3 ms·

NFTs, like bitcoin and other blockchains, are another step on the road to digital property rights. They don't work yet and no one has figured out how they will

by crypot 5y ago

NFTs, like bitcoin and other blockchains, are another step on the road to digital property rights. They don't work yet and no one has figured out how they will work. One thing to remember is that the first stage of a technological advancement is the bubble stage that leads to an influx of capital to build out the infrastructure. Eventually we will be able to use this infrastructure to build out businesses with more economic value.

rip_netrunner 5y ago
Bitcoin IS a fungible token! NFT literally is "non-fungible token". Do you even know what you are talking about? Please go take a casual 5 minutes to google a topic you are unfamiliar with before spouting off about it.
- cslarson 5y ago
  NFTs and Bitcoin are both forms of tokens, which represent digital property rights. The parent comment almost certainly understands this and was talking more broadly about forms of digital ownership. So your blasting them was kind of cringe.
- koonsolo 5y ago
  Bitcoin is definitely not fully fungible, because you can easily trace its origins. And so you could "stain" certain bitcoins. "We don't accept bitcoins coming from transaction X" Monero for example is fully fungible.
snarf21 5y ago
They can't ever work. You can't prove digital rights to a non digital asset. It doesn't matter what the blockchain says owns a property when the county courthouse says you do. They tried the same thing for "produce on the blockchain". "You can prove that this crate of apples was grown organic in Kenya". But all you can really prove is that someone put that claim on the blockchain and attached the hash to some paperwork. You are still trusting something and someone not on the blockchain. And how do you make sure this crate isn't swapped for another crate of apples that this isn't true for. You are trusting that no one did that during its transit. Blockchain can't work for anything that isn't a self-referencing currency. It only ever exists on chain so the chain can be trusted.
- koonsolo 5y ago
  Who needs the real world when we can own things in the metaverse? ;)

by crypot 5y ago

rip_netrunner 5y ago

Bitcoin IS a fungible token! NFT literally is "non-fungible token". Do you even know what you are talking about? Please go take a casual 5 minutes to google a topic you are unfamiliar with before spouting off about it.

cslarson 5y ago
NFTs and Bitcoin are both forms of tokens, which represent digital property rights. The parent comment almost certainly understands this and was talking more broadly about forms of digital ownership. So your blasting them was kind of cringe.
koonsolo 5y ago
Bitcoin is definitely not fully fungible, because you can easily trace its origins. And so you could "stain" certain bitcoins. "We don't accept bitcoins coming from transaction X" Monero for example is fully fungible.

snarf21 5y ago

They can't ever work. You can't prove digital rights to a non digital asset. It doesn't matter what the blockchain says owns a property when the county courthouse says you do. They tried the same thing for "produce on the blockchain". "You can prove that this crate of apples was grown organic in Kenya". But all you can really prove is that someone put that claim on the blockchain and attached the hash to some paperwork. You are still trusting something and someone not on the blockchain. And how do you make sure this crate isn't swapped for another crate of apples that this isn't true for. You are trusting that no one did that during its transit. Blockchain can't work for anything that isn't a self-referencing currency. It only ever exists on chain so the chain can be trusted.

koonsolo 5y ago
Who needs the real world when we can own things in the metaverse? ;)