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It's amazing to watch in real time Crypto Andys learn all the hard lessons that went into making the financial system they seem to despise. The common denomina
by cletus 5y ago
It's amazing to watch in real time Crypto Andys learn all the hard lessons that went into making the financial system they seem to despise.
The common denominator in the examples in the article is that the crypto system at some point has to at some point interface with the Real World and that's where it all falls apart.
There's an example of a woman whose bank won't process the transaction. Just because it's crypto doesn't mean you can escape KYC/AML laws.
Another example was the person whose crypto was tainted by going through the same service used to launder ill-gotten gains, which even assumes their story is true (eg their Bitcoins may well have been ill-gotten).
NFTs are the same. I could buy an artwork but something outside of that system is required to show it's "authentic". I mean I could save the same image to my hard drive (possibly modifying a pixel) and then create a new NFT and what's really to distinguish it from the original? If there is no original NFT, how will a potential buye revaluate the artist actually issued the token?
I've yet to see an actual problem crypto solves other than avoiding laws. It's the biggest solution looking for a problem I've ever seen.
- ReactiveJelly 5y agoYou don't even have to change one pixel. NFTs don't enforce uniqueness or copyright laws or anything. You can 'mint' the same image or hash or URL as new NFTs, forever. They're taking the old confidence scam of "This is the original copy of something that other people are gonna want! (with no intrinsic value)" and tech-washing it to claim that the blockchain enforces originality. It doesn't, it's still all up to humans to say "This is the oldest copy of all the copies." People keep saying "But it might be good for concert tickets!" I'm sick of hearing that. Don't carry water for a scam based on some what-aboutism that hasn't even been implemented. Concert tickets are working fine and TicketMaster would be dead if someone didn't like the way they did things. The venue still has to honor the ticket, so NFTs are still a middle-man, just dumber.