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I really hope that the disappointment the market will have after realizing that NFTs are just being used as a Ponzi scheme right now won't be an obstacle to oth

I really hope that the disappointment the market will have after realizing that NFTs are just being used as a Ponzi scheme right now won't be an obstacle to other more appropriate uses. Imagine the revolution they can bring to other old school ledger system for houses, cars, licenses...

dustymcp 5y ago
They would have the same central authority problem, the real issue is to get evereyone to agree to using a system like that..
PebblesHD 5y ago
This is the part of NFTs and crypto more broadly that I struggle to understand. What exactly about car registrations or licenses needs improving and how does a crypto token do that? A drivers license is already relatively difficult to forge, and for verification there is already a central registry of them, so where does the token come in?
- seba_dos1 5y ago
  It doesn't. If you really need a blockchain, an old-school permissioned one will do the job cheaper, more reliable, and, paradoxically, often even in more decentralized fashion. NFTs don't bring anything to the table, other than being a cute and wasteful collectible card equivalent that's perfect for money washing and scamming clueless people.
- after_care 5y ago
  > crypto more broadly Think about all of the licensing, money printing, and registration agencies to ever exist. What percentage of them have significant corruption? Blockchains provides a lot of stability in a way more traditional human organizations fail to.
  - adhesive_wombat 5y ago
    At the end of the day, the vehicle registration agency still needs to issue the license, so what's the benefit of a blockchain here? You do not need a blockchain to, say, cryptographically sign something such that it can be verified as a genuine item. And blockchain won't stop corrupt minting of licenses by the agency. And even if you did need a blockchain, the ledger wouldn't be public because the data on it is private. So now it's just a database with a ton of extra steps, complexity and kneecapped performance.
dwb 5y ago
If implemented with even the furthest reaches of understanding and blockchain tech that I’m aware of, I feel this would be (much closer to) a dystopia.
nradov 5y ago
The old school ledger system is working fine. Even if I lose my blockchain private key I still own my house because the title is recorded with the county.
- cuteboy19 5y ago
  Have you considered the fun in losing your house because you clicked on the wrong link?
  - wpietri 5y ago
    A small price to pay for being profiled in Wired as the wild-eyed technology fan who was a pioneer in getting robbed.
  - adhesive_wombat 5y ago
    I'm imagining a combination of the guy who locked half a million in a smart contract with no way to get it out[1], ever, and the Libertarian Cop copypasta[2], where the crypto police is hired by an NFT marketplace to evict you from your house and set up an armed perimeter to prevent use of the house as it is now stuck in a smart contract with no exit. [1] https://cointelegraph.com/news/blockchain-enthusiast-allegedly-losses-500k-by-sending-weth-to-contract-address https://cointelegraph.com/news/blockchain-enthusiast-alleged... [2] https://www.reddit.com/r/copypasta/comments/7iqxko/libertarian_police_department/ https://www.reddit.com/r/copypasta/comments/7iqxko/libertari...
- intotheabyss 5y ago
  If the title of your house was on a blockchain, the title would still be recorded in your county's system. The blockchain is just a ledger, it's up to people to come to agreement on if they trust that ledger or not. The whole point of having your house title on-chain isn't to replace the traditional courts, it's to add additional features to your title and allow you to use that asset's value in decentralized finance more easily. If you lose your keys to your title, you would have to use the traditional court system to replace the title on-chain with severe legal repercussions if you're lying. You could also include a blacklist feature in the house title's onchain contract. It doesn't matter if it's a centralized system either (even if it's on-chain), because the only point of putting it on-chain is to make illiquid assets more liquid because now those assets can be be programmed, used and traded in global decentralized financial markets in web3 24/7, globally.

dustymcp 5y ago

They would have the same central authority problem, the real issue is to get evereyone to agree to using a system like that..

PebblesHD 5y ago

This is the part of NFTs and crypto more broadly that I struggle to understand. What exactly about car registrations or licenses needs improving and how does a crypto token do that? A drivers license is already relatively difficult to forge, and for verification there is already a central registry of them, so where does the token come in?

seba_dos1 5y ago
It doesn't. If you really need a blockchain, an old-school permissioned one will do the job cheaper, more reliable, and, paradoxically, often even in more decentralized fashion. NFTs don't bring anything to the table, other than being a cute and wasteful collectible card equivalent that's perfect for money washing and scamming clueless people.
after_care 5y ago
> crypto more broadly Think about all of the licensing, money printing, and registration agencies to ever exist. What percentage of them have significant corruption? Blockchains provides a lot of stability in a way more traditional human organizations fail to.
- adhesive_wombat 5y ago
  At the end of the day, the vehicle registration agency still needs to issue the license, so what's the benefit of a blockchain here? You do not need a blockchain to, say, cryptographically sign something such that it can be verified as a genuine item. And blockchain won't stop corrupt minting of licenses by the agency. And even if you did need a blockchain, the ledger wouldn't be public because the data on it is private. So now it's just a database with a ton of extra steps, complexity and kneecapped performance.

dwb 5y ago

If implemented with even the furthest reaches of understanding and blockchain tech that I’m aware of, I feel this would be (much closer to) a dystopia.

nradov 5y ago

The old school ledger system is working fine. Even if I lose my blockchain private key I still own my house because the title is recorded with the county.

cuteboy19 5y ago
Have you considered the fun in losing your house because you clicked on the wrong link?
- wpietri 5y ago
  A small price to pay for being profiled in Wired as the wild-eyed technology fan who was a pioneer in getting robbed.
- adhesive_wombat 5y ago
  I'm imagining a combination of the guy who locked half a million in a smart contract with no way to get it out[1], ever, and the Libertarian Cop copypasta[2], where the crypto police is hired by an NFT marketplace to evict you from your house and set up an armed perimeter to prevent use of the house as it is now stuck in a smart contract with no exit. [1] https://cointelegraph.com/news/blockchain-enthusiast-allegedly-losses-500k-by-sending-weth-to-contract-address https://cointelegraph.com/news/blockchain-enthusiast-alleged... [2] https://www.reddit.com/r/copypasta/comments/7iqxko/libertarian_police_department/ https://www.reddit.com/r/copypasta/comments/7iqxko/libertari...
intotheabyss 5y ago
If the title of your house was on a blockchain, the title would still be recorded in your county's system. The blockchain is just a ledger, it's up to people to come to agreement on if they trust that ledger or not. The whole point of having your house title on-chain isn't to replace the traditional courts, it's to add additional features to your title and allow you to use that asset's value in decentralized finance more easily. If you lose your keys to your title, you would have to use the traditional court system to replace the title on-chain with severe legal repercussions if you're lying. You could also include a blacklist feature in the house title's onchain contract. It doesn't matter if it's a centralized system either (even if it's on-chain), because the only point of putting it on-chain is to make illiquid assets more liquid because now those assets can be be programmed, used and traded in global decentralized financial markets in web3 24/7, globally.