5 ms·

I’m personally at the stage where it seems like such obvious silliness that I feel like I must be missing something, and so I avoid expressing this opinion anyw

I’m personally at the stage where it seems like such obvious silliness that I feel like I must be missing something, and so I avoid expressing this opinion anywhere that I might be held accountable for it at some point in the future. But I still suspect that I’m right, naturally. Definitely interested to hear arguments to the contrary though.

awillen 6y ago
Wow, only one comment on here and it's exactly how I feel, but articulated better than I would've. In a theoretical sense I can see how they'd be valuable - limited supply and high demand and all that - but in practice it just seems like the prices of some of these early ones are too bonkers for it to be sustainable.
xpose2000 6y ago
yeah, this is either a bitcoin like scenario that the initial boom is happening or we are a bunch of idiots that we thought this was a good idea. At this point I have no idea. The amount of money going around is eye opening
deleted 6y ago
[deleted]
jka 6y ago
Given that content creators retain copyright over work they upload to platforms, that platforms explicitly provide that guarantee, and that much of the current NFT craze is around speculation on already-potentially-valuable digital content, I agree. One possibility that occurs is: for decentralized infrastructure, where no organization can attest to the identity of an original author, then it might make sense for that author to 'claim' their content when they upload it (at which time, for most authors, it would have zero value). That could be a way for authors to retain and claim value for their work over time, while also making a public copyright claim. That's all conjecture on my part; I don't really understand the hype yet, either - or whether it will last.
- jka 6y ago
  See also: https://news.ycombinator.com/item?id=26373108 https://news.ycombinator.com/item?id=26373108 A risk that springs to mind is: unlike the legal concept of copyright ownership, an NFT could easily be accidentally lost by the person who holds it.
atweiden 6y ago
Kind of off-topic, but there's an excellent documentary called The Spider’s Web [1] that explores how society reached this point of valuing increasingly ridiculous displays of paper wealth and the financialization of everything through the lens of British offshore wealth secrecy schemes. [1]: https://www.youtube.com/watch?v=np_ylvc8Zj8 https://www.youtube.com/watch?v=np_ylvc8Zj8
JMTQp8lwXL 6y ago
Relieved to see others saying it seems like an inside joke that they just don't get. What I don't understand is how content is verified. If I sell you a digital clip and the rights to it, who's verifying I had the permission to transfer those rights: that I owned the image/video/etc at all?
- Rule35 6y ago
  Nobody and nothing, and this is generally impossible. Essentially what you do is just encode a trusted party (or multiple) and do what they say. This way you get "trusted" data in the blockchain for scripts to use. For instance, who owns a house, or the closing price of a commodity, or who won the super bowl (or an election). As you can imagine this just makes them a target for corruption.
Skhalar 6y ago
To me it just looks like another way to get scam everyday and stupid rich people...

awillen 6y ago

Wow, only one comment on here and it's exactly how I feel, but articulated better than I would've. In a theoretical sense I can see how they'd be valuable - limited supply and high demand and all that - but in practice it just seems like the prices of some of these early ones are too bonkers for it to be sustainable.

xpose2000 6y ago

yeah, this is either a bitcoin like scenario that the initial boom is happening or we are a bunch of idiots that we thought this was a good idea. At this point I have no idea. The amount of money going around is eye opening

deleted 6y ago

[deleted]

jka 6y ago

Given that content creators retain copyright over work they upload to platforms, that platforms explicitly provide that guarantee, and that much of the current NFT craze is around speculation on already-potentially-valuable digital content, I agree. One possibility that occurs is: for decentralized infrastructure, where no organization can attest to the identity of an original author, then it might make sense for that author to 'claim' their content when they upload it (at which time, for most authors, it would have zero value). That could be a way for authors to retain and claim value for their work over time, while also making a public copyright claim. That's all conjecture on my part; I don't really understand the hype yet, either - or whether it will last.

jka 6y ago
See also: https://news.ycombinator.com/item?id=26373108 https://news.ycombinator.com/item?id=26373108 A risk that springs to mind is: unlike the legal concept of copyright ownership, an NFT could easily be accidentally lost by the person who holds it.

atweiden 6y ago

Kind of off-topic, but there's an excellent documentary called The Spider’s Web [1] that explores how society reached this point of valuing increasingly ridiculous displays of paper wealth and the financialization of everything through the lens of British offshore wealth secrecy schemes. [1]: https://www.youtube.com/watch?v=np_ylvc8Zj8 https://www.youtube.com/watch?v=np_ylvc8Zj8

JMTQp8lwXL 6y ago

Relieved to see others saying it seems like an inside joke that they just don't get. What I don't understand is how content is verified. If I sell you a digital clip and the rights to it, who's verifying I had the permission to transfer those rights: that I owned the image/video/etc at all?

Rule35 6y ago
Nobody and nothing, and this is generally impossible. Essentially what you do is just encode a trusted party (or multiple) and do what they say. This way you get "trusted" data in the blockchain for scripts to use. For instance, who owns a house, or the closing price of a commodity, or who won the super bowl (or an election). As you can imagine this just makes them a target for corruption.

Skhalar 6y ago

To me it just looks like another way to get scam everyday and stupid rich people...