Financial times crypto crazy
The white paper imagines bitcoin mining being a solution, alongside battery storage, for excess energy. It also imagines that if solar and wind prices continue to collapse, bitcoin could eventually transition to being completely renewable-powered in the future. Because in reality, bitcoin mining is quite the polluter.
ARK Invest and Square fail to understand the basic issue with its chosen renewables also. The intermittency problem is a problem not because of a lack of demand for excess energy, but because of the cost of transferring that excess energy to time periods when it is actually needed. Climate Capital Where climate change meets business, markets and politics. Which energy management companies who mine bitcoin? Who would provide them with the capital to fund it?
He even went on to build an early NFT marketplace. Kevin McCoy No buyers. Nobody bought anything. You know, it was just too early. The idea just was not there. That experience of being too early was really crazy, really remarkable. Jemima Kelly It would take a few years for the idea to really take hold.
But by , anything crypto-related was booming and in particular NFTs. They were the hottest thing in crypto land and some of them were changing hands for millions of dollars. Kevin McCoy And then people were, you know, then like reaching out to me and like saying, Is this what you were doing? This is it, this is what I was talking about five years ago. The NFT was called Quantum.
It was a simple animation of a geometric shape on a black background. And that was, you know, was successful. Among other things, she covers NFTs, and in , she saw how they turned the art market upside down. Some digital artists were suddenly finding a market for their work. So that was a really high amount. You saw lots of established artists getting involved, like Damien Hirst.
Jemima Kelly And there were other financial benefits for some artists as well. Cristina Criddle A lot of artists who love NFTs are saying this is a new form of revenue for them, a new form of control. And people have: tweets, newspaper articles, music. But in terms of the bubble, the biggest markets were in one off digital artworks and PFPs, or profile picture collections. Those are typically cartoonish pictures like the CryptoPunk that Spottie WiFi uses, and people trade them a bit like baseball cards.
And those are bought and sold and are very, very speculative. And those ones are mainly made so that you can put them on your Twitter profile and show off. Jemima Kelly All of this developed into a veritable mania. Everything was getting a little bit out of control. And this is, after all, exactly the story that the promoters of the techno utopian vision of Web 3 like to push. The online content creator connecting with their audience more directly and taking a bigger car than they might have in the middleman ridden world of Web 2.
But it is worth remembering that an NFT is not actually itself a piece of digital art. Anyone can mint an NFT of absolutely anything at any time without any oversight. All of which might leave you wondering: what are people actually buying here, and why are they buying it? Aless Ribeiro Easy 90 per cent. I could say 95 about. Edwin Lane If I told you that a market was 90 to 95 per cent fraud. But in this, in this case, people tend to come even more. But a few years ago, Aless got into the crypto markets.
And then late last year, he saw the fortunes some people were making buying and selling NFTs like CryptoPunks. And he started speculating on NFTs instead. I called the wallet Los Locos, like crazy. Jemima Kelly Rug pulls or rugs are an amazingly common scam in crypto land. Promoters hype up the price of a token or NFT so that people buy in and then disappear with all the money. And when the image got released, it was just a joke. Jemima Kelly Aless got rug pulled by scammers so many times that he decided to look into who was behind them.
He began by tracking the cryptocurrency wallets of the scammers. Aless Ribeiro And then I pretty much just got deep into it, especially like researching where the money movement goes because, you know, the blockchain is transparent, right? So I just, I just jumped in to that, trying to track where all the money of these rugs went to, to try and find out who the owners are because most of them are anonymous. Aless Ribeiro I would just grab a piece of paper in my book, sometimes just from my printer sound of paper being torn off and I would just like make arrows to see, OK 2 million came from the Ancient Cats collection.
Where did it go? Jemima Kelly It was a while before he realised there was software that could do a lot of this for him. He never worked out the identity of the scammers, but he did find that again and again, it was the same crypto wallets, the same people pulling off one rug pull scam after another, and they were making millions of dollars. Aless was understandably pretty cross about it. So much so that he decided to launch an Instagram account under the name Rug Pull Hunter.
It acts a bit like a wall of shame, warning people of certain NFT projects. The biggest one was called Bored Bunnies, a rip-off of the incredibly successful Bored Apes collection, showing a bunch of bunnies looking, you guessed it — bored. Aless Ribeiro Bored Bunny made 25mn. So they stole 25mn. Jemima Kelly And this is the bit that really gets me. Aless Ribeiro I told everyone a month before they even released. Jemima Kelly Rug pulls are actually just one way that con artists, forgers and scammers exploit the NFT boom.
And this points to the fundamental problem with NFTs. You can see that on the blockchain. And so that is proof that you own the original. But what happens quite a lot in the NFT market is that people have just taken that jpeg and then relisted it under a very similar name and created lots of these copycat NFTs which people buy.
And with broader crypto markets collapsing, sales of NFTs are down more than 90 per cent from the peak of the market frenzy. So, are NFTs dead? I mean, some are completely rubbish and valueless now, and that will never come back. But there are still a lot of NFTs still going around. Lots of big brands entering this, luxury brands talking about the metaverse, releasing NFTs, especially in relation to sort of digital fashion and things like that.
Twitter also has NFTs and like I say, those big investors who are still very, very bullish on this. Audio clip Nike is getting in on the NFT craze, filing several trademarks for virtual goods. Jemima Kelly Luxury brands and tech companies jumped on the idea that NFTs would become the foundations of the new metaverse economy and an integral part of Web 3.
Audio clip The metaverse, the next frontier of the internet. This to me has been the promise of NFTs from the beginning. Probably not. Not for now. But maybe in future. In June, our producer Josh Gabert-Doyon was there. So Josh, what was it like? Very big. There were 16, people at this conference and a lot of people there went to promote their own NFT projects even with this collapsing market. It was at a big hotel off of Times Square in the middle of New York City, and there were five floors of exhibition halls, lots of talks going on.
These really quick five-minute, ten-minute talks. People just pitching their companies and their NFT collections. And as I walked through this big foyer, there was actually a jazz band that had been hired, kind of a wandering jazz band. And I ended up kind of following them around and getting in the middle of this weird performance that kind of erupted where one of the attendees jumped in and started playing with them. Jemima Kelly Wow. Sounds wonderful.
And I guess the people there were mainly true believers, I imagine.
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Yet, glance through the tales of woe on Reddit threads topped with suicide helplines , and only those with hearts of stone will fail to question what more we should be doing to protect young consumers from financial harm. Financial regulators are still struggling with how to respond, but there are also serious questions for platforms those that enable crypto trading as well as social media platforms.
Last year, FCA research estimated that 2. Although most crypto holders knew their investments were not protected, more than one in ten believed otherwise. As I told the students, if I were an influencer on TikTok telling them to buy this coin, what recourse would they have if they lost all their money?
Correct answer — none — and gold stars awarded. Talking about the realities of going broke may be the most powerful educational tool for young investors who are tempted to take a punt Claer Barrett There are other regulated activities that older students could legally try that are risky and financially harmful, such as spread betting, day trading or gambling, yet some protections exist. The UK has finally banned punters from gambling using credit card payments; spread betting sites must carry prominent warnings about the high numbers of customers who lose money and the FCA has clamped down on the amount of leverage unsophisticated investors can use.
Last year, FCA research estimated that 2. Although most crypto holders knew their investments were not protected, more than one in ten believed otherwise. As I told the students, if I were an influencer on TikTok telling them to buy this coin, what recourse would they have if they lost all their money? Correct answer — none — and gold stars awarded. Talking about the realities of going broke may be the most powerful educational tool for young investors who are tempted to take a punt Claer Barrett There are other regulated activities that older students could legally try that are risky and financially harmful, such as spread betting, day trading or gambling, yet some protections exist.
The UK has finally banned punters from gambling using credit card payments; spread betting sites must carry prominent warnings about the high numbers of customers who lose money and the FCA has clamped down on the amount of leverage unsophisticated investors can use. Meanwhile, the crypto world remains a free-for-all.
He holds crypto, but kept this under 15 per cent of his wider portfolio.
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