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I have trouble finding good pro arguments taking on the strongest anti- arguments, it's pretty frustrating. To rebut moxie's OpenSea monopoly criticism, one guy

I have trouble finding good pro arguments taking on the strongest anti- arguments, it's pretty frustrating. To rebut moxie's OpenSea monopoly criticism, one guy goes and pulls up stats from a week-old competitor that fueled their first week's performance by airdropping tokens on a bunch of nft high-rollers. Apparently they consider this ample evidence of a healthy competitive ecosystem given the amount of words they labored on the point. [0] [0] https://www.notboring.co/p/the-web3-debate https://www.notboring.co/p/the-web3-debate

Animats 5y ago
Centralization may be a problem, but it's not the biggest problem with NFT land. The big problem is that NFTs aren't being used to do anything. They're mostly closed zero-sum systems for transferring money from suckers to minters. The metaverse NFT thing has not resulted in much in the way of good 3D worlds. Decentraland and Sominium Space actually got worlds going, but they're not very impressive virtual worlds and few people go there. Many of the later entrants don't even try to implement a product. They just hand-wave that as something scheduled far down the roadmap. They go on and on in their "white papers" about the details of the token system, while saying nothing about how they plan to implement the supposed product. Then there are the people who just sell plots on a 2D map and don't even pretend to have ambitions of making it into a usable virtual world. There are a few NFT promoters who aspire to build a 3D world, or at least talk about it, but they are not seen to be working at the scale required to bring it off. Now, what props up this house of cards is the success of Bitcoin, Etherium, and Tether. We now have hundreds of billions of dollars invested in memes. So people think that investing in new memes is a real business. The history of financial scams suggests that it is not. It's worth noting that none of this stuff has faced a recession yet. In a recession, there's net outflow from investments. What could possibly go wrong?
- UncleMeat 5y ago
  > They go on and on in their "white papers" about the details of the token system, while saying nothing about how they plan to implement the supposed product. Of all of the stuff in crypto that frustrates me, the absolute trashing of the term "white paper" takes the cake. This used to be a term for work that was not published in traditional academic outlets but nevertheless was of similar rigor and intellectual value. Now "whitepaper" means "Welcome to bongcoin, the best coin for ripping huge hits and buying lambos."

Animats 5y ago

Centralization may be a problem, but it's not the biggest problem with NFT land. The big problem is that NFTs aren't being used to do anything. They're mostly closed zero-sum systems for transferring money from suckers to minters. The metaverse NFT thing has not resulted in much in the way of good 3D worlds. Decentraland and Sominium Space actually got worlds going, but they're not very impressive virtual worlds and few people go there. Many of the later entrants don't even try to implement a product. They just hand-wave that as something scheduled far down the roadmap. They go on and on in their "white papers" about the details of the token system, while saying nothing about how they plan to implement the supposed product. Then there are the people who just sell plots on a 2D map and don't even pretend to have ambitions of making it into a usable virtual world. There are a few NFT promoters who aspire to build a 3D world, or at least talk about it, but they are not seen to be working at the scale required to bring it off. Now, what props up this house of cards is the success of Bitcoin, Etherium, and Tether. We now have hundreds of billions of dollars invested in memes. So people think that investing in new memes is a real business. The history of financial scams suggests that it is not. It's worth noting that none of this stuff has faced a recession yet. In a recession, there's net outflow from investments. What could possibly go wrong?

UncleMeat 5y ago
> They go on and on in their "white papers" about the details of the token system, while saying nothing about how they plan to implement the supposed product. Of all of the stuff in crypto that frustrates me, the absolute trashing of the term "white paper" takes the cake. This used to be a term for work that was not published in traditional academic outlets but nevertheless was of similar rigor and intellectual value. Now "whitepaper" means "Welcome to bongcoin, the best coin for ripping huge hits and buying lambos."