The Worrisome Rise of NFTs • Hacker News Board

Re: The Worrisome Rise of NFTs

#11

Post by labrador » Thu, Jan 13, 2022, 10:32 PM UTC

I'm as concerned as the next person about energy use, but I did read some counterpoints in an article published yesterday [1]

The House Energy and Commerce Committee’s Oversight and Investigations Subcommittee is reportedly going to investigate cryptocurrency’s effect on the environment...

But the meme that bitcoin or cryptocurrency uses as much power as one country or another, promoted by The New York Times last September, for example, deserves a bit of pushback on a couple of fronts.

[1] https://www.aei.org/technology-and-innovation/no-hearing-on-...

Edit: and then someone pushes back on Nic Carter today:

https://jpkoning.blogspot.com/2022/01/the-fallacy-of-bitcoin...

Re: The Worrisome Rise of NFTs

#12

Post by e67f70028a46fba » Thu, Jan 13, 2022, 10:32 PM UTC

if, by “worrisome”, you mean “hilarious”

Re: The Worrisome Rise of NFTs

#13

Post by OJFord » Thu, Jan 13, 2022, 10:32 PM UTC

strict9 wrote: post #8

> NFTs are comically bereft of anything we would associate with social or cultural value. This subjective opinion is frequently trotted out to describe digital items that people pay money for. The arguments used in this piece can just as easily apply to video games or anything else. There isn't anything new presented here, just one person railing against something they do not like using familiar arguments. IMO not th…

I assume you mean in-game trinkets and costumes etc. rather than video games themselves?

The latter seems like a massive stretch, and I don't know why it wouldn't include films too.

Re: The Worrisome Rise of NFTs

#14

Post by fabian2k » Thu, Jan 13, 2022, 10:32 PM UTC

legutierr wrote: post #4

> Blockchain technology is purposefully burdensome and computationally distributed, making it notoriously energy intensive. Estimates put the energy used to create and trade a cryptocurrency like Bitcoin on a par with the total consumption of a country like Sweden. And that’s without accounting for the environmental footprint of the physical computer hardware. Another critic who is willing to criticize without updati…

I think it is fair to criticize this technology on the current state, any future improvements first have to prove themselves.

Re: The Worrisome Rise of NFTs

#15

Post by api » Thu, Jan 13, 2022, 10:32 PM UTC

I checked out OpenSea a few days ago to see what was selling. I went in with low expectations but I was still shocked. The hottest NFTs are all trash. It's a bunch of dumb ape doodles and piles of variations on the same few templates. Some of them are algorithmically generated.

It's just shockingly dumb, yet I have smart people I follow on Twitter and elsewhere who are convinced this is all world changing. I keep asking for people to point me to the evidence and it's never there. I've been asking for years.

Re: The Worrisome Rise of NFTs

#16

Post by dvt » Thu, Jan 13, 2022, 10:33 PM UTC

At this point, articles on NFTs are the same as articles on vaccines or articles on Jan 6, or Trump, or anything controversial. It's purely done to drive clicks and serves no real dialectic purpose (there are, of course, some thoughtful writers, but the vast majority is drivel).

Re: The Worrisome Rise of NFTs

#17

Post by legutierr » Thu, Jan 13, 2022, 10:33 PM UTC

Sebb767 wrote: post #6

legutierr wrote: post #4

> Blockchain technology is purposefully burdensome and computationally distributed, making it notoriously energy intensive. Estimates put the energy used to create and trade a cryptocurrency like Bitcoin on a par with the total consumption of a country like Sweden. And that’s without accounting for the environmental footprint of the physical computer hardware. Another critic who is willing to criticize without updati…

> Blockchain is not the same as proof-of-stake. While this is also true, I'm pretty sure this should have been proof-of-work. PoS is actually one of the less energy intensive alternatives.

Of course, yes. Corrected.

Re: The Worrisome Rise of NFTs

#18

Post by randomdata » Thu, Jan 13, 2022, 10:34 PM UTC

echelon wrote: post #3

When the GAP is getting into NFTs, you know the bubble has already burst. Pogs3.

People have been buying "high end" artwork as a tax shelter for a 100 years. Proving ownership through digital means instead of paperwork is insignificant to the practice.

Re: The Worrisome Rise of NFTs

#19

Post by JaimeThompson » Thu, Jan 13, 2022, 10:34 PM UTC

EGreg wrote: post #7

The company Ethereum (that supports cryptocurrency as well as NFTs) has indicated it aims to cut energy use by more than 99 percent by changing its core methodology. Interesting, Ethereum is referred to as a company by these authors?

Possibly this meaning?

3. An assemblage or association of persons, either permanent or transient. [1913 Webster]

Re: The Worrisome Rise of NFTs

#20

Post by gringoDan » Thu, Jan 13, 2022, 10:35 PM UTC

This is a lazy argument that could apply to any art or leisure activity. Counterpoint (and shameless plug) – NFTs are one of the best bundles ever created. They combine:

1. A display of wealth.

2. An elite social network.

3. A signal of good taste.

4. A limited collectible.

5. The excitement of roulette.

https://paranoidenough.com/2021/12/21/The-Value-of-the-NFT-B...