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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

#221

Post by Joeboy »

meheleventyone wrote: post #215
Joeboy wrote: post #163

Earlier quoted context omitted.

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.

It sounds like you're talking about cases where, as I said, there's "earlier evidence of somebody else being the creator of the work". In the absence of that, I think the token would be a decent piece of evidence in favour of the token owner.

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

#222

Post by jrochkind1 »

rchaud wrote: post #150
analog31 wrote: post #70

Earlier quoted context omitted.

I have a rule, which is that by the time I dream up an idea, plenty of other people have already had the same idea. So, when I proposed selling NFTs of the rehearsals of my band, and told my son about it, he said: "Dad, a million people are already doing that sort of thing."

Is your band famous in any way? Or does it have a cult following of some kind? If not, who would buy an NFT of your jam sessions? The pioneering garage rock band The Stooges released a remastered edition of 1970's Fun House some years back, and included 2 CDs of rehearsal/studio sessions and outtakes. They were widely panned for it, with some reviews saying that even the most ardent Iggy Pop fan wouldn't need 5 versi…

And yet people are buying NFT's of random crappy JPG avatars by nobodies. I don't know why either!

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

#223

Post by mindvirus »

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.

I'm still skeptical, but think of them as digital goods that you own, and that can follow you across applications. If you collect items in a game, you can have them in another place too.

The metaverse pitch is that you can create economies around these that aren't constrained to a single application. I can make and sell cool art, and you can buy that art and put it anywhere - and it's yours, in a way that a downloaded PNG just isn't.

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

#224

Post by streamofdigits »

trixie_ wrote: post #206
streamofdigits wrote: post #131

Cryptocurrency was a broken concept from the very start. It assumed that you can build a financial system by engineering "trust" in purely technical terms. Trust is something between humans. If you cannot find an arrangement of checks and balances that gives people comfort that the "system" is not ripping them off there is no amount of cryptoaccounting that will solve it for you. The very anonymity of the bitcoin fou…

All I know is that I actually feel in control of my money with crypto and can easily move it around the world. ACH and wire transfers are painful in comparison.

I am not defending existing monetary systems. The cost and difficulty of transfers is in no small measure the result of cartels that the official system is quite happy to let fester because they haven't seen an oligopoly they didn't like.

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

#225

Post by jrochkind1 »

Justsignedup wrote: post #209

The fomo is real tho. Everyone imagines "just imagine if I invested when BTC was And with everyone from celebrities to investors constantly promoting it, it is hard not to jump on the craze. All "doom and gloom" has bounced off the market. I am still expecting a massive crash, but to be honest, if I invested a few years ago I would be sitting at 3-20x my investment. It is insanely profitable. Thats the fun part of al…

In the sense that people who can't afford rent buying lottery tickets is "fun".

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

#226

Post by skinnyasianboi »

mosdl wrote: post #208
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…

You listed centralized services, so even with nfts they still can be made useless or revoked/etc.

You mean that your in game items get revoked after you got banned from a game? That's actually a good point. It wouldn't help you to sell these items on a secondary market except you try to scam someone. At least the items could still bring you value in external games/prokects.

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

#227

Post by anonporridge »

somenewaccount1 wrote: post #212
anonporridge wrote: post #188

Earlier quoted context omitted.

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.

You could also tape a banana to a wall and sell it for $120k in the traditional art world. https://news.artnet.com/art-world/maurizio-cattelan-banana-c...

Don't mistake extreme technical skill as being the sole reason humans value things. Sometimes, it's just about being the first to effectively convey a new idea, and the crudeness of the execution doesn't matter. And there are plenty of extremely skilled artists that spend decades mastering their craft whose work is effectively worthless, because they're not actually breaking new ground.

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

#228

Post by acdha »

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…

> 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.

The second clause shows why the first is not true: the other evidence is what gives you the information you need. In every context where it really matters it comes down to what a court would accept and … uh … I would not want to be the one having to tell a judge that something is proof of ownership when anyone on the internet could submit the same record.

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

#229

Post by cslarson »

stale2002 wrote: post #179
k__ wrote: post #158

Earlier quoted context omitted.

The (non-) fugibility of a token is just one aspect of it. You can code a non-tradable NFT no problem. Tradable NFTs are just the hype right now.

> You can code a non-tradable NFT no problem. WTF does that even mean? Do people remember what a blockchain even is, at this point? A blockchain is a chain of transactions. You take away the transactions, and its not a blockchain anymore. Unless we really stretch the definition of a "transaction" or blockchain...... Cryptocurrency has lost the plot. People are talking about blockchains, that don't have mining, or tra…

blockchains are databases.

transactions change the state of the database. they aren't limited to trading-related transactions.

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