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TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

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Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#81

Post by ahelwer »

jensensbutton wrote: post #68
ahelwer wrote: post #26

Earlier quoted context omitted.

I think I can explain. I understand why others value them, although I don't agree with the valuation (as a litmus test, I also think shelling out $30k for a genuine Rolex is very stupid). My lack of agreement also does not prevent me from participating and profiting off the people who think they do have value, although I have not done so. There are basically two theories of their value: the collectible theory and the…

> storage, fakes, and transaction costs. NFTs solve all three NFTs solve none of these problems. The underlying asset is not stored on the blockchain and can be deleted at any time. Fakes are unaddressed since you can only validate you are the owner of a specific url and there's no guarantee that what you own is the original version (bytes are easy to copy). Any validation of authenticity must happen OFF of the block…

You can argue against this all you want but these arguments sound eerily similar to the "it's just a slow database" type arguments of yesteryear.

Bubbles can eventually have value, weirdly - their irrational nature can sort of act as a forcing function taking us out of a local maxima, facilitating the creation of entirely new unforeseeable and previously-impossible things that actually have value of some sort. With cryptocurrencies you could argue they facilitated (through smart contracts and then distributed exchanges) the creation of massively-multiplayer online gambling games with no barriers to entry for publication & interface with the financial system where people win through patience and steely nerve. You may think more-advanced open-source casinos are not good for society, but they certainly hold economic value.

If I wanted I could write a smart contract for a MMO gambling game like POWH3D and publish it tomorrow. That isn't a capability I used to have - quite a few hoops to jump through to get a game onto a casino floor, or start up an online gambling website.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#82

Post by intothev01d »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

It's not about images. This is about digital authenticity and historical record that is easily verifiable in an open, global system. This is instantaneous transfer of those rights or assets to anyone else in the world. In-game purchases of items, tickets to an event, transfer any digital item and the verifiable rights/ownership of it. Mark Cuban has been a big proponent and has been implementing use cases and I think it's more eye opening once you begin to see more advanced usages. https://twitter.com/JrWhipstock/status/1460311826026147840

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#83

Post by skizm »

jordemort wrote: post #55

If an NFT just contains a URL, is there anything stopping me from minting a bunch of new NFTs that contain the same URLs as existing NFTs? Is there some sort of uniqueness constraint on the URLs or is it just taken on faith that nobody would ever do that? What if I added some nonsense (like, I dunno, an fbclid) to the URL query string? What if I minted duplicates of all the NFTs on the Ethereum chain on the Solana ch…

You can tell who minted it. So the "uniqueness" comes from the fact that the original artist minted the NFT and the timestamp tells you if this was the first and/or only one minted by this artist for this URL.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#84

Post by PragmaticPulp »

andreilys wrote: post #66
PragmaticPulp wrote: post #30

Earlier quoted context omitted.

> The verifiable timestamp and record of account associated with a wallet address (public key) that is known to be associated with the artist that produced the work is the same as establishing physical provenance for a unique item. Not really. In your Mona Lisa example, an NFT would be more like a blockchain based ticket to the Louvre that has a link to a Mona Lisa JPEG. That’s the mismatch in NFT discussions: The be…

They might be valuable to other members of the NFT believers group in the same way that rare baseball cards are valuable to other baseball card collectors, but the rest of us just aren’t interested in trading digital baseball cards of JPEGs. Well that's the point isn't it? It's valuable within the in-group that the person is part of. It increases their status within the crypto community and gives them access to exclu…

> It increases their status within the crypto community and gives them access to exclusive networks/events.

But we’re starting to see situations where people lose their NFTs or the NFTs are stolen through hacks or phishing.

And then the community goes out of their way to pretend it never happened, that the NFT doesn’t matter, and that the silly Cryptopunk or goofy lion JPEG still belongs to the person even though the NFT doesn’t.

At what point do we acknowledge that the NFT doesn’t actually matter in these communities and that it’s all about throwing money around?

As for the exclusive communities: I’m still not convinced any of these are actually as interesting as the NFT sellers want you to believe. Maybe someone, somewhere has put together a banger Discord channel with some good conversations that requires the purchase of a $10,000 NFT to access, but it's still a Discord channel.

The "exclusive communities" thing is really just another abstract value proposition that the NFT sellers have come up with to try to inject some tangible value into an otherwise valueless token. It's also yet another example of NFT sellers taking something that costs $0 (or near $0) to create, applying some hype, adding the "NFT" buzzword, and then selling it to FOMO people who don't want to miss the next Bitcoin or TSLA wealth-generating meme asset.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#86

Post by sgent »

bitxbitxbitcoin wrote: post #14
theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

If digital art is as valuable and worthy of recognition as physical art, then look at it through lens of the difference in price between the original Mona Lisa and replicas of it.

Digital art is and should be valuable, but how is owning an NFT proof of ownership if no one recognizes it as such? If I own a NFT I get no real world ownership benefits (like displaying it on my website, or in my metaverse). The NFT can be deleted by the host and I have no recourse.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#87

Post by serverholic »

jagger27 wrote: post #77
serverholic wrote: post #61

I honestly don't think this is the big "gotcha" that people seem to think it is. An NFT can be traced back to the creator. So you don't have the same history or satisfaction of giving back to the creator of the NFT. I think people on here are getting too caught up in the technical. I can print out a shiny charizard pokemon card but it isn't the same thing is it? A better way to think about NFTs is exchanging a moneta…

> I think people on here are getting too caught up in the technical. I can print out a shiny charizard pokemon card but it isn't the same thing is it? In this case it is bit for bit identical. My inkjet printer Charizard would never pass as real. > A better way to think about NFTs is exchanging a monetary gift to the creator of something you enjoy for a collectable. This is called “buying art”.

People can make very convincing copies of a charizard. Yet people put effort and money into making sure they are getting an authentic card.

Authenticity and supporting original creators is important to people.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#88

Post by michaelmrose »

fooyc wrote: post #58
jordemort wrote: post #55

If an NFT just contains a URL, is there anything stopping me from minting a bunch of new NFTs that contain the same URLs as existing NFTs? Is there some sort of uniqueness constraint on the URLs or is it just taken on faith that nobody would ever do that? What if I added some nonsense (like, I dunno, an fbclid) to the URL query string? What if I minted duplicates of all the NFTs on the Ethereum chain on the Solana ch…

What is stopping you from selling a movie you've just downloaded ? The movie industry is a scam !

A movie requires as input substantial fulfilling meaningful work and produces as output something that people find meaningful. Rendering the output file artificially scarce may itself be bullshit but doing otherwise does leave us with the challenge of how to pay for that work. The price set for enjoyment of that file is set to a value that the majority of people can afford even if they have to wait for it to say hit red box.

For some value of sense the movie industry makes some sense. An NFT like a physical baseball card has zero actual utility save for the covetous feeling of ownership itself a mental disease now unmoored from physicality and actuality. It is an opportunity for us to view side by side people who cannot live indoors and in some places get enough to eat with people pouring more money than many people will ever see into abstract unrealized never to be satiated covetous greed that will only pay a return if they can thereafter pawn it off on someone even more foolish in the future.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#89

Post by sgent »

fooyc wrote: post #58
jordemort wrote: post #55

If an NFT just contains a URL, is there anything stopping me from minting a bunch of new NFTs that contain the same URLs as existing NFTs? Is there some sort of uniqueness constraint on the URLs or is it just taken on faith that nobody would ever do that? What if I added some nonsense (like, I dunno, an fbclid) to the URL query string? What if I minted duplicates of all the NFTs on the Ethereum chain on the Solana ch…

What is stopping you from selling a movie you've just downloaded ? The movie industry is a scam !

Copyright law.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#90

Post by mythz »

singularity2001 wrote: post #78

Ignorant question: Can downloading the torrent result in charges of 'digital theft' and given the 'value' of the file result in a felony?

Can Web Browser users be charged with 'digital theft' for downloading images from public HTTP servers? No, it's the same thing.
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