Earlier quoted context omitted.
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.
The NFT market bubble has popped?
251–260 of 332 posts
Re: The NFT market bubble has popped?
#252There are tons and tons and tons of bad ideas all the time. The vast majority of businesses fail and ideas fall by the wayside. This forum used to be a place to celebrate risky business ideas and long shots.
I couldn’t care less about the $ amount of NFTs sold today versus last month at the peak - in the end something that didn’t exist now does and clearly it is being used by some people - so congratulations to them and let’s find something we -are- excited about instead of every thread being “what a scam” for every attempt at a new use of technology. If a handful of video game developers use this for game-collectible interchange, awesome! Sounds useful. I don’t care about the vicious judgements of others any more than I want to read about why Facebook was a stupid idea in 2006.
Re: The NFT market bubble has popped?
#253The overwhelmingly negative attitude towards technology on HN lately is upsetting and nauseating. If you don’t like NFTs, don’t buy them (I don’t). If you don’t like some startups product, don’t sign up. In the Boom thread there are people suggesting it’s fraudulent that they’ve taken longer than originally suggested to build supersonic aircraft. I’d very much like to know who elected the naysayers. There are tons an…
Re: The NFT market bubble has popped?
#254The overwhelmingly negative attitude towards technology on HN lately is upsetting and nauseating. If you don’t like NFTs, don’t buy them (I don’t). If you don’t like some startups product, don’t sign up. In the Boom thread there are people suggesting it’s fraudulent that they’ve taken longer than originally suggested to build supersonic aircraft. I’d very much like to know who elected the naysayers. There are tons an…
The negativity appears to be about bogus businesses built on hype, fraud, exploitation, rigged demos, completely fictional timelines, and bogus business models that have come to dominate what we call the tech industry.
Fraud is actually more common in “tech” than it has ever been. It has huge repercussions for everything from start ups to large companies and, with NFTs, toxic financial products exploiting people in the same way that the dotcom and subprime eras did.
You don’t get to opt out of this. I have relatives who now want to get “in on NFTs.” Our industry has real ethical problems with tons of external impact.
Re: The NFT market bubble has popped?
#255Earlier 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.
Re: The NFT market bubble has popped?
#256Earlier quoted context omitted.
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.
It doesn't grow in value if real prices are adjusting simultaneously.
Re: The NFT market bubble has popped?
#257Earlier 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…
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 block…
There are other problems that need registries where there is no party with inventive and means to act as the state does above. I think the physical-art and wine examples fit that.
The key quality of blockchain is that it allows groups to form consensus. Even though they compete on some matters, all stakeholders want the platform to succeed. If it doesn't, their investment is worthless.
Hence, Blockchain can act as a synthetic state for enforcing standards and governance of registries. This may go as far as having elections, rulings. The registry data itself could live off-chain. [Sure, there are details to be sorted out here. Maybe the blockchain entity would control all APIs, to allow it to enforce standards against the registries. Those APIs may not necessarily be on the blockchain.]
Due to incentives, I don't think the trust model is the same as a standalone registry. One of the many challenges of dealing with data providers at the moment is they can routinely have low data quality and still get paid. Whereas a state would intervene if a land registry fell below standard.
"In your other answers, you seem to take it for granted that using a blockchain means everything is interoperable"
This is a real problem. I think the foundation problem to solve is how to get somebody to fill a role equivalent to the state in the land registry example. Once you have that, you have a path to solving issues such as this.
Thanks for poking at this.
Re: The NFT market bubble has popped?
#258Earlier quoted context omitted.
> After many hours I couldn't find anything even remotely interesting. This has been my issue with dApps as well. It's always "thing that does some stuff with ETH" which is only valuable and interesting if you already assume ETH is valuable and interesting. I guess most people make the leap of faith by putting money into them, but on sheer technical merit, dApps just aren't that interesting.
I agree in a lot of cases, but a couple months ago I saw a pretty interesting idea on HN: https://sarcophagus.io . While I think there are some issues with this protocol, it convinced me there are some pretty interesting problems that can be solved with new and unintuitive social/technical means with dApps. (un-disclaimer: not affiliated, not an owner, not a user)
Q: Is this a pyramid scheme?
A: No! It's a sarcophagus scheme!
Re: The NFT market bubble has popped?
#259The overwhelmingly negative attitude towards technology on HN lately is upsetting and nauseating. If you don’t like NFTs, don’t buy them (I don’t). If you don’t like some startups product, don’t sign up. In the Boom thread there are people suggesting it’s fraudulent that they’ve taken longer than originally suggested to build supersonic aircraft. I’d very much like to know who elected the naysayers. There are tons an…
I would pretty much never pay for one, but I love claiming NFTs! I have a nice little gallery now too.
I also find it weird that people can’t separate that, it’s obviously their uncomfortable relationship with money that both got their attention and their ire. They’re trying to see if they should be doing something else with their time or if every decision they made in their life for money was wrong and irreconcilable.
That has nothing inherently to do with NFTs.
Re: The NFT market bubble has popped?
#260Earlier quoted context omitted.
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…
I dump a ton of crap on blockchains and just set the transaction fee low until someone takes it
Also check out gas tokens as a concept, you can prebuy gas when gas prices are low and subsidize your future time sensitive transactions when gas prices are high