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“ NFTs do not confer ownership—Morris cannot prevent anyone from spreading the meme, nor can the new owner of the NFT. But it certifies authenticity, like a dig

“ NFTs do not confer ownership—Morris cannot prevent anyone from spreading the meme, nor can the new owner of the NFT. But it certifies authenticity, like a digital autograph from Morris herself.” I still don’t get it. I said this here about bitcoin years ago, and was completely wrong though. So many nights thinking about putting together a rig, but laziness, or doubt, prevented me from mining.

vsareto 6y ago
We should just start selling PGP private keys. NFTaaS
- doggodaddo78 6y ago
  Let's see how many my AMD 96-thread EPYC server can generate in an hour. We'll make millions!
arcticbull 6y ago
No you were right about Bitcoin but wrong about the rationality of markets.
- dwaltrip 6y ago
  This sounds contradictory to me. Are you saying the bitcoin is a temporary delusion that will somehow fade away at some point? What will cause this so-called delusion to break? Btw, I'm not a bitcoin booster. I think the technology is interesting. Economically, I'm not too sure. Non-productive deflationary assets seem bad. I think it may be some sort of monetary tragedy of the commons. But there are some natural limitations that may prevent from spiraling too far out of control.
  - ikerdanzel 6y ago
    Exchange to conventional money like USD and Yen. These can be made illegal. USA has precedent for doing this with gold when it threaten their money supply creation ability. If there is no legal ways to convert all these digital coins to fiat currencies, their value will collapse to niche market valuation. It won't disappear completely, just enough to make it small like say total market valuations for baseball or pokemon card collections. Bitcoin technology depends on 1 fundamental flaw that is exponentially increasing demand on energy to hash. Essentially it is inflation of "energy money" to "digital money" for hashing "nothing". The demand is not triggered from population itself but the #1 increasing tech capability, and #2 algorithm itself that double the difficulties of hashing rate. Think of demand of toilet paper, that people need to buy not because they need it but the toilet consume more at a doubling rate whether you poop or not. And then itself become valuable when your neighbor willing to change it for fiat currencies. The moment government make it illegals, the value drop. Black market will exist but then law enforcers specializing to catch "digital exchange criminals" will be established.
avidiax 6y ago
It's not that different than buying an original artwork. It's not as though you couldn't get a copy of the Mona Lisa that is technically superior (i.e. larger, no defects, modern materials, doesn't require absurd security, etc.). The original artwork is an assemblage of atoms touched by the original creator, just as these NFTs are an assemblage of math touched by the original creator. The main distinction in my mind is that an NFT is not intrinsic to the original work. It wasn't created as a consequence of making the original. We could create intrinsic NFTs if we wanted to. Something like a digital photo digitally signed by the author, with the outer 1% of the pixels cropped off and added to the NFT block, just as the back and unseen edges of paintings are used to prove provenance.

vsareto 6y ago

We should just start selling PGP private keys. NFTaaS

doggodaddo78 6y ago
Let's see how many my AMD 96-thread EPYC server can generate in an hour. We'll make millions!

arcticbull 6y ago

No you were right about Bitcoin but wrong about the rationality of markets.

dwaltrip 6y ago
This sounds contradictory to me. Are you saying the bitcoin is a temporary delusion that will somehow fade away at some point? What will cause this so-called delusion to break? Btw, I'm not a bitcoin booster. I think the technology is interesting. Economically, I'm not too sure. Non-productive deflationary assets seem bad. I think it may be some sort of monetary tragedy of the commons. But there are some natural limitations that may prevent from spiraling too far out of control.
- ikerdanzel 6y ago
  Exchange to conventional money like USD and Yen. These can be made illegal. USA has precedent for doing this with gold when it threaten their money supply creation ability. If there is no legal ways to convert all these digital coins to fiat currencies, their value will collapse to niche market valuation. It won't disappear completely, just enough to make it small like say total market valuations for baseball or pokemon card collections. Bitcoin technology depends on 1 fundamental flaw that is exponentially increasing demand on energy to hash. Essentially it is inflation of "energy money" to "digital money" for hashing "nothing". The demand is not triggered from population itself but the #1 increasing tech capability, and #2 algorithm itself that double the difficulties of hashing rate. Think of demand of toilet paper, that people need to buy not because they need it but the toilet consume more at a doubling rate whether you poop or not. And then itself become valuable when your neighbor willing to change it for fiat currencies. The moment government make it illegals, the value drop. Black market will exist but then law enforcers specializing to catch "digital exchange criminals" will be established.

avidiax 6y ago

It's not that different than buying an original artwork. It's not as though you couldn't get a copy of the Mona Lisa that is technically superior (i.e. larger, no defects, modern materials, doesn't require absurd security, etc.). The original artwork is an assemblage of atoms touched by the original creator, just as these NFTs are an assemblage of math touched by the original creator. The main distinction in my mind is that an NFT is not intrinsic to the original work. It wasn't created as a consequence of making the original. We could create intrinsic NFTs if we wanted to. Something like a digital photo digitally signed by the author, with the outer 1% of the pixels cropped off and added to the NFT block, just as the back and unseen edges of paintings are used to prove provenance.