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The NFT market bubble has popped?

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Re: The NFT market bubble has popped?

#121

Post by paulcole »

DeliriumTrigger wrote: post #106
jonnyscholes wrote: post #74

Earlier quoted context omitted.

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?

Somehow the peak of the internet always happened just when the person making the proclamation was getting into the internet.

it’s just like how SNL was awesome when I was 16 and has been downhill ever since — and my dad says the exact same thing about when he was 16.

Re: The NFT market bubble has popped?

#122

Post by aga98mtl »

Nursie wrote: post #104
thatguyagain wrote: post #102

Earlier quoted context omitted.

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.

The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.

Re: The NFT market bubble has popped?

#123

Post by FranchuFranchu »

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…

Any trade of any thing with no inherent value is just people seeking a "greater fool".

Re: The NFT market bubble has popped?

#124

Post by AnIdiotOnTheNet »

lotsofpulp wrote: post #87
southerntofu wrote: post #86

Earlier quoted context omitted.

> Are there sufficient people interested in ... ? There's people interested in caring for others and/or growing food on the countryside. Cleaning toilets is a task nobody does by pleasure but i don't see a reason there should be a specific class in society handling undesired tasks for the others. Why can't we take turns doing what HAS TO be done? I've lived in communities for about two decades now and it's never ever…

> Why can't we take turns doing what HAS TO be done? What happens when someone does not take their turn?

They are ostracized or otherwise lose social status within the community. Functional human societies have existed and do exist in the absence of capitalism.

Re: The NFT market bubble has popped?

#125

Post by AnIdiotOnTheNet »

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.

What if monetary or material compensation was replaced with simple respect and appreciation though? As it is, the people who do the dirty jobs of society are often treated like they themselves are filth.

Re: The NFT market bubble has popped?

#126

Post by lotsofpulp »

southerntofu wrote: post #115
lotsofpulp wrote: post #87

Earlier quoted context omitted.

> Why can't we take turns doing what HAS TO be done? What happens when someone does not take their turn?

Depends on the reason. You may be temporarily/long-term disabled. Or maybe you were having a really bad week and you'll be happy to take your turn next week (maybe you even said so in advanced and arranged to swap your shift with somebody else?). Or maybe you just don't care to exploit other people you live with, in which case you're free to go and do that elsewhere because that's the norm in all of capitalist societ…

Why would someone that wants to exploit other people leave a place that lets them exploit others?

I’ll cut to the chase. My point is your concept of society does not work at scale. You will have people that want to use the system, you will need to use force and adjudicate in the system, and you will need something more than good vibes to serve as incentives.

Re: The NFT market bubble has popped?

#127

Post by lotsofpulp »

AnIdiotOnTheNet wrote: post #124
lotsofpulp wrote: post #87

Earlier quoted context omitted.

> Why can't we take turns doing what HAS TO be done? What happens when someone does not take their turn?

They are ostracized or otherwise lose social status within the community. Functional human societies have existed and do exist in the absence of capitalism.

I do not know what definition of capitalism you are using, but I was strictly addressing the ability of society to function without compensation.

I am not aware of any functional society exists today without the use of compensation on a notable scale, certainly not notable enough to be able to defend itself.

Re: The NFT market bubble has popped?

#128

Post by AnIdiotOnTheNet »

nly wrote: post #92
WanderPanda wrote: post #69

Earlier quoted context omitted.

Is it lack of understanding of the financial industry or the opposite? I observe that through Bitcoin much more people have become interested in (austrian) economics. I think especially in times when everyone says that the problems e.g. central banks are “solving” are too complex to understand for 99.99% of the people, an uptrend in a much more simple theory (that is hence also more compatible with Occam’s razor) is…

For me the ultimate problem with deflationary currencies is that you get rewarded for doing nothing . Every year as keys to wallets are irreversibly lost, or the value of the real economy grows relative to the supply of BTC, your Bitcoin gets more and more valuable. Many Bitcoin hodlers actually have an expectation of becoming extremely wealthy, despite having done nothing for society, because they've been swept up i…

I would say it is even worse than doing nothing when one considers the environmental impact of mining BTC. These people have an expectation of reward for increasing energy usage and pollution in the world for basically no benefit to anyone but themselves.

Re: The NFT market bubble has popped?

#129

Post by FranchuFranchu »

aga98mtl wrote: post #122
Nursie wrote: post #104

Earlier quoted context omitted.

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.

The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.

I'm from Argentina, people who want to trade US dollars usually do it on illegal unofficial markets with better rates. I think it's likely that it's the same in Venezuela.

Re: The NFT market bubble has popped?

#130

Post by cturner »

prepend wrote: post #105
cturner wrote: post #95

Earlier quoted context omitted.

"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 id…

Here are the qualities that I think are special about this model: (1) the platform is organic; (2) critical mass kicks in pretty quickly.

Organic: it would be unrealistic to attempt to solve the wine problem as a one-off registry. But once the infrastructure exists, it becomes trivial to solve the wine problem.

You point out that many of the individual scenarios could be solved by a conventional registry. This is good criticism, thanks.

Maybe the role of the chain is not to be a log of everything, but rather to be a system of governance.

Participating registries need to be onboarded to the chain, and need to abide by the rules to stay onboarded.

Governance consists of humans (proof-of-stake parties) who serve as regulators and magistrates for participating registries. They ensure that the APIs are in good order, and have the ability to excommunicate systems that are not playing by the system. In this model, the chain serves the same role as a nation state, but it does not have land.

The artwork problem is still useful, though, because it is a problem that allows you to bootstrap the platform. Analogy: Amazon was initially about books, but Amazon was never really about books.

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