A perfectly valid and valuable technology has been completely disregarded by the public
Damn, you were so close! Just expand what you said about NFTs to the whole crypto bullshit and you got it.
Edit: I may have misunderstood and the person I’m replying to agreed with my assertation that the tech has been disregarded and that it expands to crypto as well. I expected that assumption was obvious and didn’t need to be stated directly and thought the poster was being disingenuous. Leaving my comment up for posterity.
Don’t conflate your ignorance with other people’s knowledge, go develop a better understanding of the tech rather than assuming it has no value because you’re too ignorant to learn about it.
Even crypto has a place, doesn’t mean it’s being used correctly by the majority of people.
I equate the public engaging in crypto and NFT’s to tribal folks who accidentally pick up a discarded radioactive canister, what they have is valuable in the right hands, dangerous to themselves.
Your original comment addressed exactly what I meant: not NFTs are the ponzi scheme but all crypto tokens are.
Nothing “perfectly valid and valuable” about blockchain - there are zero legit use cases that can’t be far more efficiently solved by conventional database tech (yes, also proof of stakes).
The reason is simple: the basis for the whole thing is trustlessness which does not exist - even in the crypto token world. You need trust to entry and to use it and I prefer a lawyer/notary over trusting some dev not putting bugs into my “smart” contract. I don’t trust the notary because of their fancy diploma either but because there’s a state that forces him to do right or lose his license/end up in prison. Nothing like that in your blockchain “trustless” environment.
Why do you think blockchain tech is as old as Android and has produced nothing but carbon dioxide and tears from “I’m gonna get rich quick” morons?
Because like any system to have trust it must be co-opted and regulated by the government and/or corporations and building the infrastructure and tools that make integrating with the block chain take time.
Also when you say that there is nothing that blockchain does that can’t be done by other systems, do you include up to the second global access and management of a decentralised ledger that can be directly integrated into all software systems with inbuilt security?
Because it seems like all those technologies are privately owned and managed, don’t have any interest in developing or providing global integration and access.
Blockchain has the potential to be the foundation of globalised services and systems, and crypto the basis for a world currency, just because we haven’t gotten there yet is like saying the wheel was useless before we invented cars. The use cases and implementation of the tech might currently be niche but that’s because we’re still developing the right vehicle for it to carry.
NFTs do have value in narrow use cases. For instance Domain names are NFTs and incredibly important to the way humans interact with the internet.
Lmao, have you ever a bought a domain name. Its not an NFT, lmao you don’t even own one permanently after buying u. You basically license one from a registrar and that expires after a set interval. There’s no NFTs involved.
You’re the third person to say the same thing. NFTs conceptually predate the existence of the blockchain and don’t need to be on it. Wikipedia or w/e you got your definition that says otherwise are simply wrong. And yes, I own several different domain names.
The one example I’ve heard that makes sense are NFTs to represent a purchase of digital games. This then allows the selling of digital keys second hand.
Other than that it all sounds like a scam.
Of course not, but what little I know of NFTs is they do the two things needed for that to be possible: one, ability to transfer ownership, and two, verify ownership.
I have no clue if NFTs are the best way to accomplish that, let alone even a good way, and people much smarter than me can figure that out.
In the end I don’t think it matters. For it to be viable it would require the big companies to adopt it, which I never see them accepting a legal way to do second hand sales of digital goods.
You don’t, but nfts allow distribution platforms to let buyers do it while requiring little to no effort on their part.
There’s no point in using NFT for that.
What assets are games going to allow you to import? Just anything?
Or only from authorized issuers (like the original game dev and authorized artists)? If so then you have no real place for NFT, you already have Steam marketplace and equivalent where the game dev sets up or integrates with an online marketplace.
Want transparency in the marketplace? Use transparency logs, not blockchains.
If you’re allowing literally any NFT then this is no different from allowing people to import arbitrary assets, with the sole difference that some have a digital receipt attached.
Blockchains are really only useful for certain coordination problems among mutually untrusting parties who can’t find a common trusted 3rd party. For most game devs that trusted 3rd party is Steam marketplace. It’s really only if you want to share assets in both directions between specific games from specific other developers AND want to make them exclusive / player owned AND don’t trust marketplaces like Steam, that it MIGHT be relevant to investigate if a blockchain solution fits.
There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it outside crypto yet.
There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it
outside cryptoyet.
FTFY
How is crypto not a valid use? Crypto as a get rich quick scheme is stupid and useless, but crypto for peer to peer payments is perfectly valid.
