Who could have predicted this? Literally impossible without hindsight and that’s the revisionist history I’m sticking to.
This is the least surprising thing ever
That’s why I divested to Labubu dolls and TSLA
Oh no! I’m shocked!
Ya’ll are fucking stupid. There is no fall of nfts and they aren’t useless. If there is an authority who recognizes the nft, then it has the utility value of the authority. End of story. It doesn’t matter if some people traded them for outrageous amounts of money and it has nothing to do with the ability to copy a picture. All it does is tie a digital item to a hash to an owner on a ledger, for purposes of authentication. If a hash of a monkey picture gets you on a yacht, then if you don’t have one you aren’t getting on that yacht. In the future, if the nft of your house deed isn’t in your wallet, then if a judge looking at a specific ledger says you don’t own your house, you don’t own it.
A yacht full of NFT owners is just about the last place in this universe that I’d want to be.
First time bagholding?
I don’t have any nfts as I don’t have a personal use-case. If an authority adopts nft for any of my assets however, yeah I’d get one. For instance transacting a deed can cost a lot, but an nft would be 10-100x less.
That feels wildly unlikely. I’ll use two transfers of property to argue my point: car titles and house deeds. In both cases it isn’t possession alone of the document, including signature of transfer that legitimizes it.
I have to go to a government office in order to complete the transfer a car title. It’s not expensive, with the American state I grew up in charging either $100 if you use the fast and privatized version, or $2 if you file through the government office. This can’t be replaced by an NFT because it includes government inspections and requires a notary confirm the seller’s signature.
House deed transfers on the other hand, are a massive expensive pain in the ass. Why? Protections. Houses are expensive, they’re the largest asset that the average person can expect to hold, and in addition they’re a residency that can be bad. If you can con someone on either side of that transaction, someone has, and many methods are now protected against. Furthermore, because of this dual nature of a house as a residence and a particularly large financial asset, people not on the deed may have rights to it whether by marriage or through financial vehicles like leins. Additionally, the house sits on land which the government registers ownership of as one of the core duties of governance. The deed transfer is expensive because it has to be audited to ensure you don’t find out later that the seller wasn’t allowed to sell the house in the first place.
So now, let’s compare this to a transfer on a blockchain. The blockchain ensures trustless (except of the system and that the system is acting with authority that extends into meatspace) verification that a transfer occurred from account a to account b. It does not ensure that account a did so willingly. It does not ensure that the legitimate owner of account a is the one to do it. It does not ensure that account a or b are able to ever access their account again. It does not ensure account b consented to receipt. It does not have a means to verify unnamed stakeholders. It does not give half a shit about the law. It does not contain an escrow period in which everyone can walk away. It more or less functions like a notary, but better in some ways (trustlessness) and worse in others (notaries actually check that you are who you say you are).
I guess what I’m really saying here, is that if my government would be so foolish as to make house deeds nfts which contain the full legitimacy of the transfer process, then I’d be demanding my credit union offer a service of taking care of that for me, because the last thing I want is to be hacked out of my house, or lose my right to the land my house sits on in a fire or robbery, or forget the password to owning my house. All of these are ways in which people have lost a huge amount of cryptocurrency.
Probably is, but the concept is sound. The inspections and other things aren’t always necessary, but even if they are, an nft transfer can likely be setup to be digitally signed by the recognizing authority. This creates a record on the public ledger rather than a private one, which can be a nice thing. For better or worse nft confers ownership of recognized by such an authority, so there is no concept of not allowed to sell. This is a fundamental feature of blockchain… Enforced control and ownership
Ok I think I need to reframe what authority means here. An authority is a government or an organization or individual that a government authorizes to act on its behalf. It is the decision maker when it comes time to physically remove a claimant from the premises.
A blockchain is a leger, a document. What you’re proposing sounds to me like legally defining it as the final say in ownership. To do that is more or less a complete rewrite of property laws in a way that would have far reaching effects, especially on marriage, government enforcement, and lending. On lending this would basically eliminate the capacity to use your house as collateral without a full conditional sale, and in that case I really hope you trust your banking institution. For government enforcement, this would eliminate leins as a means of compelling payment of owed money, which means other methods would be required (this is especially an issue in contexts like child support, where debtors can be particularly hostile). And for marriage this will really screw with inheritance and divorce proceedings. The fact that you can’t cash out and sell the house asap when your partner requests a divorce is something I personally think is good.
Additionally, in every democratic nation to my knowledge, the existing registry of land is public. Public of course when referring to ownership by the collective of citizens, something the blockchain is less so. But it’s also publicly visible, just like the blockchain, except instead of having to download it you go to the appropriate store of public records and request to see it or to obtain a copy. At the very least in my country there’s a ton of information you can get in such places for asking. Property transfers, court records (unless a judge has sealed them, usually because sensitive information is contained within), building and digging permits, birth and death certificates… Most people only get what’s relevant to their life, but some people (like investigative journalists) have to look through public records for a living. Could it be valuable to digitize it all and upload it? Yes but not without risks, which also apply to blockchain here.
So yeah. This leads into a famous question: What is Property? And ultimately that’s a fairly deep rabbit hole, of its own. So what is ownership? The ability to direct the state to utilize its monopoly on the legitimate use of violence in defense of your right to control something. No ledger can confer that. A state can declare a ledger the ultimate record of ownership, but it can just as easily take it away.
I mean, I definitely agree on this specific use-case that it’s problematic. I think some aspects can be resolved with smart contracts or multi-signature requirements, but it really fails here when it comes to compulsion.
If a court cannot compel someone to transfer, because the court doesn’t have the keys… Or you lose the keys and cannot… Obviously this falls apart.
There is a reason people deride nfts, mostly it’s due to ignorance and spectacle lemming behavior surrounding the ape pictures, but the legitimate criticism is really there aren’t many use-cases. But we don’t and shouldn’t wait to build things until a use-case exists. Nfts could be important eventually for preventing things like naked shorts maybe. There are likely very valuable use-cases.
So it wasn’t sarcasm then?
It’s just a technology even though people equate it with wildly overpriced art you can copy and paste, which is naive and reductive.
Top shelf sarcasm if my pallet is correct
Yeah as a record on a ledger it’s fine. I think a lot of people wanted them to be more than that though.
Fortunately our unfortunately that’s all a blockchain is lol. It’s not really different than an exchange pointing to a blockchain and people agreeing 1 bitcoin on that chain is worth X. You always need consensus from multiple entities, but the difference is these ledgers are public, and secured by math. That’s it.
If there is an authority who recognizes the nft, then it has the utility value of the authority. End of story.
My man has been doomed off by the Anarcho-Capitalist fairy and is currently circling the planet Heinlein.
A grand is still 1000 dollars too high a price for these things.
I’ll see your grand and say 950 is still too high.
These ape NFTs are also the ugliest and dumbest thing ever. Their faces look like hairy testicles. Whoever spent more than like $0.5 for this, fully deserves the outcome.
Also worth noting. The Bored Ape Yaht Club NFTs (in the thumbnail) were released by 4chan trolls with Nazi symbolism hidden in some of them. This was the most successful NFT project of them all.
but for a brief period of time, some people made some money, while most participants lost
This describes our species’ entire existence 👌
we were the bored ape all along
I need to come up with my own scam to rinse rich idiots.
Ok - hear me out.
We get idk 1000 of us poors to buy some cheap land in the Midwest. Up in Appalachia.
We sell “Rapture Survival Communities”
They’re $999/month and you’ll get a hidden bungalow community complete with bunker. We’ll fill it with doctors and pastors and birthing women.
BUT YOU CANT KNOW THE LOCATION UNTIL THE RAPTURE HAPPENS. You don’t want any pesky liberals finding it and gaying up the place with their liberal demonic child sacrifice transness.
We will deliver coordinates via analog radio and Morse code once the rapture has started.
By business plan makes Sam Altman hard in his butt:
- Collect money
- Don’t build anything.
- repeat
When they come screaming for proof and receipts and refunds… Just gaslight them and buy a politician.
If I were an “angel”, I’d go with you. I like the cut of your jib. You have what it takes. If only 1) me business angel 2) you pitch-deck. We would clean-up the business space.
Unfortunately for you you don’t have what it takes. You need to be a proper psychopath to scam others.
Sometimes i observe so many ways to get easy money and don’t have to hard work, than i remember than my parents raised my scruples and moral… Would be so easy if i wasn’t
This. The worst thing for any salesman to have is scruples.
Add “AI Agent” to something everyone’s doing like “Tooth brushing AI Agent.”
The best scams are either holistic/psychic stuff or Hi-fi Audio.
High Fi audio is actually legit to a point. Over $300 (well, $400 now with tariffs) is when the scam begins
Not necessarily. For headphones it can go higher. I’m currently looking at hifiman unveiled.
This sequence of comments has me cracking up.
“I need a thing to make suckers out of morons”
…
“You should sell them audiophile shit”
…
“Well… some audiophile shit is ok… up to point… after that, you’re def a sucker!”
…
“Actually… you’re not a sucker at all if you spend a bunch of money on this shit. Here, take my money!”
Wanna start a headphone company with me?
I get what you’re saying, but there are basically only 3 companies whose headphones are worth 300-600€. Said companies took decades, mountain of innovations and patents to get where they are now.
If you can actually get that kind of immersion and quality cheaper - I’m all ears. Literally
If you’re talking about the Susvara unveiled or whatever they’re currently 15k aud. That is fucking wild.
Lol no, that is entirely different category, those are essentially limited edition engineering pieces. The consumer one is Ananda unveiled, which in my local shop goes for €460.
A good scam is all about finding a way to bypass bs detectors. Appealing to greed or fear while adding a sense of urgency are the classic ones for good reason. But you’ve got others like appealing to in group/out group dynamics, distrust of institutions, ego, desired self image, laziness, carelessness so much more. You’ve also got those selecting to trigger anyone with a bs detector to only spend time on those without one.
I’m working on the grift of all gifts, if you want in, you can buy shares of my grift for $100 each.
And if you don’t trust this guy, I offer grift insurance for only 15% of expected value!
Wanna help me convince maga that citrus makes people gay? I think we could solve a lot with that.
Oh, they caught their money laundering scheme!
Whoever could have seen this coming
Everyone with eyes.
Speculating on the value of an investment based on an asset that doesn’t exist is similar to scammers offering to sell certificates of ownership of dogs’ souls.
Capitalism tends over time to create increasingly abstract forms of ownership. And what could be more abstract than ownership of something that isn’t there at all? They’re selling GUIDs that point to nothing.
They can be used to launder money though.
That’s why art is so inflated. It’s used as a means to launder, because it’s the value is so arbitrary.
That was the most goddamn awful thing ever seen. Where are those shitheads who first sold the fucking idea?
This was never anything aside from a scam designed to separate the tech illiterate from their money.
How could it possibly be worth more than pennies?
This is the question!
