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NFTs Are a Dangerous Trap

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Re: NFTs Are a Dangerous Trap

#731

Post by quickthrower2 »

sygma wrote: post #332
samim wrote: post #295

NFT's are Bullshit: https://samim.io/p/2021-03-05-non-fungible-tokens-nft-are-bu... In Summary: 1. The NFT doubles down on the worst of copyright, the property metaphor, & tries to impose old ideas of scarcity & exclusion on the digital realm, where both are obsolete. 2.NFTs are an absolute ecological disaster

I know it sounds catchy to say that NFTs are an ecological disaster, but that statement is sensational and not accurate. NFTs do not cause carbon emissions themselves, just like you don't add carbon emissions by occupying a seat on a public transportation bus. The bus is doing its daily route and has a fixed amount of emissions per day whether it has any occupants or not. This analogy breaks quickly, so I wouldn't lo…

Buying an NFT requires buying ETH which increases demand for ETH and pushes up the price, encouraging more people to mine ETH, which uses more electricity. Also another effect is pushing up gas fees as people compete to make transactions which again helps miners and encourages more new miners to rig up and join in.

Re: NFTs Are a Dangerous Trap

#732

Post by quickthrower2 »

andreaorru wrote: post #363
samim wrote: post #295

NFT's are Bullshit: https://samim.io/p/2021-03-05-non-fungible-tokens-nft-are-bu... In Summary: 1. The NFT doubles down on the worst of copyright, the property metaphor, & tries to impose old ideas of scarcity & exclusion on the digital realm, where both are obsolete. 2.NFTs are an absolute ecological disaster

Just want to point out that Ethereum 2.0 will be Proof of Stake, so moving forward the ecological argument is moot.

What’s the timescale for that? I know they are testing it now.

Re: NFTs Are a Dangerous Trap

#733

Post by quickthrower2 »

Joeboy wrote: post #336
pmlnr wrote: post #323

Earlier quoted context omitted.

Teaching people that being "rich" is not a goal would help in the progress. The goal is enough: a point when one still yearns, so they can progress, but they don't suffer or live in fear for losing warmth, shelter, food, etc. But this idea seems far from the majority of the US mindset, and it's polluting many parts of the world as well.

"Shelter" sounds like a modest expectation, but at least for me, and a lot of other people, a decent level of "shelter" requires you to be pretty well off. The average house here in the UK costs £~305k, so a mortgage on that requires like 30k deposit + 60k income, which means being a top 10% earner. I've no real aspiration to be "rich" in a superyacht sense, but I would like to be able to remain in my home city and o…

Uk house prices are crazy enough to make people want to emigrate. But now with remote work you could live in a cheaper UK location but also consider another country. Maybe even just rent so cheaply you can save and invest in other things.

Re: NFTs Are a Dangerous Trap

#734

Post by ThomPete »

gonehome wrote: post #597
ThomPete wrote: post #533

Earlier quoted context omitted.

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.

That's because you aren't adding the human perspective into the equation. Who is doing the scamming and why?

Re: NFTs Are a Dangerous Trap

#735

Post by randomswede »

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.

Why is a secondary market in stadium tickets a desirable thing?

If you want to use your ticket to go see the event, use it. If you don't, simply do not go. If you do not want to go and want to recover your costs, sell it back to the venue at the purchase price.

Re: NFTs Are a Dangerous Trap

#736

Post by ldbooth »

nikkwong wrote: post #620
cachvico wrote: post #553

Earlier quoted context omitted.

It certifies two things: 1. That you paid a certain amount for the certificate. 2. That there will never be another certificate for the same thing, from the same brand of certificates (e.g. "Valuables BY CENT"). Pretty much exactly like owning a baseball card, then.

But this would only make it unique on the CENT blockchain, no? What if another blockchain becomes the standard offerer, wouldn't that devalue everything on the CENT blockchain? Further, wouldn't we expect multiple blockchains to be competing to become the "primary" chain in which these items are deemed valuable, i.e. CENT and blockchain A & B & C trying to be the medium which holds a unique cert to Jack's first tweet…

This is the argument that gets me applied to bitcoin. It's first mover advantage. And the "gold2.0" market value is this perceived incorrectly if there is no other moat. That's why today we are announcing ... Bitquan!

Re: NFTs Are a Dangerous Trap

#737

Post by acdha »

TheColorYellow wrote: post #697
acdha wrote: post #628

Earlier quoted context omitted.

> For a hacker & technology forum, Hacker News is remarkably negative on crypto topics. … The crypto space has been growing for 12 years ... is it really just a giant fraud at this point? No value, nothing of interest at all? The negative reaction is _due_ to HN being a technology-heavy forum: the blockchain field is a marketing invention and divides into two camps: Merkle trees, which are useful but not new, and eve…

> where’s anything clearly better than its predecessor? At the moment, there isn't a single alternative product for a state-free currency as a store of value that has reached the valuation of Bitcoin. I'm not even a Bitcoiner, but if this isn't proof to you at this point, nothing will satisfy you. The proof doesn't have to convince you it's the future of currency, but it should certainly statisfy the question of "how…

> At the moment, there isn't a single alternative product for a state-free currency as a store of value that has reached the valuation of Bitcoin.

I thought the Bitcoin people stopped referring to it as a currency a few years ago when it became obvious that it had failed to be capable of filling that role? The current “store of value” sales pitch seems likely to follow a similar trajectory since, unlike a reserve currency like the USD or a traditional commodity like gold or real estate, it has no inherent value other than the current social consensus and is thus highly volatile.

This comes back to the same question of what value it offers. Someone who wants buy or sell things defaults to faster, cheaper, and safer options. Someone who wants to save value has faster, cheaper, safer options which have much longer track records of predictable valuation. A devout libertarian who thinks “state-free” is important similarly has a range of options, many of which do not conveniently provide their government with an itemized log of every transaction.

Re: NFTs Are a Dangerous Trap

#738

Post by wohfab »

"And unlike actual works of art, NFTs aren’t usually aesthetically beautiful on their own [...]"

How blatantly gate-keeping can a single individual (that is not aesthetically beautiful on their own) be?

Re: NFTs Are a Dangerous Trap

#739

Post by andreaorru »

quickthrower2 wrote: post #732
andreaorru wrote: post #363

Earlier quoted context omitted.

Just want to point out that Ethereum 2.0 will be Proof of Stake, so moving forward the ecological argument is moot.

What’s the timescale for that? I know they are testing it now.

If all goes well, 2022 [0]. The transition will happen in multiple phases. IMHO it's very interesting from a software engineering perspective.

- The Beacon Chain is already live (since December last year). It's going to act as the coordinating entity in the PoS system. Future validators are already staking Ether on it.

- Shard chains support is expected to be launched later this year. The plan is to have 64 shards to improve scalability. Together with Layer 2 solutions (which are on the verge of becoming mainstream, e.g. Jack Dorsey's tweet was minted using a L2) that will bring the throughput to ~100-200k transactions per second.

- The last step is "docking" the old Ethereum Mainnet to the Beacon Chain as one of the shards of the new PoS system.

[0] https://ethereum.org/en/eth2/

Re: NFTs Are a Dangerous Trap

#740

Post by Bayart »

snarf21 wrote: post #489
jamesgreenleaf wrote: post #37

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…

What's nonsense is dismissing the idea and the work that's been done because there are people looking for a cash grab. Following from that logic, you should throw your routeur in the garbage dump. After all, the early days of the Internet were filled with shady companies selling buzzwords. So the Internet is by essence trash, right ?

NFTs are revolutionary for digital assets and allow for something beyond the world of licences as well as much greater scaling.

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