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Cryptography experts trash NFTs on first day of RSA Conference

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

#31

Post by ketamine__ »

supernova87a wrote: post #28

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…

I thought this comment was a joke at first. What's wrong with creators getting royalties? Is there proof that artists are too wealthy (in general)?

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

#32

Post by RobertDeNiro »

supernova87a wrote: post #28

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…

Not surprisingly, that's the part that sold Mark Cuban on NFTs. The infinite money stream.

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

#33

Post by chrischattin »

supernova87a wrote: post #28

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…

Artist sells painting for $1k. Buyer then sells painting for $1M. Next buyer sells for $10M. Original artist only made $1k on a $10M painting. Shouldn't the original artist be able to participate in the upside of their creation?

I'm not seeing the "evil" here. Just a way for creators to cut out the middle men. Or, just a different way of structuring a contract.

There's a lot of moralistic FUD against crypto on HN right now. Feels very much like a coordinated propaganda campaign.

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

#34

Post by esoltys »

supernova87a wrote: post #28

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…

When I think of "percentage $ cut off of every subsequent transaction" I think of Artist's Resale Right, or "Droit de suite" https://en.wikipedia.org/wiki/Droit_de_suite

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

#35

Post by vb6sp6 »

supernova87a wrote: post #28

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…

do you feel the same way about royalties?

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

#36

Post by [deleted] »

supernova87a wrote: post #28

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…

[deleted]

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

#37

Post by RobertDeNiro »

Part of the appeal of collectibles is that they hold their value through time (if they are preserved properly). It's not clear to me if an NFT of today will still exist in 50 years? I assume that it will, but it also implies that people will still be mining the same legacy blockchain then.

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

#38

Post by dschnurr »

supernova87a wrote: post #28

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…

The people receiving royalties are the artists in these cases – instead of the record companies, instagrams, and etsys of the world. I fail to see how this won't be a net positive for wealth equality when we're shifting the advantage to those who have historically been taken advantage of.

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

#39

Post by cdelsolar »

chrischattin wrote: post #33
supernova87a wrote: post #28

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…

Artist sells painting for $1k. Buyer then sells painting for $1M. Next buyer sells for $10M. Original artist only made $1k on a $10M painting. Shouldn't the original artist be able to participate in the upside of their creation? I'm not seeing the "evil" here. Just a way for creators to cut out the middle men. Or, just a different way of structuring a contract. There's a lot of moralistic FUD against crypto on HN rig…

yes, agree with the FUD comment, please stop, you're making my crypto drop

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

#40

Post by thebean11 »

supernova87a wrote: post #28

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…

This is about as easy to enforce on the blockchain as it is in meatspace...

All you have to do is "wrap" the NFT in a smart contract, then move the smart contract around. The NFT itself is not moving (its owner is the smart contract) so it won't trigger the fee.

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