I personally view crypto and the crypto boom as an experiment in unfettered capitalism - it’s still a new technology, the governments haven’t caught up to it yet so no regulations, yet quite literally 99% of crypto usage was in trying to take advantage of others (scams) and speculation.
The only thing with actual value that came out of crypto was probably Monero, which allowed for completely anonymous payments, something that crypto, when paired with crypto exchanges, is bad at.
Onion routing (like Tor) is the default for the Lightning Network. Every crypto that supports it already has private payments, including Bitcoin.
There’s no way to validate the total supply of Monero. So if it ever has a supply bug (like Bitcoin’s value overflow incident), then it won’t be detected and patched.
I don’t 100% disagree with him. Like he said, it is an additional risk. Assuming no supply bugs, you can validate what is published.
I just disagree with him that it’s “near zero probability”. This already did happen with Bitcoin and we only caught it because we weren’t assuming zero supply bugs. Bugs happen and we’re talking about the future money supply for all humans.
Edit to add: and BTW it’s not just cryptography bugs (rare), but anything related to validation (like value overflow)
Maybe I’m not very knowledgable, but even Monero seems sketchy to me. I’ve clicked into what I thought were blogs about privacy that ended up being sites that exist only to promote Monero, once you look into them. That and the way certain accounts will do nothing but praise Monero just seems very greasy to me. I also wonder how it solves some of the other problems inherent to crypto, such as the environmental concerns.
For things like drugs like the person mentioned below, I don’t think I’d trust someone who didn’t just use cash.
The level of the NFT craze was kind of wild though. I remember watching this Hot Ones interview with Mila Kunis where she mentioned “connecting with the audience through NFTs” and “the audience owns the art to the show”.
At the time I remember thinking that I don’t really understand how that would work in practice or what value NFTs really bring to this situation. I just assumed I didn’t understand. Turns out…nobody did. It’s just a bunch of bullshit.
It’s a good thing they haven’t X-Rayed it yet. That might change the course of history. Although I suppose not as much as stopping life from ever existing on the Earth in the first place.
Nope! Not even that. Just an agreement between the scam arti- sorry, seller and the dumbfuc- sorry, buyer, that the rights to something have changed hands. Nothing more, nothing less.
Hey at least then you own a domain name and all of its subdomains and can make them point whatever you want and host whatever you want out of them. When you buy an NFT you own one URL on an image hosting site, whose content you don’t even control.
fair enough, but $12/yr for something I can do whatever I want with vs several grand once for an immutable monkey JPEG that i cannot do anything with except sell to someone else…
It’s very expensive to add the actual image picture into the blockchain, so most NFTs actually contain a hyperlink and the NFT owner “owns” (because to my knowledge there’s no legal base to assert ownership) only that hyperlink within their token, not the image itself.
Thats true but they also usually contain things like the pictures hash so as long as you have the file you can always claim it (even if the hyperlink becane invalid).
Pretty much any kind of data related to the image is useless for verifying the actual image. For instance saving the exact same image with a different compression algorithm will make a new hash.
No, because an NFT just tells you were the picture is on the block chain. In theory If you had access to the block chain and another picture you can just change the picture stored at that point
The point was that if you had access to it, you could do some bad stuff but you wont ever have access to it.
You cant have access to the blockchain so you couldnt change anything. Saying “if i had access to the blockchain,…” is like saying “if I had access to your stuff, I could steal it”. Yeah, thats right but that doesnt mean anything…
Came here to say this. It’s a silly way to look at it, but these dorks are basically saying “no, using the ‘internet’ is not going to catch on silly techies.” It’s a kind of technology, not a vehicle specific to capitalism or big funds. NFTs could be proof of ownership over anything.
Consumers want true ownership, even if it requires a kind of tokenized-receipts system.
I would argue that just because something that could work doesn’t mean it is the best fit for the job for one reason or another.
We have multiple programming languages, database, filesystem, media formats etc…etc… Those also generally perform the same thing but some do certain things better and you pick whatever one best fits your needs.
why can block chain and go both existing and fit whatever role best fits them?
Not saying block chain / NFTs are the answer to ownership tracking just saying we shouldn’t write them off just because something else might work.
“This comment is an NFT and if you screenshot this I will sue your ass without hesitation. Please paypal me 4500 USD if you would like this comment, and don’t mess with me. I got my whole crypto gang on my side. We will fuck you up if you try stealing this comment, so don’t fuck with us.”
“This comment is an NFT and if you screenshot this I will sue your ass without hesitation. Please paypal me 4500 USD if you would like this comment, and don’t mess with me. I got my whole crypto gang on my side. We will fuck you up if you try stealing this comment, so don’t fuck with us.”
No they aren’t NFTs are recipts. That is all they are. They can have a connection to images or physical goods but they only proove that you bought a recipt and not actual ownership.
Sort of except it means nothing. It’s like having a deed with absolutely no legal weight.
If I buy a microwave and try and return it with only the receipt they won’t give me a refund because I only bought the receipt. I could sell the receipt, sure it says you bought it but I am keeping the microwave.
FWIW nobody who is actually knowledgeable about crypto ever thought anything positive about NFTs. It’s all just wallstreetbets types who read one article and think they’re economists now. The tech is interesting and has applications but monkey jpegs are what idiots spent millions on for some reason.
Nobody who is knowledgeable about crypto ever thought dogecoin was anything but a meme coin or pump and dump scheme. They would have known it offered zero benefits technologically over existing cryptos. Some may have bought it to cash in on the crazy market surrounding it, but they never thought doge was the future or anything. The people who thought that were the “i read one article and I’m a crypto expert now” crowd referenced in my original comment.
The same will happen any time a “get rich quick” scheme comes around. People saw things going up 100% in price from one day to the next, compared to a 2% per year savings account. That’s very enticing for anyone.
This one was at an impressive scale though. Probably because it was so accessible. I’d have my BIL in South America telling me he’s playing a game that mines some random coin. Can’t really say much other than to be sceptical and never risk more than you can afford to lose.
People saw things going up 100% in price from one day to the next, compared to a 2% per year savings account. That’s very enticing for anyone.
And that's the entire problem...by the time things go up in price by 100%, the people that will make money have already made it. Getting in at that point is useless, and will likely lose money.
I used to say that, but I’ve given up on that idea. I’ve never seen a use of blockchain yet that didn’t boil down to being virtual money. NFTs could have had potential as a method of trade if they were tied to real ownership of things instead of just receipts saying you bought a cartoon monkey jpeg.
But every time I think something would be a problem blockchain solves, I can always think of an existing, typically better, solution to that same problem. I think that space is too infested with grifters to attract anyone with a truly novel idea.
You’re getting downvoted by cryptobros, but you are absolutely correct, there is no good use for block chain and never will be
It’s a fully public database among trustless parties. To the first point, there’s no reason any database can’t be made public if so desired. To the second point, for the block chain to have any meaning or value beyond itself, some authority eventually needs to interpret its contents. That authority might as well hold the database or, in trustless cases, a third party trustee. Nothing about it makes sense at a very base level, you don’t even need to explain the tech because it just doesn’t hold up logically.
I was pretty shocked when I found out that NFT pictures aren’t even stored in the block chain. NFTs are just records on the block chain with links to images stored on ordinary servers.
This is because you (in theory) need the whole blockchain to validate an NFT, so you want to keep it as small as possible.
But since you store the Cryptographic Hash of the image too, you can validate that the image on the server is actually the same one referenced by the blockchain. You could even move it to another server, but it will break the link obviously
The point of blockchains is decentralization, and as Lemmy users we know that decentralized services are difficult to make popular, even if they’re an improvement over their competitors.
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