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What happens when the domain in the tokenURI expires? Or when the HTTPS certificate expires? Or when the server gets hacked? Or the server changes owners? Or th

by aorth 5y ago

What happens when the domain in the tokenURI expires? Or when the HTTPS certificate expires? Or when the server gets hacked? Or the server changes owners? Or the server operator just decides to abscond? Etc... this is complete nonsense.

thephyber 5y ago
Caveat emptor. This is no different from due diligence when making any other form of investment. Observation: there is an incentive for the buyer to maintain the content (or perhaps even to replace with higher value content) at the URL. Perhaps NFT owners can band together to form a co-op / condo association if an NFT-content host site/domain goes down to maintain it. The next set of features I keep reading about in cryptocurrency/NFT space is "governance", which could cover this type of responsibility.
- aorth 5y ago
  > Caveat emptor. This is no different from due diligence when making any other form of investment. Thanks for taking the time to respond, but it's _literally_ the value proposition of "crypto" evangelists that this stuff will be around "forever" on the blockchain. When you invest in stocks or put money in a savings account there are shit tons of regulations against insider trading, fraud, etc, not to mention federal deposit insurance. With "crypto" you have nothing except a pinky promise from some developers, essentially, who say that their "blockchain" aka directed graph will be around forever! > Observation: there is an incentive for the buyer to maintain the content (or perhaps even to replace with higher value content) at the URL. Why would the buyer of the NFT have to maintain the content at the URL? It's pointing to an external, off-chain URL that the _seller_ chooses.
  - thephyber 5y ago
    “Crypto evangelists” are right. The problem isn’t with the blockchain layer (eg the Operating System). It retains the promises you espouse. The problem is with an NFT (an application) minted with bad assumptions. If a buyer fails to understand what the NFT is, that’s not a shortcoming of blockchain enthusiasts. I’m not an NFT investor (I don’t think an NFT of a JPG/MP3/MP4 has any intrinsic value), but your complaint applies to any investor in any asset. Caveat emptor. A buyer needs to learn what they are buying before they can put an accurate value on their offer, so they are responsible for their purchase.

by aorth 5y ago

thephyber 5y ago

Caveat emptor. This is no different from due diligence when making any other form of investment. Observation: there is an incentive for the buyer to maintain the content (or perhaps even to replace with higher value content) at the URL. Perhaps NFT owners can band together to form a co-op / condo association if an NFT-content host site/domain goes down to maintain it. The next set of features I keep reading about in cryptocurrency/NFT space is "governance", which could cover this type of responsibility.

aorth 5y ago
> Caveat emptor. This is no different from due diligence when making any other form of investment. Thanks for taking the time to respond, but it's _literally_ the value proposition of "crypto" evangelists that this stuff will be around "forever" on the blockchain. When you invest in stocks or put money in a savings account there are shit tons of regulations against insider trading, fraud, etc, not to mention federal deposit insurance. With "crypto" you have nothing except a pinky promise from some developers, essentially, who say that their "blockchain" aka directed graph will be around forever! > Observation: there is an incentive for the buyer to maintain the content (or perhaps even to replace with higher value content) at the URL. Why would the buyer of the NFT have to maintain the content at the URL? It's pointing to an external, off-chain URL that the _seller_ chooses.
- thephyber 5y ago
  “Crypto evangelists” are right. The problem isn’t with the blockchain layer (eg the Operating System). It retains the promises you espouse. The problem is with an NFT (an application) minted with bad assumptions. If a buyer fails to understand what the NFT is, that’s not a shortcoming of blockchain enthusiasts. I’m not an NFT investor (I don’t think an NFT of a JPG/MP3/MP4 has any intrinsic value), but your complaint applies to any investor in any asset. Caveat emptor. A buyer needs to learn what they are buying before they can put an accurate value on their offer, so they are responsible for their purchase.