Jump to content

NFTs


Devon Malcolm

Recommended Posts

5 hours ago, Your Fight Site said:

As it’s simplest, a blockchain is a ledger. 

I had to google "ledger" so I know this stuff isn't for me. 

It feels like when bitcoin first became a thing, and everyone was super sceptical, thinking "how can Internet money be money?". So now this has got a bit of traction, and people that have a bit of a clue about technology are thinking "I need to understand this, and make sure I don't miss out like I did with bitcoin!" 

Maybe it's the next bitcoin and I need to throw a few hundred at a digital picture of a unicorn, then I can sell it for a million in 10 years........ Maybe not. Probably not. 

Link to comment
Share on other sites

  • Moderators
1 hour ago, Lorne Malvo said:

I think the thing I'm proudest of in my life is never ever watching a Joe Rogan clip. The cunt could be stood next to me in the Asda and I doubt I'd know it's him. 

Eh. I really liked News Radio when it used to run on Paramount back in the day. And Fear Factor was top notch tv in my student days. So I'll give Joe Rogan those two things.

Link to comment
Share on other sites

  • Paid Members
6 hours ago, Mr_Danger said:

I heard theres warehouses full of PS3’s being used to mine crypto in Ukraine. It’s also the reason no one can get hold of these fancy new CPU’s that are coming out and getting snapped up quicker than Jordan 4’s and PS5’s combined. I imagine enough of these mining farms leave a pretty big dint in energy consumption.

Just don’t ask me to explain anything I just said. I blame Elon Musk and Joe Rogan.

I remember them thinking there was one doing that, but it was allegedly being used to grind for FIFA FUT currency. 

https://www.nme.com/news/gaming-news/alleged-ukrainian-crypto-warehouse-was-actually-farming-fifa-ultimate-team-currency-2996123

Link to comment
Share on other sites

  • Paid Members
3 hours ago, kev2050 said:

It feels like when bitcoin first became a thing, and everyone was super sceptical, thinking "how can Internet money be money?". So now this has got a bit of traction, and people that have a bit of a clue about technology are thinking "I need to understand this, and make sure I don't miss out like I did with bitcoin!" 

Maybe it's the next bitcoin and I need to throw a few hundred at a digital picture of a unicorn, then I can sell it for a million in 10 years........ Maybe not. Probably not. 

That’s exactly what it is, though. People are just buying cryptocurrency or NFTs in a hope they can sell it for more down the line. And the idiots buying it say they’re doing so under the pretence of, “But it’s not regulated! It can be used by any one in any country! It’s the future!” and not, “I’m buying it in the hope of getting rich”.

Same with NFTs. Are people dropping hundreds of thousands on to “own” an image of an ape or whatever because they think it’s an amazing piece of art and worth that amount of money? Are they shite.

Edited by Your Fight Site
Link to comment
Share on other sites

I will admit I own a small amount of crypto and it's the big names. It basically makes up the high risk component of my savings/investment and if it all went away tomorrow I wouldn't really dwell on it. Outside of a mate who I've always discussed investing with I mention it to no one. The whole thing is a bit of a shit show really and seems to be run by teens/ early 20s people who have far too much money for their age group. I see some benefit in the application but it's murky waters right now.

NFT's though are a fucking load of stinky dog piss. It literally seems to be floppy haired millennials and gen z's using the word 'bro' in short videos to talk about them without actually giving any hard evidence. South Park hit it on the head with adult Butters in their recent TV movie. I can't understand why anyone would want to buy works of 'art' in jpeg form which wouldn't compete with anything in a UKFF MS Paint comp and the only way I could see a market for pics of that high value is if celebs were sharing exclusive images of their private parts. 

With both of these things I stand by a rule that someone told me which is when you start seeing other people putting their energy into trying to sell you a product/service they don't own themselves, it probably means you're more likely to get shafted. 

That said I have heard/read about some applications for NFT's as membership tokens, season tickets and other forms of contract that could then be easily traded but none have actually come into fruition yet which also says a lot. 

 

 

Edited by simonworden
Link to comment
Share on other sites

  • Paid Members
10 hours ago, Lorne Malvo said:

I think the thing I'm proudest of in my life is never ever watching a Joe Rogan clip. The cunt could be stood next to me in the Asda and I doubt I'd know it's him. 

If you want to experience Joe Rogan, but without seeing/heading him, this is a good as your going to get

Link to comment
Share on other sites

  • Paid Members

The people I'm seeing on Twitter with NFT apes for profile pics and other related content are professional football players of both the American & rest of the world variety.

I therefore put it down to being a "more money than I know what to do with and lots of free time" thing.

Link to comment
Share on other sites

  • Paid Members

Very quick summary on the blockchain environmentalism bit (which will probably have wrong stuff in, but every time I try to explain it gets a little less wrong):

* A blockchain is literally a list of events such as transactions (usually who paid who, how much and when.) That could be people buying or selling cryptocurrency, NFTs or whatever. It could also be more useful events worth tracking such as components moving in a supply chain or tracking diamonds from mining to retail so you can be certain they aren't from shady origins.

* There isn't a single file for the blockchain. Instead there's a huge number of copies on computers around the world. The idea is nobody can delete the master file because there isn't one.

* Every entry on the blockchain is encrypted (like data you send to a secure website) in a one-way fashion. It means if you tried to alter any of the records, the encryption would no longer match and it's obvious somebody has tried to fuck with it. Every other computer then says "nope, ignore that copy, that's shady."

* The encryption happens once a certain number of transactions take place. The data for this set of transactions is a "block" which then chains to the previous one in chronological order.

* Adding a block means not only doing the encryption, but checking that all the entries in it are definitely legit. Long story short, this involves doing maths. Lots of maths. Need a computer because Rachel Riley couldn't cope level maths.

* Simply saying "it would be real handy if people could set their PCs to do some of this maths, it's just a nice thing to do" doesn't cut it. You have to give people an incentive. That usually means effectively running a series of races. First PC to do the maths for a particular block and add it to the chain wins a prize. With cryptocurrencies that price is usually a newly-created unit (or tiny fraction of a unit) of the cryptocurrency itself. 

* The good news is this works because people figure "whoa, I could buy a super-fast computer, win this race, and make more in prizes than I spend on electricity to power the computer," so there's always somebody who can complete each block.

* The bad news is that you end up in an arms race where not only are loads of people running entire banks of computers doing nothing but trying to be first to complete a block, but all but one of them will turn out to have used all that power for nothing. And then it all gets out of hand and you end up with estimates like "the people doing this for Bitcoin alone use more power than Finland."

Link to comment
Share on other sites

  • Paid Members

Whereas NFTs are much easier to explain.

Imagine those "buy a piece of the moon"/"buy a lordship"/"buy a star" ads in magazines that people use for "quirky" presents.

It's that, but once you've got the "certificate of ownership", you try to sell it second-hand for more than you paid for it.

Link to comment
Share on other sites

  • Paid Members

The funniest one is when Tommy Tallerico said Intellivision Amico games would use NFTs instead of NFC for his "physical media" and he's now going to have to get them all on the block chain. 

First I heard of NFTs was an article after the Daft Punk split saying they'd given one to Lindsey Lohan. I was intrigued until I investigated a bit more into them. 

I see John Terry has managed to get himself into a spot of bother with UEFA & the Premier League over some NFT bollocks he got involved in. 

"Premier League and Uefa taking legal advice over John Terry’s NFT ape tweets | Football | The Guardian" https://amp.theguardian.com/football/2022/jan/26/premier-league-and-uefa-taking-legal-advice-over-john-terrys-nft-ape-tweets

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...