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They spent a fortune on pictures of apes and cats. Do they regret it?

14 points by SirLJ 4y ago

dandare 4y ago
> The cartoon, part of collection of cat images called CryptoKitties, is a non-fungible token But is it? I mean, is the cartoon itself a non-fungible token? Or is it that just a JPEG (one of many) of the cartoon is a non-fungible token? Or even more realistically, is it that only a URL pointing to a that JPEG of the cartoon is a non-fungible token? :D
- lupire 4y ago
  No, the NF token is the network consensus that a signed copy of the URL has been most recently addressed to the "owner"'s public key. No one can send that signed copy to another address, without knowing the private key for the public key.
  - thawaya3113 4y ago
    Yes, but it’s a signed copy of a URL. It’s like having the only key to the door to a room in which the Mona Lisa is kept. Except the room is wide open other than the one wall with the door and freely accessible to all the visitors to the Louvre. None of them will be able to walk in through your door to view it, although they can simply walk around it.
    - Seanambers 4y ago
      NFTs are so stupid that most people have difficulty in understanding how stupid they are.
    - dandare 4y ago
      Good analogy, except the Mona Lisa on the wall is not the original, just one of possibly infinitely many copies. NFT does not automatically (or usually) means that you own the copyright to the picture.
      - dropnerd 4y ago
        you can build a museum around counterfeit artworks. why would anyone bother though?
MarkusWandel 4y ago
Seriously, have these clickbait-style headlines now become normalized? Whatever happened to straight headlines? "Do those who ... regret it?" for example?
dropnerd 4y ago
the article does not do a good job of explaining the "hiccup". let me break it down. > Recently, high-profile hiccups have also deflated investors. In late April, the company behind the Bored Ape Yacht Club, Yuga Labs, auctioned off millions in tokens offering land in a metaverse project they started. Its popularity caused the digital ledger it was being transacted on to nearly shut down. Trading volume also caused transaction fees to rise higher than the actual NFT price in some cases, news reports indicate. imagine your country club is selling rolex watches for $7000, existing members only, 1 per member, while supplies last. meanwhile, there's a crowd standing outside offering to buy them for $24000. you would expect uber rides to reprice towards $17000. with this context, it is unsurprising that the uber ride would cost more than the watch. if you wanted to take an uber to your friend's house, you might decide to reschedule, because $17000 is too much. but we wouldn't describe the uber network as "shut down". instead, it is congested.

14 points by SirLJ 4y ago

> The cartoon, part of collection of cat images called CryptoKitties, is a non-fungible token But is it? I mean, is the cartoon itself a non-fungible token? Or is it that just a JPEG (one of many) of the cartoon is a non-fungible token? Or even more realistically, is it that only a URL pointing to a that JPEG of the cartoon is a non-fungible token? :D

lupire 4y ago
No, the NF token is the network consensus that a signed copy of the URL has been most recently addressed to the "owner"'s public key. No one can send that signed copy to another address, without knowing the private key for the public key.
- thawaya3113 4y ago
  Yes, but it’s a signed copy of a URL. It’s like having the only key to the door to a room in which the Mona Lisa is kept. Except the room is wide open other than the one wall with the door and freely accessible to all the visitors to the Louvre. None of them will be able to walk in through your door to view it, although they can simply walk around it.
  - Seanambers 4y ago
    NFTs are so stupid that most people have difficulty in understanding how stupid they are.
  - dandare 4y ago
    Good analogy, except the Mona Lisa on the wall is not the original, just one of possibly infinitely many copies. NFT does not automatically (or usually) means that you own the copyright to the picture.
    - dropnerd 4y ago
      you can build a museum around counterfeit artworks. why would anyone bother though?

MarkusWandel 4y ago

Seriously, have these clickbait-style headlines now become normalized? Whatever happened to straight headlines? "Do those who ... regret it?" for example?

dropnerd 4y ago

the article does not do a good job of explaining the "hiccup". let me break it down. > Recently, high-profile hiccups have also deflated investors. In late April, the company behind the Bored Ape Yacht Club, Yuga Labs, auctioned off millions in tokens offering land in a metaverse project they started. Its popularity caused the digital ledger it was being transacted on to nearly shut down. Trading volume also caused transaction fees to rise higher than the actual NFT price in some cases, news reports indicate. imagine your country club is selling rolex watches for $7000, existing members only, 1 per member, while supplies last. meanwhile, there's a crowd standing outside offering to buy them for $24000. you would expect uber rides to reprice towards $17000. with this context, it is unsurprising that the uber ride would cost more than the watch. if you wanted to take an uber to your friend's house, you might decide to reschedule, because $17000 is too much. but we wouldn't describe the uber network as "shut down". instead, it is congested.