mean you actually own a "real" share. As far as the retail market goes of course, there is no such thing as owning a sha
Crypto securities are improving! (Score:2)
First there were the crypto coins, where you used real money to buy a long chain of bytes in the hope that somebody would buy it from you later at a higher price.
Then there were the NFT, when you use real money to buy a long chain of bytes in the hope that somebody would buy it from you later at a higher price. BUT, and that's important, part of the bytes encode something significant to human beings, like the photo of a kitten or something like that. So they are marginally better than crypto coins.
Perhaps i
Re:Crypto securities are improving! (Score:4, Interesting)
encode something significant to human beings, like the photo of a kitten
My understanding is that it encodes a LINK to that photo, and that LINKed photo may or may not exist in the future.
NFTS are like buying a postcard which has the address to the location of a photograph of a valuable car. I mean in real world terms it sounds even more stupid...
It doesn't make sense (Score:2)
NYSE renamed to HYPE. (Score:2)
Although it'll be great fun to see what happens to the people doing illegal or extremely dodgy shit with NFTs when the larger, more lawful platforms get involved.