... and that's the 'legitimate' version where the steps beyond 'write file' and 'take cash' are used.
The Alarm Is Sounding On NFTs
- Thread starter hanselthecaretaker
- Start date
If only. That would be less dumb.
They are not jpegs. They are unique referrences to links to jpegs. If you buy an NFT, you don't actually own the jpeg. You don't own the link either. You only own this referrence and the only things that gives it "value" is the artificial scarcity.
Even if people would put the whole jpeg into the blockchain, you wouldn't really own it, only a referrence to it.
Another person told me they're leaving to start a "crypto business". I couldn't as any questions because I was afraid I might start choking him and not stop.
You never know, maybe it's a business about looking for cryptids. Or one where they don't do any real work.
Now, you could technically also include an statement assigning copyright to the possessor of the token as well, but no one generally does this.
Aren't all the options given just that last one wearing different hats? Like the BoredApes of not doing anything useful.
There's that, but you could work hard at looking for cryptids if you wanted to, just you'd not find any more than if you weren't trying.
Even ignoring the vast number of NFTs using Intellectual Property (IP) without authorisation there are good reasons for this. IP law is complex as fuck and you never sell any IP rights you don't have to unless you're happy to get a surprise buggering with a broken broomstick, metaphorically speaking.
Throw together a good proposal and you could probably get crowd funding.
They could have meant cryptography. That would at least be interesting.
Also, quick question: does Star Citizen selling its digital ships count as NFTs?
Could someone explain something to me, maybe @Schadrach you seem to have more of a handle on this than most of us. If crypto really became a thing, inefficiency aside, we actually managed to implement crypto as a payment method in day to day life at stores etc. Which crypto? Like would a store be able to just take any and all crypto as payment. If coin A is worth 45000 USD and coin B is worth 0.3 USD is it feasible for a store to accept 0.0001 of one coin or 15 of the other for a cup of coffee? Then expanding that out to all of the different cryptos that exist. Could a store feasibly accept all crypto or at best will there be a handful of viable ones?
Would anyone even want that considering accepting one coin leaves you open to wild fluctuations in value, would multiples make it basically impossible to function because price would essentially be random and you would just have to hope that you come out favourably for the majority of transactions.
Would anyone even want that considering accepting one coin leaves you open to wild fluctuations in value, would multiples make it basically impossible to function because price would essentially be random and you would just have to hope that you come out favourably for the majority of transactions.
Yeah, too unstable. Might compare going to a store with a diamond, you probably don't want to smash it and both parties have only a vague idea of what it'd be really worth next week.
And then what about the issue of there being multiple coins all with wildly different values. Is there actually a way for a business to know that the price of a coffee in coin a is x, coin B is y, coin c is z and so on? And reasonably expect an employee to track that?
In theory if they were all computerised that could work. In practice, you'd be a lot better off trying to use legitimate, stable currency from a country on the other side of the world at your local store and see how well that works.
Assuming you mean buying something to play in-game for real cash, no. That's more akin to DLC.
And that's not even factoring in rug pulls. Like someone could just invest in a currency that basically just stops one day.
Whichever one(s) they wanted to deal with.
Presuming they set themselves up to accept each one, sure. There's nothing about any particular form of crypto that precludes accepting any other.
Nothing would stop a store from doing so, other than having to track a different price for every item in every kind of crypto. I can't imagine anyone would want to do that, just because of what a PITA it would be.
Congrats, you have successfully pointed out the reasons most cryptocurrencies are not very good at being currencies. It's all the downsides of paying for things with precisely weighed flakes of precious metals, but with a massive energy cost to make sure you aren't trying to give the same silver shavings to two different people.
Now, there are things called "stable coins" that solve some of those problems, which are "stable" because they explicitly peg their price to some fiat currency so that price fluctuations are less of a concern (they're as much a concern as using the fiat currency in question in general).