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The thing is: you can list all of the arguments against NFTs you want (and I'm not even disagreeing), we know that rationality has no say in determining the mar
by folli 5y ago
The thing is: you can list all of the arguments against NFTs you want (and I'm not even disagreeing), we know that rationality has no say in determining the market value.
There are currently too many examples, starting from the TESLA stock price to all the meme stocks (GameStop, GME). Even the price of Bitcoin is completely irrational.
- edem 5y agoYeah I agree. BTC is severely underpriced.
- yjftsjthsd-h 5y agoIf the whole thing is irrational, how can it be underpriced? Or: What makes you think the true price (if one exists) is higher than it currently goes for?
- atoav 5y agoSure, but if the thing you are speculating with doesn't matter, why not just use something completely arbitrary instead? For example here is an random UUID: 6f50fde3-a7f0-433b-a9b1-8ef6d665905b. How much money would you put on it?
- Mordisquitos 5y agoI've never seen that UUID before in my life, it must be priceless!
- Drakim 5y agoI've already right clicked your UUID: 6f50fde3-a7f0-433b-a9b1-8ef6d665905b Without a blockchain to formally prove that you own it, can anybody even own anything at all?
- xdennis 5y agoI hereby formally claim 6f50fde3-a7f0-433b-a9b1-8ef6d665905b. This HN comment will probably last longer than a random blockchain.
- 1_player 5y agoI agree, @xdennis owns it. It doesn't matter what's written on the blockchain, it's the majority (50%+1) that decides who owns what.
- moron4hire 5y agoThe Blockchain only proves the first derivative of ownership. It can't prove the user owned the object before putting it on the Blockchain.
- dtech 5y agoYes, in the same ways society has done for thousands of years.
- CPLX 5y agoBut it’s here on HN and now there’s a very clear and practical way for this user to prove he originated this UUID before anyone else who tries to claim it. What do we suppose that’s worth in dollars?
- jtbayly 5y agoHe probably right-clicked it from somewhere else.
- can16358p 5y agoIt's "a great copy of Mona Lisa", instead of parent comment's real Mona Lisa. Sure they look the same, maybe exactly the same, maybe binary-level same, but that's not what really matters. What matters is the social contract, minting and/or owning the original. If a celebrity generates a random GUID and puts on blockchain as an NFT, I'm pretty much sure that it will sell. A random GUID is worthless. A random original of a GUID generated by, say Elon Musk, is.
- pjc50 5y agoThat's not a particularly valuable number. How about 09 F9 11 02 9D 74 E3 5B D8 41 56 C5 63 56 88 C0?
- arpa 5y agoOh no! You scoundrel! The Industry is ruined because of likes of you!!
- dempseye 5y agoLooks rare
- user-the-name 5y agoThe price of cryptocurrencies is currently massively, massively manipulated. Not just "investors with deep pockets buying and selling strategically", not just "insider trading", but outright pumping massive amounts of fake money into the markets, and dishonest exchanges.
- cblconfederate 5y agoAt least for some, you can ballpark it. Decentraland land is said to sell by the millions. Virtually nobody plays that game. In the hundreds of virtual worlds out there the price is maximum ~$300 per month. That doesn't compute. Of course as gambling instrument it is fun, but there is no price discovery here, just a passing fad novelty There is going to be some actual value in the nft mechanism, but in a future version of it (apparently this already exists). Right now the nft market doesn't give long term incentives to creators to maintain the high value of their work
- nathias 5y agocreators tax trade of their work and get a cut on every transaction, so there is an incentive to keep interest high in long term
- coldtea 5y ago>The thing is: you can list all of the arguments against NFTs you want (and I'm not even disagreeing), we know that rationality has no say in determining the market value. It does, when, eventually, shit gets tough and bubbles bust. Then people fall from buildings or cry themselves to sleep for having been stupid. On good times, sure, the sky is the limit...
- chrisseaton 5y agoHow do you think people suddenly re-determine a rational price for artwork during a bust?
- dtech 5y agoIf enough people stop buying it and there's no-one left who thinks he higher than the current price the price will go to 0. NFTs have no intrinsic value.
- deleted 5y ago[deleted]
- chrisseaton 5y agoBut no artwork has any intrinsic value. How's that new or interesting or worth saying? If you think NFT's are irrational because they have no intrinsic value, then you think all artwork is irrational, which isn't a useful thing to say because it's in practice valuable because people value non-intrinsic things like art, culture, history, and that's just humanity.
- coldtea 5y ago>But no artwork has any intrinsic value. How's that new or interesting or worth saying? Millenia of selling fine art have shown that they have some intrinsic value and can maintain it well over centuries (I don't e.g. expect a Caravaggio to drop to anywhere near cheap) - just not a use-value. NFTs on the other hand are not "fine art", and don't have the same associate proven track record. They're closer to the pet rock and the hula hup. In general terms, nothing has "intrinsic value", including gold and petrol. If a society doesn't use petrol (for cars, factories, etc) for example, it's value is zero.
- root_axis 5y agoThat is a specious comparison. Tesla and Gamestop stock confer legal ownership of companies that produce billions of dollars in revenue per year. An NFT is a digitally signed text file uploaded to a blockchain... there is a massive difference between the two. More importantly, blockchains are massivevly inefficient when compared to digital signatures which already accomplish the ostensible value-add of NFTs. I hope the NFT meme dies soon.
- sp332 5y agoThe article isn't about market value though. It's about people cutting off business with Discord when they teased an NFT feature. And refusing to work with people who work on NFT protects in general.