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NFTs Are a Dangerous Trap

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Re: NFTs Are a Dangerous Trap

#591

Post by arcticbull »

koonsolo wrote: post #398
arcticbull wrote: post #119

Earlier quoted context omitted.

> NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. There’s absolutely no reason for that to be decentralized, only one party can honor the tokens anyways. Like most things crypto they don’t actually make sense for anything.

When it's owned by an external party, you might not be able to (easily) trade it. When it's decentralized, nobody can stop you from trading it.

But of course there’s only one place you can redeem them. That means either that party is ok with transfers (in which case your point is moot because they can offer that themselves like Ticketmaster does) - or they’re not ok with the transfer in which case they won’t honor the token, making your point moot.

Re: NFTs Are a Dangerous Trap

#592

Post by tablespoon »

fredfoobar wrote: post #571
roywiggins wrote: post #568

Earlier quoted context omitted.

What happens when a judge says "no, the person who the NFT says owns the house doesn't, it's Bob over there"? When it comes down to it, the entry on the local tax rolls or property registration office is going to be the one that counts.

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.

> NFTs are the digital equivalent of a vehicle title, that's the strongest usecase (proof of ownership)

No they aren't, and least not until they're recognized by law as such.

Re: NFTs Are a Dangerous Trap

#593

Post by arcticbull »

throwaway_kufu wrote: post #180
arcticbull wrote: post #150

Earlier quoted context omitted.

If that’s what you want throw a “transfer” button on your site. There’s already a button to do this on the Ticketmaster app.

> If that’s what you want throw a “transfer” button on your site. Well when you buy a ticket from ticketmaster you can’t exactly dictate what features they offer through their platform...not to mention ticket master is a 3rd party service that they take a massive cut. blockchain is cutting these 3rd parties out in these use cases, allowing the event holders to easily mint the admission tickets and users take advantag…

People who issue tickets through Ticketmaster absolutely get to dictate terms. Otherwise they wouldn’t use Ticketmaster and would use a competitor.

Re: NFTs Are a Dangerous Trap

#594

Post by gonehome »

maayank wrote: post #565
snarf21 wrote: post #489

Earlier quoted context omitted.

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…

How do you go about having such quality reproductions? What are the costs?

A few hundred dollars: https://www.galeriedada.com/

This is supposedly the company the movie Ex Machina used for the CEO’s Jackson Pollock.

I’ve been tempted to get one from them. :-)

https://www.quora.com/Did-they-use-an-original-Jackson-Pollo...

Re: NFTs Are a Dangerous Trap

#595

Post by arcticbull »

dmurray wrote: post #362
arcticbull wrote: post #119

Earlier quoted context omitted.

> NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. There’s absolutely no reason for that to be decentralized, only one party can honor the tokens anyways. Like most things crypto they don’t actually make sense for anything.

How would you resell a stadium event ticket with a centralized setup? You'd need the event organiser to run the marketplace, which isn't always desirable.

Same way this has been happening for as long as I’ve been alive.

Re: NFTs Are a Dangerous Trap

#596

Post by reaperducer »

yawnr wrote: post #517
snarf21 wrote: post #489

Earlier quoted context omitted.

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’m skeptical about NFTs too but trying to keep an open mind, because at the end of the day, while you or I personally don’t need the 100M to enjoy the impressionist art, you can’t ignore the fact that someone out there is in fact willing to pay that for the original. And that’s kind of the same weird authenticity bragging rights situation.

while you or I personally don’t need the 100M to enjoy the impressionist art, you can’t ignore the fact that someone out there is in fact willing to pay that for the original.

There are people who happily pay $10,000+ for an Italian purse. There are people who are happy with a $10 Chinese knock-off.

There are people who happily pay $2,000 for an Apple laptop. There are people who are happy with Linux on a $100 machine from Goodwill.

There are people who go outside to feel the breeze. There are people who are happy with a fan.

I don't understand NFTs at all. But I have to remind myself that often value is subjective.

Re: NFTs Are a Dangerous Trap

#597

Post by gonehome »

ThomPete wrote: post #533
dcow wrote: post #526

Earlier quoted context omitted.

NFTs aren't the original and digital reproductions are perfect.

NFTs are the orginal NFTs

The equivalent of painting reproductions with unique IDs on the back.

The whole things feels like a scam to me. Taking the best part about digital goods (that they’re non-rival) and attempting to hack on scarcity for the purpose of exploiting a psychological flaw.

Re: NFTs Are a Dangerous Trap

#598

Post by fredfoobar »

tablespoon wrote: post #592
fredfoobar wrote: post #571

Earlier quoted context omitted.

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.

> NFTs are the digital equivalent of a vehicle title, that's the strongest usecase (proof of ownership) No they aren't, and least not until they're recognized by law as such.

I'm not sure what a "usecase" has to do with laws, a usecase can exist outside of the law.

Are you implying that laws should come before inventions/ideas?

Re: NFTs Are a Dangerous Trap

#599

Post by epx »

nicbou wrote: post #257
JPKab wrote: post #91

Earlier quoted context omitted.

This was hilarious and well-written. I've become extremely alarmed at the number of completely non-technical people who don't know anything about how cryptocurrency works getting extremely into it via YouTube click holes. It's obvious that these NFTs are capitalizing on it. A guy I ran into at the hardware store today was talking to me and he didn't understand the concept of a cryptocurrency that has a stable value s…

Every single male friend of mine is talking about crypto. I am so tired of this topic. That and Tesla.

I avoid the subject since a friend insisted on taking about Bitcoin with me during the funeral of HIS mother.

Re: NFTs Are a Dangerous Trap

#600

Post by roywiggins »

berenza wrote: post #583
roywiggins wrote: post #577

Earlier quoted context omitted.

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…

there is work being done on bridging smart contracts with contract law and it may be further along than you think. https://www.lawsociety.org.uk/topics/research/blockchain-leg... https://www.lawtechnologytoday.org/2020/12/how-smart-contrac... https://www.ikigailaw.com/how-have-different-states-in-the-u...

It seems to me that there's going to be an unbridgeable gap when it comes to physical property. If someone hacks my wallet containing my "house NFT" and transfers it to themselves and I can't hunt them down and force them to return it, who owns the house? How do I sell it, if I don't have the NFT? Can I go get another NFT minted, and who from? How does the buyer know that this newly minted NFT represents the true ownership and the old one doesn't?

Suppose I die taking my wallet keys with me; how do my heirs inherit my NFT-ized house?

If the government is minting these NFTs and deciding which transfers are legitimate and which aren't, why are we bothering with all this?

Basically: at some point, an NFT will become separated from the ownership as recognized by the people who count (banks, governments, etc). Without a mechanism to reunite them, the NFT is not very useful; but if there is some sort of mechanism, it's really that mechanism that determines ownership, not the NFT and you might as well use a centralized ledger.

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