Read the first few paragraphs. Still don't know what an NFT is.
NFTs Are a Dangerous Trap
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Re: NFTs Are a Dangerous Trap
#232Earlier quoted context omitted.
I'm hoping we can do our NFT trading on non-PoW chains within the next couple years. This should reduce the environmental impact to that of baseball cards.
One random idea I had was to use cryptomining to “soak up” excess power: so, for example, you could build nuclear out to meet peak load and then set up mining rigs to use the difference between peak and the current load, subsidizing the cost of power production. It’s probably a bad idea for other reasons, but it’s one way to reduce the environmental impact of PoW
You could use mining to incentivize the build out of remote energy generation before transmission infrastructure is ready.
For example, drop some solar panels and miners in the middle of the desert and immediately start generating profit. Use the profit to deploy more solar panels and build out transmission lines. You can do this piecemeal at low initial investment to feel out an energy source without committing billions of dollars to build out.
I'm not aware of anyone who's done major operations like this, but with the profitability of mining so absurdly high right now plus scrutiny on using dirty energy sources, I wouldn't be surprised if it starts. Access to mining ASICs is likely the key bottleneck.
This is the story used to explain part of the reason so much mining is in China. They built out a ton of hydroelectric dams over the decades that have been underutilized due to lack of infrastructure. Miners came in for the unused electricity and brought in a ton of money to the area.
Re: NFTs Are a Dangerous Trap
#233I know there are some cryptocoins that actually do _useful_ calculations.
Maybe we should all strive for some kind of open standard with which every interested party can get their calculations calculated as the proof of work (e.g. cancer detection, seti, dna-analyses, ai-training, ..).
Re: NFTs Are a Dangerous Trap
#234Hitchhikers guide to the galaxy: Earth - a small planet in the outer reaches of spiral galaxy M7529, so far the only planet on record that the semi-intelligent biped inhabitants managed to overheat so badly that they became extinct. Overheating has happened before, of course, however the method of overheating is unique - the inhabitants invented a method of identifying uniqueness by making large calculations and atta…
I would be a bit more optimistic, here is my take on it.
Hitchhikers guide to the galaxy:
Earth - a small planet in the outer reaches of spiral galaxy M7529. Inhabitants with watery brains came up with technology to use their star energy directly for complex mathematical calculations. Our space archeologists still don't understand why the calculations were producing random outputs so they never managed to get out of their star system and used all their star energy for that. Their Dyson sphere is interesting place to visit because as of now, it is the only civilization that achieved building it and never managed to go any further.
Re: NFTs Are a Dangerous Trap
#235Earlier quoted context omitted.
Wait so you can create an NFT on a tweet that you don't own? You're just claiming ownership in this NFT universe but it doesn't entitle you to anything related to the tweet does it? Meaning Jack Dorsey who "owns" the tweet didn't create an NFT on the tweet, a 3rd party did?
In this system https://v.cent.co/ anyone can bid for a tweet, and it's up to the actual Twitter user who created the tweet to verify ownership and mint/sell the NFT via their system. All you own by buying it is the token, the real owner of the tweet could delete it any time :) see what I mean about mania?
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Re: NFTs Are a Dangerous Trap
#236Crypto == destroy planet is an important meme.
Re: NFTs Are a Dangerous Trap
#237Pretty bad take on NFTs. There are numerous configurations, networks, and commercial structures that can be created for NFT offerings that can mitigate "problems" described in the OP and accommodate for different tradeoffs. A simple retort would point to the many alternative NFT networks that don't use POW-based consensus algorithms or the NFT offerings that enable value add offerings very differently than purchasing…
> There are numerous configurations, networks, and commercial structures that can be created for NFT offerings that can mitigate "problems" described in the OP and accommodate for different tradeoffs. Ah, yes. The goid old "might", the adage as old as the whole blockchain itself. Translation: "will painstakingly re-invent all the attributes of what real world needs, and already has, and doesn't need blockchain in the…
This same author can be seen here recommending blockchain technologies to the CA government here: https://www.govops.ca.gov/wp-content/uploads/sites/11/2020/0...
If you're not willing to consider the hypothesis of value proposed by blockchain I can genuinely understand why and it makes sense. Lots of other areas to invest personal time and effort in.
Re: NFTs Are a Dangerous Trap
#238I hate to be a complainer, but where is the definition of NFT in this article? I was taught in university to expand acronyms the first time I used them. Is this not common practice?
Don't just blindly do what you're taught. There are reasons for expanding acronyms and reasons for not. In this case, I'd say that if someone doesn't know what an NFT is, the article will be meaningless because it also lacks a long "background" section teaching the reader what they are. So maybe you're not the intended audience or it's more effective to let you Google it yourself if you don't know.
Re: NFTs Are a Dangerous Trap
#239Earlier quoted context omitted.
The certificate transparency project has the same attributes you mention to my knowledge. There is the problem of correct data, but I don't understand how an NFT manages to make data correct. How do I prove to the NFT that I own the bike with SN 123? How do I prove it was stolen? I'd love if we replaced the bikeindex with a certificate transparency project-esque system and each large bike manufacturer ran an instance…
It seems like it would optimally require the manufacturer to participate in creating a token representing that serial number and assigning it to the person who bought the bike who would have to transfer it to the next owner and so forth.
And so when I sell my bicycle to someone (and write them a receipt) but forget to do the weird token transfer thing, who owns the bike?
In the eyes of the law, the guy holding the bike and the receipt owns it. What the NFT says is irrelevant.
So how are NFTs useful again?
Re: NFTs Are a Dangerous Trap
#240I’m curious as to how NFTs will compare to a sales contract from a legal point of view. E.g. if say an artist sells the rights to a digital artwork via both an NFT and via a normal sales contract. Both buyers claim ownership to the artwork and end up in court. Who wins? And what implications will a legal presedence have for the vaule of NFTs one way or the other?
If the artist sells the same exclusive right to two people, he's committing fraud and could do that without NFTs.
Yes, indeed. My question is if the NFT will be treated as a valid proof of ownership in a legal battle. I’m guessing it would hold some validity, but lose against a well-written sales contract.