JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace

[Kal-El814]

3 minutes ago, marioandsonic said:

I don't understand how NFTs work or even what they are, so can someone explain how they damage the environment?

 

NFTs are files that have ownership verified by blockchain. Blockchain used by most NFTs / crypto operate on proof-of-work to maintain the ledger and conduct transactions. These computations are done by GPUs, which consume energy. The photo earlier ITT is a farm with a shitload of GPUs running and doing proof-of-work computations / mining. 

 

As of February 2021, there were enough GPUs mining Bitcoin that they consumed more energy than Argentina.

 

The NFT exchanges, as far as I know, aren’’t anywhere close to this bad at this point. Buuuuuuut there’s still an environmental impact to an NFT transaction, since the ledger needs to be maintained.

 

This is an oversimplification, but I think it’s close enough to accurate to explain why something like Bitcoin is terrible for the environment.

[Guest]

To give some context, the energy usage in spending a single bitcoin is roughly equivalent to 500 THOUSAND transactions on Visa's card network.

[LazyPiranha]

1 hour ago, marioandsonic said:

I don't understand how NFTs work or even what they are, so can someone explain how they damage the environment?

Imagine if every time you wanted to unlock your phone you needed to run an RTX3090 for half an hour.  

[Kal-El814]

10 minutes ago, LazyPiranha said:

Imagine if every time you wanted to unlock your phone you needed to run an RTX3090 for half an hour.  

 

One way to cut down on screen time is making unlocks dependent upon a graphics card that is not possible to buy.

[MarSolo]

Oh, I found a graphics card! My friend upgraded his and he’s shipping his old one to me. He’s only charging me for the shipping.

 

Too bad he’s in Arizona.

 

 

[b_m_b_m_b_m]

 

 

[Massdriver]

I'm hoping that another crypto like Ethereum displaces Bitcoin. It has more utility and is switching over from proof of work (energy intensive) to proof of stake which won't require massive resources to mine. 

 

Most of the decentralized financial coins and platforms are using the Ethereum network already. Bitcoin is just a digital asset, nothing more. It doesn't have much utility. It just has the name and the press's attention, but I see way more potential for ETH. 

 

We are also going to see some cryptos from central banks, including a crypto dollar most likely in the near future. That should be interesting.

[Ricofoley]

‘Silent crash’ as price floors collapse across NFT space

COINTELEGRAPH.COM

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Healthy pullback or major correction on the horizon? Problem is, with NFTs, it can often be hard to tell

Looks like this shit may have already peaked.

[Guest]

[Air_Delivery]

I've only bought a very small amount of bitcoin for specific purchases and never bought as an investment but I can at least understand the concept of cryptocurrency even though I think it is stupid. It is shit as a currency and has no tangible functionality other than to suck power and cause chip shortages. But exchanging fungible tokens as currency at least makes sense on some level.

 

NFTs make no sense on any level. Its just a thing that says you own an infinitely replicable object that does absolutely nothing. The artist sending a certified signed certificate would accomplish the exact same thing better. Its a repackaging of the Brooklyn Bridge/Name a Star/Scottish Established title scams. 

[Air_Delivery]

[Guest]

NFTs will be a digital way of establishing ownership of physical goods, like titles to land and the like. But the current use is so dumb it hurts.

[Air_Delivery]

8 minutes ago, sblfilms said:

NFTs will be a digital way of establishing ownership of physical goods, like titles to land and the like. But the current use is so dumb it hurts.

I just don't see how thats better than a database just saying "Guy owns this plot of land". Its a solution to a problem that doesn't exist. 

 

[Guest]

2 minutes ago, Air_Delivery said:

I just don't see how thats better than a database just saying "Guy own this plot of land". Its a solution to a problem that doesn't exist. 

 

 

Titling is actually a real problem with a massive insurance industry costing people billions of dollars every year because proving ownership of assets is actually difficult. It's unquestionably a problem and our solutions to date is to saddle purchasers with the cost of guaranteeing the accuracy of title.

[Air_Delivery]

1 minute ago, sblfilms said:

 

Titling is actually a real problem with a massive insurance industry costing people billions of dollars every year because proving ownership of assets is actually difficult. It's unquestionably a problem and our solutions to date is to saddle purchasers with the cost of guaranteeing the accuracy of title.

But how does an NFT prove ownership more than a database saying you own it?

[Guest]

2 minutes ago, Air_Delivery said:

But how does an NFT prove ownership more than a database saying you own it?

 

NFTs show the provenance of the item publicly, so you can trace the exchange of ownership. You can't alter it without somebody knowing as happens regularly with things like land ownership, sometimes on accident and sometimes maliciously.

 

Title theft is an actual thing that happens everyday. And it is really difficult to prove you didn't file the quit claim deed that's now filed away in the country registrars office.

[Air_Delivery]

6 minutes ago, sblfilms said:

 

NFTs show the provenance of the item publicly, so you can trace the exchange of ownership. You can't alter it without somebody knowing as happens regularly with things like land ownership, sometimes on accident and sometimes maliciously.

 

Title theft is an actual thing that happens everyday. And it is really difficult to prove you didn't file the quit claim deed that's now filed away in the country registrars office.

Oh ok that makes sense as a solution. How they are being used now however is just a scam. 

[Comet]

I’d rather stick to a database saying person X owns Y until they can make NFTs not have such a ridiculously large carbon footprint. Maybe Cardano’s ADA will help with that? Ethereum’s proof-of-work is taxing as fuck. 

[CitizenVectron]

4 hours ago, sblfilms said:

 

Titling is actually a real problem with a massive insurance industry costing people billions of dollars every year because proving ownership of assets is actually difficult. It's unquestionably a problem and our solutions to date is to saddle purchasers with the cost of guaranteeing the accuracy of title.

 

It only seems to be a problem in the US. Is there no central registrar for land titles, etc? Because that solves the issue, too. And then get rid of vehicle titles, because they serve no purpose. Just have ownership registered with the government as part of the vehicle registration.

[b_m_b_m_b_m]

The herculean to impossible task of transferring titling systems from whatever mess we have now to a new, unproven technology is just lol

 

And the implication that we can't otherwise have the information publicly available is also lol

[Guest]

58 minutes ago, b_m_b_m_b_m said:

The herculean to impossible task of transferring titling systems from whatever mess we have now to a new, unproven technology is just lol

 

And the implication that we can't otherwise have the information publicly available is also lol

This isn’t a change happening any time soon, but switching to digital public ledgers and something like NFT is absolutely the future.

 

Titling is publicly available, you just can’t see transactions when they happen and proving that a title transfer was fraudulent can be very difficult and even impossible.

 

1 hour ago, CitizenVectron said:

 

It only seems to be a problem in the US. Is there no central registrar for land titles, etc? Because that solves the issue, too. And then get rid of vehicle titles, because they serve no purpose. Just have ownership registered with the government as part of the vehicle registration.

My man, title theft happens everywhere, even in Canada. You probably have title insurance and don’t even realize it because relative to the cost of the home, title insurance usually isn’t a big fee. Easy to miss.

[Guest]

2 hours ago, Comet said:

I’d rather stick to a database saying person X owns Y until they can make NFTs not have such a ridiculously large carbon footprint. Maybe Cardano’s ADA will help with that? Ethereum’s proof-of-work is taxing as fuck. 

We are a decade or more away from anything like NFT taking over as the means of establishing ownership of real estate ownership. But it is exactly the sort of use for the technology that solves a legitimate problem.

[b_m_b_m_b_m]

10 minutes ago, sblfilms said:

This isn’t a change happening any time soon, but switching to digital public ledgers and something like NFT is absolutely the future.

 

Titling is publicly available, you just can’t see transactions when they happen and proving that a title transfer was fraudulent can be very difficult and even impossible.

 

My man, title theft happens everywhere, even in Canada. You probably have title insurance and don’t even realize it because relative to the cost of the home, title insurance usually isn’t a big fee. Easy to miss.

There's zero reason we need to go to something like nfts when transactional databases already exist and are known to work and can change existing systems to show transaction level information

[Guest]

2 minutes ago, b_m_b_m_b_m said:

There's zero reason we need to go to something like nfts when transactional databases already exist and are known to work and can change existing systems to show transaction level information

That does not solve title theft. Solve that one.

[Ghost_MH]

8 minutes ago, sblfilms said:

That does not solve title theft. Solve that one.

 

NFT wouldn't solve title theft in any different way than a transactional database would. At that point in terms of real world use, we're talking about the difference between a centralized versus blockchain database. Even then, no proof of work blockchain will ever become a standard for anything. The energy requirements are a nonstarter. It's a ridiculous way to do anything at scale.

[Guest]

3 minutes ago, Ghost_MH said:

 

NFT wouldn't solve title theft in any different way than a transactional database would. At that point in terms of real world use, we're talking about the difference between a centralized versus blockchain database. Even then, no proof of work blockchain will ever become a standard for anything. The energy requirements are a nonstarter. It's a ridiculous way to do anything at scale.

You can fake documents to generate transactions in the transactional database. The database itself is not the issue, proving a title transfer legitimate is the issue and you haven’t suggested a method of doing so. Something like NFT in real estate title is about blocking title transfers based on faked or even errant docs.

[CitizenVectron]

1 hour ago, sblfilms said:

My man, title theft happens everywhere, even in Canada. You probably have title insurance and don’t even realize it because relative to the cost of the home, title insurance usually isn’t a big fee. Easy to miss.

 

I'm aware of this (and have it), but it's less of an issue with a strong central registrar. There's also no real need for titles for anything beyond land.

[rc0101]

7 hours ago, sblfilms said:

 

Titling is actually a real problem with a massive insurance industry costing people billions of dollars every year because proving ownership of assets is actually difficult. It's unquestionably a problem and our solutions to date is to saddle purchasers with the cost of guaranteeing the accuracy of title.

This.  Title Companies are a scam

[Guest]

5 minutes ago, CitizenVectron said:

 

I'm aware of this (and have it), but it's less of an issue with a strong central registrar. There's also no real need for titles for anything beyond land.

For normies, yes, I think land titling is pretty much the only thing that is needed.

[Guest]

3 minutes ago, rc0101 said:

This.  Title Companies are a scam

My cousin got his JD just run his own title closing firm because it’s free money. Utterly ridiculous situation.

[b_m_b_m_b_m]

6 minutes ago, sblfilms said:

That does not solve title theft. Solve that one.

Nfts do not either lol

 

 

[Guest]

Just now, b_m_b_m_b_m said:

Nfts do not either lol

 

 

Yes, something like an NFT does. You can’t initiate transfers without having access to the account that owns the item. 

[rc0101]

14 minutes ago, sblfilms said:

My cousin got his JD just run his own title closing firm because it’s free money. Utterly ridiculous situation.

It really is. We have had numerous times where the Title Company has messed up on a transaction involving either access, boundaries etc and have yet to see that “insurance” that everyone paid for actually show up. 
 

[b_m_b_m_b_m]

15 minutes ago, sblfilms said:

Yes, something like an NFT does. You can’t initiate transfers without having access to the account that owns the item. 

And how do you think most digital theft occurs

[Guest]

4 minutes ago, b_m_b_m_b_m said:

And how do you think most digital theft occurs

By people not securing their accounts. What doesn’t happen is people filling out quit claim deeds and filing them with the county registrar and taking ownership of your land without you ever noticing and without any recourse because the documents all appear legitimate. A stolen token account is much easier to prove.