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NFT misconception: JPEG aren't stored on the Blockchain

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Re: NFT misconception: JPEG aren't stored on the Blockchain

#221

Post by bananamerica »

koonsolo wrote: post #218
bananamerica wrote: post #217

Earlier quoted context omitted.

I wouldn't dare say how anyone in particular should spend their hard earned money. That is not at all what I was saying. I can, however, pose a general argument regarding my low opinion of some of the things people buy. In other words, buy whatever you want, but I reserve the right to say it is stupid.

I agree that it's all stupid. There is a select group of idiots that want to spend a crazy amount of money on meaningless collectibles. Thats's why I understand both baseball cards and NFT's. :D

I still think that anything even marginally tangible, including virtual assets such as skins or dance animations, are way more reasonable than NFTs.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#222

Post by vmception »

bananamerica wrote: post #208
vmception wrote: post #202

Earlier quoted context omitted.

But it is an apt comparison. NFTs collectibles are a subset of the NFT technology use, and are similar to trading cards. There are two generations of people that don’t care about holding something to determine value so how is that a line in the sand.

They are not similar enough for the purpose of validating the intrinsic (as opposed to strictly monetary) value of NFTs. Only a subset of people purchase baseball cards (or any collectible for that matter) exclusive as an investment, and even if I bought Action Comics #1 mostly due to its monetary value, it is not just a token, it is an actual artistic object that can be appreciated for it's intrinsic and historical…

The irony being that Fornite skins are an even closer analogy to NFT collectibles. What you described is exactly why many people collect NFT collectibles. With Fortnite skins, the aesthetics, price, clout and access derived are completely beholden to the continued scarcity of the skin as well as beholden to the organization for its continued existence and use anywhere, both of which the organization can modify at any time. The NFT version of this skin has a very transparent and immutable (when properly crafted) supply. The issuer cannot change, and even if they attempted to the market knows which one is the original by earlier time. In a game or metaverse, the NFT version of the skin can convey access outside of that game/metaverse, and be applied as skins in other games, or be used to prove ownership to convey access to physical world events of other metaverses. This is exactly what is happening, right now, right this second, and for months, and what people hoard existing NFTs for and buy new NFT drops for.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#223

Post by arcticbull »

vmception wrote: post #220
arcticbull wrote: post #205

Earlier quoted context omitted.

So to be clear the community is encouraging criminality and attempting to brow-beat folks suggesting compliance with the law into accepting said criminality? Sounds healthy, and definitely not like a cult. It’s not a good look to be on the receiving end of government benefits and services, gloating about your lack of contribution and encouraging others not to. This may look good in crypto circles but here in the real…

So to be clear, no, that's not what the meme is about. Is your essay from GPT-3? It's about not offering anything to a discussion as they also don't even know about what tax is relevant. This person follows that rubric exactly, as they "suspect" a tax is involved, when a flash loan wash sale would just as easily not cause any tax at all and they offer no introspection into the nature of the transaction and what quest…

I mean one could begin by looking at when taxes are due at the transaction of an art piece, and ask an attorney, instead of just assuming no taxes are due and wandering off could one not? The burden is on them. And then when someone suggests doing the bare minimum due diligence on a half billion dollar transaction replying "the tax remindooooooor."

You can see why pretending no taxes are due because "blonkchain" and making fun of someone who suggests that doing some due diligence on a half billion dollar transaction isn't a good look, can't you?

Do you really think it's unreasonable to assume a half billion dollar capital gain isn't a taxable event?

> "... when a flash loan wash sale would just as easily not cause any tax at all"

What's your basis for this guess? Is it because a tax wouldn't be due on the sale of stock you repurchased within 30 days? That's called the wash-sale rule and it only applies to securities. It doesn't even apply to commodities or futures - or crypto. So either it's a security, in which case this is a federal crime, or it's not a security, and the wash trader has to pay taxes on the first transaction - and a hypothetical second transaction would have to be made to generate a loss to cover.

Y'all need to get over yourselves, the toxic community is easily the worst thing about crypto - and that's after figuring in the ruining the world with your emissions so you can gamble bit.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#224

Post by vmception »

arcticbull wrote: post #223
vmception wrote: post #220

Earlier quoted context omitted.

So to be clear, no, that's not what the meme is about. Is your essay from GPT-3? It's about not offering anything to a discussion as they also don't even know about what tax is relevant. This person follows that rubric exactly, as they "suspect" a tax is involved, when a flash loan wash sale would just as easily not cause any tax at all and they offer no introspection into the nature of the transaction and what quest…

I mean one could begin by looking at when taxes are due at the transaction of an art piece, and ask an attorney, instead of just assuming no taxes are due and wandering off could one not? The burden is on them. And then when someone suggests doing the bare minimum due diligence on a half billion dollar transaction replying "the tax remindooooooor." You can see why pretending no taxes are due because "blonkchain" and…

Both my tax lawyer and CPA said no tax event, and that the circumstances about why its a no have nothing to do with the crypto/blockchain component. Because it didn't move between parties. The blockchain just lets that conclusion be made faster because everyone can see the transaction, except the people who wouldnt bother to look (because blockchain) and wouldnt understand if they did look (because blockchain).

You are the only one shoehorning your preexisting notions into a benign comment. There are so many better ways you could apply your energy. Many blockchain skeptics wind up defending the technology more often because their other skeptical friends are saying procedurally generated non-sequiturs. So they wind up in an educational role as their criticisms become more valid, and the education winds up strengthening the space by fixing the criticisms. Right now you’ve been stuck on less valid criticisms, for years. Its not going away so why not help make it better when you learn valid criticisms.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#225

Post by arcticbull »

vmception wrote: post #220
arcticbull wrote: post #205

Earlier quoted context omitted.

So to be clear the community is encouraging criminality and attempting to brow-beat folks suggesting compliance with the law into accepting said criminality? Sounds healthy, and definitely not like a cult. It’s not a good look to be on the receiving end of government benefits and services, gloating about your lack of contribution and encouraging others not to. This may look good in crypto circles but here in the real…

So to be clear, no, that's not what the meme is about. Is your essay from GPT-3? It's about not offering anything to a discussion as they also don't even know about what tax is relevant. This person follows that rubric exactly, as they "suspect" a tax is involved, when a flash loan wash sale would just as easily not cause any tax at all and they offer no introspection into the nature of the transaction and what quest…

My comment about the toxic community you once again exemplified perfectly. You knew the answer to this question and instead of letting the poster know, and teaching them something interesting, you instead chose to make fun of them. And when I pointed out your toxic behavior you chose to mock me. Nice.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#226

Post by newswasboring »

koonsolo wrote: post #216
newswasboring wrote: post #206

Earlier quoted context omitted.

Yes but NBA can unilaterally delete this data from the server, right? Then how am I getting any control?

First of all, who cares about the video? You "own" the dunk, not the video of the dunk. So even if the video goes down, you still "own" the dunk. How would you delete the history of a dunk? And in any other case: archive.org

What does it mean to "own" the dunk?

Re: NFT misconception: JPEG aren't stored on the Blockchain

#227

Post by newswasboring »

koonsolo wrote: post #215
newswasboring wrote: post #207

Earlier quoted context omitted.

Yes when the player dies I still have the card. If the hosting server dies I have nothing but the purchase receipt

Blockchain is decentralized, so there is no "hosting server" of the NFT

There is, we are commenting on an article describing whats on the hosting server, namely the JSON for tokenURI field.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#228

Post by vmception »

arcticbull wrote: post #225
vmception wrote: post #220

Earlier quoted context omitted.

So to be clear, no, that's not what the meme is about. Is your essay from GPT-3? It's about not offering anything to a discussion as they also don't even know about what tax is relevant. This person follows that rubric exactly, as they "suspect" a tax is involved, when a flash loan wash sale would just as easily not cause any tax at all and they offer no introspection into the nature of the transaction and what quest…

My comment about the toxic community you once again exemplified perfectly. You knew the answer to this question and instead of letting the poster know, and teaching them something interesting, you instead chose to make fun of them. And when I pointed out your toxic behavior you chose to mock me. Nice.

I will mock your procedurally generated non-sequiturs on any topic. From my perspective, I say enough to promote introspection on its own. But you do have a point, as you mentioned that it wasnt enough for you to perceive what the meme was about as you instead wrote totally mockable copypasta. So I’ll try to keep it in mind and just lead with the answer so that you think its less toxic.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#229

Post by bananamerica »

vmception wrote: post #222
bananamerica wrote: post #208

Earlier quoted context omitted.

They are not similar enough for the purpose of validating the intrinsic (as opposed to strictly monetary) value of NFTs. Only a subset of people purchase baseball cards (or any collectible for that matter) exclusive as an investment, and even if I bought Action Comics #1 mostly due to its monetary value, it is not just a token, it is an actual artistic object that can be appreciated for it's intrinsic and historical…

The irony being that Fornite skins are an even closer analogy to NFT collectibles. What you described is exactly why many people collect NFT collectibles. With Fortnite skins, the aesthetics, price, clout and access derived are completely beholden to the continued scarcity of the skin as well as beholden to the organization for its continued existence and use anywhere, both of which the organization can modify at any…

How is a skin the same as selling a contract for something that does not exist? A skin can actually be used. Besides selling it, what is the use of an NFT?

Re: NFT misconception: JPEG aren't stored on the Blockchain

#230

Post by arcticbull »

vmception wrote: post #224
arcticbull wrote: post #223

Earlier quoted context omitted.

I mean one could begin by looking at when taxes are due at the transaction of an art piece, and ask an attorney, instead of just assuming no taxes are due and wandering off could one not? The burden is on them. And then when someone suggests doing the bare minimum due diligence on a half billion dollar transaction replying "the tax remindooooooor." You can see why pretending no taxes are due because "blonkchain" and…

Both my tax lawyer and CPA said no tax event, and that the circumstances about why its a no have nothing to do with the crypto/blockchain component. Because it didn't move between parties. The blockchain just lets that conclusion be made faster because everyone can see the transaction, except the people who wouldnt bother to look (because blockchain) and wouldnt understand if they did look (because blockchain). You a…

> Many blockchain skeptics wind up defending the technology more often because their other skeptical friends are saying procedurally generated non-sequiturs.

I wrote my perspectives, and you are once again just being toxic. This isn't reddit.

We disagree, and we can disagree here, civilly.

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