Bill Maher learns NFT’s are a SCAM on Real Time

In a recent discussion on Real Time with Bill Maher about cryptocurrency and NFT’s, Ben McKenzie and the show host shared their views on the controversial digital assets. McKenzie, who has expressed interest in crypto and NFTs in the past, made a bold statement by claiming that “the numbers in crypto are not real” and that crypto is essentially a Ponzi scheme.

Maher, on the other hand, admitted that he doesn’t fully understand crypto, but expressed even more confusion when it comes to non-fungible tokens.

The two then discussed the Bored Ape Yacht Club NFT, a highly popular project which has recently faced global scrutiny.

What are Non-Fungible Tokens?

The Bored Ape Yacht Club (BAYC) is a collection of NFTs featuring unique illustrations of apes. These digital assets have gained significant attention and value in the world of cryptocurrency, with some selling for millions of dollars. BAYC has become a symbol of the growing interest as a new frontier for art and investment, but also a source of controversy and scepticism over their true value and potential.

Maher asked McKenzie to explain the concept of NFTs in a simple way, but the discussion quickly turned to the flaw of being able to save the images without actually owning them. McKenzie explained that this is one of the critical issues with the tokens, allowing people to essentially steal digital images without any real transaction.

Maher was surprised by this, asking how people can be paying hundreds of thousands, and even millions, of dollars for digital assets which can be saved by anyone. McKenzie responded by explaining the concept of “wash trading”, where traders artificially inflate the value of an asset by trading it back and forth with themselves anonymously.

The discussion between McKenzie and Maher highlights some of the concerns and criticisms surrounding NFTs, including their lack of tangible value and potential for scams and fraud. While some believe that they offer a new way for artists and creators to monetize their work and connect with fans, others are sceptical of their long-term viability and impact on the art world.

As the debate over Crypto and NFTs continues, it remains to be seen whether these digital assets will become a lasting innovation or a passing fad. However, discussions like the one between McKenzie and Maher demonstrate the importance of understanding the complexities and potential pitfalls of these emerging technologies.

Ben McKenzie has co-authored a new book on the subject titled, Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.