what is a NFT - Chess Forums - Page 2

DiogenesDue

Apr 23, 2022

0

#21

cluepon wrote:

llama51 wrote:

I'm completely uninterested in them, but I don't see much difference between NFTs and collectables in general.

With a collectable you have physical proof of owning it. With NFTs you have a link to a file saying you are the "owner", without any legal covering what it entitles you to. Furthermore: if the party creating that file with info for your NFT stops (e.g. treasurechess/fourthwave stops hosting the nice image you "own"), you are left with a broken link to something that doesn't exist.

With a collectable you would still have the Pokemon Go card when the company behind them stops.

Yeah, it's like those people that buy informercial products with a lifetime warranty. Guess what? After the company soaks up as much money as possible, they can just close it down and your lifetime warranty is meaningless. So you are betting on the product being so good it is significantly profitable for decades...which works for things like Sears Craftsman tools, but not so much for the latest janky plastic slicer and dicer...

There will assuredly be dubious NFT companies that sell NFTs for a fee, gathering millions, who will then disappear with nary a trace.

NiceAndFlowy

Apr 23, 2022

0

#22

llama51 wrote:

Ziryab wrote:

llama51 wrote:

I finally saw an explanation that made sense to me.

You're essentially paying for the ownership of a certificate. The certificate says you are the owner of the certificate

Why is that valuable? Well... why is anything valuable? Because people are willing to pay money for it. It's like collectable cards. There's no intrinsic reason a little piece of paper with a picture on it is valuable.

So let's say I paint a picture, and everyone likes it, so everyone sees it online. But then I also make a single certificate associated with the image, and sell that. The buyer doesn't own the image. What they own is like a collectable card.

"Fungible" just means it's not like bitcoin where, for example, my 1 bit coin is worth the same as your 1 bitcoin. With these certificates, mine might be worth more than yours because mine might be associated with a famous paining or something.

Money is only of value because of a commonly shared myth that gives it value. Gold also.

But it's so useful to large economies... isn't that interesting... I wonder how much is cultural and how much is instinct. Did wealthy people make up money and then indoctrinate the youth? Or do humans naturally create artificial value.

I guess a little of both.

I remember as a young kid we had some colored balls. After I decided the green one was my favorite, my brothers wanted to play with it more than the others.

Money exists for almost 3000 years, the reason is to create a medium of exchange.
A society that uses barter as a form of exchange for goods and services would have an extremely slow economy and a lower quality of life (with obvious limitations). Money is needed in a complex society to facilitate the exchange of goods and services, it wasn't created by wealthy people to indoctrinate the masses and it's not necessarily in the human nature to create artificial value, this is just nonsense... it was simply the necessary evolution of the human society when it reached a certain treshold of complexity.

DiogenesDue

Apr 23, 2022

0

#23

NiceAndFlowy wrote:

Money exists for almost 3000 years, the reason is to create a medium of exchange.
A society that uses barter as a form of exchange for goods and services would have an extremely slow economy and a lower quality of life (with obvious limitations). Money is needed in a complex society to facilitate the exchange of goods and services, it wasn't created by wealthy people to indoctrinate the masses and it's not necessarily in the human nature to create artificial value, this is just nonsense... it was simply the necessary evolution of the human society when it reached a certain treshold of complexity.

Nobody said money was created to indoctrinate or control the masses. Nevertheless, it allows reverse Robin Hoods (steal from the poor to give to the rich) to flourish when markets are unregulated. It is human nature to look out for one's self before others. We're somewhere between dogs and cats. If human nature was more pack-first and less me-first, things would be better. This is ultimately the source of greed and selfishness. Our minds can move past this basic part of our nature, but most people are oblivious and just do whatever their fears and urges drive them to do.

Creating artificial value is the same as saying "hey, look over there" while you drag a haunch of meat away from the pack's kill, that you had no real part of. Saying it not part of human nature is like saying it's not part of human nature to use Sonicare toothbrushes...of course it isn't. But it is human nature to think "hey, this feels pretty good, let's see what I can do to keep this up" when your teeth are smooth and nothing is stuck in them.

TheSheeshKid

Apr 23, 2022

0

#24

btickler wrote:

The moment money became an abstraction of bartering, scammers started figuring out ways to skim off the top, and they have never stopped since. The further money becomes abstracted, the easier it is to steal from people.

NFTs are a new wrinkle on an old theme. Taking things of value and obfuscating them and mixing them with worthless things, then convincing you to value the worthless stuff, too. This latest wrinkle is brought to you by video games, where dumb people have proven to the financial markets that they will pay for literally nothing. Thanks, person that paid $5 to turn their avatar pink.

Over time, inflation outperforms interest. That is the global sound of average people's money being sucked away. Only if you have enough money to invest in a stock market artificially propped up in value by monthly 401K/IRA deposits do you break even or get ahead.

Bruh, it’s never 5$ to change your character look in a game. It’s always at least 15$. And I’ve spent hundreds

llama51

Apr 23, 2022

0

#25

cluepon wrote:

llama51 wrote:

I'm completely uninterested in them, but I don't see much difference between NFTs and collectables in general.

With a collectable you have physical proof of owning it. With NFTs you have a link to a file saying you are the "owner", without any legal covering what it entitles you to. Furthermore: if the party creating that file with info for your NFT stops (e.g. treasurechess/fourthwave stops hosting the nice image you "own"), you are left with a broken link to something that doesn't exist.

With a collectable you would still have the Pokemon Go card when the company behind them stops.

As far as I know, the only reason blockchains work is that everyone has a copy. Otherwise you could forge a fake and there'd be no way of knowing. The data is decentralized.

And it was never the imagine you're purchasing. You're purchasing a certificate that says "____ owns this certificate"

llama51

Apr 23, 2022

0

#26

NiceAndFlowy wrote:

llama51 wrote:

Ziryab wrote:

llama51 wrote:

I finally saw an explanation that made sense to me.

You're essentially paying for the ownership of a certificate. The certificate says you are the owner of the certificate

Why is that valuable? Well... why is anything valuable? Because people are willing to pay money for it. It's like collectable cards. There's no intrinsic reason a little piece of paper with a picture on it is valuable.

So let's say I paint a picture, and everyone likes it, so everyone sees it online. But then I also make a single certificate associated with the image, and sell that. The buyer doesn't own the image. What they own is like a collectable card.

"Fungible" just means it's not like bitcoin where, for example, my 1 bit coin is worth the same as your 1 bitcoin. With these certificates, mine might be worth more than yours because mine might be associated with a famous paining or something.

Money is only of value because of a commonly shared myth that gives it value. Gold also.

But it's so useful to large economies... isn't that interesting... I wonder how much is cultural and how much is instinct. Did wealthy people make up money and then indoctrinate the youth? Or do humans naturally create artificial value.

I guess a little of both.

I remember as a young kid we had some colored balls. After I decided the green one was my favorite, my brothers wanted to play with it more than the others.

Money exists for almost 3000 years, the reason is to create a medium of exchange.
A society that uses barter as a form of exchange for goods and services would have an extremely slow economy and a lower quality of life (with obvious limitations). Money is needed in a complex society to facilitate the exchange of goods and services, it wasn't created by wealthy people to indoctrinate the masses and it's not necessarily in the human nature to create artificial value, this is just nonsense... it was simply the necessary evolution of the human society when it reached a certain treshold of complexity.

Wow, you used all this to say what I said in the first sentence of my post that you quoted.

NiceAndFlowy

Apr 23, 2022

0

#27

llama51 wrote:

NiceAndFlowy wrote:

llama51 wrote:

Ziryab wrote:

llama51 wrote:

I finally saw an explanation that made sense to me.

You're essentially paying for the ownership of a certificate. The certificate says you are the owner of the certificate

Why is that valuable? Well... why is anything valuable? Because people are willing to pay money for it. It's like collectable cards. There's no intrinsic reason a little piece of paper with a picture on it is valuable.

So let's say I paint a picture, and everyone likes it, so everyone sees it online. But then I also make a single certificate associated with the image, and sell that. The buyer doesn't own the image. What they own is like a collectable card.

"Fungible" just means it's not like bitcoin where, for example, my 1 bit coin is worth the same as your 1 bitcoin. With these certificates, mine might be worth more than yours because mine might be associated with a famous paining or something.

Money is only of value because of a commonly shared myth that gives it value. Gold also.

But it's so useful to large economies... isn't that interesting... I wonder how much is cultural and how much is instinct. Did wealthy people make up money and then indoctrinate the youth? Or do humans naturally create artificial value.

I guess a little of both.

I remember as a young kid we had some colored balls. After I decided the green one was my favorite, my brothers wanted to play with it more than the others.

Money exists for almost 3000 years, the reason is to create a medium of exchange.
A society that uses barter as a form of exchange for goods and services would have an extremely slow economy and a lower quality of life (with obvious limitations). Money is needed in a complex society to facilitate the exchange of goods and services, it wasn't created by wealthy people to indoctrinate the masses and it's not necessarily in the human nature to create artificial value, this is just nonsense... it was simply the necessary evolution of the human society when it reached a certain treshold of complexity.

Wow, you used all this to say what I said in the first sentence of my post that you quoted.

yes, because the follow up was nonsensical. So i thought it was quite important to explain you why.

EDIT: You're saying is off topic because you have the reading comprehension of an otter, but this is not my fault. I remembered why I should avoid the forum section. Goodbye.

llama51

Apr 23, 2022

0

#28

lol

Your entire post was off topic to what I said. That's fine. At least there are some adults I can talk to here.

Thee_Ghostess_Lola

Apr 23, 2022

0

#29

you are the "owner", without any legal covering what it entitles you to

plz go look up the word provenance. then relate it to the trustless blockchain concept. if u can get that far then i can take u further cuz then i'll know ur ready.

Mattew

Apr 23, 2022

0

#30

It's owning something online

Fisikhad

Apr 23, 2022

0

#31

Nasty frickin trash