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Cryptocurrency is something people tell lies about in hopes of getting richer

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Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#211

Post by azundo »

javert wrote: post #111
whywhywhywhy wrote: post #58

Earlier quoted context omitted.

> Real charities, not those billionaire tax avoidance schemes. No such thing.

Do you even know what you're talking about? In the US, a billionaire has more money at the end of the day if they just pay taxes on it than if they give it to charity and take the deduction. The only other way a charity helps a billionaire save on taxes is if they use the charity's assets (e.g. boats, helicopers, real estate) as personal assets. But that's felony tax fraud. A billionaire wouldn't be likely to risk pr…

It isn't about having money, it's about control of that money. Zuckerberg doesn't "have" the money he gives to his foundation, but he still controls it, vs taxes which he wouldn't.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#212

Post by somenewaccount1 »

anonporridge wrote: post #188
somenewaccount1 wrote: post #148

Earlier quoted context omitted.

Which is about approximately $240,000 USD. Hrm...I wonder if I should mint some nft's? And so it begins.

This is the equivalent of someone seeing how much a Picasso sells and wondering if they should become an artist. For every success, there are 10,000 failures.

That's true, but in the Picasso scenario I actually need to learn to do art. In the NFT case, apparently a 3rd grade level of photoshop skills would do.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#213

Post by k__ »

dkersten wrote: post #185
k__ wrote: post #161

Earlier quoted context omitted.

How come? Just think about all cases of fake liceses? This could be verified rather easily with an NFT while faking it would be quite hard.

How? Maybe I'm misunderstanding what you're saying. Since drivers licenses are linked to individuals, and cannot be traded, the traffic cop that's checking your license will need to compare it to your government issued ID. Then they look it up to see that its valid and linked to you as a person. How is doing this as an NFT (or other blockchain thing) any better than having a government database they look up? This is…

To be fair, I don't know either what of the possible use-cases are actually good use-cases.

But having a globally available, decentralized, and transparent database for some of these "certificats" could be a good thing.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#214

Post by pornel »

somenewaccount1 wrote: post #148
anonporridge wrote: post #135

Earlier quoted context omitted.

Here's an NFT which is the best description I've ever seen of what NFTs actually are, https://foundation.app/@visualizevalue/nfts-explained-12012 It sold for 74 ETH.

Which is about approximately $240,000 USD. Hrm...I wonder if I should mint some nft's? And so it begins.

I think it's more likely that the author of this NFT paid this much to himself. It's the pump phase of a pump and dump scam.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#215

Post by meheleventyone »

Joeboy wrote: post #163
cperciva wrote: post #144

Earlier quoted context omitted.

Thing is, NFTs don't represent ownership, absent some external legal documents which tie ownership to the NFT. (And even with such external documents p perhaps not; see e.g. the statute of frauds which restricts in what form land ownership can be transferred.) I can sell NFTs of bridges all day long; doesn't mean anyone is buying a bridge.

An NFT is decent evidence in favour of the keyholder being the creator of a work, if there's no earlier evidence of somebody else being the creator of the work. When people first started talking about them I thought that was the idea - a kind of people's copyright registry on the blockchain. Which seems like a fairly reasonable idea, as far as it goes. Edit: To be clear, I mean a copyright registry that is used for t…

It's not at all there is rampant fraud in the NFT market. So much so Deviantart made some detection software to help alert artists their work is being stolen.

All that can be definitively proved outside of other methods is who created the token.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#216

Post by skinnyasianboi »

stephen_g wrote: post #189
skinnyasianboi wrote: post #129

Earlier quoted context omitted.

It's not just ugly gifs. It's digital art, your online game items, concert tickets, supermarket vouchers and so on. Quote from statista: "In 2020, global gaming audiences spent an approximate 54 billion U.S. dollars on additional in-game content". But the players don't own their purchases. You don't play the game anymore, servers go down or you get banned and all your stuff is gone. Think about that. Edit: Of course…

But it’s not. It’s a token on a blockchain with some metadata. You’d actually need a separate legally binding contract to link it to actual ownership, and at that point you could have just made up the legal contract without any blockchain or token… With your example, if the game goes down, an NFT of the in-game purchase isn’t going to be very useful. What’s the difference between having a token or not of the content…

Imagine an indie game developer creating an open-world game where you can use your Sims furniture, Warcraft sword, Stardew Valley animals and so on.

I don't quite understand your first point. Edit: the NFT is verifiable in your wallet and comes from a verified source

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#217

Post by isoskeles »

anonporridge wrote: post #188
somenewaccount1 wrote: post #148

Earlier quoted context omitted.

Which is about approximately $240,000 USD. Hrm...I wonder if I should mint some nft's? And so it begins.

This is the equivalent of someone seeing how much a Picasso sells and wondering if they should become an artist. For every success, there are 10,000 failures.

s/Picasso/Rothko/

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#218

Post by 6gvONxR4sf7o »

> the insistence that cryptocurrency is a boon for all of humanity quickly collapses into the assertion that it will become one

This one annoys me in tech discussions all across the board. Someone justifies some piece of tech as good, others give counter evidence, and then the proponents say that it doesn't actually matter because it will be true some day. Social media is healthier than other media (well, it could be). Self driving cars are safer (well, they will be). Crypto is better for the people (well, it could be). Or my favorite, seen this morning in another thread: bitcoin isn't bad for the environment (well, it could be better, therefore it's fine).

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#219

Post by newbie789 »

TomGullen wrote: post #84
marban wrote: post #5

The whole NFT craze lost me when tech founders I once highly respected started pushing and showing off their ugly gifs and trading cards on Twitter. Bad taste of the bored rich is not a new thing, but I hope NFTs won't become a noble tradition.

I must be getting old because I just don't get NFT's. They look stupid and I don't get why anyone would buy them. Declining tech companies and startups seem to be trying to crowbar them into their products much like Blockchain when it was new and shiny. Perhaps younger me would of seen something I can't anymore.

It’s a made up class of asset that’s entirely made for money laundering. That’s it, now you’re an expert in NFTs.

Re: Cryptocurrency is something people tell lies about in hopes of getting richer

#220

Post by rchaud »

useful wrote: post #198
rchaud wrote: post #165

Earlier quoted context omitted.

This is all pie-in-the-sky theory that has already been used unsuccessfully to exhort the merits of cryptocurrency. Where is the evidence of any of these benefits in practice? Crypto has been around for over a decade, yet its only uses post-Silk Road have been for ransomware and NFTs. The Internet changed how we communicated and shopped in well under 10 years, and in an era when 56kbps modems were a luxury, and nobod…

I'd argue that BBS and compuserve/aol were in the 80s. It took 30 years before everyone had a computer in their pocket and Amazon took off. A debit card is similar to crypto. Is a debit card any different than cash for an end user? Did it cause big changes in banking? I can show you my account balance with a debit card. It may convince you I have the assets to buy whatever you are selling. I can bring a debit card to…

Amazon took off well before the smartphone era. Bezos was Time Magazine's Person of the Year in 1999.

I don't understand what you mean re: debit cards. Is it that the transaction processing fee is passed on to the customer? That is already well understood. The issue is that crypto is nowhere near to matching VISA/MC's per-transaction cost.

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