Treasure Chess, NFTs and How to Opt Out
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Thats what I meant when I said investing, thanks for clarifying
Ok, so what I am curious about is how NFTs produce so much more CO2 emissions than other online stuff.
Apr 24, 2022
0
#64
M1m1c15 wrote:
Ok but what’s so bad about people spending money on the stuff they want to, what if they
Just like the idea of having a cool image that they own. Or they own a hyperlink or whatever that leads to the image or
Whatever.
Just like the idea of having a cool image that they own. Or they own a hyperlink or whatever that leads to the image or
Whatever.
And with just this much you again demonstrate that you know absolutely nothing about NFTs. You own nothing. You own a particular little bit of "nothing", but you still own nothing. The NFT doesn't represent the image, the image represents the NFT. And I've explained in great detail what's so bad about it. If you're so interested in knowing you should go back and read what I said about it rather than pointlessly going on and on like this. Asking the question again isn't going to change the answer.
I’m not trying to argue at this point, I will admit that my knowledge about this is more limited than most things but I’m not clueless. I am genuinely interested but even if they don’t own anything, is it really
Such a bad thing if buying them makes some people happy? This is not an attempt to argue and you probably already said it and I missed it In the large paragraphs you have posted.
Such a bad thing if buying them makes some people happy? This is not an attempt to argue and you probably already said it and I missed it In the large paragraphs you have posted.
Now I get if you are trying to do it for money then it’s a bad idea, that’s a given.
Saying I know nothing is an exaggeration.
Apr 24, 2022
0
#68
M1m1c15 wrote:
Ok, so what I am curious about is how NFTs produce so much more CO2 emissions than other online stuff.
Because blockchain technology is, to simplify things massively, based on validation through repeatedly guessing numbers until you get it right. This is what's known as "mining", but it's an extremely wasteful process that eats up an absurd amount of processing power. This processing power needs electricity, and this increased electricity demand is met with extra CO2 output.
That makes sense, thanks for the explanation.
Apr 24, 2022
0
#70
M1m1c15 wrote:
Now I get if you are trying to do it for money then it’s a bad idea, that’s a given.
If a person realizes that an NFT has no intrinsic value, and he still wants to throw away money to buy it, then there's nothing wrong with that. But many people don't know that. People who pay hundreds, thousands, or even millions of dollars for these things are either fools, or they're hoping to sell to a greater fool. (or both). Or maybe they just want to throw away millions of dollars for no reason, idk...
Yeah that makes sense.
Apr 24, 2022
0
#72
I don't know if you saw this news item: https://www.bbc.com/news/business-61102759
The guy who bought the NFT of Jack Dorsey's first tweet paid 2.9 million dollars for it. He's trying to sell it, and the best offer he's gotten is a little over $6,200. I guess he's having a hard time finding that greater fool...
Apr 24, 2022
0
#73
EscherehcsE wrote:
I don't know if you saw this news item: https://www.bbc.com/news/business-61102759
The guy who bought the NFT of Jack Dorsey's first tweet paid 2.9 million dollars for it. He's trying to sell it, and the best offer he's gotten is a little over $6,200. I guess he's having a hard time finding that greater fool...
Yes I saw that, completely ridiculous
kayli-kween wrote:
M1m1c15 wrote:
Yeah, it’s kind of like a cryptocurrency, that’s it’s point it’s just a fun way of doing it.
NFTs and cryptocurrency both use the blockchain, that's why. But you can forget about "fun". There's nothing "fun" about NFTs or cryptocurrency. NFTs are a pyramid scheme for the reasons I've explained, and cryptocurrency is by design highly unstable and thus only good for speculation. Both of them have something in common which is that they're zero-sum games where if someone walks away with more, it means someone else walks away with less. And of course this all involves money.
If you wanted "fun" you wouldn't implement a system over which people's lives can so easily get ruined. This isn't "fun", it's exploitative.
This is all very non applicable to me. I can't think of a reason I would ever need a NFT, a crypto currency, a blockchain, or even a pyramid scheme. But I do need electricity, and on rare occasion money.
So it's interesting to me the current story about bitcoin mining in Douglas county, WA. Not too far from me. They say 25% of all electricity used in the entire county is used for bitcoin mining.
That seems like a lot, for something that could impact the supply/demand construct. I wonder if someone could sell NFTs for electricity.
Apr 25, 2022
0
#75
lfPatriotGames wrote:
This is all very non applicable to me. I can't think of a reason I would ever need a NFT, a crypto currency, a blockchain, or even a pyramid scheme. But I do need electricity, and on rare occasion money.
So it's interesting to me the current story about bitcoin mining in Douglas county, WA. Not too far from me. They say 25% of all electricity used in the entire county is used for bitcoin mining.
That seems like a lot, for something that could impact the supply/demand construct. I wonder if someone could sell NFTs for electricity.
Yes, the environmental impacts of blockchain tech are horrendous.
There are a bunch of terms here that are getting mixed up. Blockchain, cryptocurrency and NFT have distinct meanings.
A blockchain is a digital ledger where every entry depends on the previous ones. Depending on the blockchain, these entries get validated in different ways. Most blockchains, including the one that Treasure Chess is based on, use Proof of Work, which is the enviromentally damaging crypto "mining".
Blockchains can be used for various things beyond just cryptocurrency. Almost all of those potential uses are a bad idea, but that doesn't stop VCs getting very excited about them. An idea doesn't have to be good to be lucrative.
An NFT is not a cryptocurrency.
NFTs are basically just digital certificates. They are an entry on a blockchain (Ethereum in this case) that say you own something, like a JPG image. You don't actually own the JPG, and this doesn't prevent anyone from copying that JPG for free. All you *own* is the certificate. I could issue you an NFT that says you own the Brooklyn Bridge. If you buy that from me, you own the NFT, not the Brooklyn Bridge.
NFTs are just a scam.
If chess.com want to sell cool avatars or images of games they could do so without involving NFTs. Baseball cards don't need NFTs.
My problem with chess.com being involved here is not that they themselves are scamming anyone or profiting from this, but that their involvement is promoting NFTs to a wider audience, including children. They should be more responsible.
Dentangle wrote:
lfPatriotGames wrote:
This is all very non applicable to me. I can't think of a reason I would ever need a NFT, a crypto currency, a blockchain, or even a pyramid scheme. But I do need electricity, and on rare occasion money.
So it's interesting to me the current story about bitcoin mining in Douglas county, WA. Not too far from me. They say 25% of all electricity used in the entire county is used for bitcoin mining.
That seems like a lot, for something that could impact the supply/demand construct. I wonder if someone could sell NFTs for electricity.
Yes, the environmental impacts of blockchain tech are horrendous.
There are a bunch of terms here that are getting mixed up. Blockchain, cryptocurrency and NFT have distinct meanings.
A blockchain is a digital ledger where every entry depends on the previous ones. Depending on the blockchain, these entries get validated in different ways. Most blockchains, including the one that Treasure Chess is based on, use Proof of Work, which is the enviromentally damaging crypto "mining".
Blockchains can be used for various things beyond just cryptocurrency. Almost all of those potential uses are a bad idea, but that doesn't stop VCs getting very excited about them. An idea doesn't have to be good to be lucrative.
An NFT is not a cryptocurrency.
NFTs are basically just digital certificates. They are an entry on a blockchain (Ethereum in this case) that say you own something, like a JPG image. You don't actually own the JPG, and this doesn't prevent anyone from copying that JPG for free. All you *own* is the certificate. I could issue you an NFT that says you own the Brooklyn Bridge. If you buy that from me, you own the NFT, not the Brooklyn Bridge.
NFTs are just a scam.
If chess.com want to sell cool avatars or images of games they could do so without involving NFTs. Baseball cards don't need NFTs.
My problem with chess.com being involved here is not that they themselves are scamming anyone or profiting from this, but that their involvement is promoting NFTs to a wider audience, including children. They should be more responsible.
That all sounds very informative, but not very useful. Or to put it another way, it's not you, it's me. Now that I've hit the big five oh and find it difficult to relate to things I don't want or need these things seem like something I should watch from afar.
Apr 25, 2022
0
#77
lfPatriotGames wrote:
That all sounds very informative, but not very useful. Or to put it another way, it's not you, it's me. Now that I've hit the big five oh and find it difficult to relate to things I don't want or need these things seem like something I should watch from afar.
Wise. The further the better :-)
Mr-Mudd wrote:
Where exactly are these being mined?
I bet ole Jeremy from the IT dept. has a laptop and a couple of servers down in the basement hooked up to a network of homeless orphans running on treadmills. That's the cost of these NFTs....
Forshame; forshame.
There are people that use a few computers to mine bitcoins but they're at an incredible disadvantage. I haven't read this entire article. It's just one of many I've seen about about a bitcoin mining company that bought an old local power plant and are using it to power their 20,000+ computers for bitmining. They use water from one of the Finger Lakes for coolant and the locals say it is ruining the lake's habitat. I posted another article somewhere recently but I'm too lazy to go find it. https://gothamist.com/news/bitcoin-mining-operation-finger-lakes-runs-against-new-yorks-climate-law
I think they're related but slightly different concepts. My intuition says that investing is what you do when you hope something will appreciate in value over a longer period of time, while speculation is taking advantage of the volatility of an asset to turn a profit on its trade.