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Just tell people you own it. Venmo me $5 and I’ll put your name down on the blockchain (a public Google sheet). It’ll have the same effect.
by PascLeRasc 6y ago
Just tell people you own it. Venmo me $5 and I’ll put your name down on the blockchain (a public Google sheet). It’ll have the same effect.
- TigeriusKirk 6y agoBut it won't. This is the key conceptual leap you have to make to understand NFTs, or cryptocurrency for that matter. The blockchain is a consensus mechanism, with the emphasis on consensus. A lot of people agreeing on something having value means that it has value to those people. They can then exchange that thing among themselves and thus transfer the value. One person saying something has value means it has value to them. If no one else accepts it has value, it can't be used to transfer value.
- SwimSwimHungry 6y agoAnd a standard database transaction that can be done with pre-existing technology already can do this too? Like seriously, NFTs are not breaking new ground. This is just an excuse to piss away something that could be converted to objectively far more useful fiat. The fed needs to raise interest rates and get the free dumb money out of the system as soon as possible so we can suck these schemes dry. Frankly, I think John Cleese is trolling all of the NFT fans.
- koonsolo 6y agoClearly not.