The NFT market bubble has popped? • Hacker News Board

Re: The NFT market bubble has popped?

#181

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

dajohnson89 wrote: post #179

qwerty456127 wrote: post #42

Earlier quoted context omitted.

"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?

That would result in the filing of a Suspicious Activity Report because the breakdown looks like it was done precisely to avoid the reporting threshold.

Re: The NFT market bubble has popped?

#182

Post by PascLeRasc » Thu, Jun 03, 2021, 1:50 PM UTC

simias wrote: post #85

tiborsaas wrote: post #19

Earlier quoted context omitted.

Lots of people got "into the internet" because others have made money on it and not for the technology (html, tcp/ip, dns...) Yes, crypto is mostly focused on financial apps, so they are harder to understand than "send me 140 chars and we make a timeline of it".

Imagine if Google Search achieved success not by providing a search engine but by publishing a whitepaper outlining how PageRank would eventually work, then selling $GOOG tokens to let people speculate on the hype (but not actually entitle them to anything regarding the company, so it's like venture capitalism, but worse). Then nothing happens for a decade or so, and then Google finally publishes a first version of t…

Plus whenever someone criticizes Google for doing something bad, others could jump in and say “well they’re supposed to move to Don’t Be Evil next year, so it’s ok”

Re: The NFT market bubble has popped?

#183

Post by benhurmarcel » Thu, Jun 03, 2021, 1:50 PM UTC

cryptica wrote: post #172

flir wrote: post #77

Earlier quoted context omitted.

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…

Websites would also lose their domain if the admin loses the private key, or it gets stolen. There would be no authority to return control to the rightful owner.

I don't think most web actors would be ready to accept that massive drawback.

Re: The NFT market bubble has popped?

#184

Post by StavrosK » Thu, Jun 03, 2021, 1:52 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…

> so the current generation is saying "Fine, I'm going to invent my own system... with Black Jack, and hookers!".

This is extremely apt, because in the end they went "in fact, forget the system!" and realized you can just make money from the hype without actually building anything usable.

Re: The NFT market bubble has popped?

#185

Post by lazerpants » Thu, Jun 03, 2021, 1:55 PM UTC

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…

Deflationary currencies shouldn't be an issue if real prices adjust at a similar pace. The theoretical problem with deflation is mostly that wages are sticky and you can't lower someone's pay very easily. But if everyone has the expectation of deflation it would probably work fine.

Expectations about inflation/deflation are important drivers of these phenomena (not the only ones of course) and if we break the paradigm with cryptocurrencies then it's possible the stickiness problems of deflation could be solved.

Re: The NFT market bubble has popped?

#186

Post by Nursie » Thu, Jun 03, 2021, 1:56 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…

> There is some competition throughout nature

Competition for mates literally forms and morphs most animal species.

Re: The NFT market bubble has popped?

#187

Post by cma » Thu, Jun 03, 2021, 1:59 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…

> Yesterday here were news about PayPal terminating an account without explanation again

In the past few weeks crypto has shut down energy infrastructure, meat processing, and a major ferry service.

It's also burning 1% of the world's electricity and rapidly growing.

Re: The NFT market bubble has popped?

#188

Post by thnujmikk » Thu, Jun 03, 2021, 1:59 PM UTC

viraptor wrote: post #108

Barrin92 wrote: post #57

Earlier quoted context omitted.

"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.

Haha so glad someone brought this up

Re: The NFT market bubble has popped?

#189

Post by snypher » Thu, Jun 03, 2021, 2:01 PM UTC

EarlKing wrote: post #181

dajohnson89 wrote: post #179

Earlier quoted context omitted.

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

That would result in the filing of a Suspicious Activity Report because the breakdown looks like it was done precisely to avoid the reporting threshold.

...or the bank launders over $10 bullion, pays a $700m fine and everyone walks away free.

Re: The NFT market bubble has popped?

#190

Post by DennisP » Thu, Jun 03, 2021, 2:01 PM UTC

EarlKing wrote: post #181

dajohnson89 wrote: post #179

Earlier quoted context omitted.

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

That would result in the filing of a Suspicious Activity Report because the breakdown looks like it was done precisely to avoid the reporting threshold.

And possibly a felony charge for structuring.