Keanu Reeves Thinks NFTs Are a Joke • Hacker News Board

Re: Keanu Reeves Thinks NFTs Are a Joke

#71

Post by matthewdgreen » Mon, Dec 13, 2021, 3:23 PM UTC

skinnymuch wrote: post #64

Slow_Hand wrote: post #15

Nothing against Keanu Reeves, but why is his opinion about NFTs worthwhile news to anyone? The story isn't inconveniencing me in any way, so I should let it go and move with my life, but I can't help but feel that stories of this nature are nothing more than noise; useless, trashy noise that clogs our minds and doesn't add value to anyone other than a magazine editor who needs to cover SOMETHING for engagement's sake…

This isn’t about his fame only. It’s because he is related to the Matrix. Which is related to the NFTs. In general famous people opinions aren’t worth more. Though most people especially HN give far too much credence to appealing to authority with experts. Famous people is low hanging fruit

> In general famous people opinions aren’t worth more.

There is a multi-billion dollar celebrity endorsement industry that would absolutely disagree with you, and I suspect they've done the research to justify it.

Re: Keanu Reeves Thinks NFTs Are a Joke

#72

Post by Meph504 » Mon, Dec 13, 2021, 3:29 PM UTC

awill88 wrote: post #50

Meph504 wrote: post #46

Earlier quoted context omitted.

Well the problem is, we need something that is a creditable implementation block chain, Nearly all uses today are dodgy. The almost all seem to think creating a system of false scarcity and convincing people that it makes it valuable. Mining is pointless, waste of power and resources, So I agree it is the technologies fault, it has yet to have something to seemingly implement its usage in a way that is useful.

Plenty of waste, yes, but distributed authority of history has lots of intrinsic value IMHO, plenty of uses, and I suppose I’m optimistic more will emerge than what’s out there today. Copyright enforcement or decentralized DRM seem like natural evolutions.. I mostly agree, but I disagree with the general concept that blockchain is bad. At most, cryptocurrency is bad, but I don’t think it had to be bad, if that makes…

I agree that the tech isn't bad, it just to the general public, if everything built on a tech is bad, they will equate the tech as bad.

Re: Keanu Reeves Thinks NFTs Are a Joke

#73

Post by NetOpWibby » Mon, Dec 13, 2021, 3:57 PM UTC

awill88 wrote: post #48

NetOpWibby wrote: post #43

Earlier quoted context omitted.

Welcome to the Internet. That’s always gonna be something people are vehemently opposed to, and most people won’t go deeper than surface level to understand what they’re against.

It’s funny because when I think about that, it makes me go, damn, is that the destiny of all speech and interaction between people on the internet? Regardless of our attempts to bring brilliance and added dimension to our existence and social constructs, at the end of the day, in its current form, argumentation and personalities on the internet get reduced down to binary forms, physically, logically, spiritually.

It’s really quite exhausting to see people air their grievances and then when presented with more info by an empathetic party, these people just wave off said info. Happened to me last week or so.

https://twitter.com/NetOpWibby/status/1466524102009577475

On the topic of NFTs, most naysayers don’t like how much energy it takes to mint just one on the most popular blockchain for NFTs right now, Ethereum.

With blockchains like Tezos and Solana, the energy output from minting an NFT collection of let’s say a few thousand, is equivalent to using an in-window AC unit for eight hours…drastically better than Ethereum but like we’ve established, most people aren’t looking past the surface with their complaints/distaste.

Re: Keanu Reeves Thinks NFTs Are a Joke

#74

Post by QuadrupleA » Mon, Dec 13, 2021, 4:01 PM UTC

yenwel wrote: post #37

I do think NFTs are a bubble now. By investors that think that one NFT is worth the same as the next one minted while it is just the exact pointe that they are not interchangeable. You don't get a piece unique with significant history attached. Mondriaan, Van Gogh and Monet were innovators now it is just a deep learning gan style trick. I do see the value of NFT in asset tracking of unique pieces to provide transpare…

Like another commenter said, you can do the asset tracking with digital signatures (owner signs that they've handed it off) you don't need blockchain, mining farms burning a small countries' worth of electricity, etc.

Re: Keanu Reeves Thinks NFTs Are a Joke

#75

Post by dredmorbius » Mon, Dec 13, 2021, 4:25 PM UTC

awill88 wrote: post #52

kumarvvr wrote: post #49

Earlier quoted context omitted.

While I agree politically with the idea of a distributed ledger, this implementation (and I am sure a lot of thought has gone into design of distributed ledgers) of making computational complexity as a pre-condition to participate in the ledger is rightfully criticized. The world, overall does not benefit from using the blockchain, in any form, just for the energy consumed.

How else could you verify the ledger without computational power without the reliance on an authority? This is assuming that we are philosophically considering authority as undesirable for ledgers.. like I get it, proof of work at this point is kind of BS in the sense that it’s not accessible for the individual so it loses all its novelty in the libertarian sense.. energy just feels like a problem that is solved else…

Maybe some reliance on authority is a good thing?

Because the answer crytpocurrency provides to "how much are you willing to pay to never have to trust anyone" is "one hell of a lot" via work-factor.

A fundamental characteristic of all exchange systems is trust. That may not be institutional trust, but there is trust in something: mineral scarcity and assayability, counterparty, commodity-currency acceptability by others, pricing and exchange systems, recourse options, etc.

In economics, there's a long observation that high-trust markets and the societies in which they exist perform vastly better than low-trust ones. And interestingly, cryptocurrency fairly neatly segregates markets into those who do have fundamental trust in institutions and practices, and those who do not.

Re: Keanu Reeves Thinks NFTs Are a Joke

#76

Post by dredmorbius » Mon, Dec 13, 2021, 4:26 PM UTC

kamray23 wrote: post #59

lelanthran wrote: post #39

Earlier quoted context omitted.

> NFTs are technically good, with strong fundamentals, and real world applications, the same way ICOs were. But the way they are used has been absolute shit, and nothing sort of utterly useless. I keep thinking that all the use-cases for NFT's can be replaced with current digital certificate signing. Transferring something only needs signing with the private key, right? What are the real-world use-cases for NFT that…

NFTs are smart contracts and as such come with automatically enforced terms. You can create a token which expires, useful for licensing. You can create a token which pays royalties to an artist with every sale. You can create smart financial instruments which are technically NFTs and which skip the regulation put on the financial industry to perform more risky investments, and even automate functions like profit shar…

And if the terms support it (and for any nontrivial case they will), with automatically-enforced fraud.

Re: Keanu Reeves Thinks NFTs Are a Joke

#77

Post by Slow_Hand » Mon, Dec 13, 2021, 4:46 PM UTC

Slow_Hand wrote: post #15

Nothing against Keanu Reeves, but why is his opinion about NFTs worthwhile news to anyone? The story isn't inconveniencing me in any way, so I should let it go and move with my life, but I can't help but feel that stories of this nature are nothing more than noise; useless, trashy noise that clogs our minds and doesn't add value to anyone other than a magazine editor who needs to cover SOMETHING for engagement's sake…

There seems to be confusion about what my point is, so I’ll clarify: It’s not “why should we listen to the opinions of public figures talking about subjects they’re not experts in?” and more about “Why have editors decided that this is newsworthy?”

I’m indifferent to what Keanu has to say. Good or bad. He’s welcome to have opinions and share them in a public forum. But the fact that an editor has elevated this opinion as newsworthy feels motivated purely by the need for engagement. It feels gossipy. These types of shallow reporting are less about informing or educating and more of a way for the readership to have an emotional response in a way that benefits the publication.

Re: Keanu Reeves Thinks NFTs Are a Joke

#78

Post by williamtrask » Mon, Dec 13, 2021, 5:07 PM UTC

LinuxBender wrote: post #67

errcorrectcode wrote: post #8

Earlier quoted context omitted.

They should've been called TMAs - Throwing Money Away. If you can't trust the system that processes it, the durability of it, the exchanges, or it lacking any intrinsic liquidation value, then it's TMA.

I've heard a similar phrase in the antique trade, "Old stuff, found new money"

An old dresser is still often useful as a dresser.

Re: Keanu Reeves Thinks NFTs Are a Joke

#79

Post by slmjkdbtl » Mon, Dec 13, 2021, 5:28 PM UTC

Bombthecat wrote: post #57

heybecker wrote: post #4

There is no spoon. Just a hash of a jpeg of a spoon on a blockchain.

I don't get it either. I understand that there are legit use cases for nfts.. But this stuff is insane.. Links to pictures selling for thousands of dollars.. Sometimes i think im just too stupid and maybe its just a new generation and instead of spending thousands of dollar for Gucci it goes to nfts..

It's genius in the way that it's a once in a life time opportunity for cash grab, there are tons of people willingly waiting to be exploited to buy your make-believe scarcity, you just need a good story not even a good product.

Re: Keanu Reeves Thinks NFTs Are a Joke

#80

Post by LinuxBender » Mon, Dec 13, 2021, 5:30 PM UTC

williamtrask wrote: post #78

LinuxBender wrote: post #67

Earlier quoted context omitted.

I've heard a similar phrase in the antique trade, "Old stuff, found new money"

An old dresser is still often useful as a dresser.

It is for sure. If the price matched "an old dresser" I would probably buy it too. If that old dresser costs $12k because it was made during the great depression then I will let someone else buy it.