It’s not quite that simple

Dan Olson has been doing God’s work in exposing the absolute total swindle of ALL bitcoin and ALL blockchain and ALL NFTs.

In this interview he hits one huge point precisely and misses one mid-sized point.

The precise hit:

Regulating NFTs as securities is useful, but it’s not going to fix the problem. The problem is metastasizing out of deeper structural problems, deeper social policy issues. We’ve got minimum wage that is so stagnant. We need to actually address the root problems. The material existence of people sucks at the moment because we’ve allowed a lot of rot to get very deep into our society. It’s squeezing people, it’s making people feel like the future doesn’t exist. That leads to desperate reactions.

Precise diagnosis. His proposed solutions don’t quite get there: It’s not just minimum wage and debt forgiveness, it’s a total lack of REAL BUSINESS and REAL PRODUCTION and REAL ECONOMY. Useful work was gradually offshored, and then totally prohibited in 2020. Work was replaced by torture.

Here’s the missed point:

Q: Why is the art of NFTs just so dang ugly?

A:Because they don’t care.

The folks who are steering all of this, the guys who are in charge, or the guys who go out and make something like Bored Ape Yacht club, like they’re just hollow inside. They don’t understand art. They don’t understand culture. They don’t watch television. They don’t watch movies. They don’t read books. They don’t read comics. They just, they know that these things exist and they know that other people care about them and they’re just performing culture because they see culture just as a commodity.

No. People who don’t know much about art would simply copy what the books say is good art. NFTs would be copying Leonardo or Rembrandt or cathedrals. In other words, kitsch.

NFTs aren’t kitsch. NFTs are intentionally horrible. Some of them are 6-pixel approximations of bad drawings. It’s a classic and VERY OLD Sucker Filter.

The hollowness isn’t in the artist, it’s in the buyer. People who want to spend billions for “art” are not looking for art at all. They’re only looking for prestige and status and brands.

This particular Filter was invented 100 years ago by the Dadaists and Abstracters. Picasso and Pollock knew how to paint, and produced some beautiful work before they figured out the Filter. They started producing horrible anti-art to guarantee that only the richest fools would buy their shit.

NFT follows the same idea as Pollock. If you want to insure that your buyers are idiots who will spend megabucks for PRESTIGE, you don’t want to dilute the idiot class by offering beauty. You want to restrict the market to money-mad prestige seekers with no morals or esthetic sense.