The NFT market bubble has popped? • Hacker News Board

Re: The NFT market bubble has popped?

#201

Post by nkrisc » Thu, Jun 03, 2021, 2:22 PM UTC

cma wrote: post #187

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…

> 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.

I'm very cynical about cryptocurrency but that's a stretch. Criminals did that damage to companies and infrastructure, and they would do it without cryptocurrency if it was worth it. I guess dollars sell drugs to kids too and fuel murder for hire.

Re: The NFT market bubble has popped?

#202

Post by hiq » Thu, Jun 03, 2021, 2:23 PM 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…

Blockchain doesn't help in any of the scenarios you describe.

You're still trusting a third-party to release the data. Whether they release it via a blockchain or via a website, what's the difference? The trust model is the same.

You allude to a standard, which indeed is always valuable since it allows people to exchange freely with each other. In your other answers, you seem to take it for granted that using a blockchain means everything is interoperable. But a blockchain is no guarantee that any standard would prevail, especially in the long run. There are already tokens using different interfaces, or even using different blockchains. At this point, "using blockchain" is equivalent to having a public API, no more no less. That's obviously already possible without a blockchain.

So I don't see why you think the use-cases you mentioned benefit from blockchain at all.

Re: The NFT market bubble has popped?

#203

Post by cma » Thu, Jun 03, 2021, 2:24 PM UTC

nkrisc wrote: post #201

cma wrote: post #187

Earlier quoted context omitted.

> 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.

I'm very cynical about cryptocurrency but that's a stretch. Criminals did that damage to companies and infrastructure, and they would do it without cryptocurrency if it was worth it. I guess dollars sell drugs to kids too and fuel murder for hire.

It's not the main things dollars have enabled though.

Re: The NFT market bubble has popped?

#204

Post by curation » Thu, Jun 03, 2021, 2:26 PM 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.

Have you read Another Tomorrow by Yanis Varafoufakis?

Re: The NFT market bubble has popped?

#205

Post by meowkit » Thu, Jun 03, 2021, 2:29 PM UTC

croon wrote: post #82

andrefuchs wrote: post #65

Earlier quoted context omitted.

Exactly. The media is all about the money aspect of NFTs. There is much more to it. At least in the art world.

You say "Exactly", and then proceed to contradict what they said. What are the other aspects of NFTs (in the art world or elsewhere)?

NFTs act as unique instances of objects that can be “digital shadows” of real physical objects, or their own thing, wrt the blockchain they exist on.

For the art world, they are a new medium and can be used to secure provenance. In the rest of the world they are being looked at as mediums for selling tickets or keys to access unique experiences (an art piece/door/puzzle that activates or lights up if presented with a valid NFT as a simple example) among many theoretical use cases.

A lot of crypto stuff doesn’t make sense unless we get Decentralized Identities (DIDs) right, so things like NFTs can be associated with with a user.

https://www.artworkarchive.com/blog/what-every-art-collector...

https://www.w3.org/TR/did-core/

Re: The NFT market bubble has popped?

#206

Post by Applejinx » Thu, Jun 03, 2021, 2:29 PM UTC

habosa wrote: post #20

NFTs are dumb however some of the NFT markets have one cool thing that I hope sticks around: the artist gets a cut of all future sales. If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M. We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Wouldn't it be nice if the artist could benefi…

How can you be sure that will happen? If the artist is relatively poor and the artwork/NFT ends up being a marker in some sort of huge money transactions, what recourse do they have to enforce this cut on future transactions?

In the event of huge transactions going on, how plausible is it that the people selecting properties to inflate in this way will choose properties that are encumbered by such an obligation?

I think 'artist gets a cut' is certainly a cool concept, but I think it's purely hypothetical. It will not work out that way in the real world. There will be a mysterious lack of revenue stream to 'artists', even if the scale of speculation continues as it has.

Reason being, this type of speculation is not really about art.

Re: The NFT market bubble has popped?

#207

Post by mettamage » Thu, Jun 03, 2021, 2:29 PM 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…

I think try >> why [0] is one of the unwritten mantras that the cryptocurrency space is going by. If someone would see a roadmap to tokenize sharks with lasers [1], they would do their best to get funding for it and a team to implement it.

Why would you do that? Because try >> why

This doesn't apply to all people in the space obviously, some have a very strong philosophy as to why something needs to exist. With that said, I do think a lot of people are on the hype train that adheres to try > why

[0] with >> I mean the math operator "much bigger than", not a bitshift.

[1] https://www.youtube.com/watch?v=J3GKVWcBLNU&ab_channel=Midas...

Re: The NFT market bubble has popped?

#208

Post by bgroat » Thu, Jun 03, 2021, 2:31 PM UTC

tachyonbeam wrote: post #197

tw04 wrote: post #191

Earlier quoted context omitted.

>A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. And what on earth makes them think cryptocurrency doesn't exist simply to make an elite minority rich? Just because it might be a different minority doesn't change the equation. And oh by the way, there is absolutely 0 government protections in the new system. Don't get me wrong, over the last…

Same. I lost a small but nonzero amount when a fraudulent crypto exchange went bust. There's a reason FDIC protection exists. This is going to be unpopular, but the value proposition for cryptos isn't there yet IMO. It's either "get rich quick" or "buy drugs online". It really isn't "convenient way to transfer money" yet. I'd rather invest in companies that are actually doing something useful. The value of those seem…

You're forgetting the immense riches that can be made in cybercrime!

Re: The NFT market bubble has popped?

#209

Post by SOLAR_FIELDS » Thu, Jun 03, 2021, 2:32 PM UTC

snypher wrote: post #189

EarlKing wrote: post #181

Earlier quoted context omitted.

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.

Not possible. How could Some Bank get away with such a Crime with no repercussions?

Re: The NFT market bubble has popped?

#210

Post by Nursie » Thu, Jun 03, 2021, 2:34 PM UTC

lazerpants wrote: post #185

nly wrote: post #92

Earlier quoted context omitted.

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 paradig…

None of that addresses the parent's concerns that idle cash grows in value, effectively benefiting from the economic output of others without even the need for investment.