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NFTs


Devon Malcolm
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I'm not going to try and pretend I know even slightly what's going on with all these but has anyone on here dabbled in these or care to explain why there's a craze for these ape things that look like rejects from a first draft Gorillaz video?

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Nothing to add but more stories like this please. Crypto/NFT Bros thought they bought the rights to Dune and planned on turning it in to NFTs, in fact all they bought was an old book. Seems like a Ponzi scheme, I get the functionality behind blockchain/crypto but I have no idea what purpose NFTs are trying to serve. What if I Google image search one of those bored apes and set it as my screensaver, is the owner of the NFT coming to my door to demand a tenner?

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No matter how much I try to understand it, I simply don't get it. It's like my brain refuses to store it. It just feels like fools and their money and some off kilter scam. I also can't fucking avoid people bringing it up randomly, but on here there's a fair chance people will be like me and utterly clueless but also know it's just feels off. 

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It's like a computer copied how art works. Yeah pieces of art go for ridiculous amounts of money and sometimes it seems a bit arbitrary but there is an ongoing process, history etc. The computer doesn't understand that and just thinks things are worth money because they're worth money. NFTs feel like that, people have declared them to be worth it so they are.

there's some semi practical uses but only if you ignore the massive enivronmental impact mostly relating to the fact the original creator gets a percentage of each transaction. As a mechanism to sell tickets for gigs it would work - although it's not like you couldn't achieve the same thing without using the blockchain

Realisically the key benfits of NFTs appear to be

1) A use for crypto currency that isn't buying drugs

2) Money laundering

3) Showing off wealth

1 and 3 means you're gonna get a lot of people on twitter chatting on about them endlessly.

Edited by organizedkaos
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3 minutes ago, organizedkaos said:

there's some semi practical uses but only if you ignore the massive enivronmental impact

Somebody explain this to me because I don't understand how creating digital art (if that's what it fucking is, I DON'T KNOW) is bad for the environment.

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Just now, Devon Malcolm said:

Somebody explain this to me because I don't understand how creating digital art (if that's what it fucking is, I DON'T KNOW) is bad for the environment.

This, also when people say they mine crypto I get awfully lost. 

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I barely understand so someone may well be able to explain better / explain that i'm wrong...  But as far as I understand the underlying maths associated with maintaining Bitcoin and Ethreum is incredibly complex as it uses lots of encryption maths to verify transactions etc, this uses a remarkable amount o computer power and thus more energy (either from requiring multiple computers to do the processing or pushing them harder - similar to how driving faster uses more petrol)

However it is that NFTs work is more complicated than currency (I'm going assume more complex tokens or multiple tokens) and that uses more calculations and thus more computer power and thus more energy. Somehow that ends up with a single NFT sale equivalent amounts of electricity to what a normal person does in weeks

 

 

Edited by organizedkaos
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3 minutes ago, organizedkaos said:

I barely understand so someone may well be able to explain better / explain that i'm wrong...  But as far as I understand the underlying maths associated with maintaining Bitcoin and Ethreum is incredibly complex as it uses lots of encryption maths to verify transactions etc, this uses a remarkable amount o computer power and thus more energy (either from requiring multiple computers to do the processing or pushing them harder - similar to how driving faster uses more petrol)

However it is that NFTs work is more complicated than currency (I'm going assume more complex tokens or multiple tokens) and that uses more calculations and thus more computer power and thus more energy. Somehow that ends up with a single NFT sale equivalent amounts of electricity to what a normal person does in weeks

 

 

Am I completely mad or does that just sound like some 'My first James Bond villain' kit weirdness. 

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As it’s simplest, a blockchain is a ledger. Transactions are added to the blockchain, and can’t be changed. Mining is putting your computer to work to “verify” these transactions. It does so by doing really hard maths problems. To do really hard maths problems, it needs to use lots of processing power. The more work your computer’s processors are using, the more power it draws and burns. The more transactions that are added to the blockchain, the harder the maths problems get and the lower the rewards.

NFTs, I have no idea what any sane person sees in them. You have a token, that “proves” you own something. Cool. Who gives a shit? I don’t care who owns a picture of a fucking hand-drawn ape. The guy who bought the original Tweet. Fantastic. Does he own the copyright to that Tweet? Probably not. It’ll still exist and be viewable on twitter.com, and no one will be any the wiser who “owns” that Tweet.

Knob-heads claims NFTs puts ownership in the hands of people and not corporations or governments, but this can also backfire. If you buy a picture of an ape for £100,000, but then someone hacks your wallet and re-sells that NFT, who do you turn to? You can’t go to the police. They can’t get a NFT back. A new transaction’s been written and ownership transferred to a new owner. It’s gone. This literally happened with someone who bought an ape avatar for their Twitter profiles, then moaned their NFTs had been “stolen”. And one person gloriously replied, “You need to change your profile picture because you don’t own it any more.”

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6 minutes ago, Your Fight Site said:

Knob-heads claims NFTs puts ownership in the hands of people and not corporations or governments, but this can also backfire. If you buy a picture of an ape for £100,000, but then someone hacks your wallet and re-sells that NFT, who do you turn to? You can’t go to the police. They can’t get a NFT back. A new transaction’s been written and ownership transferred to a new owner. It’s gone. This literally happened with someone who bought an ape avatar for their Twitter profiles, then moaned their NFTs had been “stolen”. And one person gloriously replied, “You need to change your profile picture because you don’t own it any more.”

As I understand it, that's also the reason why so many right-wing/alt-right/Libertarian dickheads are almost invariably into crypto-currencies in general. 

Or, as I heard them so beautifully named recently, "Dunning-Krugerrands".

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