61 ms·
It means the same as any other valuable thing in our society caused by artificial scarcity - limited printings, trading cards, dollar bills, stamps, Bitcoin, so
by cortesoft 6y ago
It means the same as any other valuable thing in our society caused by artificial scarcity - limited printings, trading cards, dollar bills, stamps, Bitcoin, software, music, books, etc.
- SilverRed 6y agoWith most of these things, its all about using the item as a status symbol. Having a rare painting on your wall shows status. NFTs don't and likely never will have the same impact.
- cortesoft 6y agoThe people who are buying them are absolutely buying them as a status symbol, so that appears to be working.
- th0ma5 6y agoA great many people are starting to look down on NFT buyers and sellers. I'm not sure what status they provide since either someone has to maintain the chain somehow forever which is impossible, but also there isn't anything stopping someone from creating alternative timelines of sales.
- cortesoft 6y agoAlmost every status symbol is looked down upon by many people. That doesn’t mean there isn’t a group who admires it. The same thing could be said about other collectibles. There isn’t anything stopping people from printing their own baseball cards, but that doesn’t change the market.
- th0ma5 6y agoYeah but at least you'd have a baseball card. This is a number? I definitely get your point though.
- cortesoft 6y agoMany people say the same thing about Bitcoin. They aren't wrong, either, but they also miss the point that it doesn't matter if enough people decide to value it.
- th0ma5 6y agoRight no for sure. For instance people forked Bitcoin and suddenly everyone that held Bitcoin also held Bitcoin Cash. I can see the not too distant future where a dispute arises as to who owns a particular NFT though because of such kind of forks, possibly.
- th0ma5 6y agoI'm not sure why people buy NFTs, but I suspect they think it somehow implements digital rights management of a bill of sale, and it doesn't.
- th0ma5 6y agoExcept NFTs aren't artificially scarce, I'm not sure why people claim this. You can fork these chains just like how Bitcoin Cash was forked from Bitcoin.
- herendin2 6y agoBut Bitcoin Cash has much lower unit value than Bitcoin, indicating people see them as different things. That seems to weigh heavily against your argument, rather than supporting it.
- th0ma5 6y agoSo if I sell an NFT how many third party sales forked off of how many subsequent sales should I consider official or not? Also, during the split, they were worth about the same, and you could sell one for the other on many exchanges. Is this what NFTs are supposed to be?
- herendin2 6y agoIf you were asking me about details of NFTs, I have no idea, sorry. I was just disagreeing with the key point in your original argument