581–590 of 786 posts
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>NFTs are nonsense and just as much a pyramid scheme as everything else crypto. People will get left holding the bag at the top just like with CryptoKitties. You can say this about literally every non-productive asset, including NFT's real-life counterparts eg. painting or trading cards.
Except those sorts of collectibles drive much of their value from their limited supply.
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>>When you blow up the transaction limit you physically centralize the verification process. You could 500X the transaction throughput and running a full node would only require a 25 Mbps internet connection. >>Bigger blocks propagate more slowly, and magnify the advantage of employing those kinds of undesirable behaviors. Miners do not propagate blocks all at once. They use propagation protocols like compact blocks…
You are overlooking the disadvantage of not verifying the prior hash, which you can't do until you can verify hashMerkleRoot, which you can't do until you have collected the entire block. If you skip verification, you open yourself up to bad actors feeding you a bogus header - and you only figure that out after being drip fed a bunch of transactions that don't match the merkle root. Erasure coding doesn't fix that. I…
Where are you getting ideas like this? How fast do you think internet connections are?
Only in the context of bitcoin do people start thinking 250 byte transactions are somehow difficult to send over gigabit connections. The average bitcoin block is 900 -kilobytes- at most at 10 minutes on average.
How is it that people have absorbed propaganda that makes them actually think that causes anyone a problem? blizzard.com is 13MB, gfycat.com is 29MB. Who are these miners that are struggling to send out 900KB ?
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What's the other proof of ownership? NFTs are the digital equivalent of a vehicle title, that's the strongest usecase (proof of ownership), IMO. I'm not too keen on the collectibles/art usecases, they're probably the easiest/low-effort ones.
My point is, that states have monopolized property transfers and there's all sorts of weird and arcane laws and practice around how you transfer property- especially real estate- and convincing the state to recognize an NFT as evidence of anything is going to be a real challenge. ex, if the law requires an actual notarized handwritten signature to transfer ownership, what you and I do on the blockchain will simply no…
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It seems like it would optimally require the manufacturer to participate in creating a token representing that serial number and assigning it to the person who bought the bike who would have to transfer it to the next owner and so forth.
And so when I sell my bicycle to someone (and write them a receipt) but forget to do the weird token transfer thing, who owns the bike? In the eyes of the law, the guy holding the bike and the receipt owns it. What the NFT says is irrelevant. So how are NFTs useful again?
It would be like requiring every good sold to have a trivially electronically verifiably accurate original receipt that only someone who acquired it illegitimately would lack.
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>>When you blow up the transaction limit you physically centralize the verification process. You could 500X the transaction throughput and running a full node would only require a 25 Mbps internet connection. >>Bigger blocks propagate more slowly, and magnify the advantage of employing those kinds of undesirable behaviors. Miners do not propagate blocks all at once. They use propagation protocols like compact blocks…
You are overlooking the disadvantage of not verifying the prior hash, which you can't do until you can verify hashMerkleRoot, which you can't do until you have collected the entire block. If you skip verification, you open yourself up to bad actors feeding you a bogus header - and you only figure that out after being drip fed a bunch of transactions that don't match the merkle root. Erasure coding doesn't fix that. I…
Malicious actors can't give a bogus header, because you can verify the bogus header doesn't have enough PoW. If the malicious actor does produce sufficient PoW for their bogus header, they are foregoing massive block rewards to fool your node for a few seconds. That's why this kind of malicious activity doesn't happen, and why miners do validation free mining on a new header until they've verified the whole block.
NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. But as certificates layered on top of collectibles... I'm not so sure. With something like CryptoKitties, you can do something with the tokens (play a virtual pet game). But with something like CryptoPunks you're essentially paying for digital beanie babies, which are worse than real ones since an…
NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. But as certificates layered on top of collectibles... I'm not so sure. With something like CryptoKitties, you can do something with the tokens (play a virtual pet game). But with something like CryptoPunks you're essentially paying for digital beanie babies, which are worse than real ones since an…
NFTs are nonsense and just as much a pyramid scheme as everything else crypto. People will get left holding the bag at the top just like with CryptoKitties. I have several hand painted reproductions of famous paintings (impressionist). I get just as much enjoyment looking at them on my wall as I have at the museums looking at the real ones. I don't need to have $100M. I'm glad that content creators are getting paid n…
I think there is a case to be made for NFTs, but would also not be surprised if you're right that it ends up with mostly bag holders.
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> it certifies ... that there will never be another certificate for the same thing, from the same brand of certificates (e.g. "Valuables BY CENT"). How many "brand of certificates" are there now, and what is the barrier to entry? I suspect 1) several and 2) low. Also, how is "there will never be another certificate for the same thing, from the same brand of certificates" technically enforced?
Correct. Although there is only one brand that has sold a Tweet NFT for $3mil. The enforcement, interestingly, is more traditional; the owners of the "Valuables by CENT" trademark can use existing legal structures to prevent anyone else using that name. Meanwhile the NFT is digitally linked to the Valuables by CENT smart contract on Ethereum, which will presumably have an 'author' property attached to it, set to the…
Ah, so they pinkie swear not to do it a second time?
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In my opinion, it only has the possibility of making any sense if a game itself is (largely or entirely) an Ethereum dapp. I think a WoW NFT would make zero sense (and I think Blizzard would agree, barring the hypothetical potential of trying to exploit a fad purely for extra profit), but an NFT representing an asset in your Ethereum-based Second Life "d-game" could possibly make some sense. I know some dapp games ex…
I dont know about theres a "use". Remember that crowdfunded, over engineered juicer? It was some $400 and claimed to do like 100 pounds of force on a pre-juiced juice packet to squeeze into a glass for you. Some other article showed you can just squeeze these packs by hand into your glass with barely any force. This was "the Keurig" of juicing. Total shit show of over engineering and solutionism. I see the same thing…