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OpenSea product chief accused of flipping NFTs with insider information

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Re: OpenSea product chief accused of flipping NFTs with insider information

#71

Post by space_rock »

aforwardslash wrote: post #70
space_rock wrote: post #64

Earlier quoted context omitted.

Blockchain is not the same as a blockchain. Blockchain is a hashed data structure from bitcoin. While "blockchain technology" is used in completely different context. The two and not related technically

But in the end, they are the same. The major difference between a merkle tree (or patricia trie or whatever is implemented in x or y) and "blockchain technology" is the distributed consensus algorithm. Blockchain - by your own definition, is "blockchain", because its a hashed data structure with a distributed consensus algorithm. Now, of course I'm splitting hairs; and the reason for it is that merkle trees (or hashe…

But then not the same because one as you say is just a datastructure that has existed already and uses standard computer science constructions. But the data structure is also revolutionary? That's a contradiction. So the other blockchain is not a datastructure but a separate unrelated concept

Re: OpenSea product chief accused of flipping NFTs with insider information

#72

Post by aforwardslash »

space_rock wrote: post #71
aforwardslash wrote: post #70

Earlier quoted context omitted.

But in the end, they are the same. The major difference between a merkle tree (or patricia trie or whatever is implemented in x or y) and "blockchain technology" is the distributed consensus algorithm. Blockchain - by your own definition, is "blockchain", because its a hashed data structure with a distributed consensus algorithm. Now, of course I'm splitting hairs; and the reason for it is that merkle trees (or hashe…

But then not the same because one as you say is just a datastructure that has existed already and uses standard computer science constructions. But the data structure is also revolutionary? That's a contradiction. So the other blockchain is not a datastructure but a separate unrelated concept

You misunderstood my comment. The novel part isn't the data structure, its the consensus mechanism tied to that specific datastructure. The fact that is used to implement cryptocurrencies and whatnot is irrelevant - you can implement crypto without "blockchain" (by using a typical non-distributed datastructure, called "a database"). In fact, the buzzword for that is "private blockchain".

Re: OpenSea product chief accused of flipping NFTs with insider information

#73

Post by thebean11 »

geofft wrote: post #69
thebean11 wrote: post #51

Earlier quoted context omitted.

Sure, and I'm not making an argument against regulation. My point is that there is nothing inherent in cryptocurrency to create these forms of fraud except the lack of regulation, otherwise the same fraud would exist in traditional markets.

But that point doesn't support the message you're trying to say. Suppose I were to say "Elbonia is a dangerous lawless country, where corruption abounds and you're not safe on the streets," and you were to respond by saying "There's nothing inherent to Elbonia to create those conditions except the lack of laws against corruption or mugging. And corruption and mugging happen in the US, too, and you'd see more of it if…

So in this hypothetical, Elbonia has no laws against corruption and mugging, and we truly believe the only thing missing is the laws? Then sure, that's a fair comparison. In that case one might think that Elbonia could be a great place to visit once a less lawless regime steps in.

What message do you think I'm trying to say? I'm certainly not claiming crypto is free of scams and self dealings.

Re: OpenSea product chief accused of flipping NFTs with insider information

#74

Post by rednerrus »

thebean11 wrote: post #51
rednerrus wrote: post #42

Earlier quoted context omitted.

Your value prop has to outweigh the potential negatives or there is no value prop. What OP is saying is that you can't have unregulated markets in this space the incentives to cheat are too great.

Sure, and I'm not making an argument against regulation. My point is that there is nothing inherent in cryptocurrency to create these forms of fraud except the lack of regulation, otherwise the same fraud would exist in traditional markets.

But your value add is that they are unregulated, right?

Re: OpenSea product chief accused of flipping NFTs with insider information

#75

Post by space_rock »

aforwardslash wrote: post #72
space_rock wrote: post #71

Earlier quoted context omitted.

But then not the same because one as you say is just a datastructure that has existed already and uses standard computer science constructions. But the data structure is also revolutionary? That's a contradiction. So the other blockchain is not a datastructure but a separate unrelated concept

You misunderstood my comment. The novel part isn't the data structure, its the consensus mechanism tied to that specific datastructure. The fact that is used to implement cryptocurrencies and whatnot is irrelevant - you can implement crypto without "blockchain" (by using a typical non-distributed datastructure, called "a database"). In fact, the buzzword for that is "private blockchain".

Ok so we agree blockchain and blockchain are different. Also private blockchain would be a 3rd definition as that's another nonsense word that people use

Re: OpenSea product chief accused of flipping NFTs with insider information

#76

Post by draygonia »

thebean11 wrote: post #73
geofft wrote: post #69

Earlier quoted context omitted.

But that point doesn't support the message you're trying to say. Suppose I were to say "Elbonia is a dangerous lawless country, where corruption abounds and you're not safe on the streets," and you were to respond by saying "There's nothing inherent to Elbonia to create those conditions except the lack of laws against corruption or mugging. And corruption and mugging happen in the US, too, and you'd see more of it if…

So in this hypothetical, Elbonia has no laws against corruption and mugging, and we truly believe the only thing missing is the laws? Then sure, that's a fair comparison. In that case one might think that Elbonia could be a great place to visit once a less lawless regime steps in. What message do you think I'm trying to say? I'm certainly not claiming crypto is free of scams and self dealings.

I think he's trying to say that regulation will discourage conflicts of interest even if they don't entirely prevent it. The key point is that right now people are able to do things they couldn't in traditional markets that they can do in the crypto market and there are no penalties for it.
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