561–570 of 786 posts
Should be interesting as soon as Tikectmaster or something offers NFTs to boost sales but with the explicit written agreement that NFTs are non-transferable and any transfer history voids the ticket.
If Alice buys art from Bob, and that art goes up in value due to the open-market activity of anonymous [Carol?, ...], then Alice can donate that now expensive art to a digital museum for a tax write off. Where could Alice get the NFTs appraised? Is the open market activity sufficient? It's almost like the NFT system allows proles to do fancy tax write-offs like their bourgeoisie cousins.
Do people donate for the tax write-off or do they donate and happen to enjoy an additional tax write-off benefit?
I can't find it now but a few months ago there was an interesting article going around about this written by an accountant. A large part of the work of accounting is matching different appraisal methods to best fit the needs of the person at any given time. Donations definitely factor into this.
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More accurate would be to say that NFTs are additional fuel for the ecological disaster that is ETH. Your analogy makes little sense in this context. Mining hardware will always run at 100% capacity, regardless of the amount of transactions, unless mining becomes unprofitable. The issue is, while the energy used by mining is not directly dependent on the amount of transactions, it is dependent on the amount of people…
This is only a short term issue. ETH is currently transitioning to proof of stake with ETH 2.0
NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. But as certificates layered on top of collectibles... I'm not so sure. With something like CryptoKitties, you can do something with the tokens (play a virtual pet game). But with something like CryptoPunks you're essentially paying for digital beanie babies, which are worse than real ones since an…
NFTs are nonsense and just as much a pyramid scheme as everything else crypto. People will get left holding the bag at the top just like with CryptoKitties. I have several hand painted reproductions of famous paintings (impressionist). I get just as much enjoyment looking at them on my wall as I have at the museums looking at the real ones. I don't need to have $100M. I'm glad that content creators are getting paid n…
NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. But as certificates layered on top of collectibles... I'm not so sure. With something like CryptoKitties, you can do something with the tokens (play a virtual pet game). But with something like CryptoPunks you're essentially paying for digital beanie babies, which are worse than real ones since an…
NFTs are nonsense and just as much a pyramid scheme as everything else crypto. People will get left holding the bag at the top just like with CryptoKitties. I have several hand painted reproductions of famous paintings (impressionist). I get just as much enjoyment looking at them on my wall as I have at the museums looking at the real ones. I don't need to have $100M. I'm glad that content creators are getting paid n…
ETH NFT refers to the smart contracts that you would use to digitize ownership of a house or any other (physical or financial) unique asset that you might trade.
You can nest an NFT under an ERC20 token, too, so that you can sell partial ownership tokens in your NFT.
Of all the use-cases in crypto, I think digitizing ownership is the one that seems most likely to be actually used for a non-trivial volume of non-speculative trading.
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It certifies two things: 1. That you paid a certain amount for the certificate. 2. That there will never be another certificate for the same thing, from the same brand of certificates (e.g. "Valuables BY CENT"). Pretty much exactly like owning a baseball card, then.
> it certifies ... that there will never be another certificate for the same thing, from the same brand of certificates (e.g. "Valuables BY CENT"). How many "brand of certificates" are there now, and what is the barrier to entry? I suspect 1) several and 2) low. Also, how is "there will never be another certificate for the same thing, from the same brand of certificates" technically enforced?
The enforcement, interestingly, is more traditional; the owners of the "Valuables by CENT" trademark can use existing legal structures to prevent anyone else using that name.
Meanwhile the NFT is digitally linked to the Valuables by CENT smart contract on Ethereum, which will presumably have an 'author' property attached to it, set to the string "Valuables by CENT".
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NFTs are nonsense and just as much a pyramid scheme as everything else crypto. People will get left holding the bag at the top just like with CryptoKitties. I have several hand painted reproductions of famous paintings (impressionist). I get just as much enjoyment looking at them on my wall as I have at the museums looking at the real ones. I don't need to have $100M. I'm glad that content creators are getting paid n…
Worth noting that NFTs aren’t just cryptokitties; there is a lot more you can do with them. ETH NFT refers to the smart contracts that you would use to digitize ownership of a house or any other (physical or financial) unique asset that you might trade. You can nest an NFT under an ERC20 token, too, so that you can sell partial ownership tokens in your NFT. Of all the use-cases in crypto, I think digitizing ownership…
When it comes down to it, the entry on the local tax rolls or property registration office is going to be the one that counts.
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I’m not. I’m saying by scaling just one small corner to bitcoins inefficiency it cannot be true as it would use 3x the worlds power supply. It cannot be true by induction. If we scaled those aspects up too we’d be taking hundreds or thousands of times more power than the world generates. By doing that id actually be making my argument stronger.
The only misconception is you can’t scale Bitcoin to visa without a hard or soft fork.
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NFTs are nonsense and just as much a pyramid scheme as everything else crypto. People will get left holding the bag at the top just like with CryptoKitties. I have several hand painted reproductions of famous paintings (impressionist). I get just as much enjoyment looking at them on my wall as I have at the museums looking at the real ones. I don't need to have $100M. I'm glad that content creators are getting paid n…
I’m skeptical about NFTs too but trying to keep an open mind, because at the end of the day, while you or I personally don’t need the 100M to enjoy the impressionist art, you can’t ignore the fact that someone out there is in fact willing to pay that for the original. And that’s kind of the same weird authenticity bragging rights situation.