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Which is running the same scam as buying a Star [1], except it's done on a blockchain selling to greater fools who are being promised of untold riches that will

by mythz 5y ago

Which is running the same scam as buying a Star [1], except it's done on a blockchain selling to greater fools who are being promised of untold riches that will come their way from buying a row in a database containing a link to a CDN [1] https://twitter.com/smdiehl/status/1445795674696597506 https://twitter.com/smdiehl/status/1445795674696597506

dcolkitt 5y ago
No it’s a lot more like the market for luxury goods. Why does a Chanel purse sell for substantially more than a similar quality leather bag from a generic manufacturer? Because of the intangible status market of the Chanel brand. If the Chanel logo combined with artificial scarcity turns a $1000 bag into a $6000 purse, why would we not expect the Chanel logo with the same artificial scarcity to turn a $0 JPEG into a $1000 JPEG?
- mythz 5y ago
  > No it’s a lot more like the market for luxury goods. Yep exactly like that, except there's no luxury good, not even a receipt of a luxury good, just a ticket to the directions of an online store that's hosting the same bag of pixels that's given out to everyone who ever cared to come across the same public directions with their browser. There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge.
  - dcolkitt 5y ago
    > There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge. Except there clearly is. At the point where many of the world's most famous athletes, musicians and actors have prominently displayed NFTs that they purchased, then there clearly is real social status associated with them. You can debate about whether that's unfair, or stupid, or just a fad. But it's pretty clearly undeniable that NFTs today are an indisputable social status market to a not insignificant fraction of the population. The fact that you find that you think it shouldn't be that way doesn't change the way things are.
chrisco255 5y ago
The problem with "buying a star" or selling a star is there really is no provenance for it. Your bank account is simply a row in a Cobol database managed by some archaic institution. Your stocks in your Robinhood app are the same. You seem to be demeaning the value of database records when so much of the world economy is merely that.
- mythz 5y ago
  > Your bank account is simply a row in a Cobol database managed by some archaic institution. My bank is managing my real cash money account, which has real utility that can be used to purchase tangible assets like the property that houses my family. Your NFT is a worthless forgotten entry buried in a DB of a URL pointing to a public image (everyone has access to, but no one else had to trade real money for) that will become a broken link when this pyramid scam collapses vaporizing every dollar that remained invested in it. If I'm demeaning of anything, it's all the astroturfers, spam bots and scammers trying to hype up this fake FOMO market that is being marketed to greater fools (who aren't aware of what they're actually buying) as their next source of crypto wave riches they missed out by hearing about BTC too late.
  - c22 5y ago
    The only difference is the pyramid scheme your bank account is embedded into has been going on a lot longer. I own my house because I have a piece of paper that says I own it, but really it's because my neighbors choose to acknowledge the "legitimacy" of that paper. If someone else moves into my house while I'm on vacation I can oust them (probably) simply because I have more people "on my side". If enough people choose to acknowledge the legitimacy of NFTs then the scheme will not collapse. You are just making a prediction that people wont choose this, but I think you might be surprised. People attribute value to all sorts of nonsense, especially once they've invested in it themselves. One day all this will be dust, but today, for a brief moment, some guy can trade his collection of digital monkey pictures for a real life piece of paper saying he owns a house, or a whole bunch of database entries at a crusty old bank. Or, I guess, even "cold hard cash" if he prefers.
  - chrisco255 5y ago

by mythz 5y ago

dcolkitt 5y ago

No it’s a lot more like the market for luxury goods. Why does a Chanel purse sell for substantially more than a similar quality leather bag from a generic manufacturer? Because of the intangible status market of the Chanel brand. If the Chanel logo combined with artificial scarcity turns a $1000 bag into a $6000 purse, why would we not expect the Chanel logo with the same artificial scarcity to turn a $0 JPEG into a $1000 JPEG?

mythz 5y ago
> No it’s a lot more like the market for luxury goods. Yep exactly like that, except there's no luxury good, not even a receipt of a luxury good, just a ticket to the directions of an online store that's hosting the same bag of pixels that's given out to everyone who ever cared to come across the same public directions with their browser. There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge.
- dcolkitt 5y ago
  > There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge. Except there clearly is. At the point where many of the world's most famous athletes, musicians and actors have prominently displayed NFTs that they purchased, then there clearly is real social status associated with them. You can debate about whether that's unfair, or stupid, or just a fad. But it's pretty clearly undeniable that NFTs today are an indisputable social status market to a not insignificant fraction of the population. The fact that you find that you think it shouldn't be that way doesn't change the way things are.

chrisco255 5y ago

The problem with "buying a star" or selling a star is there really is no provenance for it. Your bank account is simply a row in a Cobol database managed by some archaic institution. Your stocks in your Robinhood app are the same. You seem to be demeaning the value of database records when so much of the world economy is merely that.

mythz 5y ago
> Your bank account is simply a row in a Cobol database managed by some archaic institution. My bank is managing my real cash money account, which has real utility that can be used to purchase tangible assets like the property that houses my family. Your NFT is a worthless forgotten entry buried in a DB of a URL pointing to a public image (everyone has access to, but no one else had to trade real money for) that will become a broken link when this pyramid scam collapses vaporizing every dollar that remained invested in it. If I'm demeaning of anything, it's all the astroturfers, spam bots and scammers trying to hype up this fake FOMO market that is being marketed to greater fools (who aren't aware of what they're actually buying) as their next source of crypto wave riches they missed out by hearing about BTC too late.
- c22 5y ago
  The only difference is the pyramid scheme your bank account is embedded into has been going on a lot longer. I own my house because I have a piece of paper that says I own it, but really it's because my neighbors choose to acknowledge the "legitimacy" of that paper. If someone else moves into my house while I'm on vacation I can oust them (probably) simply because I have more people "on my side". If enough people choose to acknowledge the legitimacy of NFTs then the scheme will not collapse. You are just making a prediction that people wont choose this, but I think you might be surprised. People attribute value to all sorts of nonsense, especially once they've invested in it themselves. One day all this will be dust, but today, for a brief moment, some guy can trade his collection of digital monkey pictures for a real life piece of paper saying he owns a house, or a whole bunch of database entries at a crusty old bank. Or, I guess, even "cold hard cash" if he prefers.
- chrisco255 5y ago