7 ms·

I don't see it that way at all. The NFT vector is arbitrary. The point was to drain his accounts and nothing more. If a less suspicious method was available,

by grp000 5y ago

I don't see it that way at all. The NFT vector is arbitrary. The point was to drain his accounts and nothing more. If a less suspicious method was available, I'm sure the scammers would have taken that one.

matkoniecz 5y ago
Is there any case of NFT that is not some combination of get-rich-quick scheme, Ponzi scheme, search for a bigger fool, FOMO-powered stupidity, extracting money from naive people or satire of NFT? And NFT part adds anything substantial and is not replaceable by regular transfer (either transfer of money or BTC-like)?
- MPSimmons 5y ago
  I'm not convinced it isn't crypto itself, and NFT is just an extension of that.
  - randomhodler84 5y ago
    It’s degrees of suspension of disbelief. Software is just tricking sand into to thinking. I have no issue believing that an imaginary consensus stored ledger in thousands of computers all secured by massive amounts of energy and limited to 21M units over 100 years might be valuable. The ability for people to copy this software idea? Not valuable. The ability for people to issue new tokens on existing chains? Not valuable. The ability for people to post and sell jpegs, Not valuable. Only original ideas are scarce. It’s the first step vs the n-th step.
    - birdyrooster 5y ago
      I think SV libertarians saw the scam of world finance and thought, y’know what if we could get in on this too and then we would never have to innovate again.
    - woodruffw 5y ago
      > I have no issue believing that an imaginary consensus stored ledger in thousands of computers all secured by massive amounts of energy and limited to 21M units over 100 years might be valuable. It's not "secured" by energy. You can't convert a Bitcoin into the original amount of power required to produce it, which is the defining quality of a financial security. It's more accurate to say that Bitcoin's value is retained by the ongoing commitment of power into the network. But that correctly suggests that the network collapses without a perpetual source of electricity, which is not the kind of positive connotation that I think you meant to supply.
      - randomhodler84 5y ago
        Hmmm, you do agree it has value then! It’s a little more nuanced, while some component of maintaining hashrate/energy, it’s best be be thought of as a point in time expenditure given the network size, participants and technology available. Once a block is minted at a given difficulty, it can never be undone (with a negligible probability), as a chain reorganization would need to put in more energy than that to undo it. It’s a conversion, abstractly. Probabilistic finality at a given level of technological and economic resource exploitation.
        woodruffw 5y ago
        The wonderful thing about economic value is that, for better or worse, we get to decide what has it. A large number of people have decided that Bitcoins have economic value, and it's not particularly salient to my arguments as to whether that's true or not. The rest of what you've written doesn't really concern me, because all I was interested in was pointing out that Bitcoin doesn't securitize energy.
      - thebean11 5y ago
        The person you are replying to is using the word secured in a literal sense I think. Not the financial sense meaning backed by.
        woodruffw 5y ago
- Animats 5y ago
  If anyone knows of one, please post. As far as I know, there are none in the Metaverse area of NFTs. Discussion on Reddit's r/metaverse [1] [1] https://www.reddit.com/r/metaverse/comments/sr0sqz/what_metaverse_stuff_doesnt_suck/ https://www.reddit.com/r/metaverse/comments/sr0sqz/what_meta...
- whatshisface 5y ago
  NFTs could be used to manage domain names, which might be a helpful replacement for ICANN.
  - Grustaf 5y ago
    How would it work and what aspect would it improve?
    - whatshisface 5y ago
      The NFT part keeps track of who owns what domain. It would improve the situation by getting rid of the questionable organization running things presently. (See: the .org scandal)
      - Grustaf 5y ago
        Obviously the NFT would "keep track of", but you have to be more specific. And changing the organisation is a completely separate question from which database technology they use. IF you just switch from SQL to NFT the organisation will not suddenly become less corrupt, or whatever the issue with them is.
        whatshisface 5y ago
        If you're asking for the implementation details, there's a group trying to do it right now. You should look them up if you're interested. >IF you just switch from SQL to NFT the organisation will not suddenly become less corrupt, or whatever the issue with them is. It's true that it won't make the managing organization less corrupt - it will make them nonexistent. That's the idea behind decentralized decision-making. The people running the database don't have to have the power to change it or bend the rules: that's what this whole crypto thing is about.
        Grustaf 5y ago
        How would you be able to get rid of the organisation? So many people talk about various crypto use cases but they can almost never explain how it would work. From land deeds to insurance to domain registration to in game assets etc etc, people have all these wonderful ideas. It would be interesting to one day have at least one of these ideas explained.
KennyBlanken 5y ago
I think parent commenter might feel the same way I do, which is that when I read him say "eh, a scam but she's helping us, no harm in me voicing support" my sympathy for him diminished significantly. If you don't know much about NFTs but think they're kinda scammy, maybe you shouldn't default to "support / lend your reputation to them."

by grp000 5y ago

matkoniecz 5y ago

Is there any case of NFT that is not some combination of get-rich-quick scheme, Ponzi scheme, search for a bigger fool, FOMO-powered stupidity, extracting money from naive people or satire of NFT? And NFT part adds anything substantial and is not replaceable by regular transfer (either transfer of money or BTC-like)?

MPSimmons 5y ago
I'm not convinced it isn't crypto itself, and NFT is just an extension of that.
- randomhodler84 5y ago
  It’s degrees of suspension of disbelief. Software is just tricking sand into to thinking. I have no issue believing that an imaginary consensus stored ledger in thousands of computers all secured by massive amounts of energy and limited to 21M units over 100 years might be valuable. The ability for people to copy this software idea? Not valuable. The ability for people to issue new tokens on existing chains? Not valuable. The ability for people to post and sell jpegs, Not valuable. Only original ideas are scarce. It’s the first step vs the n-th step.
  - birdyrooster 5y ago
    I think SV libertarians saw the scam of world finance and thought, y’know what if we could get in on this too and then we would never have to innovate again.
  - woodruffw 5y ago
    > I have no issue believing that an imaginary consensus stored ledger in thousands of computers all secured by massive amounts of energy and limited to 21M units over 100 years might be valuable. It's not "secured" by energy. You can't convert a Bitcoin into the original amount of power required to produce it, which is the defining quality of a financial security. It's more accurate to say that Bitcoin's value is retained by the ongoing commitment of power into the network. But that correctly suggests that the network collapses without a perpetual source of electricity, which is not the kind of positive connotation that I think you meant to supply.
    - randomhodler84 5y ago
      Hmmm, you do agree it has value then! It’s a little more nuanced, while some component of maintaining hashrate/energy, it’s best be be thought of as a point in time expenditure given the network size, participants and technology available. Once a block is minted at a given difficulty, it can never be undone (with a negligible probability), as a chain reorganization would need to put in more energy than that to undo it. It’s a conversion, abstractly. Probabilistic finality at a given level of technological and economic resource exploitation.
      - woodruffw 5y ago
        The wonderful thing about economic value is that, for better or worse, we get to decide what has it. A large number of people have decided that Bitcoins have economic value, and it's not particularly salient to my arguments as to whether that's true or not. The rest of what you've written doesn't really concern me, because all I was interested in was pointing out that Bitcoin doesn't securitize energy.
    - thebean11 5y ago
      The person you are replying to is using the word secured in a literal sense I think. Not the financial sense meaning backed by.
      - woodruffw 5y ago
Animats 5y ago
If anyone knows of one, please post. As far as I know, there are none in the Metaverse area of NFTs. Discussion on Reddit's r/metaverse [1] [1] https://www.reddit.com/r/metaverse/comments/sr0sqz/what_metaverse_stuff_doesnt_suck/ https://www.reddit.com/r/metaverse/comments/sr0sqz/what_meta...
whatshisface 5y ago
NFTs could be used to manage domain names, which might be a helpful replacement for ICANN.
- Grustaf 5y ago
  How would it work and what aspect would it improve?
  - whatshisface 5y ago
    The NFT part keeps track of who owns what domain. It would improve the situation by getting rid of the questionable organization running things presently. (See: the .org scandal)
    - Grustaf 5y ago
      Obviously the NFT would "keep track of", but you have to be more specific. And changing the organisation is a completely separate question from which database technology they use. IF you just switch from SQL to NFT the organisation will not suddenly become less corrupt, or whatever the issue with them is.
      - whatshisface 5y ago
        If you're asking for the implementation details, there's a group trying to do it right now. You should look them up if you're interested. >IF you just switch from SQL to NFT the organisation will not suddenly become less corrupt, or whatever the issue with them is. It's true that it won't make the managing organization less corrupt - it will make them nonexistent. That's the idea behind decentralized decision-making. The people running the database don't have to have the power to change it or bend the rules: that's what this whole crypto thing is about.
        Grustaf 5y ago
        How would you be able to get rid of the organisation? So many people talk about various crypto use cases but they can almost never explain how it would work. From land deeds to insurance to domain registration to in game assets etc etc, people have all these wonderful ideas. It would be interesting to one day have at least one of these ideas explained.

KennyBlanken 5y ago

I think parent commenter might feel the same way I do, which is that when I read him say "eh, a scam but she's helping us, no harm in me voicing support" my sympathy for him diminished significantly. If you don't know much about NFTs but think they're kinda scammy, maybe you shouldn't default to "support / lend your reputation to them."