When I first heard the story of 'The Emperor's New Clothes' I couldn't understand.
How could the Emperor be fooled? He was a grown up, he must know if he was naked or not.
As I got older and saw people fall for scams. I couldn't understand how I could see it was a trick and they didn't.
Then I learned that 'common sense' is very uncommon.
Most people can be told what they actually see or hear, despite what is in front of them, despite what is being said.
Consider; Trump said he had 3x as many people at his inauguration as did Obama. Photographs taken prove that is a lie. That he had 3x less. YET! People believe what came out of Trump's mouth.
Sometimes, I wondered if I was from another planet for what was obvious to me seemed beyond the conception of others.
Playing the Game
When I first heard of crypto currency it I thought it was like buying tickets to go on rides. The ticket only has value to go on the rides at the amusement park.
That wasn't crypto-currency.
Crypto Currency, NFT, is a make believe money where stupid people buy what doesn't exist, using real money.
The millionaire/billionaires who've made their fortune ripping off stupid people, 'invested' in this make believe money knowing stupid people would run behind them and invest their money in the fantasy.
For a billionaire a million dollars is what $1.00 is to the guy with $100 in his pocket.
To push the price of the imaginary money to the roof was a game these billionaires played with each other, dragging victims in.
Average folks who bought in and as soon as the value went up, sold it, got away with a profit.
Those who waited, watching the value climb expecting it to go higher and higher, would wind up collecting bottles on the street as they lost all their money when the NFT market plunged.
Oh What Fun it is!
That the value of imaginary money has soared and now 'plunged' is, for those who never paid attention to it, a shrug.
For those who invested their life savings it is a major tragedy.
Unlike a bank which has insurance, so if something happens, there is a way to recover some if not all of your money, investing in NFT is tossing money down the toilet.
The Billionaires laugh until their bellies bust, for they knew it was a joke. They came in to play like you'd be playing Monopoly with your friends.
They invested X and sold off when X became 2X. What do they care? They've doubled their money by a straight forward rip.
Unlike selling crap and claiming it's valuable, meaning they have to create a physical item, they can sell 'the emperor's new clothes' .
Doesn't cost them a cent, takes no effort.
How To Play the NFT Game
The game is very simple.
We're online. We invent an NFT and 'sell' it to each other, letting outsiders think we are actually buying and selling stuff.
The outsider sees the NFT go from $1 = 10 NFT to $1 = 1 NFT. The value of the NFT has risen. Soon enough it takes $10 to buy 1 NFT!
The Outsider wants to buy this rising currency, so spends $100 to buy $10 NFT. The Outsider doesn't grasp this is imaginary money that has no real value, it's just a game.
Lots of Outsiders jump in and we sell all our imaginary NFT to Outsiders for real money.
We are incredibly rich now.
Meanwhile the Outsiders are buying and selling and we decide we want to play the game again.
We create a block of the imaginary currency. We 'buy' it at the 'standard' price, then sell it quickly to one of our friends for half the price we paid for it. Our friend goes to sell it to another friend for half the price.
This causes a huge panic and everyone starts selling off the imaginary money for what they can get.
Don't worry, the Billionaires have enjoyed the game. They'll replay it. They start to 'buy up' the imaginary money.
Some folks will sell what they got, take the loss but at least recover something.
Some will take the gamble, and wait, and will sell it for what they paid for it, and take a breath.
Some will wait a little longer and sell it for a bit more than they paid for it and feel intelligent.
Others will wait thinking they're going to earn millions, but witness another tumble down the rabbit hole.
Billionaires filling their pockets. They don't produce anything, yet earn by selling the Emperor's New Clothes.