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pantalone
Mitglied seit in Nov 2010
2303 Beiträge

Do you know NFTs ?

Alles über iStripper
31. October 2021, 55 antworten
I think this thread is in danger of conflating crypto-currencies with NFTs. Both use blockchain tech, but I suspect they have different futures.

I see cryptos as libertarian, globalised, tax-avoiding currencies, good for money laundering and other illegal transactions, as well as high-volatility speculation. They are a threat to governments' tax revenues and ability to regulate captalism, so they are vulnerable to legislative controls. Governments have an obligation to do something about them, since the rule of law is fundamental to our prosperity. This could be done by international treaty or, at a national level, by cancelling legal protections for crypto transactions. The "investments" in cryptos have no intrinsic value and not many people care if speculators take a bath, so they could drop 90% overnight.

NFTs are part of the speculative market for collectibles. They don't threaten nation states, so they're more secure. They currently use cryptos to buy and sell, but needn't. Now that people think they own a digital product by owning the NFT, their fantasy can outlive the demise of the currency they bought it with.

Both use blockchain, which does have its environmental issues, in spite of attempts to greenwash them. Also, the security services don't like it, but, as @sh42 says, the genie and bottle have parted company. The use of blockchain could well end up restricted to NFTs and secure communications, with even the ***** dealers shying away from worthless cryptos for their transactions.

sh42n81
Mitglied seit in Apr 2008
507 Beiträge

Do you know NFTs ?

Alles über iStripper
30. October 2021, 55 antworten
@pickle1

I am fundamentally opposed to anything block-chain related because of the vast amount of resource that is being used to support it, with the supposed millions of processors running just to validate it.

We have seen how China has acted - how long before other nations do the same and the whole thing collapses like ponzi schemes, etc.

These certainly are valid concerns. Here's my response: the biggest blockchain players are actively working to reduce significantly the environmental impact. It is a result of the "proof-of-work" method used by many crypto currencies to validate transactions, which cause many nodes on the network to compete against each other for the privilege of verifying a block and the accompanying reward of receiving a coin.

But it doesn't have to be done that way; many mainnets are moving to a "proof-of-stake" model, while the NFT marketplace Veve uses a "proof-of-reputation" model. I won't get into the weeds of how they work, but they don't depend on banks of GPUs running at 100% capacity 24/7 to process transactions. Veve has just migrated to "Immutable X," which sincerely claims to have a net zero carbon footprint. I'll admit to being skeptical of that claim, but I'm not knowledgeable enough to justify my skepticism. It may be true.

As for counties banning crypto, well, China gonna China. I seriously doubt many, if any, Western countries will follow suit, for two reasons: first, you can't put the technology genie back in the bottle. For example, governments have been trying to ***** consumer cryptography for decades. At "best", they will only succeed in ***** major tech companies to water down their encryption schemes to give governments access to the files and devices under those companies' control. There will always be cryptographic algorithms available on the Internet that will be found and used by those who really want to maintain their privacy.

Second, and much more importantly, the global cryptocurrency market is 2.6 trillion dollars. Most of that does not come from people like I, who have a few thousand parked in Bitcoin. Most of it comes from the very people who control the governments in question and who wish to continue making buckets of money on crypto the market. I don't believe they will ***** their golden goose. When a company like Disney enters the space, I take that as an indication that the ground is fairly solid.
sh42n81
Mitglied seit in Apr 2008
507 Beiträge

Do you know NFTs ?

Alles über iStripper
29. October 2021, 55 antworten
Having learned more about NFTs, my opinion about this is softening. When you think of them like digital baseball cards, they start to make sense. The Topps trading card company launched "eTopps" 20 years ago, trying to create a market for virtual baseball cards traded on eBay. When you bought an e-card, a physical card would be locked in the eTopps vault and stored for you, but you could ask to have it sent to you in the mail if you wished.

They were ahead of their time and it didn't take off. In this case, the bits that comprise the "card" are stored on the blockchain and permanently registered to your wallet address, not your name. So your ownership is public record, but your name is anonymous(ish).

Disney is launching a NFT series next month and I expect it to be huge. They will be on the Veve platform, which claims net zero carbon footprint (like magic!) and has other properties like Star Trek, Marvel, and DC. As an example, a 1:1 scale* token of the USS Enterprise D was released on 8 September, 2021. It is a 3D rendering which can be manipulated to view from any angle. They made 5,888 available, which apparently qualifies as "Ultra Rare," at a price of USD $130. They are sold out, but can be purchased on the secondary market. The asking price ranges from $370 to $439. It is a 3D rendering which can be manipulated to view from any angle.

I don't own the NFT, but I can download it and view it just like anyone who does own it. This is similar to how I can view a rare baseball card or Degas painting with Google Images. That is good enough for me, because I can't afford to buy a Mickey Mantle rookie card. But someone who owns one can sell it for a lot of money.

So, the question here is: what additional value would the owner of an iStripper NFT receive? What would be the benefit of ownership? The resale market is probably limited, so a big future payday is unlikely.

I could imagine something similar to today's much-derided SEC's: special release cards that would be limited to a small number of buyers and then retired. Code could be added to the IS client to require a user to plug in the NFT's blockchain address, and then would play the card. The NFT could be re-sold on Discord. NFT could also be used to issue "extras," such as exclusive photosets or videos. So, yeah...I could see how it might work, as long as they make the content attractive enough and don't just make NFTs out of cutting-room floor content.

-*This is apparently meaningful, as less rare tokens are available at 1:1000 scale. No idea how that is measured or represented in a NFT.
celine
TEAM
Mitglied seit in Sep 2007
8102 Beiträge

Thank God It's Friday

Alles über iStripper
29. October 2021, 0 antworten
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