Poll of the Day > So um... NFTs

(+) Yeah! (+)

Is it just people buying media for crypto???

Am I missing something?

No. Please don't create this argument again.
NFTs are not worth talking about. Everyone who brings them up is being paid to promote them.
It's basically a kind of ponzi scheme.

sounds dumb tbh

Judgmenl posted...

Everyone who brings them up is being paid to promote them.

This checks out, TC is a youtuber.

They are basically just dumber crypto, yes.

Judgmenl posted...

It's basically a kind of ponzi scheme.

not all schemes are pyramid or ponzi schemes...

Are Baseball Cards, Coins and Comics ponzi schemes as well?

pionear posted...

Are Baseball Cards, Coins and Comics ponzi schemes as well?

I mean those are physical objects?
I enjoy Baseball, and many people collect sports memorabilia and there's intrinsic value in it to some people. There is no intrinsic value in NFTs.

Judgmenl posted...

I mean those are physical objects?
I enjoy Baseball, and many people collect sports memorabilia and there's intrinsic value in it to some people. There is no intrinsic value in NFTs.

why does a piece of cardboard have intrinsic value? you can get cardboard for free, easily. i mean i suppose its worth a fraction of a cent?

Fam_Fam posted...

why does a piece of cardboard have intrinsic value? you can get cardboard for free, easily. i mean i suppose its worth a fraction of a cent?

You don't seem to understand the concept of sports memorabilia, do you?

Judgmenl posted...

You don't seem to understand the concept of sports memorabilia, do you?

i'm stating that the actual thing has very little intrinsic value, similar to NFTs. They are worth what people will pay for them. That's (almost) their entire value. Them being physical changes very little. Some things have "intrinsic value" based on their physical materials' rarity (e.g. gold jewelry) - cardboard does not.

Reproducing a "rare" baseball card is trivial. There is no particular value in a random baseball card. I would say that something like a signed object, or like an object used in a game (e.g., Tom Brady's "final" touchdown ball) would be a bit different, however.

Go have fun, not arguing with anyone who defends NFTs.

pionear posted...

Are Baseball Cards, Coins and Comics ponzi schemes as well?

As investment products, basically, yes. Same as art was/is. There are items of genuinely high value and/or extremely limited make that justify their high cost (Van Gogh paintings, a Cap Anson card from the 1800s, Action Comics #1, etc) and then there's an entire market of wannabe crap that makes no sense to put significant money into.

Lokarin posted...

not all schemes are pyramid or ponzi schemes...

But some things are, and this basically is.

https://youtu.be/YQ_xWvX1n9g

tldr; it's a scam to inflate the value of certain crypto currencies, established and maintained by people who already own those currencies

you aren't even buying media, you're buying a plaque that says you own the media. said media (which you don't own) is stored on a server and will be lost when that server goes down. at least baseball cards won't just stop existing when the scammers dump their stock and run

agesboy posted...

you aren't even buying media, you're buying a plaque that says you own the media. said media (which you don't own) is stored on a server and will be lost when that server goes down. at least baseball cards won't just stop existing when the scammers dump their stock and run

It's the modern digital equivalent of buying a star, or a piece of the moon, or getting a knighthood from a place like Sealand.

agesboy posted...

at least baseball cards won't just stop existing when the scammers dump their stock and run

But they can be lost, damaged, etc...

with the NFT, yea the host server can go down, but I'm pretty sure there are back-ups among back-ups servers the NFT are on as well.

pionear posted...

But they can be lost, damaged, etc...

all of which is within your control. it's not comparable to the NFT service itself experiencing issues

pionear posted...

with the NFT, yea the host server can go down, but I'm pretty sure there are back-ups among back-ups servers the NFT are on as well.

backups don't matter if the URL is lost, because that's all the NFT is. it's a link to a URL. that link can never be changed. if the NFT service loses control over that URL due to either hacking or an expired domain, the ENTIRE service is completely and irreparably fucked

agesboy posted...

all of which is within your control. it's not comparable to the NFT service itself experiencing issues

backups don't matter if the URL is lost, because that's all the NFT is. it's a link to a URL. that link can never be changed. if the NFT service loses control over that URL due to either hacking or an expired domain, the ENTIRE service is completely and irreparably fucked

On that note:

https://www.theverge.com/2022/3/29/23001620/sky-mavis-axie-infinity-ronin-blockchain-validation-defi-hack-nft

But, at the same time it's all Digital...I'm pretty sure the person/company can offer the Buyer/Owner a new copy of the NFT on another Blockchain/Server for free...thus retaining ownership of product

St_Kevin posted...

Is it just people buying media for crypto???

Am I missing something?

They aren't buying media. Let's say there is a billboard with lazily made artwork on it. Let's say I buy it for $10,000.

But the way a billboard works is anybody can look at it and enjoy the artwork. So my ownership doesn't grant me any privileges anybody else doesn't already have. I also don't own the copyright to said artwork.

pionear posted...

But, at the same time it's all Digital...I'm pretty sure the person/company can offer the Buyer/Owner a new copy of the NFT on another Blockchain/Server for free...thus retaining ownership of product

do you know what the NF in NFT stands for and means

creating another copy and giving it away for free goes against the entire concept of NFTs they're trying to sell