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Old 01-10-2022, 02:00 PM
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Default Blockchain, NFTs, and Web 3.0

There has been some discussion of blockchain, NFTs and "Web 3.0" in Bitcoin thrad and Bits and PCs - a Computers and Tech Miscellany, but I think it's time we had a thread dedicated to these things. Not because I have anything intelligent or even interesting to say about them, but because I want to learn more about why it's all dangerous nonsense but I don't know who to trust for techocriticism anymore. I've always found cryptocurrency interesting but not enough to get into it, and I now view it as straight up gambling (with worse odds than casinos) that has a massively negative impact on the climate. NFTs just strike me as mind-bogglingly stupid, and what the hell even is "Web 3.0"?
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Old 01-10-2022, 05:08 PM
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Default Re: Blockchain, NFTs, and Web 3.0

Crypto seems like many other ideologies in that when written down in a nice little box it sounds amazing, but the real world isnít a nice little box, despite that, the humans so pleased with themselves for inventing it, now bash it against everything in hope something will stick.

On the most basic level bitcoin is a system designed for people who trust no one, and defeated by people trusting others. A ledger system where criminals can trade money, away from banks/governments while being forced to stay truthful in the transactions sounds great. But how will people easily trade large amounts, or switch to other currencies? I know, Bitcoin exchanges!

Mt.Gox Bitcoin heist 2014, 740,000 bitcoins are stolen, 650,000 never recovered. At the time that was around $400 million. Those 650,000 coins are worth around $26 billion in todays prices.

The History of the Mt Gox Hack: Bitcoin's Biggest Heist
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Old 01-10-2022, 10:17 PM
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Default Re: Blockchain, NFTs, and Web 3.0

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Old 01-11-2022, 04:44 AM
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Default Re: Blockchain, NFTs, and Web 3.0

The Associated Press is starting its own NFT marketplace for photojournalism - The Verge
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Old 01-11-2022, 01:27 PM
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Default Re: Blockchain, NFTs, and Web 3.0

Thanks for that link, very interesting. It led me to this very thorough explanation of NFTs which it turns out I didn't fully understand hadn't previously fully understood. I now realize NFTs are similar to virtual accessories people like myself may or may not have bought with real money in iPhone games or Second Life once upon a time, except more likely to be unique. At least that's what I think I learned from that article. Still off-putting, but not as completely absurd as I thought.

Still appalled by the ecological impact of the current blockchain technologies though.

Quote:
The [proof of work] process is incredibly energy inefficient on purpose. The idea is that using up inordinate amounts of electricity — and probably paying a lot for it — makes it less profitable for someone to muck up the ledger. As a result, Ethereum uses about as much electricity as the entire country of Libya. -source
Supposedly Ethereum is working on a more energy efficient algorithm but I got bored going down that rabbit hole.

Last edited by viscousmemories; 01-11-2022 at 02:07 PM. Reason: On re-read it sounded like I was saying I didn't understand the article I just read, which c'mon. Who would admit that?
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Old 01-11-2022, 05:30 PM
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Default Re: Blockchain, NFTs, and Web 3.0

Quote:
Originally Posted by The verge
the FAQ says these particular images will “have increased scarcity to preserve their status.
This effectively sums up NFTs.

The digital revolution removed scarcity as a reason for paying more for an image, basically dumping the price of still digital images into the gutter as there’s no investment in owning a digital image. For awhile the art world was pushing “Giclee prints” as the definitive collectors item, but it’s both still a physical item and as screens get better, possible not the optimal way to display images in the first place. So there’s been a scramble to figure out how to artificially create scarcity in a way everyone agrees upon to keep ‘art market as a form of investment’ alive.

As much as I think they’re dumb, they’ve been an interesting capitalistic robinhood, with people who unexpectedly became internet famous, getting some money for their fame. If you or a loved one has been included in an internet meme, you may be entitled to compensation… and should absolutely sell the meme as an NFT before the hype fizzles.
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