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NFTs: General Discussion

DragonSinger

By DragonSinger
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DragonSinger Paragon

DragonSinger

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35 minutes ago, Sawdamizer said:

NFTs as a means to buy and sell things that are proprietary to you… such as, your house… much like your deed… instead of going to the registry of deeds and paying an attorney to record… you can own it.

I would rather own something and have genuine proof of it. And for images there's already the ability to buy copyrights, but I'm pretty sure that copyright protections don't apply to NFTs so, WHY ARE PEOPLE DOING THIS?

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stilgar Monster Mutant

stilgar

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27 minutes ago, DragonSinger said:

I would rather own something and have genuine proof of it. And for images there's already the ability to buy copyrights, but I'm pretty sure that copyright protections don't apply to NFTs so, WHY ARE PEOPLE DOING THIS?

To launder money. 

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Sawdamizer Monster Mutant

Sawdamizer

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49 minutes ago, DragonSinger said:

I would rather own something and have genuine proof of it. And for images there's already the ability to buy copyrights, but I'm pretty sure that copyright protections don't apply to NFTs so, WHY ARE PEOPLE DOING THIS?

So, the use case I just gave you is you owning the document and the source code back to you as the only owner…

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Poof Monster Mutant

Poof

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6 hours ago, Sawdamizer said:

NFTs as a means to buy and sell things that are proprietary to you… such as, your house… much like your deed… instead of going to the registry of deeds and paying an attorney to record… you can own it.

Quote

Role of Private Keys
NFT ownership is managed via a private key that serves as a sentinel to all the assets in a specific digital wallet. Anyone holding the private key can get access, as well as move the NFTs out of the digital wallet and resell them. NFTs are in essence nonduplicable certificates of ownership for any digital asset. Because each digital asset is inextricably linked to its authentication mechanism — the key — any theft or compromise of it could mean the corresponding NFT may not be recoverable by the rightful owner. Once it's out of the owner's possession, good luck trying to get it back.

Like other blockchain-based platforms, NFT marketplaces are targeted by hackers. The centralized design of the marketplaces and the high value attached to NFTs make them prized targets. They can be subject to a range of attack vectors, including phishing, insider threats, supply chain attacks, brute-force attacks against account credentials, ransomware, and even distributed denial-of-service attacks.

No Strong Assurance Against Account Takeover
Blockchain design encompassing NFTs provides certain fundamental properties applicable to security, such as immutability and integrity checks. Immutability inherent in blockchain design is considered one of the core tenets of any transaction-security strategy. It's introduced to create a single source of truth and supports nonrepudiation, which is crucial for accountability of actions.

But this still does not guard the platform against attacks leading to an account takeover (ATO), a major threat. There is a clear, exploitable scenario here as once an NFT has been transferred to someone else's wallet or sold, it may not be recovered by the sender or a third party. Enabling private keys to serve as gatekeepers is bound to create concentrated risk in one area, leading to a single-point-of-failure scenario. Even adding additional layers of security by exercising defense in depth may not serve as a foolproof counter if an attacker uses a sophisticated, relatively noiseless, and slow-rate attack to stay under the radar to breach such controls. 

81593570.jpg

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mumbo Elder

mumbo

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18 hours ago, DragonSinger said:

Why are NFTs a thing? I don't fucking get it.

 

Some fucking moronic idea that you can own things other people get for free...  just leave it at that.  Theres a lockchain, but it can be copy pasta and reposted anywhere...  I'm guessing the person who bids on it decides what happens after millions of copies are stolen.   And they get to say they own it... there is no real value at all.

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mumbo Elder

mumbo

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17 hours ago, DragonSinger said:

People are buying rare paintings and books and burning or threatening to burn them after making NFTs of their purchases so their NFTs can have more value. This is way past foolish, and I am confused.

OMFG NFT Nazis.  No one can afford originals that rare and if they were for sale no one cares if they are destroyed by their owners 

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PhilosipherStoned Monster Mutant

PhilosipherStoned

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More or less a scam. The idea itself makes for a good thought experiment, but the idea itself is also really dangerous since many of the same people that are gonna spread the idea are people that have already succeeded in cyrpto pump 'n' dumps and so forth. That's all I can think anyway. The same people that know they can convince others to invest in their shitcoin...Which is really a thing btw. https://www.coingecko.com/en/coins/shitcoin will certainly love the buzz around NFT's and try to use the grey area of understanding  the general public has of them to their advantage anyway. 

Your understanding of the purpose of NFT's is just as good as mine if not better though probably. Who knows maybe I have a million dollar jpeg tucked away in my hardrive somewhere. This youtuber has teamed up and done some research into the area here, but I mean...He goes off in tangents on every topic so of course this one seems to make him just wordgasm, and wtf more than explain the shit in a way that helps people not too familiar with the crypto world catch up on the madness...

 

 

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scoobdog Monster Mutant

scoobdog

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20 hours ago, DragonSinger said:

Why are NFTs a thing? I don't fucking get it.

To add to what Sawdy already (rather concisely) said, NFTs are a natural progression of digital currency.  Just as inherent limitations to physical currency create the need for crypto currencies,  NFTs expand financial instrumentation beyond the finite amount of physical property (land, art, vehicles, etc).  We may not be to the point where wealth building is being critically restricted, but the ability of traditional currency (backed by a country's central bank) to expand isn't limitless.

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stilgar Monster Mutant

stilgar

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10 minutes ago, scoobdog said:

To add to what Sawdy already (rather concisely) said, NFTs are a natural progression of digital currency.  Just as inherent limitations to physical currency create the need for crypto currencies,  NFTs expand financial instrumentation beyond the finite amount of physical property (land, art, vehicles, etc).  We may not be to the point where wealth building is being critically restricted, but the ability of traditional currency (backed by a country's central bank) to expand isn't limitless.

Good, it shouldn't be thought of as limitless because it isn't.

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scoobdog Monster Mutant

scoobdog

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1 minute ago, stilgar said:

Good, it shouldn't be thought of as limitless because it isn't.

Crypto / NFTs don't address problems with wealth distribution and a heavily top loaded economy.  NFTs do, in theory, offer an alternative to speculative land grabbing, and, in the long run, they  might make it easier for governments to start heavily taxing land purchases and/or enact more strict rent stabilization policies.  That might be a bit beyond our scope at this point, though, since digital currency isn't regulated sufficiently to make it secure or a reliable source of revenue stream for governments.

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Sawdamizer Monster Mutant

Sawdamizer

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41 minutes ago, scoobdog said:

To add to what Sawdy already (rather concisely) said, NFTs are a natural progression of digital currency.  Just as inherent limitations to physical currency create the need for crypto currencies,  NFTs expand financial instrumentation beyond the finite amount of physical property (land, art, vehicles, etc).  We may not be to the point where wealth building is being critically restricted, but the ability of traditional currency (backed by a country's central bank) to expand isn't limitless.

Yep.

It’s a video game right now… it’s an idea, but the potential is there and we need to talk about it and regulate it.

Here is some light reading -

https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf
 

 

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scoobdog Monster Mutant

scoobdog

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2 hours ago, Sawdamizer said:

Yep.

It’s a video game right now… it’s an idea, but the potential is there and we need to talk about it and regulate it.

Here is some light reading -

https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf
 

 

It’s too early to tell for sure what will be learned, but the PRC’s early adoption of a cryptocurrency will no doubt offer a test case for other governments seeking to harness its potential and reign in speculators.

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Sawdamizer Monster Mutant

Sawdamizer

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29 minutes ago, scoobdog said:

It’s too early to tell for sure what will be learned, but the PRC’s early adoption of a cryptocurrency will no doubt offer a test case for other governments seeking to harness its potential and reign in speculators.

Challenging fiat currency is a good thing, for anyone that isn’t following along.

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Poof Monster Mutant

Poof

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12 hours ago, scoobdog said:

Crypto / NFTs don't address problems with wealth distribution and a heavily top loaded economy. 

Widespread crypto adoption would exponentially worsen wealth distribution. You can't get away with saying "crypto doesn't address wealth inequality" as if to imply it would have a neutral effect on it. There's absolutely no bigger threat to it.

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Nabreezy Elder

Nabreezy

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The shit should be illegal. Such a massive waste of resources, no gain for anyone except the rich & the ground floor scammers. 

This response to an LA Times climate reporter getting lit up on Twitter for "not understanding anything about NFTs" despite the effects this shit has on the climate made me laugh -

 

Screenshot_20220216-030213-966.thumb.png.e35abc6a41bdf74d58f88073e8e9cc6c.png

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Chapinator_X Hero

Chapinator_X

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What isn’t appealing about spending volatile virtual Monopoly money on a receipt for a shitty monkey drawing that consumes enough energy to undo years of environmental sustainability efforts?

6 hours ago, Poof said:

Widespread crypto adoption would exponentially worsen wealth distribution. You can't get away with saying "crypto doesn't address wealth inequality" as if to imply it would have a neutral effect on it. There's absolutely no bigger threat to it.

To add to this, the digital divide makes it so that you need to have high tech resources to even start getting involved in crypto.

Without any tech literacy or money that you can afford to throw away, investing in crypto is a good way to get suckered into losing everything you own on currency that can lose its worth at the drop of a hat. 

People think they can game the system by buying “low” and selling hight, but the digital rights on an NFT image are only as expensive as when you bought it.

If you paid a few grand or more on an NFT, the most money that could be made from what you bought is the money you already spent. 

The people who could profit from NFTs already made that money merely by selling the image.

If buying NFT’s already felt like money laundering for richer people to dump cash into, thinking there’d be resell value on crappy art you paid a fortune on is a grift is how the average joe gets tricked into crypto and NFTs.

Except in their situation, rather than using NFTs to cheat on their taxes, they’re being scammed by the promise of buying NFTs as a “get rich quick” scheme.

“If you spend your life savings or your kid’s college fund on this monkey art, you’ll be able to sell it eventually for twice the price.”

But the lower/middle class people that spend on costly NFTs have more to lose because if no one can buy the rights to their ugly monkey art, then they just flushed life-saving money down the drain. 

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rpgamer Legend

rpgamer

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To be clear here, people, the images are not the NFT. The "token" of your NFT is basically just a unique link to the image. You don't actually get to "own" the image. You just get to own a receipt that says you own the image.

And, if that image happens to be removed from wherever is hosting it, you're the proud owner of a 404 error.

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scoobdog Monster Mutant

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14 hours ago, Poof said:

Widespread crypto adoption would exponentially worsen wealth distribution. You can't get away with saying "crypto doesn't address wealth inequality" as if to imply it would have a neutral effect on it. There's absolutely no bigger threat to it.

I'm by no means suggesting it has a neutral effect.

Expanding currency markets isn't so much an innovation as it is an inevitability.  While not completely square, the creation of the Federal Reserve System offers some analogous parallels.  Creating a single system ostensibly gave the US Government the platform to directly guide capital distribution (a reaction to the string of smaller economic depressions leading up to the turn-of-the-century);  in the process, it also freed up a capital to places where it was not previously accessible and that persist to this day.  In reality, the impetus for Congress to create the Federal Reserve was the fact that burgeoning markets fueled by the industrial revolution needed more capital than regional banks could reliably provide.  Leading up to Black Monday, however, it was also increasingly clear that a steady, reliable flow of capital needed to have a robust controls to prevent it from being misdirected to catastrophic consequences.

The point is that the Reserve didn't come into existence in a vacuum.  It addressed a financial constriction in the same way, crypto and NFTs address a future where fiat currency and physical property instruments aren't plentiful enough.  Ultimately, crypto and NFTs are going to be used by businesses as a way of gathering resources, either as a stable place to store reserves or as a way of building collateral to finance operations.  On the one hand, you can't restrict them as implements without restricting the economic engine that business will potentially provides (like jobs, infrastructural investment, tax base).  On the other hand, you can't allow the implements to be used without difference to their ability to fuel inflation or serve as depletion to that same tax base (as a tax shelter, for instance).  As was eventually the case with the Federal Reserve, the government has to also build up back end controls while seeking to open crypto and NFT markets to everyone.

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katt_goddess Monster Mutant

katt_goddess

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1 hour ago, Raptorpat said:

Are you telling me that the right-click copy/paste I did of katt's sneezes has no value?

They only have value if you had their super special hosting link that proves your copypasta is the One True CopyPasta. 

Which will be a pornhub e-mail because nothing says quality hosting like pornhub.

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Poof Monster Mutant

Poof

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13 hours ago, Chapinator_X said:

To add to this, the digital divide makes it so that you need to have high tech resources to even start getting involved in crypto.

Exactly that's a big part of the inequality. It's still only 60% of the world that has internet access. 

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