961–970 of 1001 posts
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It doesn't matter, because banks can undo mistaken transactions.
And they can hide so many other illicit and bogus transactions and investments in their favor.
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As the article points out, many NFTs are implemented by storing a URL in the blockchain; the digital artwork sits on some server and is reachable by that link. Fine, you can prove that you own the URL. But what that URL points to can change out from under you, so there's no way to make that trustless. If you own the domain and the server that it points to, the registrar can take the domain away from you and give it t…
So, this has a really easy fix. The NFT points to a content hash, and the content is uploaded to the Internet Archive (and they're compensated for the storage) as part of the NFT minting process. Your ownership is now on a distributed ledger, with a cryptographic hash of the content, paired with long term storage of said digital artwork. The Internet Archive's costs are ~$2/GB to store content in perpetuity, which se…
In fact decentralized storage being integrated into web3 is I think an element that the OP missed in his analysis.
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> Crypto has been solving technical problem after technical problem for over a decade but has yet to offer anything useful to a non-enthusiast. This is too dismissive of Crypto. I’m not a crypto bro but Bitcoin did actually solve a real problem: a completely digital decentralized immutable record. I hesitate to call it a currency, but it created something that was digitally scarce . The economic value it created can…
> At one point the internet was also a problem looking for a solution 1. The internet was a solution to a very specific problem. Go and educate yourself on what ARPA was doing, will you? 2. Crypto peddlers keep equating cryptocurrencies to the internet. And never ever equating it to Juicero or Enron even if all signs point to that.
Enron was a deliberate fraud where things were faked – certainly true of many (most?) crypto projects, but not true of the underlying technologies (Bitcoin, Ethereum, etc) and therefore not even close to being true for all projects in the space.
Equating crypto to Enron is like equating Enron to the stock market – "the stock market allowed Enron make money off their fraud, therefore we should get rid of the stock market".
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So, this has a really easy fix. The NFT points to a content hash, and the content is uploaded to the Internet Archive (and they're compensated for the storage) as part of the NFT minting process. Your ownership is now on a distributed ledger, with a cryptographic hash of the content, paired with long term storage of said digital artwork. The Internet Archive's costs are ~$2/GB to store content in perpetuity, which se…
Many NFTs already do this, but the hash is for IPFS, which is a decentralized file storage system. In fact decentralized storage being integrated into web3 is I think an element that the OP missed in his analysis.
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You don't even own the hash. You just own a database entry pointing at the hash. There is no mechanism on the Blockchain preventing someone else creating a new NFT with the exact same hash.
What about the same url? Or one with query parameter adds? What's to prevent another NFT from pointing to the same data and copying the hash?
But on the blockchain itself, the NFT is just a smart contract (bit of code, bit of data) that knows it's current owner, it's name and a URI pointing at the image. There zero mechanism preventing duplicates.
Hell, it's such an unregulated market that the NFT might be based on a custom smart contract with a backdoor that allows the creator to steal it back at any time.
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> If you are using JSON RPC APIs (which most people do) there is nothing that locks you to Infura or any other provider. How do you switch to another provider in Metamask?
How many people switched default search in Google Chrome from Google ? Probably less than 1%, because the overall Google market share is 91%. Unless there's another equally popular extension, not made by Consensys the presence of that option is irrelevant.
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> Crypto has been solving technical problem after technical problem for over a decade but has yet to offer anything useful to a non-enthusiast. This is too dismissive of Crypto. I’m not a crypto bro but Bitcoin did actually solve a real problem: a completely digital decentralized immutable record. I hesitate to call it a currency, but it created something that was digitally scarce . The economic value it created can…
> At one point the internet was also a problem looking for a solution 1. The internet was a solution to a very specific problem. Go and educate yourself on what ARPA was doing, will you? 2. Crypto peddlers keep equating cryptocurrencies to the internet. And never ever equating it to Juicero or Enron even if all signs point to that.
In the same way the original Bitcoin paper was a solution to a very specific problem. I was referring to the amount of useless companies that were created during the original dotcom.
>2. Crypto peddlers keep equating cryptocurrencies to the internet. And never ever equating it to Juicero or Enron even if all signs point to that.
Not sure what this has to do with my comment. My comment was specifically there is a decentralized solution to do commerce that is powered by crypto. To pretend that this doesn't exist is absurd. NFTs, and Defi are literally just asset speculation but at the very least there was a platform that transacted billions of dollars on top of Bitcoin (Silk Road). I can't say that Juicero ever created a million dollars of value for its customers.
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But everyone doesn't, that's just his impression and not researched whatsoever.
All these arguments apply to email as well - there are plenty of small providers and you can run your own email server. But, in practice, almost everybody uses gmail or outlook so we still say it's heavily centralized. What good is running your own full Ethereum node if OpenSea blocks the NFT you're trying to sell and most of the customers who would want to buy it are going through OpenSea's node?
Moxie makes so many good critiques (some are so subtle, it might be worth a second read). I got the sense he’s trying very hard to be even handed and constructive about a situation he feels pretty badly about, but his true feelings are bleeding through in some of the side points / parentheticals. One point that I disagree with is his almost axiomatic premise that decentralization is an inherent good and the implicati…
But isn't decentralization one of the points of crypto and Web3? It doesn't matter if Moxie agrees with decentralization or not. If the direction everyone is charging in is "decentralization", and it's not really decentralized, then it's a movement that isn't heading where it thinks (or where it claims). That's still true, regardless of what Moxie thinks the direction should be.