Oh so NFTs are MLMs but real estate speculation is just fine?
NFT projects are just MLMs for tech elites
561–570 of 687 posts
Re: NFT projects are just MLMs for tech elites
#562Earlier quoted context omitted.
Correct. This is your job to ensure.
So why do you say that is the point?
Because that's the reason people value the NFT. The fact that someone can take a picture of the Mona Lisa and try to sell it as an NFT is not the point; people don't value that NFT, and NFTs are not designed to prevent that from happening.
It is a simple ledger entry that records the ownership of an edition released by an artist, and people choose to value it because of that.
Re: NFT projects are just MLMs for tech elites
#563Earlier quoted context omitted.
Either there remains interest and social consensus around this ledger, in which case it can be rebooted on a different network, for example, or even by a centralized party; or maybe you are the only one with an interest in your NFT collection, in which case you can keep a copy of the ledger yourself.
I'm not convinced. Art galleries are easy to launch, even in 500 years time. What you're describing is hard to do.
My point here was more akin to saying: Sure, if no one cares about your NFT, or the chain it is on, then yes, it's worthless. If you want to be the last one to care, keep a copy of the chain.
The physical equivalent is a worthless painting that no one cares about and your grandchildren throw out.
Re: NFT projects are just MLMs for tech elites
#564Earlier quoted context omitted.
So I do wonder whether the NFT divide (between people who get it and people who don’t) might be a generational split, related to a larger societal shift away from ‘owning things’. We’ve definitely passed ‘peak thing ownership’. For those of us old enough to have grown up with the idea of ‘buying a book’, ‘buying a toy’, ‘buying a CD’ or ‘buying a magazine’ we have a particular mental framework for ‘owning’ stuff. But…
The difference between most[1] NFTs and Netflix/Steam/Apps is with the latter, you are buying access to something. With most of these NFTs that are just a picture, owning the NFT doesn't confer any special right to you. We can all enjoy the Disaster Girl meme, you don't have to have bought the NFT. The owner of the first ever tweet cannot actually do anything with it, edit it, destroy it, put it in a private collecti…
Pretty much every profile pic NFT now (hottest form of NFTs right now) comes with some huge list of utility and roadmap behind it (look into BAYC for a good example), if that's the sort of thing you're looking for. Also, "bragging rights" or flexing, it turns out, is a pretty huge part of not only the physical realm but also digital as well if you look at the existing digital skins market.
Re: NFT projects are just MLMs for tech elites
#565This 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).
> This would have been more interesting if the author had traced where all the money being plowed into NFTs is coming from.
Probably 1/2 money laundering and 1/2 rich people that have too much cash and ran out of ideas.
Re: NFT projects are just MLMs for tech elites
#566Earlier quoted context omitted.
You might enjoy this project that got a lot of excitement behind it. https://www.lootproject.com/
Serious: is this a joke?
It's not a joke, the prices are insane in large part because this meshes very well with the idea of compsability & permissionlessness that the Ethereum community is very excited about right now.
Re: NFT projects are just MLMs for tech elites
#567Earlier quoted context omitted.
NFTs are not like baseball cards. NFTs are a JSON string on a proprietary entity that point to the image of a baseball card. The image can be viewed by everyone. The bragging rights of owning a JSON string depend heavily on whether or not the proprietary entity will become the dominant player in the I own a JSON string -world. This also has zero to do with blockchains. The proprietary entity could've used any databas…
Can you give an example of the proprietary entity you're referring to? I was curious so I took a short course that covered minting NFTs with Solidity, and the way it seemed to work is that the JSON strings (which contain the base64 encoded image) are stored (as an ERC-721 token) on the Ethereum blockchain. Eg. you can see a random such token here: https://rinkeby.etherscan.io/token/0x6b96751051cd25c29cdcea7... The on…
Maybe a stupid question, but where do I find the base64 encoded image in your linked token? The only thing I can see is a transaction moving it from one address to another, the contract bytecode (which I guess might encode an image but its definitely not obvious[1]) and the "extra data" hex in the transaction (that doesn't appear to be an encoded image either, from what I can tell).
I'm probably missing something, so if you could let me know where to look, that'd be nice!
[1] I decompiled it here: https://rinkeby.etherscan.io/bytecode-decompiler?a=0x6b96751...
Re: NFT projects are just MLMs for tech elites
#568Earlier quoted context omitted.
Which is different than an MLM. Honest question though: how long does it have to go on until it stops being a pump and dump in your mind?
> The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities — that is, c…
Cryptocurrency has been through -80% draw downs multiple times in it's history. The question is, is the entire history a story of a pump and dump or are you saying we are currently in a smaller bubble & bitcoin should be ~5k instead of ~40k?
Why has it been able to withstand a draw down of 50% 4 times in 13 years?
Re: NFT projects are just MLMs for tech elites
#569Re: NFT projects are just MLMs for tech elites
#570Earlier quoted context omitted.
Which is different than an MLM. Honest question though: how long does it have to go on until it stops being a pump and dump in your mind?
When it's regulated and you can sue. Then there's a potential to stop the pump's.
Good news, you can sue. Regulation is applied in some circumstances and there's a lot of movement for further clarification at the moment.
https://www.reuters.com/technology/us-sec-sues-bitconnect-fo...
https://www.courthousenews.com/class-claims-securities-backe...
https://markets.businessinsider.com/news/currencies/coinseed...
https://www.paulweiss.com/practices/litigation/white-collar-...
https://www.cbsnews.com/news/youtube-twitter-bitcoin-scam-pr...
Somehow I don't think you'll read those and decide it's not a pump and dump anymore, are you saying that it's not actually a condition for beliving it's something other than a pump and dump, but rather a mechanism that might reduce the desire to participate in a pump & dump?