Gregory's Server@thomasfuchs
I never understood the hype about #NFTs,. As far as i understand they are just non-counterfeitable proofs of purchase. A lot of hype for an electronic receipt.
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 Only if it's the "receipt" you're buying and selling. (It's not a receipt.) @1dalm @the5thColumnist @thomasfuchs nfts weβre never going to be that because you were never really buying a thing, just the pointer to the thing. If you want to support artists, just buy their things and give them money. @1dalm @the5thColumnist @thomasfuchs NFTs were never gonna be that because that's not what they're for. That's just the PR campaign. NFTs are tokens carrying programs called "smart contracts", which are meant to automate things like contract enforcement. Ever seen reports of malicious NFTs emptying people's wallets? That's the intended use case, but used maliciously. Making them into expensive links to jpegs was a mistake.  @reallokiscarlet @1dalm @the5thColumnist @thomasfuchs So youβre talking about a scheme similar to the piece of shit that used to be the owner of the Las Vegas Review Journal, Sherman Frederick? His idea was to sue everyone who linked to or quoted LVRJ stories. He even set up a corporation for it. A few people got duped into paying 10K settlements via threat before a judge told the fuckhead to knock it off. Copyright troll shit. From a newspaper publisher. And a so called minister. @RodneyPetersonTalent @1dalm @the5thColumnist @thomasfuchs Think more like if your gym membership card was harvesting credit card data while it sat in your wallet. @1dalm @the5thColumnist @thomasfuchs What you say NFT:s could have been is just the sales pitch for the scam. More like a non-duplicable, provably transferable, proof of purchase. Of course, only useful if there is no competing idea of ownership. eg: if someone steals your NFT, are you going to try to recover the NFT itself, or try to get something else declared to be the NFT? It is an interesting idea, but with absolutely no one willing to do anything to translate "interesting" into "potentially useful".  @the5thColumnist @thomasfuchs The point of NFTs was to boost the cryptocurrencies they were based on by driving up demand. Increasing the apparent size of the market, and inventing a new speculative investment that was neither a financial security nor a commodity, made it easier to engage in wash trading. https://www.techtarget.com/whatis/feature/NFT-wash-trading-explained  @the5thColumnist @thomasfuchs If it's inherently infinitely copyable, does the concept of counterfeiting apply at all? @the5thColumnist @thomasfuchs It, like most waves of crypto hype, was largely manufactured. Driving crypto hype pushes up the price of various cryptocurrencies, which allows people with large amounts of it to cash out some of their holdings to pay for the next year. Otherwise, normally, there's just no-where near enough liquidity in the crypto markets to safely cash out with the best rate.  @the5thColumnist @thomasfuchs You can also make a non-counterfeitable receipt with just public key cryptography without any of the overhead of a blockchain. @the5thColumnist @thomasfuchs It's amazing because it somehow makes less sense the more I learn about it. |
@the5thColumnist @thomasfuchs: It was always a colossally stupid idea based around Austrian School-influenced right-libertarian ideas about ownership and property, combined with the worst database ever designed with serious intentions.