Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

NFTs Are a Dangerous Trap

seths.blog

Post reply on HN
Print view View original

271–280 of 786 posts

Re: NFTs Are a Dangerous Trap

#271

Post by gorgoiler »

The huge USD value of this market seems odd. It either points to how rich these cryptocurrency holders are, or how illiquid their market is.

It’s all very well having 18.78Ꮆ (gorgcoins; ~$687,441) but if all you can do with them is buy 18.78Ꮆ of Cryptotchotchkees then it doesn’t seem like such a big deal.

I guess, if you’re stuck with an exit, what you really need to do is to make some kind of a market for some new product that can only be bought using gorgcoin. Then you’ll finally be able to sell your gorgcoin for USD, and buy a lambo / Patek / heart operation.

Re: NFTs Are a Dangerous Trap

#272

Post by nandhinianand »

root_axis wrote: post #206
nandhinianand wrote: post #167

Earlier quoted context omitted.

I disagree with the last part about direct proportionality between energy and money. But my real wonder is if we can use this hashed/mined out coins for something that is actually useful socially.(even if it is a transaction of services anonymously.) I keep wondering if we can create a crypto currency + IOT devices + energy tracking system that can value the coins you have based on the energy sources that fed into mi…

Why do you disagree? If I profit X per kWh why wouldn't I burn as many kWhs as I can?

Because not everyone is the "economically rational agent" that just wants to maximize profits as much as they can. May be you disagree, and think most people are and it's strong enough to be a normal distribution. (I am not sure it is, but i sure hope it is not a normal distribution and there are enough people outside).

Re: NFTs Are a Dangerous Trap

#273

Post by gbertasius »

Seemed like a good start to an argument. I don't see the blockchain power use as a consequential issue for NFTs. From what i understand its just a concept that can exist on any blockchain based system. Also, the vicious cycle he refers to would apply to a small niche of the digital market. The race to put out content is real in any new market. I hope this becomes a sustainable way for artist to make a living. At this point it seems open ended in where this lead to. I can imagine NFT's being a thing in games like Destiny, Warframe, etc(whatever genera bucket fits) where devs can release unique assets. I wonder what an NFT from 2021 will mean in 2121. Is this a fad or the beginning of new paradigms? Will that peice of digital art exist 100yrs from now or even be verifiable?

Re: NFTs Are a Dangerous Trap

#275

Post by detaro »

mrborgen wrote: post #266
detaro wrote: post #242

Earlier quoted context omitted.

No, not really. (without license terms saying so not even the former, but those can be a thing)

If so, then it would actually be legally and morally ok for the artist to do a «double sell» as I describe in my original comment. It would be like i.e. selling a signed copy of a book to one person (the NFT) and the underlying copyright (the sales contract) to another person.

Morally is complicated if they are not transparent about that from the start - the social expectations around this are not fully developed yet, but preventing the holder of the NFT from displaying the work (by selling an exclusive license to somebody else) would probably be seen as wrong.

Re: NFTs Are a Dangerous Trap

#276

Post by gbertasius »

cloudking wrote: post #109
ping_pong wrote: post #108

Earlier quoted context omitted.

Wait so you can create an NFT on a tweet that you don't own? You're just claiming ownership in this NFT universe but it doesn't entitle you to anything related to the tweet does it? Meaning Jack Dorsey who "owns" the tweet didn't create an NFT on the tweet, a 3rd party did?

In this system https://v.cent.co/ anyone can bid for a tweet, and it's up to the actual Twitter user who created the tweet to verify ownership and mint/sell the NFT via their system. All you own by buying it is the token, the real owner of the tweet could delete it any time :) see what I mean about mania?

Seems like case better suited to staking than NFTs.

Re: NFTs Are a Dangerous Trap

#277

Post by anonporridge »

supermatt wrote: post #205
elefanten wrote: post #190

Earlier quoted context omitted.

What stops an original owner (of the to-be-digitized asset) from selling an NFT on the same thing multiple times? Perhaps on multiple different platforms?

Nothing, but they can only sign the "first" once

They could mint or 'sign' as many as they want.

But like a painting that can be copied, people decide to disproportionately value the first one...just because.

Re: NFTs Are a Dangerous Trap

#278

Post by KirillPanov »

colechristensen wrote: post #274

The world is full of dangerous value traps: money, status, likes, power, attention, etc. where the trap seems like a good idea to encourage something important but has a dark side which destroys it instead.

Yeah, but this one lets you post variations on "bitcoin = global warming", a meme which achieves transcranial stimulation of HN's pleasure center.

Re: NFTs Are a Dangerous Trap

#279

Post by bottled_poe »

HeadsUpHigh wrote: post #249
andreskytt wrote: post #112

Earlier quoted context omitted.

Or, there’s an idea, just generate a random string, bundle it with the artwork and sign the whole damn thing using good old RSA. Achieves the exact same goal, uses a fraction of energy and no fancy tech.

If the artist signs the NFT to you, then you can't track resales. It will always be signed as belonging to the original person who bought it. So basically this "alternative" to NFTs would be impossible to trade. It blows my mind that people still don't understand stuff this basic.

And how valuable is that capability?

Re: NFTs Are a Dangerous Trap

#280

Post by fenk85 »

Am I missing something here but would NFTs be perfect use case for ownership of a decryption/DRM key for music/video/game ?

Seems like a technology that actually could solve a those industries have

Post reply on HN