The NFT market bubble has popped? • Hacker News Board

Re: The NFT market bubble has popped?

#101

Post by lotsofpulp » Thu, Jun 03, 2021, 11:16 AM UTC

seedie wrote: post #94

lotsofpulp wrote: post #73

Earlier quoted context omitted.

> Let everyone have a home, eat and drink as much as they need, receive proper education and healthcare, and thrive working for something they see interest in not a paycheck/boss and you'll see terrorism will be entirely rid of. Are there sufficient people interested in cleaning toilets, dealing with the mentally ill/infirm, working in crawl spaces and attics, working on a farm an hour plus from everything?

An interesting question is how the salaries would shift. If everyone can fulfil basic needs without much, will the jobs that no ones interested in doing be the ones on a high pay grade? edit: just saw that you replied to "maybe money isn't needed at all" so my reply is not really relevant

I thought it was common knowledge that the quality of life for people in the upper quintiles is based on the people in the lower quintiles not having options.

Hence the hotels and fast food and other low paying fields complaint about not finding workers since the government gave them an option.

If everyone was fluent in English and could type well, then the price of rote white collar office work would go down and the price of hard labor and public facing and more undesirable work would go up. Which is what has been happening in the last decade.

Re: The NFT market bubble has popped?

#102

Post by thatguyagain » Thu, Jun 03, 2021, 11:16 AM UTC

didericis wrote: post #98

simias wrote: post #80

Earlier quoted context omitted.

The only thing that really works with cryptocurrencies and adjacent technologies is to use them for pyramid schemes and using them for illegal payments like buying things on the darknet or paying ransomware. The rest is just empty promises and short term hype. NFT is just the last in a long series. Before that we had the Lightning network that would revolutionize payments and make cryptocurrencies actually usable, IC…

Cryptocurrencies have also been used as a way to escape hyperinflation and retain savings despite a coercive and highly restrictive government, eg Venezuela. When a system becomes corrupt and dysfunctional and normal transactions and savings become ineffective or illegal, cryptocurrencies have proven themselves as a viable means of escape. The value of that is hard to understate. I agree that a lot of other applicati…

Any sources on how many Venezuelans actually moved their money into crypto?

Re: The NFT market bubble has popped?

#103

Post by yebyen » Thu, Jun 03, 2021, 11:18 AM UTC

southerntofu wrote: post #67

nly wrote: post #28

Earlier quoted context omitted.

Imho it stems from a lack of understanding and faith in the financial services industry, probably exacerbated by the financial crisis. A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. There's a strong sense of "Fuck You, I Got Mine" from the last generation, so the current generation is saying "Fine, I'm going to invent my own system... with B…

> A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. Yes, because that is the very definition of capitalism: people own, others work. That's the reason modern forms of slavery, colonization and patriarchal control were developed, historically. See https://en.wikipedia.org/wiki/History_of_capitalism or Silvia Federici for some great perspectives…

> Spending billions of KWh on blockchains so rich people can speculate on buying their own number (correct me if i'm wrong but to me a NFT is just a number) is just part of this.

You say this as if numbers have no utility. Is an IP address "just a number"? What about a /8 cidr block? How much energy should we be allowed to spend to secure global address space and provide a secure implementation of identity for all people? This is one of the actual concrete uses of NFT tech, (see Urbit Azimuth.)

> We have to stop this madness, abolish private property and the capitalist industry entirely and go back to communal living and producing stuff based on actual needs, not dumb single-use Internet of Shit products and other planned-obsolete non-flashable-single-purpose computers.

Good luck making a non-disposable world where nobody has domain over their own numbers or is allowed to have their own distinct and unique identity secured by a leading consensus protocol. I for one am glad that you and others of a like mind are not empowered to tell me or anyone else that I can't have my own number if I want it, or to secure it with as many megawatts and global collaborators as I can muster.

Because you know what happens when private property is abolished? Spoiler, only the well connected and powerful will hold private property, and overall the scope and impact of inequality even broadens.

Edit: I'm getting downvotes but not sure which part you disagree with! Have you ever lived in an area where private property was abolished? (They tried this in Lithuania and USSR and that's exactly how it turned out! When nobody is allowed to own resources, who decides how they are allocated?)

"To each according to his need" sounds great until you get to see what an actual functional implementation of that looks like, and it turns out that Stalin is the one who is in charge of it all.

Re: The NFT market bubble has popped?

#104

Post by Nursie » Thu, Jun 03, 2021, 11:21 AM UTC

thatguyagain wrote: post #102

didericis wrote: post #98

Earlier quoted context omitted.

Cryptocurrencies have also been used as a way to escape hyperinflation and retain savings despite a coercive and highly restrictive government, eg Venezuela. When a system becomes corrupt and dysfunctional and normal transactions and savings become ineffective or illegal, cryptocurrencies have proven themselves as a viable means of escape. The value of that is hard to understate. I agree that a lot of other applicati…

Any sources on how many Venezuelans actually moved their money into crypto?

Usually this is where someone from Venezuela comes along and tells us that this is a tiny minority, and most people want US Dollars because they can actually use those.

Re: The NFT market bubble has popped?

#105

Post by prepend » Thu, Jun 03, 2021, 11:23 AM UTC

cturner wrote: post #95

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

"the NFT hype never made any sense whatsoever to begin with" I felt the same, but now regard NFTs as the first meaningful application of blockchain. First, let's talk about land registries. In developed countries, the state administers a land registry. There is a strict, human-administered API against this registry. It allows users to inspect the full history of land; cause property splits/mergers; execute land excha…

I think your examples are good cases for any registry. NFTs aren’t particularly good for this as they are expensive in their current form. Any transaction should be very low cost to process and there would be no value to the NFT itself, but to the thing tracked by the NFT.

So I think the right play would be to not speculate and wait for a government to use blockchain/NFT for registries.

The land registry is a good idea, but is already done without blockchain/NFt so I’m not sure the value of layering this on. For these things to work, it’s better to have a common operator under a monopoly (government) and fees be nominal.

This is how deeds work in the US today, but there’s some clerk filing sheets in a courthouse and processing transactions. This can be improved by databases, etc but NFT doesn’t provide much benefit over a parcel number. As we automate this process, we would not have a market for selling NFTs, we would just need a robot instead of a clerk.

Re: The NFT market bubble has popped?

#106

Post by DeliriumTrigger » Thu, Jun 03, 2021, 11:24 AM UTC

jonnyscholes wrote: post #74

Yenrabbit wrote: post #60

Ignoring the hype, there are plenty of artists having fun selling work on platforms like hicetnunc for not very much and spending most of their proceeds buying other art. I joined and it's great fun trading pieces, coming up with ideas and seeing if anyone likes them, getting inspired by what other artists are doing etc etc etc. I feel like these small art playgrounds where artists can sell limited editions of their…

This is my experience. Hicentnunc (and the tezos community at large) is the closest I've felt to 00s internet culture/content which got me hooked on programming. Although perhaps paradoxically, I suspect the barrier to entry is part of this. Full disclosure: I hold a small amount of tezos.

00s internet culture/content I hear everybody talking about it but I don't really get what is? Do you mean more of a feeling of companionship like in an IRC or Group?

Re: The NFT market bubble has popped?

#107

Post by grasshopperpurp » Thu, Jun 03, 2021, 11:25 AM UTC

lotsofpulp wrote: post #97

grasshopperpurp wrote: post #93

Earlier quoted context omitted.

Imo flip these "punishment" jobs into "reward" jobs. As it is, we give the jobs no one wants to people who don't have any other options - or are struggling to exercise their options. We use them as boogeyman for kids when we remind them how important school is. If everyone is taken care of, these jobs should come with some extra benefits - both socially and financially. Remember all those bs commercials thanking esse…

> What if society really appreciated its essential workers and compensated them like it did? The person I was responding to was arguing against compensation as a concept in general.

Very fair. I don't think you can remove compensation. But, I think the post still had some good thoughts and good aims. They need some tweaking. Your post highlighted an area that needs tweaking, and mine tried to build on both posts.

Re: The NFT market bubble has popped?

#108

Post by viraptor » Thu, Jun 03, 2021, 11:25 AM UTC

Barrin92 wrote: post #57

caractacus wrote: post #56

Earlier quoted context omitted.

"Millions of kids think they can do the same thing and drop out of school." They do? Is this what you think is happening to millions of kids?

"According to a Harris Poll/Lego survey covering the United States, Britain, and China, 29% of children aged eight to 12 want to be a “YouTuber.” That’s three times as many as those who want to be astronauts. Other polls suggest an even higher percentage of teenagers aspire to fame and fortune via YouTube or another social media platform. An eye-grabbing news report out this month suggested a whopping 54% of American…

Reminds me how many people on HN... over a decade ago? were taking about dropping out of school to do startups. Ignoring that their heroes often dropped out because they didn't have time to deal with the school and their existing business, and not before they even started the company.

Re: The NFT market bubble has popped?

#109

Post by Grustaf » Thu, Jun 03, 2021, 11:26 AM UTC

lifeisstillgood wrote: post #17

These cycles are getting faster: 1. I read a post on HN extolling a new use of some technology. I understand how it works but don't get why . I do not jump on the bandwagon. 2. I read about the same technology but not on HN - maybe an online newspaper. I recognise there is an upcurve. Maybe I should have jumped when I read it on HN. 3. Beeple makes a fortune. My son and I enjoy watching him on corridor crew. I think…

You forgot 3.5, the step where A16Z breathlessly extols the technology in 5 podcast episodes and start a fund focusing on it...

Re: The NFT market bubble has popped?

#110

Post by prepend » Thu, Jun 03, 2021, 11:26 AM UTC

alexgmcm wrote: post #48

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

Crypto (and NFTs in particular) remind me of the tale of The Emperor's New Clothes. I accept that maybe Ethereum could be valuable (I don't really understand smart contracts well enough to say..) and if they move to proof-of-stake that will make it more sustainable. Likewise, the sheer anonymity of something like Monero might be valuable for the black market. But everything else just seems like people seeking a "grea…

If etherium gets down to femtocents per transaction then that would be cool. A usable distributed ledger would be nice for many purposes. But at dollars per transaction, there’s no real use cases.

Imagine if my sql db was free but charged me $10 for any write transaction. That would suck. When the price gets to an operational level, people will use it.

I think the price it will eventually get to is Napster/BitTorrent-level.