In crypto, it's believed to be, by far, a majority of all trades ore. Wash trades something like 80 or 90 %. What that does is, iit gives the illusion a volume a, which everyone wants because i makes activity seem higher. I could take an nft and sell it back and forth to myself for ever escalating prices. And some one thinks it's a good deal because they've been tracking its price history. So i think there's just a lot of stuff like that in which the the perceived demand actually for crypto in general, may be lower than we're led to believe.
Edward Ongweso Jr. and Jacob Silverman on cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape. The first in a two-episode series on crypto.
Read Dan's new essay on border control politics: nplusonemag.com/online-only/online-only/border-crises/
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