6 ms·

NFTs were always a scam.

by LegitShady 4y ago

badinsie 4y ago
- dang 4y ago
  You can't post like this here. Since you've been breaking the HN guidelines repeatedly in other places too, I've banned the account. If you don't want to be banned, you're welcome to email hn@ycombinator.com and give us reason to believe that you'll follow the rules in the future. They're here: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html.
- LegitShady 4y ago
  I'd rather keep my shit for brains instead of trading it away to a scammer in exchange for a number on a blockchain we pretend is an image that has value because its on a blockchain. my shit for brains isn't the massive scam and fraud that is the NFT 'market' and is infinitely more valuable.
  - dang 4y ago
    Please don't respond to a bad comment by breaking the site guidelines yourself. That only makes everything worse. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
  - badinsie 4y ago
    have you not heard about the NFT that is a title to a house? whoever owns that NFT owns that house. its not about images. what about the scam that is the US stock market? take a look at Gamestop. there should only be around 300,000,000 shares of Gamestop, but there are BILLIONS of counterfeit shares created via naked short selling. THAT is the real scam. blockchain will help solve issues like that. pull your head out of your ass.
    - kkielhofner 4y ago
      I’ll believe “whoever owns that NFT owns that house” when Sheriff’s deputies doing an eviction care at all. They don’t. In the convoluted NFT marketing stunt you’re referring to even the contract that attempts to associate the NFT that is precariously tied to an LLC that owns the house has language for being able to reissue the NFT AND acknowledges that ultimately the registration of the deed with the clerk is record. So exactly the same as forever. Even the most bullish of blockchain people who actually understand how anything works acknowledge that the oracle problem is real and NFTs and real world assets don’t mix.
    - LegitShady 4y ago
      >have you not heard about the NFT that is a title to a house? whoever owns that NFT owns that house a court can still decide who owns the house, regardless of where the NFT is. If someone squats in your house you're going to need the existing legal system to deal with it, and they dont care about your NFT. The whole thing will still rely on the courts, the law, and law enforcement. Its 100% nonsense.
- throwawayacc3 4y ago
coralreef 4y ago
Lebron James rookie cards were always a scam.
- whateveracct 4y ago
  Less of a scam than NFTs though
  - bravetraveler 4y ago
    Yea, you actually get the card. Not a pointer to it
    - coralreef 4y ago
      So you pay money for cardboard with ink on it, and it’s worth thousands? Sounds sus
      - bravetraveler 4y ago
        No, but I'd be more amenable to the price for the verifiable cardboard than infinitely numbered unauthoritative pointers
        coralreef 4y ago
        You realize it’s not the pointer to a jpg that makes an NFT valuable, it’s the provability of the artist that published it?
        bravetraveler 4y ago
        I recognize the distinction, but I don't believe it makes it particularly valuable. The concepts are so abstract I have a hard time even discussing it. I'm not a collector or market person at all. I'd be hard to convince buying anything of this sort of novelty. No judgement against those who do, I just grew up poor and protect my disposable income like a dragon. The 'pointer' tells me the thing I reportedly own exists as a part of the chain, it doesn't certify any particular uniqueness or rarity, for example. As long as it's affordable to mint, could I not could lob a personal attack and 'devalue' an NFT by cloning it? I suspect given the amount of speculation around these, it may even prove profitable for some time.

NFTs were always a scam.

badinsie 4y ago

dang 4y ago
You can't post like this here. Since you've been breaking the HN guidelines repeatedly in other places too, I've banned the account. If you don't want to be banned, you're welcome to email hn@ycombinator.com and give us reason to believe that you'll follow the rules in the future. They're here: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html.
LegitShady 4y ago
I'd rather keep my shit for brains instead of trading it away to a scammer in exchange for a number on a blockchain we pretend is an image that has value because its on a blockchain. my shit for brains isn't the massive scam and fraud that is the NFT 'market' and is infinitely more valuable.
- dang 4y ago
  Please don't respond to a bad comment by breaking the site guidelines yourself. That only makes everything worse. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- badinsie 4y ago
  have you not heard about the NFT that is a title to a house? whoever owns that NFT owns that house. its not about images. what about the scam that is the US stock market? take a look at Gamestop. there should only be around 300,000,000 shares of Gamestop, but there are BILLIONS of counterfeit shares created via naked short selling. THAT is the real scam. blockchain will help solve issues like that. pull your head out of your ass.
  - kkielhofner 4y ago
    I’ll believe “whoever owns that NFT owns that house” when Sheriff’s deputies doing an eviction care at all. They don’t. In the convoluted NFT marketing stunt you’re referring to even the contract that attempts to associate the NFT that is precariously tied to an LLC that owns the house has language for being able to reissue the NFT AND acknowledges that ultimately the registration of the deed with the clerk is record. So exactly the same as forever. Even the most bullish of blockchain people who actually understand how anything works acknowledge that the oracle problem is real and NFTs and real world assets don’t mix.
  - LegitShady 4y ago
    >have you not heard about the NFT that is a title to a house? whoever owns that NFT owns that house a court can still decide who owns the house, regardless of where the NFT is. If someone squats in your house you're going to need the existing legal system to deal with it, and they dont care about your NFT. The whole thing will still rely on the courts, the law, and law enforcement. Its 100% nonsense.
throwawayacc3 4y ago

coralreef 4y ago

Lebron James rookie cards were always a scam.

whateveracct 4y ago
Less of a scam than NFTs though
- bravetraveler 4y ago
  Yea, you actually get the card. Not a pointer to it
  - coralreef 4y ago
    So you pay money for cardboard with ink on it, and it’s worth thousands? Sounds sus
    - bravetraveler 4y ago
      No, but I'd be more amenable to the price for the verifiable cardboard than infinitely numbered unauthoritative pointers
      - coralreef 4y ago
        You realize it’s not the pointer to a jpg that makes an NFT valuable, it’s the provability of the artist that published it?
        bravetraveler 4y ago
        I recognize the distinction, but I don't believe it makes it particularly valuable. The concepts are so abstract I have a hard time even discussing it. I'm not a collector or market person at all. I'd be hard to convince buying anything of this sort of novelty. No judgement against those who do, I just grew up poor and protect my disposable income like a dragon. The 'pointer' tells me the thing I reportedly own exists as a part of the chain, it doesn't certify any particular uniqueness or rarity, for example. As long as it's affordable to mint, could I not could lob a personal attack and 'devalue' an NFT by cloning it? I suspect given the amount of speculation around these, it may even prove profitable for some time.