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Non-Fungible Tokens (NFTs) Explained

18 points by W-Stool 5y ago

version_five 5y ago
Though I agree with the article, I'd say that even acknowledging these things help to build the appeal that there may be something to them. Pet rock, emperor's new clothes, a fool and his money are soon parted... there is not an explanation needed, if you can't see why it's valuable, it isn't, you're being tricked and you and your peers are too scared to point out how ridiculous you look
washedup 5y ago
Bugs me when someone seemingly hyper intelligent breaks down things of technical nature that involve human psychology but completely miss the point. Value is a human construct. It is different for everyone, and almost always subjective (yes, exchanges help find objective value, but even that can be wrong). The entire crypto/NFT space is being proded from all sides as if they are final products. Diehl lacks the ability to see potential future evolutions, and instead is stuck in "today". Of course it looks scammy, because 99% of what's out there is scammy. However, the remaining 1% has potential to change to world from top to bottom and provide wealth to early adopters. The big challenge now is to sift through to find what is truly valuable long term. Risk/reward. Taleb suffers from the same issue, which to me is more surprising since his entire legacy is built on uncertainty.
- slategruen 5y ago
  But that's the thing. A lot of investors in NFT/crypto doesn't see that 1% reward/risk ratio. While I do agree that crypto has an appropriate place in our financial system, the way it's advertised now is just ridiculous. This is evident with the amount pyramid, Ponzi, and pump-and-dump schemes linked to a lot of crypto projects. I know a handful amount of people who've lost a big fraction of their savings investing in crypto but in the end losing it all to a scam. Where are all these people? Probably hiding in shame. There's just too much survivorship bias in this space and criticism on this should be welcomed not shut down if it's going to be the technology of the future.
  - washedup 5y ago
    People should decide for themselves. Some basic legislation (which will come eventually) will help a lot too. But investing is always risky (particularly for this space). With regards to criticism, that’s always essential, but it’s good to be critical of such extreme criticism at the same time. The author’s analysis makes it seem black and white, but it just isn’t the case.
iab 5y ago
The ownership aspect isn't always true, though right? Like if I look at this guy: https://opensea.io/assets/0xec9c519d49856fd2f8133a0741b4dbe002ce211b/5405 https://opensea.io/assets/0xec9c519d49856fd2f8133a0741b4dbe0... I would own all the commercial aspects of this token, if I were to buy it.
antifa 5y ago
> Lets finally talk about how NFTs are a giant scam. This is the exact text of the first tweet, and is probably what the title should be changed to.

18 points by W-Stool 5y ago

Though I agree with the article, I'd say that even acknowledging these things help to build the appeal that there may be something to them. Pet rock, emperor's new clothes, a fool and his money are soon parted... there is not an explanation needed, if you can't see why it's valuable, it isn't, you're being tricked and you and your peers are too scared to point out how ridiculous you look

washedup 5y ago

Bugs me when someone seemingly hyper intelligent breaks down things of technical nature that involve human psychology but completely miss the point. Value is a human construct. It is different for everyone, and almost always subjective (yes, exchanges help find objective value, but even that can be wrong). The entire crypto/NFT space is being proded from all sides as if they are final products. Diehl lacks the ability to see potential future evolutions, and instead is stuck in "today". Of course it looks scammy, because 99% of what's out there is scammy. However, the remaining 1% has potential to change to world from top to bottom and provide wealth to early adopters. The big challenge now is to sift through to find what is truly valuable long term. Risk/reward. Taleb suffers from the same issue, which to me is more surprising since his entire legacy is built on uncertainty.

slategruen 5y ago
But that's the thing. A lot of investors in NFT/crypto doesn't see that 1% reward/risk ratio. While I do agree that crypto has an appropriate place in our financial system, the way it's advertised now is just ridiculous. This is evident with the amount pyramid, Ponzi, and pump-and-dump schemes linked to a lot of crypto projects. I know a handful amount of people who've lost a big fraction of their savings investing in crypto but in the end losing it all to a scam. Where are all these people? Probably hiding in shame. There's just too much survivorship bias in this space and criticism on this should be welcomed not shut down if it's going to be the technology of the future.
- washedup 5y ago
  People should decide for themselves. Some basic legislation (which will come eventually) will help a lot too. But investing is always risky (particularly for this space). With regards to criticism, that’s always essential, but it’s good to be critical of such extreme criticism at the same time. The author’s analysis makes it seem black and white, but it just isn’t the case.

iab 5y ago

The ownership aspect isn't always true, though right? Like if I look at this guy: https://opensea.io/assets/0xec9c519d49856fd2f8133a0741b4dbe002ce211b/5405 https://opensea.io/assets/0xec9c519d49856fd2f8133a0741b4dbe0... I would own all the commercial aspects of this token, if I were to buy it.

antifa 5y ago

> Lets finally talk about how NFTs are a giant scam. This is the exact text of the first tweet, and is probably what the title should be changed to.