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How does potential insider trading in any way validate NFTs being ridiculous?

dreyfan 5y ago
Because it's all a sham and the monetary success of a particular drop is contingent upon how well it's advertised. By knowing when and what drops would be featured, that was the information asymmetry he was exploiting. There is nothing fundamentally useful about a single NFT so far. It's all speculative bullshit in every sense of the imagination. This is just the ICO scams of 2019 regurgitated [1]. [1] https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory
- vkou 5y ago
  > There is nothing fundamentally useful about a single NFT so far. If NFTs were useful, they'd be securities, and would be regulated by the SEC. The entire point of NFTs is that they are naked, useless, purely speculative instruments. It's a big blackjack table, except unlike in Vegas, the house has an edge.
- notJim 5y ago
  > There is nothing fundamentally useful about a single NFT so far. Do people promise there is? NFTs essentially seem like digital collectible cards. It seems stupid to me, but so does collecting little pieces of cardboard with pictures printed on them.
dcolkitt 5y ago
Don’t you remember that time someone got caught insider trading stocks and it made everyone realize that the joint stock corporation was a bad idea.
SkyMarshal 5y ago
Most NFTs are technologically uninteresting for one reason or another. Either the actual art exists off-chain somewhere and there’s just a hash of it onchain, which the “owner” controls with the private key of the transaction or contract the hash is in. But the art can still be copy-pasted all over the Internet and the only way to prevent rando’s from using it for free is with traditional copyright law, so it’s not actually decentralized. Or the art itself is onchain but it’s just some avatar manually drawn in Microsoft Paint (cryptopunks I’m looking at you) and not pseudo-randomly procedurally generated in the smart contract or anything technologically novel and notable like that. The concept of NFTs is interesting and may lead to something truly cool someday, but most of the implementations right now are trash. Disclaimer - I haven't reviewed all the NFT implementations, there are too many. But if there are any that are fully on-chain, decentralized, have zero off-chain dependencies, and are artistically and/or technologically novel, then please let me know!

Because it's all a sham and the monetary success of a particular drop is contingent upon how well it's advertised. By knowing when and what drops would be featured, that was the information asymmetry he was exploiting. There is nothing fundamentally useful about a single NFT so far. It's all speculative bullshit in every sense of the imagination. This is just the ICO scams of 2019 regurgitated [1]. [1] https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory

vkou 5y ago
> There is nothing fundamentally useful about a single NFT so far. If NFTs were useful, they'd be securities, and would be regulated by the SEC. The entire point of NFTs is that they are naked, useless, purely speculative instruments. It's a big blackjack table, except unlike in Vegas, the house has an edge.
notJim 5y ago
> There is nothing fundamentally useful about a single NFT so far. Do people promise there is? NFTs essentially seem like digital collectible cards. It seems stupid to me, but so does collecting little pieces of cardboard with pictures printed on them.

dcolkitt 5y ago

Don’t you remember that time someone got caught insider trading stocks and it made everyone realize that the joint stock corporation was a bad idea.

SkyMarshal 5y ago

Most NFTs are technologically uninteresting for one reason or another. Either the actual art exists off-chain somewhere and there’s just a hash of it onchain, which the “owner” controls with the private key of the transaction or contract the hash is in. But the art can still be copy-pasted all over the Internet and the only way to prevent rando’s from using it for free is with traditional copyright law, so it’s not actually decentralized. Or the art itself is onchain but it’s just some avatar manually drawn in Microsoft Paint (cryptopunks I’m looking at you) and not pseudo-randomly procedurally generated in the smart contract or anything technologically novel and notable like that. The concept of NFTs is interesting and may lead to something truly cool someday, but most of the implementations right now are trash. Disclaimer - I haven't reviewed all the NFT implementations, there are too many. But if there are any that are fully on-chain, decentralized, have zero off-chain dependencies, and are artistically and/or technologically novel, then please let me know!