The NFT market bubble has popped? • Hacker News Board

Re: The NFT market bubble has popped?

#171

Post by jonnyscholes » Thu, Jun 03, 2021, 1:09 PM UTC

paulcole wrote: post #121

DeliriumTrigger wrote: post #106

Earlier quoted context omitted.

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.

Fair point. I'd be the first to admit I have rose tinted glasses about those early years! And also the first to grumble at those who came later...

Re: The NFT market bubble has popped?

#172

Post by cryptica » Thu, Jun 03, 2021, 1:15 PM UTC

flir wrote: post #77

cryptica wrote: post #44

There are some legitimate use cases for NFTs but art is not one of them. The best use case I can think of is a kind of DNS domain name system. The domain name is an NFT; it's unique and it provides value as it can be integrated with various systems. The intrinsic value of crypto and NFT is in software integrations.

You could put DNS in a distributed database (a la blockchain), and there's a benefit there (although no more than insisting all DNS updates are signed, I think). I can't see what additional benefit NFT would offer over that?

Just a few points I could come up with off the top of my head:

- Users could buy and trade domain names using cryptocurrency tokens within the same system without relying on centralized payment gateways.

- No need to rely on a central authority like ICANN to decide who can control what gTLDs.

- Could make way for entirely new security models for TLS certificates; no need to trust certificate authorities. Certificates could be signed using blockchain private keys associated with a specific domain.

- The whole system would be self-contained and all domain purchases would be publicly auditable on-chain; every domain would be paid for using tokens which represent real value, thus preventing misappropriation and spam.

- Different DNS blockchains could compete for relevance/adoption to be integrated with different browser makers; this would encourage decentralization in the browser space.

- Easy path to monetization; imagine how much demand would be created for underlying tokens if each user paid tokens every time they wanted to change the IP address which a domain name points to. This kind of DAO would be profitable by design. You could earn profit just by holding the token.

Re: The NFT market bubble has popped?

#173

Post by K0balt » Thu, Jun 03, 2021, 1:18 PM UTC

nly wrote: post #28

powerapple wrote: post #6

One thing I have noticed when listening to the interviews of NFT companies is that, when describing NFT is the future, the arguments from these founders are examples of people/artists made money by selling NFT online. It has become more and more a theme for cryptocurrency technology has well: the reason you should be in is that other people have made money rather than the benefit of the technology itself. It is not a…

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…

Definía sort of a system that feeds on itself, not a great model I think. Tokenizarion of real or digital items makes sense for many reasons though, the most basic of which is that it is a system of record keeping that is persistent, trusties, and programmatically immutable where immutability is needed. For digital items, tokenization can make sense from a data durability standpoint, since tokenized data can be stored on chain with its presentation context, for example an in game asset could be globally accessible and playable far into the future beyond where the game would otherwise be available. This and other potentially useful cases are mentioned in some medium articles at prufio.medium.com.

Re: The NFT market bubble has popped?

#174

Post by Grustaf » Thu, Jun 03, 2021, 1:24 PM UTC

powerapple wrote: post #168

Grustaf wrote: post #120

Earlier quoted context omitted.

How do you launder money with bitcoin? With NFTs it's easy, you can just buy some ugly jpg for 1 m, then sell it to your shell company for 10 m.

Can you make an ugly jpg for 0 cent and sell it to your shell company for 10 m? save the first million. Previously you can send money to mining company for machines, farm bitcoins and then sell machines back to mining company. I am not sure how easy it is now.

It would probably look better if you are not the person making it in the first place, and you need to make it look like you're paying a market price for it.

Re: The NFT market bubble has popped?

#175

Post by silicon2401 » Thu, Jun 03, 2021, 1:25 PM UTC

AnIdiotOnTheNet wrote: post #141

lotsofpulp wrote: post #133

Earlier quoted context omitted.

Then we would not be living in the same world with the same parameters as we are now.

And yet there are functional societies out there today, much as there were in the past, that are not capitalistic societies. Treating people like shit and forcing them to do dirty jobs you don't want to do under threat of starvation is not an inherent property of the human condition.

What kind of idealistic misunderstanding of history do you have that non-capitalist societies were some kumbaya utopia? Korea historically had slavery and extreme class differences. Europe had nobility and serfs who were not far off from slaves (and could be tortured or executed). Ancient Sparta and Persia had slaves and going way back into biblical times (though this still happens today in some places), people could be stoned just for not believing the right things. People today make the mistake of assuming things were altogether better in the past just because one particular aspect they dislike today was better before. Hierarchy and treating each other terribly are an inherent part of being human, and it's taken centuries of work to get to a point that we can even pretend otherwise.

Re: The NFT market bubble has popped?

#176

Post by silicon2401 » Thu, Jun 03, 2021, 1:32 PM UTC

lotsofpulp wrote: post #161

southerntofu wrote: post #160

Earlier quoted context omitted.

> It is the nature of animals to evaluate and rank each other Not at all. Competition is not the norm in the natural world. There's the entire field of ethology to study if you'd like to know more. If you need a quick intro, "Mutual Aid" by Peter Kropotkin is really dated science-wise (it's almost 120 years old) but is still a pretty good read. If you're into TV stuff, i'd recommend Adam Curtis' series "The trap" and…

Primates and other mammals do it. Birds do it. Unless all those David Attenborough narrated shows I’ve watched are wrong or misinterpreted by me, there seems to be extensive use of competition in many species. Or one can look at data from myriad of dating apps and websites. I would not believe anyone if they told me they did not rank possible partners in life on a variety of metrics such as health, wealth, tribal aff…

I think this thread is a perfect demonstration of idealism vs realism. Some people are idealistic and believe what they wish were true, even with little to no supporting evidence and mountains of evidence to the contrary. Other people look at reality first and base their beliefs on that.

> I would not believe anyone if they told me they did not rank possible partners in life on a variety of metrics such as health, wealth, tribal affiliations (family/other network), intelligence, humor, etc.

I certainly do, and this is commonplace to the point of cliche. Think of Indian or Chinese arranged marriages where the parents openly and blatantly choose and approve of partners based on what you said: health, wealth, family, etc. It's a documented fact and I've seen it personally that some Chinese parents even disqualify women over 30 or so as partners for their children (to the point there's a word for it: "leftover women"). In the West some people are squeamish about consciously evaluating and ranking people, but everyone still does it, even if it's subconscious, unless you literally throw a dart at at list and pair with whoever you hit. We just talk about it indirectly: having a "type", being "compatible", having similar interests, getting along, having things in common, avoiding "red flags".

I at least certainly have based my relationship evaluations based on conscious ranking and metrics, and it's led to the incredibly happy, successful relationship I'm in now.

Re: The NFT market bubble has popped?

#177

Post by madjin » Thu, Jun 03, 2021, 1:33 PM UTC

The crypto market is cooling down from its peak, but data about the NFT market shows that it's still doing very well. For Ethereum based NFTs there's been ~13M in sales in the past 7 days. Sources:

- https://nonfungible.com/market/history

- http://cryptoslam.io/

Similar story to Bitcoin, transactions were the first use-case. Later came smart contracts which expanded the number of various applications that can be developed with blockchain.

Collecting art was the first big use-case. More individuals and companies are focused on providing long-term value through utility. One example is NFTs that can unlock access such as someones time, places real or virtual, and communities in a similar way to Discords for patreon members. The art aspect is also evolving into more gamedev themes like artist designed NFTs for digi-physical fashion, avatars, pets, skins, etc.

More virtual worlds will compose these blockchain artifacts together, adding more context to them such as: Audio NFTs becoming background music, text NFTs becoming stories and scripts, 3D NFTs can become props, set environments, avatar NFTs become characters and NPCs, and wearable NFTs getting distributed through achievements.

All that said, I'm excited for some pullback because it reminds builders to tune out the noise and stay focused on building.

Re: The NFT market bubble has popped?

#178

Post by silicon2401 » Thu, Jun 03, 2021, 1:40 PM UTC

southerntofu wrote: post #170

lotsofpulp wrote: post #161

Earlier quoted context omitted.

Primates and other mammals do it. Birds do it. Unless all those David Attenborough narrated shows I’ve watched are wrong or misinterpreted by me, there seems to be extensive use of competition in many species. Or one can look at data from myriad of dating apps and websites. I would not believe anyone if they told me they did not rank possible partners in life on a variety of metrics such as health, wealth, tribal aff…

Do some reading on the question and make an opinion for yourself. There is some competition throughout nature but it's really far from an organizing principle as it has become with the capitalist system. > I would not believe anyone if they told me they did not rank possible partners in life on a variety of metrics That sounds really close to the definition of a psychopath, and is definitely not how most people live…

You sound like you're arguing from a point of insecurity or emotion rather than making a rational argument.

> Why would you not believe me if i told you i have feelings and affinities that cannot be measured or ranked and do not reflect a material interest? Why is it so hard to accept that not everybody lives through live the same way that soulless suit-heads do?

Why would you not believe that I have a long, committed, happy relationship today that I arrived at through consciously ranking and evaluating qualities of my current partner and other people that I met? Why is it so hard for you to accept that humans are inherently judging and comparing creatures? Why do you think that to just think about important life choices like a partner doesn't make you a "soulless suit-head"? If you want to live your life that way, go ahead.

The fact that you and even most people seem to let your subconscious steer you with important life decisions doesn't affect me. But I don't see why you have to indirectly call the other user names (psychopath, soulless suit-head) just because they do things differently than you. Are Indian and Chinese parents who perform arranged marriages also psychopaths or soulless suit-heads just because they choose matches for their children based on a variety of metrics? Does it make Chinese or Indian culture soulless or psychopathic since they've been doing this way before the "commodification of everything"?

Re: The NFT market bubble has popped?

#179

Post by dajohnson89 » Thu, Jun 03, 2021, 1:42 PM UTC

qwerty456127 wrote: post #42

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…

"I will never own a home" is not the only reason. The whole financial system is "fuck you this and fuck you that, incl. when you least expect and depend the most, and we won't tell you why". Yesterday here were news about PayPal terminating an account without explanation again (by the way, even when they don't ban you, their verification and customer services are a disaster anyway). This bullshit has to stop. Every p…

what if the terrorists broke up 1mil into 1000 $1000-transfers?

Re: The NFT market bubble has popped?

#180

Post by angio » Thu, Jun 03, 2021, 1:49 PM UTC

jaggirs wrote: post #25

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.

It makes no less sense than a painting. If you accept that an original painting has more value than a perfectly good copy, whilst being undistinguishable for anyone except a few experts, you should realize NFT's have the exact same arrangement, except 'originality' is determined by the blockchain instead of an expert.

NFTs are more like fine prints, which derive their value from the sticker that says "copy X of Y" than from the print itself.