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NFT projects are just MLMs for tech elites

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Re: NFT projects are just MLMs for tech elites

#111

Post by paxys »

darthvoldemort wrote: post #100

If you buy an NFT for a piece of art, you can't even sell prints of the piece of art. You can't take a pic of it and sell a t-shirt of the art. You own nothing associated with that piece of art, except for the NFT itself. It's such a strange, strange concept to want to invest in. What if they create a new NFT blockchain standard. Does the previous NFT become invalid? Is there anything contractual saying you can't hav…

If you buy a Babe Ruth baseball card you aren't buying the rights to Babe Ruth. It's the card itself which is valuable, as a product of the context it was issued in. I don't know why that part, as it translates to NFTs, is so difficult for people to understand.

Re: NFT projects are just MLMs for tech elites

#112

Post by chaostheory »

SrslyJosh wrote: post #3

This would have been more interesting if the author had traced where all the money being plowed into NFTs is coming from. I suspect that most of it does not come from outside of the current ETH (or whatever) ecosystem. I'd bet that most of the volume comes from people who are either treating it as play money, or trying to pump the NFT scam for their own benefit (real or imagined).

I suspect that selling NFTs will be popular for anyone who needs money laundered.

Re: NFT projects are just MLMs for tech elites

#113

Post by danShumway »

larsiusprime wrote: post #89

I summed up all my complaints about NFT's in this (short) article: https://www.fortressofdoors.com/the-degraded-blockchain-prob... > In short, the minute you connect your blockchain to an app frontend you now have a degraded blockchain, one that cannot even in principle guarantee immutability, trustlessness, and decentralization – at least not for assets that the app's customers actually care about. Scratch the surfa…

Complete sidenote, but I loved your "So You Want to Compete With Roblox" article a while back, it was a pleasant surprise to click on this link and end up back at your blog.

Re: NFT projects are just MLMs for tech elites

#114

Post by detaro »

darthvoldemort wrote: post #100

If you buy an NFT for a piece of art, you can't even sell prints of the piece of art. You can't take a pic of it and sell a t-shirt of the art. You own nothing associated with that piece of art, except for the NFT itself. It's such a strange, strange concept to want to invest in. What if they create a new NFT blockchain standard. Does the previous NFT become invalid? Is there anything contractual saying you can't hav…

If you bought let's say a signed physical print of the piece of art you can't do that either. Even if you own an original painting you can't do that unless you explicitly got granted permission. So why expect it from NFTs?

Re: NFT projects are just MLMs for tech elites

#115

Post by mostlyghostly »

agravier wrote: post #22
shp0ngle wrote: post #17

Earlier quoted context omitted.

> Scarcity is fundamental to any store of value. There are an infinite number of potential altcoins.

Same with paintings, etc. So yeah it's a wonky argument because it ignores subjective judgement

Yes and No.

Most paintings don't have (much) value. Behold my latest work, the brown ring of quality... do I hear... 5 cents?

A few paintings have value, primarily due to the fame of the artist or the history of the piece (It hung ). Supply is frequently capped by the fact the artist is dead...

Re: NFT projects are just MLMs for tech elites

#116

Post by chaostheory »

shiftpgdn wrote: post #5

eyeroll I won’t deny that there are tons of NFT projects that are nothing more than modern day tulip mania. On the other hand there is an entirely new world of opportunity that has never existed before for both common people, artists and corporations in the form of DeFi projects. Basically any distributed form of ownership you can imagine is now possible through NFT and DAOs. There has never been a better time to lea…

You’re missing a big part of the picture. NFTs do provide real utility for anyone dealing with illegal goods or services. They are only selling NFTs publicly while the real goods or services are something else. It’s not a new hack but this is a much more efficient vehicle.

Re: NFT projects are just MLMs for tech elites

#117

Post by fortuna86 »

danShumway wrote: post #54
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

I think there's a big overlap -- if you're a crypto skeptic, you are almost certainly going to be an NFT skeptic as well. But the reverse is not necessarily true. NFTs are just fundamentally a lot worse than cryptocurrencies. They have every problem that cryptocurrencies have, except they're also not scarce, require centralized verification mechanisms, have bad incentive structures around hoarding, are prone to link…

> I think there's a big overlap -- if you're a crypto skeptic, you are almost certainly going to be an NFT skeptic as well.

They are both vehicles for gambling with no real world application or value.

Well unless you count ransomware as value.

Re: NFT projects are just MLMs for tech elites

#118

Post by dpweb »

hn_throwaway_99 wrote: post #23
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

> Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs. I'm a pretty big crypto-skeptic, and I'm especially an NFT skeptic, but this is a weird argument. It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much? Even more, it's possible to create extremely high quality reproductions of famous Picasso paintings, but they…

Orson Wells' F for Fake is a terrific film about an art forger, that explores concepts of art, authenticity, and value.

In the film, an artist forges works of art by famous artists and fraudulently sells them to museums. It's implied that the museums don't know they are forgeries or don't care. So why is a Picasso more valuable than a perfect reproduction of it?

I think the point is, it's all just perception, and greed.

Cryptography is a highly significant technology, but cryptocurrency and now NFT too often just smacks of a money making scheme, promoted by self-serving people who happen to own a lot of it.

Re: NFT projects are just MLMs for tech elites

#119

Post by fortuna86 »

rattlesnakedave wrote: post #48
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

I’m also pro crypto, and this is a silly argument. Consider this statement: Scarcity is fundamental to any store of value. There are an infinite number of potential cryptocurrencies.

> There are an infinite number of potential cryptocurrencies

Which is why alt coins are our generation's version of penny stocks. But specific coins have scarcity built in.

Re: NFT projects are just MLMs for tech elites

#120

Post by fortuna86 »

omarfarooq wrote: post #4
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

> There are an infinite number of potential NFTs. That doesn't mean there is an infinite number of any given collection.

"Limited edition"

Limited to how many we can sell.

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