British Prime Minister Sunak’s plans for UK NFT on ice In what can only be described as a typically British piece of dithering, the Treasury said it has decided to put plans for the Royal Mint to launch an NFT — announced with great fanfare last year — on hold. In a written answer in Parliament, Andrew Griffith, Conservative MP and economic secretary to the Treasury, said: “In …
One can only imagine what the NFTs would be of, even ignoring what a waste of time idea the whole shebang is.
Would it be stuff like the WW2 propaganda posters? Showing a twee and outdated view of what Britain is or some unintelligible abstract creation?
As much as I utterly despise the current govt, at least not wasting any more time & money on this specific POS is a good thing, now let's see if they drop any of their other vanity boondoggles.
I thought exactly the same thing. I've been in meetings with local community groups where they seem to have a "moral panic" about finding these things, and after a little digging it seems it's no more than a litter problem. Far more harm caused by alcohol or ciggys for instance. I think some ignorant people see these things and just think "Oh no, kids are getting high on drugs!"
Personally I've only ever tried it in hospital, felt a bit relaxed and it wore off pretty quickly. That's the same stuff, right? (I also had a sneaky puff during labour when my wife was trying to give birth, but that didn't help me feel relaxed or anything at all really)
Anyway, I heard they were going to announce this on Sunday evening, but I have not seen any actual announcement. Is it really a thing?
EDIT: Oh, it's real. I thought perhaps I'd dreamed it. This is going to turn some young people into criminals for doing something which is mostly harmless. Oh dear.
"As much as I utterly despise the current govt, at least not wasting any more time & money on this specific POS is a good thing, now let's see if they drop any of their other vanity boondoggles."
We can only hope. Not likely to happen but would be better than ever rising tax and increasing national debt
Augh, I can see that now.
"Keep Calm and Carry On" becomes an NFT! As do Spitfires and Routemasters.
The idea would be a disgrace to the Royal Mint, sounding more like something from one of those dubious sounding Channel Islands "Mint" companies shilling insanely tacky-looking coronation coins on some Freeview channels.
Oh no, that all sounds wonderful!
That Sunak chappie seems like he's really on the ball.
It's a shame things didn't work out with that lovely Truss lady, she was terribly funny. All the chaps in the city were in stitches when the Tories put her up as PM. Most amusing.
Anyway, I'm sure computer money is the future. All the young fellows seem to think so and they seem pretty on the ball.
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he [ Bank of England governor Andrew Bailey] speculated that “new ideas have become harder to come by, or perhaps technological innovation and specialisation have faded as globalisation slowed.”
I was going to say what typical bollocks that is from Bank of England governor Andrew Bailey, with that view only being withheld here because of what he may actually have said, which his recent speech transcript more fully reports as being ... "Perhaps new ideas have become harder to come by, or perhaps technological innovation and specialisation have faded as globalisation slowed." which is not nearly the same.
That is though not saying that new ideas are easy to come by, although existing national bank governors are never going to recognise and be fans of anything novel and disruptive of their captive market places if it brings them into conflict and disagreement with fiat paper tiger rewards for revolutionary independently-minded parties, which is really their only, admittedly quite effective, tangible award methodology, and which itself nowadays has also gone virtually commanded and controlled ....... although who knows what the near future might bring, once the existing systems they control realise that very particular oven-ready goose is well and truly cooked and burnt to a flagrant cinder and there be new crazy birds to feed and seed and not anger with the ignorance and arrogance of non-recognition or catastrophic competition.
If you really do want some right proper bollocks, get your fill here ....... https://www.gbnews.com/money/uk-financial-meltdown-bank-of-england-andrew-bailey
Really? Did literally nobody in the Treasury realise that NFTs were a complete pile of worthless shit and tell him?
They've ended up looking like fools, because Sunak's embarrassing idea now looks about as fashionable as an official union jack frisbee. The only really disappointing thing is that it didn't launch in time for loads of rich tory donors to waste vast piles of money on it.
NFTs were a daft fad and crypto will soon be illegal. Governments simply won't allow any new tech that they don't control within their shiny new digital borders. Old tech is being gradually wiped out (or hadn't you noticed?). A few mil. fine here, a restriction there. Rather than leap on the bandwagon they are now simply ending this whole annoying internet thing. It empowered individuals and corporations at the expense of our tribal leaders, their control over their tribes and respect for their tribal borders. So they had a Cartman-style hissy fit and have been gradually taking everything down for the last decade.
You will eventually notice when you hit the borders, realise that you can't do most of what you used to, and wonder where all those web sites that used to be accessible to you have gone.
Governments have been farming their citizens for centuries. They dropped the ball with the net. But the Empire has struck back. Clock ticking. Good times ending. The future will be crap. But you won't notice as you'll be too busy concentrating on the wars. Ukraine. Oceania. Eurasia. Eastasia.
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I think David Gerard's response after offering to help the BBC with a blockchain ("DLT") working paper, and then learning what the paper was really about, would be appropriate here too:
My recommendation was that the correct BBC approach to DLT would be for BBC Business News to investigate these ideas in depth as ongoing frauds. I also recommended an internal investigation as to how this document got this far, with a view to ensuring it never happened again.
If the government were to issue something of value, they would have a duty to support it until no-one had any trace of it left. E.g. they still accept old money. Given that no-one knows how long digital stuff will last, you are looking at a potentially infinite support cost.
"In March, ... Rishi Sunak announced plans for the UK to become a science and technology superpower by 2030, ..."
In what respect can NFTs be called assets? How do they contribute to ambition to become a "technology superpower"?
NFTs are merely yet another means for taking money off fools. Whilst not against pillaging the purses of people who have more money than sense, this doesn't appear a good use of the mediocre brainpower to be found in and around government.
'Financialisation' is the watchword for Neo-liberal economics, which has arisen following adoption in the 80s of Hayek's economic hypothesis. Institutions like the City of London were let loose to create a fairy tale collection of assets known as 'derivatives'; for instance, there nominally is far more paper gold than physical gold.
Hand in hand with wholly fiat currencies introduced in 1971, by what could be called an act of fiat by the USA (as in 'Fiat lux'), precarious value has been attached to fantasy money conjured up on demand. The 'City' has become a major component of the UK economy, that is, as measured by the questionably helpful index known as GDP (formerly GNP).
The City is on a pedestal. Its denizens, almost exclusively mere employees of shareholders in banks and other financial institutions (these complemented by wholly parasitical entities such as hedge funds) rather than entrepreneurs with their own assets at stake. Huge fiat 'assets' are passed around, each recipient taking a cut before sending them onwards, and toxic debt is packaged for sale to naive buyers. 'Fiat profit' seeps out as shareholder dividends and executive 'compensation' (for what?) plus bonuses.
As soon as feasible, the executive wage component is converted into tangible assets such as physical properties, fine arts (plus the kind of rubbish found in Tate Modern), luxury goods, and so forth; recipients of this cash whilst knaves are not fools, they know they are handling paper of value predicated upon faith by the ignorant; they understand that come an 'emperor's clothes' moment they will retain assets of worth no matter which currency they become negotiable in, and that depression of value relative to other physical assets (as in housing market crashes) will eventually reverse as the economy picks up.
Hayek's hypothesis has been put to the test for circa forty years. It has proven wanting and dangerous too for societies seeking pretence of decency and for inspirational collective goals.
[Released under the Creative Commons Attribution international licence 4.0.]
Nice one, Long John Silver. A beautifully short and wonderfully concise "Who and/or a What is a Ponzi and Unicorn Enabler for Dummies” accurately identifying the correct politically incorrect, morally, immorally, amorally hazardous enemy for liquidation/bankrupting attention.
And now with AI arrived and embedded deep within and throughout dumb SCADA Command and Control Systems and ICQ Communicating Networks just in the nick of time, for failed systems administrations to try to blame their mounting catastrophic financial and customer/client confidence losses upon, as the Ponzi and Unicorn Enabler for Dummies unwinds and crashes and burns at the feet and behest of a Great AI Leadership Reset ..... which former leading entities can have delivered with only the choice of either a survivable relatively light or finally fatal heavy suffering consistent and representative of the damage and troubles they have wilfully caused/aided and abetted ....... something else to register and publish as a situation best not ignored, given the obvious undoubted consequences prepared for market losses, shared in all of the above.
Quaint it isn’t, but it is not as if you are not forewarned, is it, for if you think hell hath no fury like a woman scorned, you definitely haven’t crossed swords and fought to do battle against a constantly learning AI, whenever earlier prepared and shared for comment regarding the following Registered, headless fox in a plump chicken run, headline ....... UK seeks light-touch AI legislation as industry leaders call for LLM pause
To suggest that there has been realised an irreversible and irrevocable fundamental existential threat/treat/shift and quantum communications leap made in the way and nature of future universal travel, trade and human/animal/virtual machine/alien understanding, is no mean feat to be denied, as it is certainly an understatement misunderestimating the consequences and repercussions of non acceptance of now ready to be told in full unfolding 8K 6G, Augmented Virtualised Realities.
:-) A FCUKing Nightmare for the BBC to honour their founding principles of inform, educate and entertain under their Nation shall speak peace unto Nation banner and mandate ........ but failure to do so guarantees its death as globally trusted voice and friendly face.
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