NFT madness

[DNS]

https://www.theverge.com/22310188/nft-e ... to-art-faq

NFTs have been around a while, but are picking up in popularity. It's basically any artwork or video in computer jpeg or video format and it's sold for ethereum crypto currency. You could browse the different artwork and you could just right-click and get the art uploaded on your computer for free, yet, people are paying a fortune for it! You own some rights to it and can re-sell it, but still bizarre that people are paying for this stuff!

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.

Sorry, I was busy right-clicking on that Beeple video and downloading the same file the person paid millions of dollars for.

Wow, rude. But yeah, that’s where it gets a bit awkward. You can copy a digital file as many times as you want, including the art that’s included with an NFT.

But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.

[Budai]

Ordained Buddhist Monks aren't allowed to touch Non-fungible tokens within their own local filesystems.

[PeterC]

It's complete nonsense. Cryptocurrencies in their current forms are for fools and criminals. Particularly foolish criminals, who want to leave a permanent record of their transactions for governments to decode at their leisure.

[tkp67]

https://www.theverge.com/22310188/nft-e ... to-art-faq

NFTs have been around a while, but are picking up in popularity. It's basically any artwork or video in computer jpeg or video format and it's sold for ethereum crypto currency. You could browse the different artwork and you could just right-click and get the art uploaded on your computer for free, yet, people are paying a fortune for it! You own some rights to it and can re-sell it, but still bizarre that people are paying for this stuff!

I knew someone who was an executive in the mortgage industry (before 2008). I forget the exact position but he made 500k/yr right out of school. Needless to say his spending and planning was based on that experience as a basis. It didn't work out so well for him in his scenario. He bought a 7 figure home on the water. When the market collapsed his team was relieved of their positions by phone. His employment prospects could not support his life.

The market value of bitcoin alone is over 800 billion. Many people are working with incredible amounts of money. Proof of being a successful ground floor visionary, proof of concept, ownership of historic digital IP, perhaps a per-inflation of value for future market position, potentially a vehicle for property acquisition (trading NFTs for tangibles) to avoid laws governing traditional transactions as well as other factors that I might be ignorant of. Decadence and aspects of the human condition of course have their own say.

[GDPR_Anonymized001]

https://www.theverge.com/22310188/nft-e ... to-art-faq

NFTs have been around a while, but are picking up in popularity. It's basically any artwork or video in computer jpeg or video format and it's sold for ethereum crypto currency. You could browse the different artwork and you could just right-click and get the art uploaded on your computer for free, yet, people are paying a fortune for it! You own some rights to it and can re-sell it, but still bizarre that people are paying for this stuff!

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.

Sorry, I was busy right-clicking on that Beeple video and downloading the same file the person paid millions of dollars for.

Wow, rude. But yeah, that’s where it gets a bit awkward. You can copy a digital file as many times as you want, including the art that’s included with an NFT.

But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.

Just had flashbacks to 2008 when I read this gem: "http://www.27bslash6.com/overdue.html" "Please accept this drawing of a spider as payment..."

[GDPR_Anonymized001]

It's complete nonsense. Cryptocurrencies in their current forms are for fools and criminals. Particularly foolish criminals, who want to leave a permanent record of their transactions for governments to decode at their leisure.

Indeed. Naked Capitalism has had a few good pieces the past weeks on crypto-currency. https://www.nakedcapitalism.com/2021/02 ... ceeds.html Prices will collapse once people realise it's not as useful/beneficial as the techies suggest.

[Malcolm]

It's complete nonsense. Cryptocurrencies in their current forms are for fools and criminals. Particularly foolish criminals, who want to leave a permanent record of their transactions for governments to decode at their leisure.

Indeed. Naked Capitalism has had a few good pieces the past weeks on crypto-currency. https://www.nakedcapitalism.com/2021/02 ... ceeds.html Prices will collapse once people realise it's not as useful/beneficial as the techies suggest.

Yes, paying for things is a little difficult with bitcoin.

[Norwegian]

At least two parties so far in Norway, wants to completely ban the mining for cryptocurrency like bitcoin, in Norway, on grounds of it being a total waste of resources and being so far from green and renewable energy as it possibly can get. Those parties are the Red Party (Marxism, left wing to far-left) and the Green Party (Green politics, centre-left). Both parties are in parliament. I welcome this development (hope more parties agrees) and hope it happens, not just in Norway, but everywhere.

[tkp67]

It's complete nonsense. Cryptocurrencies in their current forms are for fools and criminals. Particularly foolish criminals, who want to leave a permanent record of their transactions for governments to decode at their leisure.

Indeed. Naked Capitalism has had a few good pieces the past weeks on crypto-currency. https://www.nakedcapitalism.com/2021/02 ... ceeds.html Prices will collapse once people realise it's not as useful/beneficial as the techies suggest.


Speculation in regards to a fiat replacement and the coin trading market is one animal, block chain applications another.

One aspect of this art serialization that hasn't been realized is that it allows IP use to be registered and tracked. This facilitates enforcing protections and tracking use for the purpose of collecting revenues. Decentralization another benefit.

The money being splashed now isn't much different than the monies generated and spent putting desktop computers on every desktop in 90's. That vision (computer on every desktop) is less than 50 years old and now we have computers in every hand.

Blockchain is also being provisioned for use in applications such as space exploration.

[GDPR_Anonymized001]

It's complete nonsense. Cryptocurrencies in their current forms are for fools and criminals. Particularly foolish criminals, who want to leave a permanent record of their transactions for governments to decode at their leisure.

Indeed. Naked Capitalism has had a few good pieces the past weeks on crypto-currency. https://www.nakedcapitalism.com/2021/02 ... ceeds.html Prices will collapse once people realise it's not as useful/beneficial as the techies suggest.

Speculation in regards to a fiat replacement and the coin trading market is one animal, block chain applications another.

One aspect of this art serialization that hasn't been realized is that it allows IP use to be registered and tracked. This facilitates enforcing protections and tracking use for the purpose of collecting revenues. Decentralization another benefit.

The money being splashed now isn't much different than the monies generated and spent putting desktop computers on every desktop in 90's. That vision (computer on every desktop) is less than 50 years old and now we have computers in every hand.

Blockchain is also being provisioned for use in applications such as space exploration.

You do this a lot. Write a reply on a point that no one is talking about. My post said nothing at all about blockchain as I was only talking about bitcoin/etherium. With regard to blockchain and space exploration or whatever, it's constantly discussed and, to me, is another case study that further validates the "Garbage Can Model" of decision theory. I have absolutely no interest in hearing about blockchain. Ledgers tracking transactions are some of the earliest forms of writing still in existence. If clay with reed styluses was good enough for the Sumerians then it's good enough for me. I try to keep my blockchain/cryptocurrency intake limited to re-runs of the HBO documentary Silicon Valley.

With regard to the IP of art (again, not what my post was about), how exactly does this particular solution do anything at all to protect it when people can easily download, reproduce, distribute it? There are much better options, including France's (and the EU to an extent) Droit de suite (Artists resale right). Or as Dean Baker frequently promotes at CEPR the "Artistic Freedom Voucher" https://cepr.net/there-are-other-mechan ... tive-work/

Anyway, as DNS so aptly summarized. Madness.

[Queequeg]

An acquaintance told me they were on the ground floor of a cryptocurrency and received some as compensation. He thought nothing of it and then found out one day he was a multi millionaire. Hey!

The first I heard of this kind of stuff involved this picture:

[tkp67]

Indeed. Naked Capitalism has had a few good pieces the past weeks on crypto-currency. https://www.nakedcapitalism.com/2021/02 ... ceeds.html Prices will collapse once people realise it's not as useful/beneficial as the techies suggest.

Speculation in regards to a fiat replacement and the coin trading market is one animal, block chain applications another.

One aspect of this art serialization that hasn't been realized is that it allows IP use to be registered and tracked. This facilitates enforcing protections and tracking use for the purpose of collecting revenues. Decentralization another benefit.

The money being splashed now isn't much different than the monies generated and spent putting desktop computers on every desktop in 90's. That vision (computer on every desktop) is less than 50 years old and now we have computers in every hand.

Blockchain is also being provisioned for use in applications such as space exploration.

You do this a lot. Write a reply on a point that no one is talking about. My post said nothing at all about blockchain as I was only talking about bitcoin/etherium. With regard to blockchain and space exploration or whatever, it's constantly discussed and, to me, is another case study that further validates the "Garbage Can Model" of decision theory. I have absolutely no interest in hearing about blockchain. Ledgers tracking transactions are some of the earliest forms of writing still in existence. If clay with reed styluses was good enough for the Sumerians then it's good enough for me. I try to keep my blockchain/cryptocurrency intake limited to re-runs of the HBO documentary Silicon Valley.

With regard to the IP of art (again, not what my post was about), how exactly does this particular solution do anything at all to protect it when people can easily download, reproduce, distribute it? There are much better options, including France's (and the EU to an extent) Droit de suite (Artists resale right). Or as Dean Baker frequently promotes at CEPR the "Artistic Freedom Voucher" https://cepr.net/there-are-other-mechan ... tive-work/

Anyway, as DNS so aptly summarized. Madness.

Correct, I discuss systems not individual components there of as if they are independent. Blockchain and cryptocurrency are not separable.

Imagine looking at AOL and painting the future of the internet based on that perspective. Plenty of people did. Yet here we are.

This type of manifestation happens in a few years and people make generations of wealth in the process. Many industries are built on these innovations. They socially engineer society to accept their business models while they build up market share to control them.

Uber comes to mind.

[Malcolm]

Blockchain and cryptocurrency are not separable.

Blockchain is not particularly innovative. It is useful for some kinds of data storage, and not useful for other kinds of data storage, where one is better off using relational databases that use SQL.

[tkp67]

Blockchain and cryptocurrency are not separable.

Blockchain is not particularly innovative. It is useful for some kinds of data storage, and not useful for other kinds of data storage, where one is better off using relational databases that use SQL.

Decentralization within the internet ecosystem is what makes performance different.

Centralization of systems such as this is antiquated and the transitional nexus for corruption.

[DNS]

Speaking of bitcoin (a different crypto from ethereum and NFT, but still a crypto), the rapper 50 cent lost all his money through lavish spending and bad investments. He even filed for bankruptcy and then realized he had sold some albums accepting bitcoins. So he then was broke no more.

https://www.investopedia.com/news/rappe ... llionaire/

Hopefully, he'll be more careful with his money this time around.

[GDPR_Anonymized001]

Correct, I discuss systems not individual components there of as if they are independent. Blockchain and cryptocurrency are not separable.

Imagine looking at AOL and painting the future of the internet based on that perspective. Plenty of people did. Yet here we are.

This type of manifestation happens in a few years and people make generations of wealth in the process. Many industries are built on these innovations. They socially engineer society to accept their business models while they build up market share to control them.

Uber comes to mind.

This is just too exhausting. Sorry for missing your higher-level thinking and not realizing that, like, it's all connected man. Btw, seriously, Uber? What does Uber have to do with this? Aside from being a prime example of weak regulatory enforcement/poor governance, monopolistic ambitions, and sheer stupidity. Or maybe this is my own flawed thinking because I apparently lack systems-thinking and mistakenly think things are independent of one another (that was your point, right?). I'm guessing that "Uber" is just making an appearance as an olive in the word salad.

Strange to call something "innovation" when it has never earned a cent, burning through Billions of rich people dollars each and every year. Literally billions on a business model that makes absolutely no sense because the Silicon valley gurus apparently have no understanding of the economies of scale (which taxi services don't benefit from -there are about two dozen excellent posts on this very topic at the site I mentioned earlier).

Anyway, paper wealth isn't true wealth. True wealth is having an energy infrastructure that can handle a few degrees below zero without grinding to a halt and killing people. Or a functioning medical system that permits people to return to work, generate tax revenue, and have meaningful lives. I really don't have any idea what point you're trying to make talking about AOL and the internet. At this point I can't tell if you think NFT is madness and social-engineering by rich people? Or if it's the best thing since sliced bread.

[Malcolm]

Blockchain and cryptocurrency are not separable.

Blockchain is not particularly innovative. It is useful for some kinds of data storage, and not useful for other kinds of data storage, where one is better off using relational databases that use SQL.

Decentralization within the internet ecosystem is what makes performance different.

Centralization of systems such as this is antiquated and the transitional nexus for corruption.

Again, it quite depends on what one wants use one has for a database. For example, I can't think of a single company that would trust any of their secure data in a shared node database of the kind that bitcoin employs. At this juncture, it seems that the best use for blockchain databases is logistics tracking in a supply chain. But blockchain databases begin to degenerate in performance when the datasets become large and complex.

A relational database is as secure as the network it is set up on and the servers in which it sits. It is generally much superior to a blockchain database in terms data integrity (aka normalization), speed, and so on, when working with multiple data points in a complex environment. Its performance can suffer if encryption is required on tables in the database itself. But encryption load can also be downside of blockchain databases.

So again, it just depends on the application. Remember, everything looks like a nail to a hammer.

[Malcolm]

Anyway, paper wealth isn't true wealth. True wealth is having an energy infrastructure that can handle a few degrees below zero without grinding to a halt and killing people.

Yeah, but what about muh freedum?

Or a functioning medical system that permits people to return to work, generate tax revenue, and have meaningful lives.

Yeah, but what about muh freedum?

[tkp67]

Correct, I discuss systems not individual components there of as if they are independent. Blockchain and cryptocurrency are not separable.

Imagine looking at AOL and painting the future of the internet based on that perspective. Plenty of people did. Yet here we are.

This type of manifestation happens in a few years and people make generations of wealth in the process. Many industries are built on these innovations. They socially engineer society to accept their business models while they build up market share to control them.

Uber comes to mind.

This is just too exhausting. Sorry for missing your higher-level thinking and not realizing that, like, it's all connected man. Btw, seriously, Uber? What does Uber have to do with this? Aside from being a prime example of weak regulatory enforcement/poor governance, monopolistic ambitions, and sheer stupidity. Or maybe this is my own flawed thinking because I apparently lack systems-thinking and mistakenly think things are independent of one another (that was your point, right?). I'm guessing that "Uber" is just making an appearance as an olive in the word salad.

Strange to call something "innovation" when it has never earned a cent, burning through Billions of rich people dollars each and every year. Literally billions on a business model that makes absolutely no sense because the Silicon valley gurus apparently have no understanding of the economies of scale (which taxi services don't benefit from -there are about two dozen excellent posts on this very topic at the site I mentioned earlier).

Anyway, paper wealth isn't true wealth. True wealth is having an energy infrastructure that can handle a few degrees below zero without grinding to a halt and killing people. Or a functioning medical system that permits people to return to work, generate tax revenue, and have meaningful lives. I really don't have any idea what point you're trying to make talking about AOL and the internet. At this point I can't tell if you think NFT is madness and social-engineering by rich people? Or if it's the best thing since sliced bread.

You are exhausted because of the self imposed rigidity of your own thought processes. I know I didn't put those paradigms there.

FWIW The power grid is safest under blockchain technology the IEEE discusses this. Blockchain offers solutions to all the things you mention.

https://ieeexplore.ieee.org/abstract/document/9018104

Blockchain Technology for Smart Grids: Decentralized NIST Conceptual Model

Here the IEEE organization makes the case for blockchain across many industries.

https://blockchain.ieee.org/about

Blockchain Overview

BlockBlockchain is an open-source distributed database using state-of-the-art cryptography through a distributed ledger that enables trust among disparate individuals or third parties. Blockchain transforms the way transactions happen in the Internet age. A blockchain block is immutable, the information and details of the data contained on the blockchain are virtually impossible to change. The impact on every segment of industry and services verticals is hard to calculate.

Value Statement

Blockchain is a new and emerging technology family positioned on the leading edge of the technology hype curve. It is not bleeding or cutting-edge technology; nor is it fully formed, standardized, or supported by best practices. The Blockchain Technical Community is highly fragmented and badly needs what the IEEE can deliver; a stabilizing think space of seasoned professionals specifically trained and positioned to make a difference. Blockchain is by far the most forward thinking, impactful, and disruptive emerging technology family that the Future Directions Committee and the IEEE has sought to embrace.

https://blockchain.ieee.org/

IEEE organizations blockchain initiative perhaps there might be some useful information

A humble submission for thoughtful consideration

:: paints a happy thought

[tkp67]

Blockchain is not particularly innovative. It is useful for some kinds of data storage, and not useful for other kinds of data storage, where one is better off using relational databases that use SQL.

Decentralization within the internet ecosystem is what makes performance different.

Centralization of systems such as this is antiquated and the transitional nexus for corruption.

Again, it quite depends on what one wants use one has for a database. For example, I can't think of a single company that would trust any of their secure data in a shared node database of the kind that bitcoin employs. At this juncture, it seems that the best use for blockchain databases is logistics tracking in a supply chain. But blockchain databases begin to degenerate in performance when the datasets become large and complex.

A relational database is as secure as the network it is set up on and the servers in which it sits. It is generally much superior to a blockchain database in terms data integrity (aka normalization), speed, and so on, when working with multiple data points in a complex environment. Its performance can suffer if encryption is required on tables in the database itself. But encryption load can also be downside of blockchain databases.

So again, it just depends on the application. Remember, everything looks like a nail to a hammer.

Technology evolves too rapidly to pretend conceptual limitations matter. That was the point of the AOL comment.

The IEEE commentary talks to all the points you mention and they don't hold up under said commentary.