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NFTs – what do we know about them?

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Comments

  • @wim said:
    I'm about 250% more educated about Blockchain, Bitcoin, Ethereum and NFTs than I was before this thread started. B)

    That makes me about 25% as educated as I'd like to be. Thanks to the people posting links to back up what they're saying (whether I agree with the linked articles or not). Kinda hope it keeps going, even though it's barely touched on the OP's question. :D

    Quite true. I'm hunting for the authoritative layman's primer. Will post links when I find something good.

  • @ExAsperis99 said:

    @NeuM said:

    @cian said:
    @Carnbot said:

    @dendy yeah I can see the potential problems there, but I think it might put off the average fraudster, the fact you are permanently linked to the fraud.
    But as a creator I am interested in where this develops and I think overall it's good news for us.

    The thing about fraudsters is the better ones are really good at hiding who they really are. And the thing about NFT is that it doesn't even consider fraud as a possibility. Which suggests not a lot of familiarity with the art world honestly.

    I think if anyone is willing to pony up thousands or millions for an NFT work of art, they’ve done their homework and are sufficiently informed.

    LOL

    (No disrespect, but how the stupidly wealthy spend their money is probably more emotional than you realize.)

    You’ve perfectly described why people value things differently and why competitive markets with willing participants need to determine value.

  • @Carnbot said:
    The main thing the hyperinflation illustrates is how too few have too much money they know what to do with. The inequality index.

    That’s not hyperinflation. That’s an auction.

  • @dendy said:

    @cian
    the chief economist for a tiny bank.

    So based on your logic he should write articles agains bitxoin, because he works for sector for which bitcoin is hugh level threat

    Even if bitcoin was every bit as successful as its proponents think it can be it wouldn't replace banking.

    But ok, i see you are very strongly hilding your ad hominem arguments . So here one more article about energy wasting fairytale. If you want, read it and think about it. If you don't well, stay inside your bubble, thanks god you won't stop progrss anyway ;-)

    The article is better, but he assumes that bitcoin is useful (Currently it isn't - maybe it will become so, but maybe it will just fade away. The future's tricky to predict). It's built upon the premise that market price should determine who gets energy - which is something only libertarians truly believe. It strawmens critics (are bitcoin critics okay with energy being wasted on christmas lights? I suspect not, but certainly some evidence that this is so would be nice). And he just assumes, without ever proving it, that bitcoin miners aren't crowding out other energy users, or causing problems for energy grids.

    Then there's this:
    "If Bitcoin ends up being worth substantially more in the future than it is worth today (say, by an order of magnitude), then the world will actually have received a discount on its issuance. "

    He's confusing energy investment, with financial investment. And he's confusing financial return with economic return. This argument is a confused mess. Yes you can use discounting theory for some stuff, but not this.

  • @dendy said:

    @wim
    I made $55 since yesterday on an investment in a bitcoin mining related company

    uhm, hope not one of these where you send some money and the're like they rent you mining power on their hw, and you earn rewards whichnyou can re-invest to get more mining power and bigger profits.

    They are ALL scam. They will keep your attention by really sending you first few small withdrawals, so you think it's legit, then you send more money there and you'll never get money back. All scams. No single one legit.

    I personally know several people who are multi-millionaires thanks to crypto investments. It’s no scam. Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

  • wimwim
    edited March 2021

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

  • edited March 2021

    @wim said:

    … Kinda hope it keeps going, even though it's barely touched on the OP's actual question.

    It could be quite a long arc. I did a bit of topic steering and maintenance at the start, but I think it’s got enough interested parties on all sides now that it’ll be self-curating.

  • @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

  • @NeuM said:

    @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

    Forgive me for asking, but what on earth brought you here? You joined a music forum yesterday to stump for cryptocurrencies and open markets?

  • @ExAsperis99 said:

    @NeuM said:

    @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

    Forgive me for asking, but what on earth brought you here? You joined a music forum yesterday to stump for cryptocurrencies and open markets?

    That’s a strange accusation. I joined a thread that was already in progress. I’m also a musician. Is it your job to harass people here?

  • I like your profile picture @NewM. B)

  • @wim said:
    I like your profile picture @NewM. B)

    Thanks! I’m a big fan of SpaceX.

  • @NeuM said:

    @ExAsperis99 said:

    @NeuM said:

    @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

    Forgive me for asking, but what on earth brought you here? You joined a music forum yesterday to stump for cryptocurrencies and open markets?

    That’s a strange accusation. I joined a thread that was already in progress. I’m also a musician. Is it your job to harass people here?

    Not at accusation at all! I spend way too much time here, and your handle was unfamiliar. I was just interested in how you found this forum is all.

    (The harassing is unpaid, alas.)

  • @ExAsperis99 said:

    @NeuM said:

    @ExAsperis99 said:

    @NeuM said:

    @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

    Forgive me for asking, but what on earth brought you here? You joined a music forum yesterday to stump for cryptocurrencies and open markets?

    That’s a strange accusation. I joined a thread that was already in progress. I’m also a musician. Is it your job to harass people here?

    Not at accusation at all! I spend way too much time here, and your handle was unfamiliar. I was just interested in how you found this forum is all.

    (The harassing is unpaid, alas.)

    I see. I reached a point after reading and benefitting from these forums for years to finally feeling spurred into joining. This seems to be the best spot around right now for music, iOS and iOS app discussions. And was hoping for a little more welcoming reception, but I get it.

  • edited March 2021

    @NeuM said:

    @ExAsperis99 said:

    @NeuM said:

    @ExAsperis99 said:

    @NeuM said:

    @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

    Forgive me for asking, but what on earth brought you here? You joined a music forum yesterday to stump for cryptocurrencies and open markets?

    That’s a strange accusation. I joined a thread that was already in progress. I’m also a musician. Is it your job to harass people here?

    Not at accusation at all! I spend way too much time here, and your handle was unfamiliar. I was just interested in how you found this forum is all.

    (The harassing is unpaid, alas.)

    I see. I reached a point after reading and benefitting from these forums for years to finally feeling spurred into joining. This seems to be the best spot around right now for music, iOS and iOS app discussions. And was hoping for a little more welcoming reception, but I get it.

    Don’t get the wrong impression now. The community of iOS musicians that somehow gathers here is a nice community where a lot of devs are really close to the folks, and the YouTubers, too. Wim is also actually a nice guy and a forum resident. I guess he was curious how you got stuck in crypto talk here instead of persuing the quest for a working modular DAW on iOS :)

    Welcome !!!

  • @krassmann said:

    @NeuM said:

    @ExAsperis99 said:

    @NeuM said:

    @ExAsperis99 said:

    @NeuM said:

    @wim said:

    @NeuM said:
    ... Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    Air Jordans, Beanie Babies, and Baseball trading cards being a few examples. Plenty of stocks too. The people who've gotten fantastic returns for no valid reason on Tesla stock over the last few years would happily agree as well. Wish I was one of them. :D

    Exactly. What is valuable to one person may hold no value for another. That’s why markets work when they involve competition and willing buyers and sellers.

    Forgive me for asking, but what on earth brought you here? You joined a music forum yesterday to stump for cryptocurrencies and open markets?

    That’s a strange accusation. I joined a thread that was already in progress. I’m also a musician. Is it your job to harass people here?

    Not at accusation at all! I spend way too much time here, and your handle was unfamiliar. I was just interested in how you found this forum is all.

    (The harassing is unpaid, alas.)

    I see. I reached a point after reading and benefitting from these forums for years to finally feeling spurred into joining. This seems to be the best spot around right now for music, iOS and iOS app discussions. And was hoping for a little more welcoming reception, but I get it.

    Don’t get the wrong impression now. The community of iOS musicians that somehow gathers here is a nice community where a lot of devs are really close to the folks, and the YouTubers, too. Wim is also actually a nice guy and a forum resident. I guess he was curious how you got stuck in crypto talk here instead of persuing the quest for a working modular DAW on iOS :)

    Welcome !!!

    Thanks! Appreciate it. I have many interests and don’t mind having discussions on off-topic stuff, but NFTs seem to be an interesting opportunity for “first movers” (and that includes musicians). Opportunities like this are rare and should be taken advantage of when they present themselves because such advantages don’t last long. I personally have nothing to gain or lose in the NFT market.

  • edited March 2021

    I’m interested in NFTs. I dabbled in it a couple years ago. I understood the idea behind creating rarity, authenticity in the digital realm, etc. But there were many platforms that never got off the ground and I honestly didn’t think there would ever be a critical mass buy in enough to make it work.

    At the moment, it looks like I was wrong.

    And, I sold two image NFTs today! Not for big money 💰 but for enough to make me think it’s worth paying attention to.

    I’ve been thinking about how sound would work, but I think “songs” as NFTs might be premature. However, I could see sound pieces that loop with animated graphics, avant-garde or experimental video selling as NFTs. There’s a site called Sedition that sells digital art pieces as collectibles on its own platform (not NFTs) and sound pieces with visuals do well there.

  • @krassmann said:
    Don’t get the wrong impression now. The community of iOS musicians that somehow gathers here is a nice community where a lot of devs are really close to the folks, and the YouTubers, too. Wim is also actually a nice guy and a forum resident. I guess he was curious how you got stuck in crypto talk here instead of persuing the quest for a working modular DAW on iOS :)

    Welcome !!!

    Just for the record, that was someone else who asked about that, not me. ✌🏼

  • @wim said:

    @krassmann said:
    Don’t get the wrong impression now. The community of iOS musicians that somehow gathers here is a nice community where a lot of devs are really close to the folks, and the YouTubers, too. Wim is also actually a nice guy and a forum resident. I guess he was curious how you got stuck in crypto talk here instead of persuing the quest for a working modular DAW on iOS :)

    Welcome !!!

    Just for the record, that was someone else who asked about that, not me. ✌🏼

  • edited March 2021

    @wim
    Nope, just stocks in a publicly traded company that produces mining related tech. Should be pretty solid, but is like all others, will go up and down. Only a small investment anyway.

    ah ok, that's fine

    if you want also hold some stock which are basically almost like holding BTC itself rhen look at ticker $MSTR (Microstrategy). They basically converted their whole balance sheet into bitcoin, they own currently more than 90000 bitcoins som it is basically almost like Bitcoin ETF :-))) Also look at Coinbase - it's secind biggest world crypto exchange and biggest in US, their stock are safe bet in long term too

    But you know.. it's always best to own at least a little bit of Bitcoin in own wallet (not at exchange). I think we are now in stage that not having at leas 5% of long term savings in BTC is actually risky :))) DCA (dollar costs averaging) strategy and using just small amount of cash,and look at it as lomg term saving not short tem "get quickly rich" is win strategy.

  • @NeuM said:

    @dendy said:

    @wim
    I made $55 since yesterday on an investment in a bitcoin mining related company

    uhm, hope not one of these where you send some money and the're like they rent you mining power on their hw, and you earn rewards whichnyou can re-invest to get more mining power and bigger profits.

    They are ALL scam. They will keep your attention by really sending you first few small withdrawals, so you think it's legit, then you send more money there and you'll never get money back. All scams. No single one legit.

    I personally know several people who are multi-millionaires thanks to crypto investments. It’s no scam. Things are always a “scam” when viewed from the outside. Things are worth exactly what people are willing to pay for them.

    I'm not saying that all crypto investmenrs are scam.. definitely not, i was talking just about those sites which are pretending the're mining operations and they ask you for sending them some money and then they pretend they run for you some mining machies... this is classic scam in cryptobusiness...

  • Background reading for the uninitiated:

    The New Yorker gives an excellent overview on cryptocurrency.

    The Atlantic on the anarcho-capitalist origins of the blockchain.

    A helpful news story on the Beeple NFT sale in The New York Times, and a Times art critic with a very smart overview of NFT, despite a few hilariously pearl-clutching moments.

  • edited March 2021

    @ExAsperis99 said:
    Background reading for the uninitiated:

    The New Yorker gives an excellent overview on cryptocurrency.

    Lol, looks to me more like payed PR for Ethereum.. too much Vitalik Butering there :-))) Too much biased article with few good information totally lost between tons of noise, subjective opinions and Erhereum PR ... Valuable part of that article should be compresset maybe to 1/10 of it's size ..

    btw i'l go back to energy usage for mining - found this nice comparison

    also this one is interesting article on "bitcoin carbon footprint" topic
    https://abatalion.medium.com/crypto-mining-might-just-save-our-planet-41e0bb44a6ce

    Oh and of we are talking about carbon footprint, let's look at enviromental impact of US dollar
    https://climatemoney.substack.com/p/carbon-cost-of-dollars

    And here, my final note to this topic. Btw this is great site to learn facts. if you want to get true high quality information without subjective bias, i'm suggesting to check it.

    https://casebitcoin.com/critiques/bitcoin-wastes-energy

  • @dendy said:

    @ExAsperis99 said:
    Background reading for the uninitiated:

    The New Yorker gives an excellent overview on cryptocurrency.

    Lol, looks to me more like payed PR for Ethereum.. too much Vitalik Butering there :-))) Too much biased article with few food information encapsulated in extreme amount of noise, subjective opinions and Erhereum PR ...

    The New Yorker probably has one of the most respected fact-checking departments of any publication in the world. To suggest that it is paid PR is hilarious. As a counter to that multifaceted, many-sourced article, you link to a 300-word blog post (with zero source material) by a guy who suggests that cryptomining will actually save the planet! I'm starting to understand the magical thinking of Bitcoin fans.

  • edited March 2021

    @ExAsperis99 said:

    @dendy said:

    @ExAsperis99 said:
    Background reading for the uninitiated:

    The New Yorker gives an excellent overview on cryptocurrency.

    Lol, looks to me more like payed PR for Ethereum.. too much Vitalik Butering there :-))) Too much biased article with few food information encapsulated in extreme amount of noise, subjective opinions and Erhereum PR ...

    The New Yorker probably has one of the most respected fact-checking departments of any publication in the world. To suggest that it is paid PR is hilarious. As a counter to that multifaceted, many-sourced article, you link to a 300-word blog post (with zero source material) by a guy who suggests that cryptomining will actually save the planet! I'm starting to understand the magical thinking of Bitcoin fans.

    sorry that one was wrong link, i thouht it's something else, can't found original article, it was about texas company which is goign to use natural gas, which is usually released to atmosphere as byproduxt of oil mining, converting it to electricity for bitcoin mining - so effečtively decreasing amout of emissions using ... but probably it makes no sense for me to spend time searching it, you will dismiss it like all other information which i provided i this thread...

    that New Yorker article is relevant like Deepak Chopra explaining quantum physics :-))) Like there is a few good info but buried under tons of irrelevant crap and missinformation. That is tragedy of mainstream, people are getting information from "respected" journalists who are writing articles about stuff which they really don't understand. It's not problem just in crypto, but in general, i saw soo much crap on various scientific topic in "respected" mainstream sources like this ...

    But ok, i'm giving up. You obviously want to stay in your confirmation bias bubble, OK, your choice. I'm not mad on you, i understan, learning and deeply understanding such complicated topic needs lot of time, i spend studying crypto last 6 years (at beginning i was skeptic like you) ... so, ok. I tried explain it to you, i failed, i'm ok. We can close this discussion.

  • One thing that concerns me is the springing up of sites that will make an NFT for you if you have eth in a wallet of their choosing, and it’ll be an online wallet. That’s worrying, encouraging people to keep a balance in someone else’s online wallet.

  • edited March 2021

    @u0421793 said:
    One thing that concerns me is the springing up of sites that will make an NFT for you if you have eth in a wallet of their choosing, and it’ll be an online wallet. That’s worrying, encouraging people to keep a balance in someone else’s online wallet.

    crucial thing in crypto .. not your private keys, not your money (or nfts or whatever blockchain based asset you own)

    but if you're talking about metamask or myetherwallet (most popular eth wallet used by most of nft projects), then it doesn't store your privste keys on servers.. your private keys are stored inside your local app app (plugin in web browser), that's why it is very important to backup it somewhere (ideally in cold storage outside computer) seed phrase

  • I only found out about NFTs this week, because of that auction of 70k that I read about on hacker news. I’ve been interested in crypto for a long while, though, but I’m not really an investor, I just enjoy learning about things.

    After reading through this thread, I learned that some of you are quite passionate about the subject, but I’m still unsure about how this can benefit creators, if at all.

    AFAI understand, an NFT is just an ETH “coin”, except one that is signed by the author, and linked to the original work (or asset).
    You buy it on the promise, from the author, that s/he won’t issue any more coins of the same work, so it’s unique in that sense. And it stays on the blockchain forever (or until we run out of power).

    In the “real” (tangible) world this would be like owning a physical book you love, signed by the author. It’s a slightly different copy, nothing more. Everyone else can still buy an unsigned copy, or download it online for free and still read it.
    It doesn’t come with any rights or anything, it’s just one special item with perhaps value to collectors. If it’s a 1st edition “peter pan” signed by Lewis Carroll, it may auction for a lot of money. If it is one of my shitty tunes, not so much.

    This is not DRM 2.0... You buy a coin, almost unrelated to the actual work. It’s almost like having a post-it in the author’s handwriting saying “hey, this is yours”...

    Am I getting this right?

    How exactly could this help artists, except for the few lucky ones who manage to cater it to the super-rich, that will buy it on a whim for absurd money because they can?

  • Btw, I know Lewis Carrol didn’t write peter pan (that would make it even more valuable, though)

    How does one insert trollface.jpg here?

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