I’ve been hammering on the strange shibboleth of bitcoin. Influencers who are realistic and skeptical about most topics are selling bitcoin. Influencers who are realistic and skeptical about bitcoin are utterly insane about other topics.
At the corporate level this balance doesn’t apply. Nearly all corporations have tried to get on the bitcoin train at one time or another. It makes sense for larger corporations with plenty of spare cash and resources. For them it’s a small bet that could yield a profit. No big deal if it fails.
Bitcoin is an irresistible attraction for small companies that can’t afford to throw money in the toilet. Was it designed and pushed BY large companies for this purpose?
This one caught my attention because I didn’t realize a company was still doing Betty Boop cartoons.
The studio behind Betty Boop decided there was no better time to launch a Betty Boop NFT collection than during a period of record low interest in NFTs (or, more likely, they started the project during the NFT craze and decided they’d sunk too much money into it to pull the plug). The Betty Boop Twitter account announced Boop & Frens, an 8,888-piece NFT collection.
Reception on Twitter was brutal, with one person commenting, “And that’s another one for Beloved Icons Ruined By Pyramid Scheme Bingo”.
Boop’s original writers would have slammed NFT to the ground. Grampy, the Rube Goldberg inventor, would have designed an NFT Machine with an infinite number of useless parts that do a bunch of stuff, leading to ultimate failure.
A company that relies on Twitter for its advertising should be READING Twitter to get a sense of likely success. NFT was an extremely short bubble, peaking for about three months and then totally imploding. Anyone who tries to follow the subject has seen the repeated ultimate failures. If you’ve been spending money on a project that will clearly bring nothing but ridicule, the smart move is to quietly halt the project and avoid the shame. (Every company, small or large, starts a BUNCH of projects that fail for all sorts of reasons. Knowing when to holdem or foldem is an everyday process, not a rare Swan Of Colour.)
Later thought: The word attraction may be the key. For small business bitcoin isn’t about profit. Bitcoin is corporate perfume, corporate eyelashes. If we apply enough bitcoin, we will be irresistibly attractive to those rich venture capitalists cruising the strip in their Lambos.