Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

  • kambusha@feddit.ch
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    1 year ago

    I didn’t get the “arbitrage of international reply coupons” reference. What’s that one?

    • jmcs
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      1 year ago

      That’s what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.

      • Affine Connection@lemmy.world
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        1 year ago

        And in the beginning he was, and it was working

        I might be wrong, but to my recollection, he never got it to work; in the beginning, he merely believed that he could eventually get it to work, and that the first fraudulent payouts to early investors were originally intended as a temporary way of buying time without losing investors.