Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

thenftbay.org

Post reply on HN
Print view View original

31–40 of 257 posts

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#31

Post by Winsaucerer »

chrisco255 wrote: post #15
theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Yes, you can screenshot the Mona Lisa or print out a signed Mickey Mantle rookie card, but it's not the same thing is it? The verifiable timestamp and record of account associated with a wallet address (public key) that is known to be associated with the artist that produced the work is the same as establishing physical provenance for a unique item. And as for value goes, NFTs are far more liquid than physical art wo…

Screenshotting the Mona Lisa or printing out a signed Mickey Mantle card is not a good analogy to copying an NFT. In the case of the NFT, the exact same bytes can be on my system as the 'owner' has.

How can I get a Mona Lisa copy that has the exact same physical makeup? Or a duplicate signed Mickey Mantle with the same ink strokes?

Digital assets can be easily duplicated identically. The only thing you're missing is some stamp on a chain that says you're the owner.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#32

Post by whywhywhywhy »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Think you need to look into how the art market actually functions. The reality of preserving these artifacts goes way beyond just owning the painting, I mean even over time the paintings have to be re-painted over to restore them as they age anyway. Then you have things like videoart, digital art or just conceptual art.

Maurizio Cattelan's "Comedian" piece, if you own it you don't just own the banana till it rots but the concept and the instructions on how to reproduce it for exhibition, it's not the same banana what you "own" isn't very tangible beyond the instructions on how to reproduce the work.

The fact you can save an image of the Mona Lisa doesn't mean you own it, sure you probably agree because its a physical object but what about say video art like Bill Viola's works. They're digital but you copying the digital file doesn't mean you own it.

Sure you can copy the ugly ape drawing, you could even try to resell it but buyers can tell it's not the real original ugly ape because of the blockchain.

Not defending it either way, just spelling out the mindset that causes it to have value.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#33

Post by amcoastal »

chrisco255 wrote: post #15
theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Yes, you can screenshot the Mona Lisa or print out a signed Mickey Mantle rookie card, but it's not the same thing is it? The verifiable timestamp and record of account associated with a wallet address (public key) that is known to be associated with the artist that produced the work is the same as establishing physical provenance for a unique item. And as for value goes, NFTs are far more liquid than physical art wo…

You wouldn't steal a car would you?

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#34

Post by rory »

ahelwer wrote: post #26
theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

I think I can explain. I understand why others value them, although I don't agree with the valuation (as a litmus test, I also think shelling out $30k for a genuine Rolex is very stupid). My lack of agreement also does not prevent me from participating and profiting off the people who think they do have value, although I have not done so. There are basically two theories of their value: the collectible theory and the…

> they never degrade on the blockchain

I don't think this part is generally true, since the image itself isn't hosted on the blockchain.

...which brings me to: as someone who knows very little about this technology, why aren't the images themselves stored on the blockchain? Are they simply too big for that to be feasible?

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#35

Post by ohgodplsno »

ahelwer wrote: post #26
theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

I think I can explain. I understand why others value them, although I don't agree with the valuation (as a litmus test, I also think shelling out $30k for a genuine Rolex is very stupid). My lack of agreement also does not prevent me from participating and profiting off the people who think they do have value, although I have not done so. There are basically two theories of their value: the collectible theory and the…

>they never degrade on the blockchain

That's entirely wrong. None of the NFTs are stored on the blockchain, merely a bit of JSON that contains a link to your image. If you're lucky, it's hosted on IPFS (and it'll disappear whenever everyone stops seeding it). Otherwise, it's just a link to your image host of choice, and the author is free to replace it with the image of a dick in three months, deleting all your resale value.

>their authenticity is cryptographically verifiable

No, it authenticates the seller. I can sell you an NFT of a Botticelli, that doesn't make me Botticelli or a member of his estate. Since every one on the market doesn't care for copyright, it doesn't matter.

>they are easily transferred online

So is the JPEG that I just right clicked

The collectible theory is a load of crap. NFTs are for laundering money and finding suckers.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#37

Post by ohgodplsno »

rory wrote: post #34
ahelwer wrote: post #26

Earlier quoted context omitted.

I think I can explain. I understand why others value them, although I don't agree with the valuation (as a litmus test, I also think shelling out $30k for a genuine Rolex is very stupid). My lack of agreement also does not prevent me from participating and profiting off the people who think they do have value, although I have not done so. There are basically two theories of their value: the collectible theory and the…

> they never degrade on the blockchain I don't think this part is generally true, since the image itself isn't hosted on the blockchain. ...which brings me to: as someone who knows very little about this technology, why aren't the images themselves stored on the blockchain? Are they simply too big for that to be feasible?

Yep. Hosting any reasonably sized image will absolutely ruin you in gas costs.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#38

Post by dcolkitt »

cr1895 wrote: post #24
chrisco255 wrote: post #15

Earlier quoted context omitted.

Yes, you can screenshot the Mona Lisa or print out a signed Mickey Mantle rookie card, but it's not the same thing is it? The verifiable timestamp and record of account associated with a wallet address (public key) that is known to be associated with the artist that produced the work is the same as establishing physical provenance for a unique item. And as for value goes, NFTs are far more liquid than physical art wo…

> Yes, you can screenshot the Mona Lisa or print out a signed Mickey Mantle rookie card, but it's not the same thing is it? Obviously not, because those are tangible things. That’s not a valid comparison.

But you're not paying for the tangibility. Digital image replication is near perfect. You could have a tangible copy of the Mona Lisa that is physically indistinguishable from the real one.

The reason people pay millions for artworks is because of the intangible provenance. If the value was the tangible, then tangible digital replications would sell for the same value as the original.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#39

Post by [deleted] »

rory wrote: post #34
ahelwer wrote: post #26

Earlier quoted context omitted.

I think I can explain. I understand why others value them, although I don't agree with the valuation (as a litmus test, I also think shelling out $30k for a genuine Rolex is very stupid). My lack of agreement also does not prevent me from participating and profiting off the people who think they do have value, although I have not done so. There are basically two theories of their value: the collectible theory and the…

> they never degrade on the blockchain I don't think this part is generally true, since the image itself isn't hosted on the blockchain. ...which brings me to: as someone who knows very little about this technology, why aren't the images themselves stored on the blockchain? Are they simply too big for that to be feasible?

[deleted]
Post reply on HN