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Started by GreenFuture on Dec 27, 2021 11:38:47 PM
NFTs > 95% BS?

Though they may have uses (please detail), NFTs seem to be the latest seam of hype, bubbles, grift and scams.

Why pretend each otherwise identical incarnation of an infinitely reproducible asset is unique?

Is it true that some are no more than a url, a map to the treasure rather than the treasure itself?

Or am I the voice of Ludd, FUD and FOMO?

Post your what-I-reckon here.

Thanks.

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upgoerfive - 28 Dec 2021 11:50:57 (#1 of 22)

This thread is now listed at Sothebys. Offers starting at £250,000

JohnIlly - 28 Dec 2021 11:55:10 (#2 of 22)

They are like Bitcoin.

I read an explanation of how they work and understand it. Two minutes later the understanding has leaked out of my earholes and I still can't comprehend them.

HoHoHoff - 28 Dec 2021 12:04:55 (#3 of 22)

They are like Bitcoin.

They really aren't.

JohnIlly - 28 Dec 2021 12:10:55 (#4 of 22)

They are like bitcoin in the way I described.

Dementor - 28 Dec 2021 12:17:37 (#5 of 22)

In the sense that they’re speculative ‘investments’, and essentially illusionary - yeah, NFTs are like BitCoin and other Ponzi crypto nonsense.

Gotout - 28 Dec 2021 12:24:37 (#6 of 22)

I'm just jealous of the person who came up with the idea of getting money from others without actually giving them anything of value.

TheExcession - 28 Dec 2021 12:24:41 (#7 of 22)

It did occur to me that if I'd invested £50 in Bitcoin ten years ago I could now comfortably retire, since the value is now something like 50,000 times greater.

The values of cryptocurrencies fluctuate so wildly, however, that much of the profits seem to be made by people buying low and selling high in large amounts (which of increases the instability and keeps the cycle going)

JohnIlly - 28 Dec 2021 12:28:07 (#8 of 22)

NFTs are by definition not currencies but Bitcoin is not very fungible either, thus failing to be a currency.

HoHoHoff - 28 Dec 2021 12:35:55 (#9 of 22)

NFTs can be exchanged. Just right click and save as. Then sell it as an NFT.

lammaMia - 28 Dec 2021 12:40:51 (#10 of 22)

The way I see it: NFTs establish ownership through a non-governmental blockchain registry. It's great cuz there's no sneaky gubmint telling you how to run your business, yo (except when there is a dispute, you'd need this same gubmint with laws to intervene on your behalf, unless you've got your own posse with guns to settle the score.)

HoHoHoff - 28 Dec 2021 12:46:16 (#11 of 22)

They mainly establish ownership of a link. On a server. That can be deleted or changed. There is no way you can collect copyright revenues for it and someone could sell exactly the same image to somebody else as there is no immutable hash to ensure it is unique. It's a load of old bollocks and needs a good rethink if it's to be of much use to creative types rather than grifters. But the web3 nutnuts won't broach any such dissent.

SliceysLittleHelper - 28 Dec 2021 13:12:12 (#12 of 22)

As a Tech Bro Edge Lord I have hedged all my NFT investments with a significant BTC position.

<taps temple while looking smug>

SliceysLittleHelper - 28 Dec 2021 21:35:38 (#13 of 22)

Some NFT reading:

https://www.reddit.com/r/Bitcoin/comments/rqg0fh/f
orgive_me/hqaehse/?context=1


https://digg.com/video/the-guy-who-stole-all-the-nfts-and-put-them-up-for-free-explains-why-the-whole-scene-is-a-scam

Verdigris - 28 Dec 2021 21:38:47 (#14 of 22)

99.999999999999%, ffs!

HoHoHoff - 28 Dec 2021 22:13:55 (#15 of 22)

To quote someone far smarter than me, "It's a load of old bollocks".

TheExcession - 28 Dec 2021 22:57:40 (#16 of 22)

I have these lovely tulip bulbs to sell. One million pounds each to you, good sir.

cozzer - 28 Dec 2021 23:02:30 (#17 of 22)

the-guy-who-stole-all-the-nfts-and-put-them-up-for-free-explains-why-the-whole-scene-is-a-scam

Does he just shrug and say 'Well, duh'?

upgoerfive - 28 Dec 2021 23:07:35 (#18 of 22)

I have these lovely tulip bulbs to sell. One million pounds each to you, good sir.



Tulips? - Pah!

Invest in the brilliant new blockheadchain-based upgoerfivecoin

Hasn't been launched as such yet, but it's going to totally go TO THE MOON!

TO THE MOON, I tell ya!

GreenFuture - 03 Jan 2022 19:16:03 (#19 of 22)

This is good, nowt peeps here dont know probably but good for sharing.

https://youtu.be/-dmO8g5u7ww

HoHoHoff - 04 Jan 2022 17:22:47 (#20 of 22)

Crypto bros inventing great new things on the blockchain with smart contracts https://mobile.twitter.com/samuel_clack/status/147
7853317782855681

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