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The NFT market bubble has popped?

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271–280 of 332 posts

Re: The NFT market bubble has popped?

#271

The 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 agree that we shouldn't dump on other people's ideas, but I think one reason there is so much vitriol against crypto and NFTs on HN is the lack of real regulation. The field creates systemic market risk that could negatively impact everyone. The SEC requires investors in high-risk, early stage tech companies to be accredited, so that if an investment fails (which 90% do), accredited investors at least have some cushion. In the case of crowdfunded investments, there are dollar amount limits to protect individual unaccredited investors from getting wiped out.

Public companies are restricted in the types of information they can release publicly to protect individual investors from fraud. Crypto boosters can say whatever they want, whenever they want, to convince people to invest.

With crypto and NFTs, someone making minimum wage could easily invest their entire savings into a completely unproven, early-stage technology and lose it all in a matter of hours.

Re: The NFT market bubble has popped?

#272
post #208

Earlier quoted context omitted.

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!

The ransomware market has been booming lately.

Re: The NFT market bubble has popped?

#273
post #225
post #198

Earlier quoted context omitted.

oh no we got "hacked" only happens if you leave your crypto on an exchange. It's not yours until it's under your control

The vast majority of crypto owners are not technically competent enough to hold themselves responsible for a crypto wallet, IMO.

It's not about just technical competence. There are long standing real world reasons why custody of all kinds of assets is a business.

Re: The NFT market bubble has popped?

#274
post #202

Earlier quoted context omitted.

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…

It suits the state to run the land registry: (1) a state is a barrier around land, which can be subdivided; (2) the state has incentive to do this; (3) the state can use law and courts to enforce it. 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…

You now seem to describe law (as the often quoted "code as law" hints at), and that a blockchain could replace law where it's insufficient. Do you agree that in these cases, just having adequate laws would make a blockchain useless?

> 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.

Isn't that a company (or other kind of association) with shareholders? That's not specific to a blockchain, is it?

> There are other problems that need registries where there is no party with incentive and means to act as the state does above.

Either there are common financial incentives for stakeholders to agree on a registry (you can sell for a higher price if consumers know what they're buying quality products), and it will happen eventually. Or there are none, and it won't. In both cases, having a blockchain does not bring anything. Wine is I think a bad example given that there is already labels such as https://en.wikipedia.org/wiki/Appellation_d%27origine_contr%.... This specific label seems to have its own law, but as soon as you have something resembling trademark law you can have such a label, even if it's designed by a private association of producers. It has its own problems, but I can't think of any that are solved by the use of a blockchain.

To summarize, I do agree with you that we should trace production, quality, and better registries can bring a lot. But there is no blockchain in this discussion, so I don't see how you connect the two.

Just think about the few comments you wrote in this thread, and what you wish would exist in terms of registries, "synthetic state", and so on. How does removing "blockchain" from this equation make any of what you wrote impossible or even slightly harder?

Re: The NFT market bubble has popped?

#275
post #266

Earlier quoted context omitted.

You can see that the artist made NFTs on chain. That's actually how you can verify uniqueness as anyone can see this NFT is authentic and not a random copycat.

What is an artist sells a a print verified by an NFT. The person who buys that print wants to sell it again. They make a copy of the print and sell the copy with the NFT. They keep the original print. The NFT doesn't seem like it did anything there other than be used as deception for the second buyer. Is there a way to actually link the NFT to the thing the NFT is supposedly tied to?

That original print will probably be worthless as people will regard it as a copy. You'd also be up against life ruining fraud charges.

But yes there are ways to link NFTs to products. Louis Vuitton and Nike are linking NFTs to their products with things like built-in NFC tags and QR codes plus other probably more secretive things.

Re: The NFT market bubble has popped?

#276

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…

Maybe if we would question why we (don't) need money in the first place, and why people turn to terrorism, we wouldn't have problems in the first place. Let everyone have a home, eat and drink as much as they need, receive proper education and healthcare, and thrive working for something they see interest in not a paycheck/boss and you'll see terrorism will be entirely rid of. In the meantime, i agree it's a reasonab…

Love to see you being downvoted into invisibility for suggesting that Another World Is Possible. Our techbro overlords are aiming for Rentism, but they'll accept Exterminism if they can't get it.

Re: The NFT market bubble has popped?

#277

Earlier quoted context omitted.

> 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?

The title is Another Now, thanks for the rec!

Re: The NFT market bubble has popped?

#278
post #91

Earlier quoted context omitted.

Artist share their work on Instagram, Tumblr, and tons of other social networks for free. Why do they do this? That doesn't make any more sense either. About your question: hicetnunc.xyz is basically like Instagram but with an easy option to support the artist by buying their creations directly from them as a NFT. They can showcase their creations, get discovered, and make some money on top.

as in any other space it is hard for most artists to get attention for the work that they doing. If you want to get attention you have to share some of you work for free. However, the images you see on those platforms are usually not high resolution and don't come with any usage rights. Those are then the things artists get paid for hopefully.

High resolution, usage rights, and, importantly, commissions. As with most things on the internet, furries have had this figured out for a long time.

Re: The NFT market bubble has popped?

#279

Earlier quoted context omitted.

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

You forgot an edge case where something has inherent value (like a cup) but has overblown valuation (used by some king), and is sold at an auction to bigger fools.

It's almost as if use value and exchange value were two different things :thinking_marx:

Re: The NFT market bubble has popped?

#280

The 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…

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