Consider This from NPR Cryptocurrency: The Future Of Investing Or A Scam?
Feb 19, 2022
Clever Super Bowl ads for cryptocurrency promise treasure, but what are they really selling? YouTuber Dan Olson breaks down the tech behind digital currencies and the allure of NFTs, which some believe are the new frontier for political art. However, critics warn of the risks, comparing crypto investing to gambling and highlighting a potential market bubble. As blockchain gives voice to censored artists, it's also fostering a fraught space of speculation and manipulation, leaving many wondering if it's a revolution or a scam.
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Coinbase Super Bowl Ad
- Coinbase's Super Bowl ad featured a bouncing QR code.
- The ad drove 20 million hits to their site, crashing the app.
Cryptocurrency vs. Traditional Currency
- Bitcoin and other cryptocurrencies were initially presented as an alternative to traditional banks and centralized currencies.
- Unlike regular currencies, cryptocurrencies operate on a decentralized network called blockchain, a public digital ledger recording and verifying transactions.
NFT Investment Example
- Holden Reniker bought 75 NBA Top Shot NFTs for $11,000.
- He estimates their current collective value at $65,000, demonstrating the potential investment aspect of NFTs.
