While I actually kick myself for not getting into btc when it was fractions of a penny the thing is even back then the crypto space looked shady af to me. I tried to get into dapps since I always liked the concept of decentralization but after looking at the documentation not only was the underlying tech a giant ball of fuck and byzantine in its complexity but the actual cost of running a dapp was several times that of the shittiest server out there, and waaaaaaay slower too, it was overhyped as fuck, same with IOTA
The entire blockchain business its full of "potential"............like the titanic or hindenburg. Theres a reason why no major company gets into this, why steam didnt release a steamcoin even under a proprietary blockchain or a fork, even tho with their standing in the gaming industry such a coin would have more real demand, rather than speculative, than any other coin out there. Gaben dont even takes btc anymore, not even stablecoins like DAI that dont have the volatility problem. The zucc almost gets into this but with a centralized token of his own, and governments didnt like that one bit
Speaking of that what happened to quantum attack resistance? I remember that being an issue that nobody explained how to solve besides some theories. With quantum computers becoming a thing I could see the NSA cracking the master key for any number of coins thus rendering them useless. The only question is if they already have the capacity and if they do whats holding them from destroying the crypto space entirely.
I think there are three aspects. The money laundering, . Two, aspects of bubble. But below that there’s a genuine use beyond the trivial. Well two uses.
1. Trading in things like skins for games, which is a thriving trade.
2. (Possibly more interesting) is that it’s technology that provides proof of ownership based on the blockchain. Imagine what impact that could have on escrow/real estate etc. There’s a deeper utility past the trivial.
Why trade skins with this when there are already plenty of markets? it just adds more complexity, and as others have said NFT!=copyright
Same with real estate, unless you're willing to give the house's deed with the NFT then its worthless since no government will take the NFT as proof without a deed. This is completely dependent on a major overhaul and reform of real estate laws everywhere, something thats very unlikely to happen given the entire industry just for real estate transactions (lawyers, accountants, inspectors, etc) but if it does odds are there will be a blockchain for that, probably owned by the government
Also wasnt this what smart contracts were meant to achieve? whats the difference?
It would never work to have a system of real-life ownership that amounts to "Whoever has the private keys owns the property". Besides the obvious question of what happens if the keys get lost, think of all the ways property is transferred other than a willing buyer and seller coming together and transacting.
What if someone dies without heirs and the property reverts to the state?
What if a court orders property to be transferred, such in a divorce, breach of contract, eminent domain, seizing the proceeds of illegal activity, a bank repossessing a house in foreclosure, a sheriff's sale on a house with unpaid property taxes, etc?
What if someone hacks me, gets my keys, and steals my property - or if he's a real jerk, gives it away to some random address that even he doesn't know?
One could go on. In exchange for the mathematical certainty of the blockchain, you'd give up all the nuance developed by the legal system for dealing with the real world.
This is a discussion I've had with cryptofags lots of times
Most of them clearly have no fucking clue about the law and how it works. They are the same kind that believe having a 64-word password makes their data unhackable when in reality anyone who wants that data will kidnap them and insert needles under their toenails until they crack and give them the keys
Here's a play if anyone is interested. Research cryptokitties founders, and what they did after that project.
Research FLOW coin, and see it's the NFT backing behind NBA Top Shots, and the upcoming UFC NFT.
See that FLOW coin is only on very small exchanges at the moment.
I get the trading cards part tho I dont know anyone but boomers who are into that, but I cant find the shady stuff about cryptokitties beside them being big into NFT, or whats going on with FLOW.
Can you elaborate?
Let's say I live in the West want to sell $100,000 worth of illegal cocaine. If the buyer paid me with cash or a bank transfer I would have to explain were that money comes from to the government, and they would take it away because it comes from an illegal business. Never mind that I would have to pay a lot of taxes on it, even if it was legal. Now, my buddy Shlomo, who would like to buy the cocaine, has a piece of banana smeared canvas he bought at a public auction for $120,000. The auction established the piece's worth. There were plenty of people willing to pay more than $100,000 for it. So it is save to assume that I would be able to sell it to them for somewhere around $100,000. And I would have no trouble explaining where the money comes from. Selling art is legal, after all. Better yet, the canvas is stored in a warehouse in a free harbor. A place where you can exchange wares without any taxes or tariffs.
And when I want to buy $100,000 worth of illegal guns and ammo from my buddy Gershom, I just trade him the canvas. Which he will accept for the same reasons I accepted it for my cocaine.
I recall this from 4chan, is it pasta?
Holy fuck. It is like a sexual futures contract. Whoever owns the coin/contract once it matures gets to pop the cherry.
The future is looking pretty grim there boys
I guess you could buy some 12yo girl's v-card then resell it for a profit when she hits 18
Then again what if she refuses to put out?
Long story short people have discovered the Ethereum network can essentially ascribe value to anything, be it a piece of art or Jack Dorsey saying something dumb. Because of the nature of the distributed ledger, ownership of a digital item can be attributed once the blockchain confirms the transaction, and in the case of Ethereum charges the transaction fee (Gas). The transaction then exists forever on the blockchain and if for some reason a dispute arises over ownership it's right there for the courts to look at.
Ethereum is going to revolutionize the digital economy in stupendous ways. Never mind money laundering "art". If a game like destiny decides to used an NFT for it's in game economy using ether as the dollar to NFT exchange, those bullshit micro transactions are no longer bullshit. They are a fair exchange of value that has a recognized conversion rate. Even better, it can work in the opposite direction. All that grinding can be converted into the games NFTs, and then converted into dollars. All on the ethereum block chain.
It's a god damn revolution of the digital economy.
So you're saying that if you pay X amount of eth for something then the value remains forever? you cant buy it for any lower than that?
I feel thats going to create a lot of worthless assets nobody is willing to pay for and cant be sold because the owner cant lower the price
Eventually thats going to crash the market, permanently
Oh god there are Waifu’s as NFTs being traded...of course there is.
This is how the world ends, not with a bang but with an uwu
how come i keep missing out on these blatant money laundering schemes
Same here
NFTs don't actually confer any sort of legal ownership, so I doubt the legal system would care. It has no more legitimacy than a piece of paper from me saying "The holder of this paper owns Mickey Mouse".
Is like smart contracts, all that hoopla but I never knew of any jurisdiction that consider them valid, and courts have taken SMS messages as valid contracts
The crash can't come soon enough.
I'm more retarded then knowledgeable on these matters but the crazy amount of funny money being transferred around is a sign before a upcoming crash, right?
Been like this for a while and the prices just keep going up
Actually the more I read about this, the crankier I’m getting. It’s definitely a grift on content creators/artists. To enter the game they have to buy ether, then use that ether to mint on a gambling fad.
Plus it’s painfully obvious how little is understood. I keep finding that collectors believe they are also purchasing the copyright to any images they collect. Or they believe the token and artwork are the same thing.
How expensive is to mint? do you have to pay according to the size of the art? like how much eth per KB?
NTF seems to be the logical next step of blockchain technology.
I know corporations have been eager to assign "ownership" to their products. I suspect this type of tech is intended to destroy file sharing, and the entertainment industry has been wanting this for years.
The problem with past verification systems for digital content was it's limited scope and unreliability, Crypto currencies proved it's a reliable way to prove ownership and can handle a huge volume of transactions. Two essential traits for companies to monetize digital content. The good news would be that people can buy digital content, whether it be an e-book, song or movie, and actually own the product. Bad news could come in the form of devices only allowing "verified" content to be played or viewed to prevent content piracy.
It will be interesting to see what legislation and regulation develops from this kind of tech. Will people be able to purchase games from Steam and resell them for example? A law change can either create or destroy an entire industry at this point with all the unanswered questions this tech.
We already got DRM for that and devices that are locked through shit like widevine
Also companies dont want to give you ownership, right now when you buy any digital asset you're only getting a license to use it, a license that could be revoked by any number of reasons and sometimes no reason at all
What do farmers think about the environmental impact of NFTs and crypto currency?
Its insane but so its the environmental impact of cryptomining itself which is now bigger than that of some G20 countries
Imagine having to explain to future generations that the world was destroyed because of funny internet money
It's funny because it seems ludicrous to sell "unique" data files, until you realize the insane profitability of virtual items in video games (think CSGO skins or if you're a retarded boomer like me that doesn't understand this crazy new gamer stuff, hats in TF2 or gold in runescape)
What makes a Bitcoin, a series of ones and zeroes, valuable? Because there's a blockchain that keeps a pristine ledger of every transaction and piece of currency. It's only natural that this would be applied to other virtual assets.
Not going to shill because I think it's gay but I currently have like 300$ in a token for a game where people collaboratively build a simcity. Plots of land sell for like 2 or 3 eths in this game world it's fucked.
What makes crypto valuable is what people are willing to pay for it, as long as theres a bigger fool the prices go up
See how many coins, even ones with good tech behind it, have gone to shit and become essentially worthless
Anyway, whats the game?
Here's a recent thread I stumbled on trying to explain the nft craze a little bit more thoroughly and how it's just another money laundering scheme essentially. I know next to nothing about all of this space age malarkey and I don't know how the Big Summer Push is going to affect this if at all.
Here's an archived version:
And here's the actual thread if you want to dig through and nitpick!:
Holy shit, its waaaaay worse than I thought
THAT file refers to the actual media you just "bought". Which in this case is hosted via a
@cloudinary
CDN, served by Nifty's servers again. So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.
This should be a dealbreaker for anyone with half a brain but I guess FOMO is too strong
I'm disappointed at IPFS lack of reliability, they boasted about files being in their blockchain forever but after that thread it looks like an overhyped fediverse clone to me. Like thats the difference between that and just P2P? besides the fact that P2P files dont disappear just because a node goes down
