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Keanu Reeves Thinks NFTs Are a Joke

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Re: Keanu Reeves Thinks NFTs Are a Joke

#91

Post by rhinoceraptor »

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…

“Smart contracts” are also automatically enforced bug bounties, as anyone familiar with their sordid history knows. With “smart contracts”, you could argue that exploiting a “bug” in them is just part of the contract.

Actual contracts have some very good properties: they must be legal, and they are open to (some) interpretation in case they aren’t perfectly written. And we have a process for resolving disputes that doesn’t involve forking the entire blockchain.

Re: Keanu Reeves Thinks NFTs Are a Joke

#93

Post by yenwel »

QuadrupleA wrote: post #85
yenwel wrote: post #83

Earlier quoted context omitted.

Well I do know the specifics, I've worked on our farm. I've worked in and for processing plants and at food retailers. I did an engineering degree in agriculture with a minor in economics (plus some post grads in IT). We produced and sold our farm products at local farmers markets. I now work at the agricultural government agency of my local region. And I can tell you that the margins that those gatekeepers take are…

I defer to your domain expertise there, don't know much about the food industry and supply chain. Sounds like there are some monopolistic players & regulatory capture involved. I don't think ZKP or blockchains are going to save you though. Say Cardano actually gets past their "Byron" ICO pump-and-dump phase and implements smart contracts, or Polkadot gets off the ground. OK, so we have a fast, non-world-destroying bl…

The farm commodity hedge markets are dominated by players who leverage private access and knowledge to make massive margins. I think decentralizing this market (by anyone and their brother) would certainly benefit producers and end consumers by increasing transparency and thus lowering these transaction costs and providing liquidity. What you are talking about are auctions (like for pigs, fish or flowers) and this is already invented, centralized and corrupted and they set prices for producers and consumers in secret meetings and calls (before that wasnt even outlawed). For distribution, how easy is it to set up an ecommerce shop and for distribution you have a lot of thurd party logistics service providers. By increasing competition between these service providers of distribution etc you would again lower costs for producers and prices for consumer instead of relying on massively vertically or horizontally integrated supply chain players. Few benefits from massive monoculture productions (certainly not producers, consumers or the environment). Do you really think there are no scandals in centralized quality control systems?

Talking about price volatility. Costs for producers and prices for consumers are increasing dramatically because central banks in the western world decided to print massive amounts of currency and buying zombie companies on the stock exchange. How are these currencies considered stable in any way? Look what is happening in is happening in Turkey or Lebanon. Even worse what the US is doing to the people of afghanistan.

Re: Keanu Reeves Thinks NFTs Are a Joke

#94

Post by kamray23 »

rhinoceraptor wrote: post #91
kamray23 wrote: post #59

Earlier quoted context omitted.

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…

“Smart contracts” are also automatically enforced bug bounties, as anyone familiar with their sordid history knows. With “smart contracts”, you could argue that exploiting a “bug” in them is just part of the contract. Actual contracts have some very good properties: they must be legal, and they are open to (some) interpretation in case they aren’t perfectly written. And we have a process for resolving disputes that d…

Like any fintech thing to be honest. In this case it just happens to be quite legal as well as the law extends its grasp into the crypto space quite slowly.

Re: Keanu Reeves Thinks NFTs Are a Joke

#95

Post by asddubs »

bellyfullofbac wrote: post #44
asddubs wrote: post #31

Earlier quoted context omitted.

sure, but you're also kind of setting the precedent that random famous people's opinion on things they have no expertise on matters, which probably isn't good for debunking things in the long run

I mean, the precedent has been there for a looong time, and grandparent commenter certainly didn't set it... As to the why, it's probably related to social status. In the old days people paid attention and listened to the people with status (who usually became leaders), nowadays with celebrity culture it's somehow inverted, a good looking person who can act or sing gets put on stage, and they get the attention (for s…

sure, but you can't really complain if people believe jenny mccarthy that vaccines cause autism if your counterargument is that keanu reeves said they don't. obviously we're not talking about vaccines right now, but I hope you can see my point
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