NFTs: I don't get it.
- Thread starter Agema
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And what you're bragging about is you paid someone to tell you you can brag about having paid them. I mean kudos to the evil genius who convinces a bunch of marks to pay them for digital bragging rights. When they're done with NFTs I have a bridge to sell them.
It's a self-perpetuating ponzi scheme: as long as you can sell it for more money to the next sucker, you win.
And then you burn down a rainforest to power the transaction.
And then you burn down a rainforest to power the transaction.
- Apr 1, 2009
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Not really, bit coin is more of a commodity then a currency. Its too volatile to be a good currency.
Oh, okay, I think that makes sense: you get a completely meaningless digital certificate that someone might be stupid enough to pay for even though there's nothing attached to it (so in other words very much like a certificate of land ownership on the moon).
Essentially, an attempt to create value out of nothing: a new commodity, where that commodity is a bit of blockchain that has a value of whatever someone feels like paying for it, which they may do for no other reason than its meaningless representation suits some quirk, delusion, vanity, etc. they have.
Sounds like a fraud wonderland. But as they say, a fool and his money are easily parted.
Well some places even near me will accept it as a form of payment.
I consider it currency basically cause if I wanted I can pay for Sushi with it or in some places I think video games.
Bitcoin is another of those things I don't fully understand. I get that its a crypto currency, and people just decided it was worth X amount of dollars, and then it's value goes up and down basically like a stock. But what does mining mean, and how is it just not counterfeiting? And like what happens if someone just says Bitcoin isn't worth anything? Like a dude tries to buy I dunno, computer parts online with bitcoin and the store just says no its not worth anything. I guess that dude was just throwing money into digital fire?
Bitcoin mining certifies that you've wasted an amount of electricity.
- Apr 1, 2009
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I have seen best buy or office depot willing to take it in the past but haven't seen that lately. Its one of those things where if you get it low then its awesome but its hard to actually get money out of, especially if you have a lot since the act of selling them will reduce the value.
I would call it being in transition to a currency. I don't think it's quite there yet. It's the Pluto of currencies
I believe there actually is more than one NFT system, so things can be minted more than once.
Many of them get really aggressive if people aren't into the scheme too (which makes sense given it's pyramid-like nature -- you need more and more take-up for it to work). Came across one one guy who said Simon Stalenhag (whose work is amazing) was 'spitting in [his fans'] faces' by not letting them mint screenshots of his own work.
Well, you can sell the NFT later can't you? But for that you really need more wealthy idiots to get in on it.
Mining is a good analogy. In the old days we used precious metal coins, so the more gold found and dug out of the earth, there more coins they could make. A gold mine was, literally, an opportunity to print money. A downside, however, was that also potentially caused inflation if too much gold was minted and the economy didn't grow equivalently.
What the fucknugget who invented bitcoin failed to foresee is that it's now an environmental and computer security disaster: there's more electicity being used to power bitcoin mining than there is to power medium-sized middle economy countries, and viruses that exist just to steal your computer's processing power for bitcoin miners.
In theory, that's no different from any currency. That's what a decrease in the value of a currency means: people think it's worth less than the assumed amount. The problem with bitcoin it's its vastly more unstable than the average national currency.
Well that's technically any currency as such as if some-one with a large degree of investment in one currency suddenly buys into another currency it can cause the value of the currencies to trade.
There's even some traders etc who make money on the micro fluctuation in currencies by trading money round from one to another.
Yes and no.
Technically it certifies you spent an amount of electricity working as a payment processing server basically.
I'm pretty sure Bitcoin was created so mining didn't have to happen underground anymore
There's an argument that Bitcoin, and others, are early attempts by libertarians to remove currency from the control of government. Not just in terms of inflation and interest rates but even to fundamentally undermine the government's ability to follow transactions and apply tax, thereby achieving aims of libertarians of dimishing the power of the state. Unsurprisingly, these elements also made cryptocurrencies popular with criminals.
As has been noted, the current model is toxic - literally, in terms of energy use and resultant pollution.
One can however see the obvious link between cryptocurrencies and NFTs.
Technically (According to the BBC video I linked above) Crypto is less harmful than out present currency systems. The issues being really it's another system being built while the existing ones still operate.
The NFT systems use the same basic idea as crypto but yeh not good.
(Note: I technically own some crypto myself, I didn't buy or mine it I got given it but it's an obscure one which I'm not even sure of the value of but it's somehow linked to ethereum I'm disclosing this to explain why I know what little I do about it)
I'm not sure I follow the mining analogy. I get it in principle, but gold is technically a rare metal, and even though we have metric fucktons in the earth's crust, it requires labor and man hours to get, and technically we have a finite amount. We have more than humans could ever do with combined, but in theory the earth can run out of gold.
But bitcoins are a digital currency, there is no hard cap. You can functionally make an infinite amount and render the entire thing useless. Even if we say the same about paper currency, again technically there is a hard cap with how many dollar dollar bills ya'll we can print until we're out of trees.
Also why does mining for bitcoins require extra electricity? Computers do have a hard cap on how much juice they use, you can't just shove lightning bolts into one and make Vision.