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I'll be honest, it hurts me to see people shit on something, likely because of the sentiment towards NFTs at the moment. It's definitely not the first time I've

I'll be honest, it hurts me to see people shit on something, likely because of the sentiment towards NFTs at the moment. It's definitely not the first time I've seen a lot of smart people on HN look at things in an off-way. There are bad actors, there are bad actors everywhere with any physical goods as well. I'm just trying to build something I enjoy and others will too. That something happens to use NFTs.

ofchnofc 4y ago
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pcthrowaway 4y ago
What is that thing you're building, and why does it use NFTs?
atoav 4y ago
Sorry, as someone who is fascinated with cryptographgy I have to say that NFTs are a technology nobody could explain me the benefits of. Most of them who tried were either naive (and lost money on NFTs) or bad actors trying to sell me something. The fact that I have not met a single knowledgable person who managed to convince me that NFTs are a good technology that solves problems that need solving in elegant ways doesn't speak about me, it speaks about the topic at hand. To me NFTs look like this: Somebody was like "how can we make money off the internet if people just can copy everything? We need to limit the supply somehow!" and then they tried to market it to artists "you will earn money this way". I don't even agree that copyability of data is a problem, and the argument of "we can make money by owning and not putting in a lot of work" attracts exactly the kind of bad actor you talked about. Any technology doesn't live in isolation from society, especially not something like NFTs that makes the extraordinary claim to introduce something as fundamental as ownership within a system that has been built on free copying of data. That means bad actors need to be factored in, especially if you're marketing the thing in the style of a get rich quick scheme. Maybe you can explain why this is something we want and why this is the technology that solves it?
- ahnick 4y ago
  NFTs are probably best thought of as ownership records or certificates for items that could be either digital goods or physical goods. If you want NFTs to be useful as an ownership record for a physical good, then there will need to be some authority in the physical world that agrees to use the NFTs on a specific blockchain as the system of record for transactions of that good. (e.g. local municipalities using NFTs on Ethereum to represent property deeds) Some benefits of NFTs in the property deed example would be: - The elimination of the need for municipalities to maintain proprietary databases to hold property deeds - 24/7 globally accessible property information. (No downtime) - Standardized and globally interoperable property records across municipalities and potentially countries - Easy to prove and verify ownership of properties, which could be used to grant access to third party services for homeowners. (e.g. HELOCs) - Dapps could allow property owners to post the NFT deed as collateral and automate the loan application process to reduce processing costs.
  - deleted 4y ago
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  - automatic6131 4y ago
    All of this is literally easier and cheaper to do without NFT woo. The reason why it doesn't already exist is that there's practically no need for it. >Dapps could allow property owners to post the NFT deed as collateral and automate the loan application process to reduce processing costs. Do you not see how this is a bad idea? What value is the NFT deed? The house has the value - what's the NFT worth? If you have the NFT deed, are you the house owner? Bruh.
    - ahnick 4y ago
      How would you design an HA system that has literally 0 downtime and accessible from anywhere in the world that people can cryptographically prove ownership of a property? How would you prevent DDoS attacks of that system? Further, how would you keep costs low enough that a typical small city or township could afford said HA property system? What value is the property deed? The house has the value - what's the property deed worth? If you have the property deed, are you the house owner?
Yizahi 4y ago
100% of people in the NFT space are bad actors because they deliberately lie to others. Or they honestly deluded themselves into the madness, makes no big difference really. We can do an experiment here - you can describe what you think is an NFT and I can reply why is that technically impossible (because we have heard this broken record for a thousand times already) :)

ofchnofc 4y ago

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pcthrowaway 4y ago

What is that thing you're building, and why does it use NFTs?

atoav 4y ago

Sorry, as someone who is fascinated with cryptographgy I have to say that NFTs are a technology nobody could explain me the benefits of. Most of them who tried were either naive (and lost money on NFTs) or bad actors trying to sell me something. The fact that I have not met a single knowledgable person who managed to convince me that NFTs are a good technology that solves problems that need solving in elegant ways doesn't speak about me, it speaks about the topic at hand. To me NFTs look like this: Somebody was like "how can we make money off the internet if people just can copy everything? We need to limit the supply somehow!" and then they tried to market it to artists "you will earn money this way". I don't even agree that copyability of data is a problem, and the argument of "we can make money by owning and not putting in a lot of work" attracts exactly the kind of bad actor you talked about. Any technology doesn't live in isolation from society, especially not something like NFTs that makes the extraordinary claim to introduce something as fundamental as ownership within a system that has been built on free copying of data. That means bad actors need to be factored in, especially if you're marketing the thing in the style of a get rich quick scheme. Maybe you can explain why this is something we want and why this is the technology that solves it?

ahnick 4y ago
NFTs are probably best thought of as ownership records or certificates for items that could be either digital goods or physical goods. If you want NFTs to be useful as an ownership record for a physical good, then there will need to be some authority in the physical world that agrees to use the NFTs on a specific blockchain as the system of record for transactions of that good. (e.g. local municipalities using NFTs on Ethereum to represent property deeds) Some benefits of NFTs in the property deed example would be: - The elimination of the need for municipalities to maintain proprietary databases to hold property deeds - 24/7 globally accessible property information. (No downtime) - Standardized and globally interoperable property records across municipalities and potentially countries - Easy to prove and verify ownership of properties, which could be used to grant access to third party services for homeowners. (e.g. HELOCs) - Dapps could allow property owners to post the NFT deed as collateral and automate the loan application process to reduce processing costs.
- deleted 4y ago
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- automatic6131 4y ago
  All of this is literally easier and cheaper to do without NFT woo. The reason why it doesn't already exist is that there's practically no need for it. >Dapps could allow property owners to post the NFT deed as collateral and automate the loan application process to reduce processing costs. Do you not see how this is a bad idea? What value is the NFT deed? The house has the value - what's the NFT worth? If you have the NFT deed, are you the house owner? Bruh.
  - ahnick 4y ago
    How would you design an HA system that has literally 0 downtime and accessible from anywhere in the world that people can cryptographically prove ownership of a property? How would you prevent DDoS attacks of that system? Further, how would you keep costs low enough that a typical small city or township could afford said HA property system? What value is the property deed? The house has the value - what's the property deed worth? If you have the property deed, are you the house owner?

Yizahi 4y ago

100% of people in the NFT space are bad actors because they deliberately lie to others. Or they honestly deluded themselves into the madness, makes no big difference really. We can do an experiment here - you can describe what you think is an NFT and I can reply why is that technically impossible (because we have heard this broken record for a thousand times already) :)