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Why Web3?

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Re: Why Web3?

#461

Post by galaxyLogic »

makeee wrote: post #253
galaxyLogic wrote: post #98

Earlier quoted context omitted.

Good questions. Let's say I create a piece of digital art and create an NFT out of it. The NFT somehow starts increasing in value. Then I copy my original digital art-asset and perhaps use a Photo-Shop filter to make it have a different hue. I turn that into another NFT. And I keep on doing this for all colors of the rainbow. What prevents me from creating new NFTs with the same or slightly modified underlying digita…

This isn't any different than an artist offering a limited run of physical prints and then going back on their word. There's generally some level of trust between the buyer and the artist and if they break that trust then they hurt demand for their work. I've been following the NFT space for years and I haven't seen this issue crop up much at all.

I can understand that trust and reputation has something to do with it but I wonder with digital art it becomes a question of how much do I need to modify my copy of the original to make it a new piece of art.

And if NFT does not give you the copyright I might sell the copyright or license it to 3rd parties who could not care less about you having an NFT somehow "associated" with it.

I guess the key is what does it mean for an NFT to be "associated" with anything.

It's mind-boggling

Re: Why Web3?

#462

Post by galaxyLogic »

namose wrote: post #448
tshaddox wrote: post #386

Earlier quoted context omitted.

> Copies of music recordings aren't typically sold under the pretense that they're unique. My point is that if you buy a new record from an artist you generally expect it to be original music that’s the product of creativity. But a lot of artists release things that are perceived by many to be very derivative, unoriginal, and not creative.

There’s a limit to artists’ ability to do this. It’s called copyright law and it’s enforced by a central authority. Unfortunately no such central authority exists in the NFT space, so it’s perfectly within anyone’s rights and abilities to copy an artwork and sell it as their own.

When you say "sell an artwork" do you mean sell all rights to it or license its copying for personal use etc? Copyright and contract law still applies. But how does it apply to NFTs?

Re: Why Web3?

#463

Post by galaxyLogic »

stathibus wrote: post #180
galaxyLogic wrote: post #98

Earlier quoted context omitted.

Good questions. Let's say I create a piece of digital art and create an NFT out of it. The NFT somehow starts increasing in value. Then I copy my original digital art-asset and perhaps use a Photo-Shop filter to make it have a different hue. I turn that into another NFT. And I keep on doing this for all colors of the rainbow. What prevents me from creating new NFTs with the same or slightly modified underlying digita…

The photoshopping step is unnecessary. You can literally mint infinite NFTs of the same piece of digital art.

> You can literally mint infinite NFTs of the same piece of digital art.

That's what I fathomed. What I don't get is why would anybody pay anything for them

Re: Why Web3?

#464

Post by bradgranath »

Forget the nonsense words for a second, if someone showed up offering you an "investment" that could double your money overnight, you ALREADY know it is a scam.

How does shouting "blockchain" a lot make it somehow less scammy?

Re: Why Web3?

#465

Post by galaxyLogic »

corobo wrote: post #130
galaxyLogic wrote: post #98

Earlier quoted context omitted.

Good questions. Let's say I create a piece of digital art and create an NFT out of it. The NFT somehow starts increasing in value. Then I copy my original digital art-asset and perhaps use a Photo-Shop filter to make it have a different hue. I turn that into another NFT. And I keep on doing this for all colors of the rainbow. What prevents me from creating new NFTs with the same or slightly modified underlying digita…

> What prevents me from creating new NFTs with the same or slightly modified underlying digital asset? That one seems like a classic supply and demand thing. Make too many, sell none Having said that, that does actually seem to be the business model in this wave. At least for the ones people are heavily pushing that get on on my radar. Maybe not hues but "accessories" (procedurally generated png layers, flattened)

It seems as if the only thing I get when I buy an NFT is the ability to prove that I did pay money for that NFT for a specific seller.

But because anybody else can sell anybody else very similar NFTs it looks like the supply is infinite.

The only differentiator then is who is the seller, right? But how can the value of a thing be different based on who sells it?

Re: Why Web3?

#466

Post by bradgranath »

bradgranath wrote: post #464

Forget the nonsense words for a second, if someone showed up offering you an "investment" that could double your money overnight, you ALREADY know it is a scam. How does shouting "blockchain" a lot make it somehow less scammy?

I get the ideals of DeFi, but it all runs on physical sandblasters, in brick buildings, built inside nation states.

It's a nice LARP, but it isn't real, until you can somehow decouple it from the planet and our ecosystem.

Re: Why Web3?

#467

Post by bradgranath »

throw_nbvc1234 wrote: post #143
galaxyLogic wrote: post #89

Earlier quoted context omitted.

> introducing artificial tokens, quietly giving a huge number of those tokens to founders and early investors (in exchange for actual money, of course), and then hyping the platform to the moon so everyone can cash out their tokens to a new wave of speculators. In other words a Ponzi-scheme

It's a ponzi-scheme if there's no value behind the hype. it's not inherently a ponzi scheme. It's the same way in the current private equity start-up world just that only VC's and connected individuals are exposed to the all the risk and all the profit.

Yeah, it turns our that VC speculation is a load of BS too, and that this is the latest way they're trying to end run around the SEC.

Re: Why Web3?

#468

Post by bradgranath »

threeseed wrote: post #299
throw_nbvc1234 wrote: post #143

Earlier quoted context omitted.

It's a ponzi-scheme if there's no value behind the hype. it's not inherently a ponzi scheme. It's the same way in the current private equity start-up world just that only VC's and connected individuals are exposed to the all the risk and all the profit.

> It's a ponzi-scheme if there's no value behind the hype But what's the value ? I am still after a few years now trying to understand what it actually is.

There isn't any.

Some coins, mebe there's some lulz??

But that's it.

Yer lulz worth that much to you?

Re: Why Web3?

#469

Post by synapse_soap »

cycrutchfield wrote: post #433
synapse_soap wrote: post #426

I think the focus on data openness is overly simplistic. Blockchains like Ethereum, Solana, and Tezos are attracting a lot of brainpower and capital. This is occurring because of price action, for sure, but also because of their ability to allow actors to interact with each other in a way that minimizes the amount of trust required from any single actor in the system. They do this by distributing trust among differen…

> You can currently earn 6% on USD-backed stablecoins, and withdraw at any time. Compare that to your current checking or savings account. Sure, I’m comparing an investment with high counterparty risk to an FDIC-insured savings account. Seems like apples and oranges.

It's true that there's currently some regulatory arbitrage, but it's more than that. Our financial systems and products have been slow to change and have unnecessary friction and rent-seeking. Companies with competencies in fintech, insurtech, and web3 are building newer systems that provide a better consumer experience.

Re: Why Web3?

#470

Post by bfung »

schleck8 wrote: post #427
discardedrefuse wrote: post #330

I've been noticing this web3 buzzword picking up steam on here for months now. And it all feels very manufactured (much how metaverse has been co-opted and tainted by Facebook). I suspect this web3 push is just cryptobros shoehorning their schemes into relevance. https://trends.google.com/trends/explore?q=web3 On the other hand, if you're paying attention, you might have noticed a push back to web1 and even older tec…

> On the other hand, if you're paying attention, you might have noticed a push back to web1 Exactly. Quite a few devs are fed up with the unnecessary bloat/performance issues oftentimes associated with web2 and like to stick to the web1 approach when they can. And I think the overall sentiment towards web3 shows well here on hn At the same time, most internet users don't care about decentralization in the slightest.…

I think you hit the real point that the VCs gloss over and rationalize as “users don’t know they want it”:

> most internet users don't care about decentralization in the slightest.

Users do care about privacy and (shared?) ownership, but as long as those needs are catered in a “fair” way, decentralization doesn’t matter, esp to non-tech folks.

Now decentralization might be a way to force better fair behavior, but only if you know how to manage the tech. Also, 51% in PoW still makes it not really decentralized, nor is PoS.

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