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You do realize that replicas are a problem in the real world art world as well right? In real world art this is resolved by proving providence, in crypto provi

You do realize that replicas are a problem in the real world art world as well right? In real world art this is resolved by proving providence, in crypto providence from minting is trivial, but you still need to prove providence that the minting was honest.

Godel_unicode 5y ago
None of which in any way responds to what I said. NFTs, by design, have no fraud prevention mechanism and no mechanism for getting your money back if you were scammed. They allow for arbitrarily many tokens to be minted of the same thing, with no obvious mechanism for people to realize that's what's happening.
- neuralzen 5y ago
  Smart contracts can and do limit the amount which can be minted. And fraud exists everywhere, regardless of institutional controls - this is where community matters.
  - Igelau 5y ago
    Funny how community came up in the article as one of the ways NFT is really just MLM...
    - neuralzen 5y ago
      Community comes up in every facet of life...what's your point here?
  - extr 5y ago
    But you can just make a new smart contract that does the same thing, no? Smart contracts themselves can just be copied. And saying that the "community" will take care of the fraud issue - isn't this a step backwards?
    - neuralzen 5y ago
      Sure, but it has a different address...there is no possibility of confusion. Something from the 1950s is not going to be confused with something from the 1980s, especially with a blockchain timestamp.
tartoran 5y ago
I think you are confusing providence for provenance here
- X6S1x6Okd1st 5y ago
  Ah yeah edited, thanks! EDIT: oh the window has passed.
input_sh 5y ago
In the real art world replicas are... well replicas. Regardless of how good they are, they're not exactly the same, a trained eye can tell them apart. That's not the case when making a copy of the file. You get a perfect one-to-one replica that nobody can tell apart in any way.
- X6S1x6Okd1st 5y ago
  On the other hand, it's trivial to show that an NFT is authentic and not a replica. The difficult part, as always with cryptography, is linking a public key to a know identity. If you have a trusted channel from the artist (e.g. their twitter feed) it's trivial for them to indicate that a given public key/wallet address is theirs and therefore anything minted on there is authentic and anything minted elsewhere is not. Determining if a real world piece of art is a replica or authentic can be fairly expensive. Determining if an NFT is authentic is much much cheaper.

Godel_unicode 5y ago

None of which in any way responds to what I said. NFTs, by design, have no fraud prevention mechanism and no mechanism for getting your money back if you were scammed. They allow for arbitrarily many tokens to be minted of the same thing, with no obvious mechanism for people to realize that's what's happening.

neuralzen 5y ago
Smart contracts can and do limit the amount which can be minted. And fraud exists everywhere, regardless of institutional controls - this is where community matters.
- Igelau 5y ago
  Funny how community came up in the article as one of the ways NFT is really just MLM...
  - neuralzen 5y ago
    Community comes up in every facet of life...what's your point here?
- extr 5y ago
  But you can just make a new smart contract that does the same thing, no? Smart contracts themselves can just be copied. And saying that the "community" will take care of the fraud issue - isn't this a step backwards?
  - neuralzen 5y ago
    Sure, but it has a different address...there is no possibility of confusion. Something from the 1950s is not going to be confused with something from the 1980s, especially with a blockchain timestamp.

tartoran 5y ago

I think you are confusing providence for provenance here

X6S1x6Okd1st 5y ago
Ah yeah edited, thanks! EDIT: oh the window has passed.

input_sh 5y ago

In the real art world replicas are... well replicas. Regardless of how good they are, they're not exactly the same, a trained eye can tell them apart. That's not the case when making a copy of the file. You get a perfect one-to-one replica that nobody can tell apart in any way.

X6S1x6Okd1st 5y ago
On the other hand, it's trivial to show that an NFT is authentic and not a replica. The difficult part, as always with cryptography, is linking a public key to a know identity. If you have a trusted channel from the artist (e.g. their twitter feed) it's trivial for them to indicate that a given public key/wallet address is theirs and therefore anything minted on there is authentic and anything minted elsewhere is not. Determining if a real world piece of art is a replica or authentic can be fairly expensive. Determining if an NFT is authentic is much much cheaper.