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Cryptography experts trash NFTs on first day of RSA Conference

mashable.com

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Re: Cryptography experts trash NFTs on first day of RSA Conference

#21

Post by 2bitencryption »

Animats wrote: post #14

The NFT thing seems to be settling out. It's for collectables, like Magic, the Gathering cards. I've been following this because I'm interested in virtual worlds. There are at least four virtual worlds that use some kind of NFT thing to register land ownership. Nobody does much in those worlds, and the graphics aren't all that good. It's all about trading land and speculating in some minor cryptocurrency. The newest…

> They already have five cryptocurrencies of their own

The first four didn't create the speculative frenzy they were hoping for, huh?

Just kidding(?)

Re: Cryptography experts trash NFTs on first day of RSA Conference

#22

Post by [deleted] »

hervature wrote: post #15
djoldman wrote: post #3

> Certainly it's not harmful — some people collect coins, some people collect stamps, some people collect NFTs. If they want to pay money for this, it's fine with me. Exactly. If someone makes some purposeless set of objects and others buy and sell them and money is lost and gained by informed adults in the process then.. nothing? If one thinks that NFTs are inherently a BAD THING then it may be more accurate to say…

I think most people take issue with this: > informed adults I believe there are many that don't understand that NFTs don't represent ownership in anything yet they are billed as such. From NBA Top Shot: "you get to own and show off the highlights that matter". Except, the NBA owns all the footage and the rights. Do you get to sue the NBA if they bin Top Shot? If so, what would you get? Nobody was angry with Crypto Ki…

[deleted]

Re: Cryptography experts trash NFTs on first day of RSA Conference

#23

Post by smhenderson »

bo1024 wrote: post #13
robert_foss wrote: post #10

I'm not sure if RSA is a trustworthy authority on anything, considering the intentionally backdoored crypto they've produced.

Are you thinking of the NSA?

Both really, I think they are referring to this: https://www.eff.org/deeplinks/2014/01/after-nsa-backdoors-se...

Re: Cryptography experts trash NFTs on first day of RSA Conference

#25

Post by ThomPete »

NFTs are here to stay, it's a classic short-term over-appreciation and long-term under-appreciation.

Art is only a small subset of what it's going to be used as.

NFT's is a protocol for distributed exchange of digital assets whether it's a sword you spent 10 hours in a game to acquire or a skin you designed and want to sell or a piece of generative art that you are the only person in the world who can show on your digital frame via a wallet.

You can't be an expert in this as little as you can be an expert in a startup. You either have conviction in this or you don't.

Re: Cryptography experts trash NFTs on first day of RSA Conference

#26

Post by snarf21 »

djoldman wrote: post #3

> Certainly it's not harmful — some people collect coins, some people collect stamps, some people collect NFTs. If they want to pay money for this, it's fine with me. Exactly. If someone makes some purposeless set of objects and others buy and sell them and money is lost and gained by informed adults in the process then.. nothing? If one thinks that NFTs are inherently a BAD THING then it may be more accurate to say…

As said, this isn't collectibles. This is pyramid schemes, pump & dump and money laundering.

Re: Cryptography experts trash NFTs on first day of RSA Conference

#27

Post by midev »

robert_foss wrote: post #10

I'm not sure if RSA is a trustworthy authority on anything, considering the intentionally backdoored crypto they've produced.

Are you confusing RSA the company with independent speakers at a conference sponsored by RSA? They're not the same thing....

Re: Cryptography experts trash NFTs on first day of RSA Conference

#28

Post by supernova87a »

I don't mean to distract from the main conversation, but I want to talk about how insidiously evil it is that NFTs can be coded to send the original creator a percentage $ cut off of every subsequent transaction for all time.

If that's not hard coding wealth inequality and a new class of asset owners, I don't know what is. This is disturbing, along with the whole thing itself anyway.

Imagine if cryptocurrency started doing that?

Re: Cryptography experts trash NFTs on first day of RSA Conference

#29

Post by hannasanarion »

dpflan wrote: post #5

Has anyone watched the discussion? This article is, well, not sure what value I'm getting out of this: cryptographers discuss the merits of NFT...OK..."Shamir then announced plans to, at some point in the future, theoretically mint his own NFT." The concept of NFT is fine, the problem is the implementation plus resources/energy costs, right?

The concept of NFT is basically nothing. Even if they somehow stopped wasting outrageous quantities of energy wouldn't change the fact that they're nothing but collectable receipts.

Re: Cryptography experts trash NFTs on first day of RSA Conference

#30

Post by OminousWeapons »

djoldman wrote: post #3

> Certainly it's not harmful — some people collect coins, some people collect stamps, some people collect NFTs. If they want to pay money for this, it's fine with me. Exactly. If someone makes some purposeless set of objects and others buy and sell them and money is lost and gained by informed adults in the process then.. nothing? If one thinks that NFTs are inherently a BAD THING then it may be more accurate to say…

I think a non-zero portion of the criticism is actually a criticism of collecting in general. If you think collecting things is dumb, you will think NFTs are dumb by default.
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