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> It’s possible to see a purpose for cryptocurrencies, but NFTs are (for now) almost comically bereft of anything most of us would associate with social or cult
by golemotron 5y ago
> It’s possible to see a purpose for cryptocurrencies, but NFTs are (for now) almost comically bereft of anything most of us would associate with social or cultural value.
They incentivize energy production and research into better energy production. That isn't trivial.
- AlexandrB 5y agoUnless you believe that NFTs are useful in and of themselves, this is a classic example of the Broken Window Fallacy[1]. For example, we could "incentivize energy production" just as well by phasing out LED light bulbs and replacing them with incandescent ones. So why don't we? [1] https://en.wikipedia.org/wiki/Parable_of_the_broken_window https://en.wikipedia.org/wiki/Parable_of_the_broken_window
- golemotron 5y agoBroken windows conflates general economic growth with specific incentives.
- quickthrowman 5y agoJevons’ Paradox implies any energy efficiency gains from cryptocurrency will be used by .. cryptocurrency. https://en.m.wikipedia.org/wiki/Jevons_paradox https://en.m.wikipedia.org/wiki/Jevons_paradox