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> The artist, or a company, could easily just maintain a database showing who 'owns' which artwork NFT What if hackers hack into it and scramble all the data.

> The artist, or a company, could easily just maintain a database showing who 'owns' which artwork NFT What if hackers hack into it and scramble all the data. What if the artist happens to alter the data him/herself? I think a decentralized database is a small benefit (when we're not discussing the environmental externalities).

mdoms 6y ago
But with blockchain-based NFTs the artist much maintain such a database themselves anyway. Someone must maintain some kind of off-blockchain store showing which NFTs are "official".
kevinpet 6y ago
Not a question unique to NFTs https://en.wikipedia.org/wiki/The_Physical_Impossibility_of_Death_in_the_Mind_of_Someone_Living#Decay_and_replacement https://en.wikipedia.org/wiki/The_Physical_Impossibility_of_...
lqqq 6y ago
> What if hackers hack into it and scramble all the data. What if the artist happens to alter the data him/herself? The same questions also apply to blockchains. But if a blockchain is compromised, then who will I sue?
deckard1 6y ago
What if hackers hack into the artist's computer and steal their key and create new NFTs?
- viklove 6y ago
  It won't affect the original NFT or the ledger w.r.t. who owns it.
  - superbaconman 6y ago
    And if it's reported as stolen all NFTs crafted after that date will be known to be invalid.
    - meheleventyone 6y ago
      Won't there need to be centralized authorities to check if something has been stolen?
      - superbaconman 6y ago
        This is the same problem with pub/priv keys for email. How do I prove I am who I say I am? The best defense is just to use a hardware wallet to not get in the situation in the first place. After that all you can do is post to your various social media accounts that you've been hacked and here's your new wallet. Assuming NFTs become more mainstream and integrated with banks for land deeds and the BMV for car titles, something more official would likely be put in place (this is the best case long term scenario for NFTs).
        deckard1 6y ago
        > Assuming NFTs become more mainstream and integrated with banks for land deeds and the BMV for car titles, something more official would likely be put in place Ummmm.... elephant in the room! NFT is the trust mechanism You're saying: "NFTs will be good once we do all this other stuff in the real world that we are already doing". Thus negating the entire reason for NFT to exist.
  - deckard1 6y ago
    Obviously. That's not what I'm saying. What I'm saying is that someone can just as easily hack in and steal the key and forge new NFTs as if they were the artist. Which now, as someone else mentioned, you need a database of invalid NFTs. But if the artist's key is stolen, how does one create a database of "bad" NFTs? Now you have a bigger problem. Either you create a mechanism where a 3rd party can revoke an NFT or you create a separate ledger of "bad" NFTs. But how do you verify that new Beeble is Beeble and old Beeble is not Beeble. And now what if their key for signing the "bad ledger" is stolen? Do you see how recursive this whole tower of trust is? At least with a central database the maintainer could restore a backup and notify all parties that they were hacked. With a blockchain, you're fucked. There is no "undo".
    - viklove 6y ago
      Great, so why don't you go create your central repository of art ownership, launch it to the world, and let me know how many people use it over NFTs. You don't get to decide what the best/worst solution is. We already have a mechanism for that called the free market, and the free market is disagreeing with you. Seems like your take on the world isn't as accurate as you believe it to be.

mdoms 6y ago

But with blockchain-based NFTs the artist much maintain such a database themselves anyway. Someone must maintain some kind of off-blockchain store showing which NFTs are "official".

kevinpet 6y ago

Not a question unique to NFTs https://en.wikipedia.org/wiki/The_Physical_Impossibility_of_Death_in_the_Mind_of_Someone_Living#Decay_and_replacement https://en.wikipedia.org/wiki/The_Physical_Impossibility_of_...

lqqq 6y ago

> What if hackers hack into it and scramble all the data. What if the artist happens to alter the data him/herself? The same questions also apply to blockchains. But if a blockchain is compromised, then who will I sue?

deckard1 6y ago

What if hackers hack into the artist's computer and steal their key and create new NFTs?

viklove 6y ago
It won't affect the original NFT or the ledger w.r.t. who owns it.
- superbaconman 6y ago
  And if it's reported as stolen all NFTs crafted after that date will be known to be invalid.
  - meheleventyone 6y ago
    Won't there need to be centralized authorities to check if something has been stolen?
    - superbaconman 6y ago
      This is the same problem with pub/priv keys for email. How do I prove I am who I say I am? The best defense is just to use a hardware wallet to not get in the situation in the first place. After that all you can do is post to your various social media accounts that you've been hacked and here's your new wallet. Assuming NFTs become more mainstream and integrated with banks for land deeds and the BMV for car titles, something more official would likely be put in place (this is the best case long term scenario for NFTs).
      - deckard1 6y ago
        > Assuming NFTs become more mainstream and integrated with banks for land deeds and the BMV for car titles, something more official would likely be put in place Ummmm.... elephant in the room! NFT is the trust mechanism You're saying: "NFTs will be good once we do all this other stuff in the real world that we are already doing". Thus negating the entire reason for NFT to exist.
- deckard1 6y ago
  Obviously. That's not what I'm saying. What I'm saying is that someone can just as easily hack in and steal the key and forge new NFTs as if they were the artist. Which now, as someone else mentioned, you need a database of invalid NFTs. But if the artist's key is stolen, how does one create a database of "bad" NFTs? Now you have a bigger problem. Either you create a mechanism where a 3rd party can revoke an NFT or you create a separate ledger of "bad" NFTs. But how do you verify that new Beeble is Beeble and old Beeble is not Beeble. And now what if their key for signing the "bad ledger" is stolen? Do you see how recursive this whole tower of trust is? At least with a central database the maintainer could restore a backup and notify all parties that they were hacked. With a blockchain, you're fucked. There is no "undo".
  - viklove 6y ago
    Great, so why don't you go create your central repository of art ownership, launch it to the world, and let me know how many people use it over NFTs. You don't get to decide what the best/worst solution is. We already have a mechanism for that called the free market, and the free market is disagreeing with you. Seems like your take on the world isn't as accurate as you believe it to be.