31–40 of 154 posts
0: https://www.nme.com/news/music/nas-to-sell-royalty-rights-to...
im a crypto hater and id rather this not be here.
> 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…
The PoW market share is and historically has been pretty massive so I don't think it's hugely disingenuous or through a complete lack of understanding that the two are conflated.
Unless energy consumptive processes lead you off-world for more resources. I'm surprised that the author, an astrobiologist, doesn't see a more open ended future.
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 ask…
Yet people keep putting their life savings into it - and coming out significantly richer. It’s rather frustrating how well the market has been rewarding bad decisions
The alternative, a deflationary depression, would probably have been a lot more painful and destructive. Instead of mass defaults and cascades of bankruptcies we get million dollar ape doodles.
The worst thing is the constant and malicious lie being perpetuated. You do not own an NFT in any legal or moral sense. The ownership is not recognised in any country, by any court or international body. All you have is an entry in a logical database that says you own it. But unless you have signed a contract with the seller transferring or licensing copyright then it as meaningless as you buying a certificate saying…
> 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…
This video game comparison is super incorrect. If you own an item in a game it’s very often to show it off because others can’t use it, it’s only for you. The closed source nature of games enables this. Nobody would buy them if they were easily used by anyone but you had a super legit receipt saying “mhm this guy actually paid for it”. NFTs of dumb copy pasted JPEGs are completely useless.
The statement that NFTs "have no societal or cultural value" has been historically attributed to video games and other forms of leisurely/fun activity. It's a bad argument.
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?
If you want a truly great critique from a person who REALLY understands, read Moxie Marlinspike: https://moxie.org/2022/01/07/web3-first-impressions.html