Hitpiece, NFTs, and other music on the blockchain nonsense (1 Viewer)

[Lili Marlene]

I'm not watching a two and a half hour video.

 

[MacDara]

It’s two-and-a-bit hours long, I know, but definitely worth your time.

 

[ann post]

the vitriol around nfts. i don't get it. my missus makes them.

They are destroying the planet and don't actually do anything really. They claim to attach value but inevitably it's a file on a hired server that the supposed NFT issuer has literally no long term control of and just constantly has to burn energy to exist.

The things the claim to do are not deliverable in any long term, that's why the high footprint makes them really stupid.

Sorry.

 

[Lili Marlene]

There's proof of stake chains that require less than 1% of the power that proof of work chains require.

However even with that in mind, if the blockchain actually work as the crypto-gods want it to it's still a ponzi scheme where the first to buy the tokens get to make a load of money vs. those who are forced to use them at a later point because in the new system the blockchain has replaced, e.g. human regulation.

 

[David Kronenbourg]

They are destroying the planet

Nope. Many NFTs are minted on more sustainable blockchains like Polygon, Cardano, Solana which use proof of stake and a fraction of the computing power of proof of work blockchains like Ethereum. That said Ethereum is the largest blockchain after Bitcoin and Ethereum is undergoing a transition from proof or work to proof of stake.

 

[David Kronenbourg]

Bitcoin is the legacy proof of work blockchain and 98% of the Bitcoin in existence has already been mined. In a couple of years crypto, nfts, blockchains etc will be much more sustainable.

 

[therealjohnny]

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[ann post]

Nope. Many NFTs are minted on more sustainable blockchains like Polygon, Cardano, Solana which use proof of stake and a fraction of the computing power of proof of work blockchains like Ethereum. That said Ethereum is the largest blockchain after Bitcoin and Ethereum is undergoing a transition from proof or work to proof of stake.

That's a nope with selective caveat, which isn't a valid use of 'nope'.

 

[Lili Marlene]

The reason crypto will fail for anything beyond baseless speculation or very small projects is that it has the potential to make financial transactions visible, accountable, and unalterable, and the people who run the economy worldwide do not want this to happen.

The only way it will work will be with a massive revolution changing the entire system, which i'm fine with, but in that case crypto is the least of our concerns. That Ministry for the Future book has a use-case for it where it is used to stop corruption in a future financial market, but that comes after the revolution.

 

[egg_]

@David Kronenbourg perhaps you can explain to me what NFTs actually are? AIUI an NFT is a string of bytes stored on a distributed database (i.e. the blockchain) with someone's name against it. Is there something more to it that I'm not getting?

 

[magicbastarder]

it's a topic i know shag all about, but in terms of art i had just understood it provided a way to abstract the concept that you 'own' an artwork separate to actually physically possessing it?

 

[David Kronenbourg]

@David Kronenbourg perhaps you can explain to me what NFTs actually are? AIUI an NFT is a string of bytes stored on a distributed database (i.e. the blockchain) with someone's name against it. Is there something more to it that I'm not getting?

A non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.

 

[pete]

The only use case for NFTs that I can think of entirely depends on the existence of a fully formed “metaverse” in which digital ownership of digital assets actually means something.

 

[egg_]

A non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.

I think that's more or less the same as what I said.

The "non interchangeable unit of data" is a string of bytes that passes some mathematical test (kinda like a prime number, but with bytes instead of numbers)

The blockchain is distributed data storage that tracks history - so maybe not a database as such, maybe more like an event log

And "can be sold or traded" means that the blockchain stores the relationship between a special-string-of-bytes and a person

Correct me if I'm wrong about any of this please, I'm trying to understand this shit from first principles. Input from any other nerds here would be welcome

 

[pete]

In all seriousness, artists might have a defamation case here, in terms of their music’s related artwork being ‘appropriated’ in such a manner that it gives the impression they support the NFT grift. Sure, their music wasn’t ‘stolen’, but there’s real potential for reputational damage (if not outright encouraging fans to sink their money into the ponzi scheme).

But that’s not what any of them (that I saw) were freaking out about.

 

[Lili Marlene]

The only use case for NFTs that I can think of entirely depends on the existence of a fully formed “metaverse” in which digital ownership of digital assets actually means something.

I gave a use case for it you bastard. People have been banned for less. No, YOU CHILL.

 

[pete]

I mean a use case that isn’t a pump and dump scheme.

 

[magicbastarder]

will quantum computers make NFTs obsolete?
i.e. should i start investing in quantum computing?

 

[David Kronenbourg]

The reason crypto will fail for anything beyond baseless speculation or very small projects is that it has the potential to make financial transactions visible, accountable, and unalterable, and the people who run the economy worldwide do not want this to happen.

The only way it will work will be with a massive revolution changing the entire system, which i'm fine with, but in that case crypto is the least of our concerns. That Ministry for the Future book has a use-case for it where it is used to stop corruption in a future financial market, but that comes after the revolution.

This is the nuts and bolts of it really.

 

[David Kronenbourg]

will quantum computers make NFTs obsolete?
i.e. should i start investing in quantum computing?

invest in seeds and water