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(CTV News)   Are you into NFTs? All the hip kids are into NFTs. Buy NFTs   (ctvnews.ca) divider line
    More: Interesting, Digital art, Money, Cleveland Cavaliers, Million, LeBron James, Virtual reality, digital artist Beeple, The Million Dollar Homepage  
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857 clicks; posted to STEM » on 03 Mar 2021 at 1:39 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



36 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-03-03 1:40:58 PM  
I want to know how to sell NFTs.
 
2021-03-03 1:43:17 PM  
Nutrient Film Technique?

Nutritional Facts Table?
 
2021-03-03 1:45:05 PM  
Near field transistor?
 
2021-03-03 1:54:37 PM  
I'd say this is a stupid way to create virtual currency, but at least it doesn't require a substantial fraction of the entire world's energy output like Bitcoin mining, so have at it
 
2021-03-03 1:56:59 PM  
NERPS for your health! NERPS for your teeth! NERPS for your pets! NERPS for your marriage! NERPS for breakfast! NERPS for love!
 
2021-03-03 1:58:03 PM  
NFW
 
2021-03-03 2:05:48 PM  
NFT's are so March 2020
 
2021-03-03 2:06:58 PM  
New Fancy Technology.
 
2021-03-03 2:06:59 PM  
Yeah you know me
 
2021-03-03 2:11:39 PM  
National Fish Toaster

An old and respected Canadian company providing high quality toasted fish to Canadians since 1933.
 
2021-03-03 2:12:06 PM  

Glockenspiel Hero: I'd say this is a stupid way to create virtual currency, but at least it doesn't require a substantial fraction of the entire world's energy output like Bitcoin mining, so have at it


Sadly, it's more or less the same thing under the hood.  It's still got the godawful energy use and carbon footprint that goes with any proof-of-work blockchain.  I believe the popular NFT stuff is all literally underpinned by ethereum anyway, and while not quite as bad per-transaction as bitcoin, it's still pretty bad.

Bitcoin averaged about 741kWh per transaction in 2020.  That's insane-- sending a buddy $10 worth of bitcoin uses enough energy to drive a car 2500 miles.  Ethereum is a little bit better at "only" 52kWh per transaction... sending a buddy $10 worth of ethereum is only enough waste to drive a car 175 miles.

So yeah, this is basically just the same insane, wasteful proof-of-work idea, except with art and collectibles glued to it.
 
2021-03-03 2:20:08 PM  
Someone found another way to part people from their money? Well done.
 
2021-03-03 2:26:31 PM  
raygundan:

Bitcoin averaged about 741kWh per transaction in 2020.  That's insane-- sending a buddy $10 worth of bitcoin uses enough energy to drive a car 2500 miles.  Ethereum is a little bit better at "only" 52kWh per transaction... sending a buddy $10 worth of ethereum is only enough waste to drive a car 175 miles.

So yeah, this is basically just the same insane, wasteful proof-of-work idea, except with art and collectibles glued to it.


Ethereum is moving to proof of stake in the near-ish future, which will bring its power consumption down to hardly anything.  Bitcoin could do the same in the future if economic and political pressure forces it to. 

How many kWh does it take to get a pound of gold out of the ground?  Probably something similar.  Not many people comment about that.  And before you say "b-b-b-but gold has uses", something like 80-90% of gold mined just goes into a vault somewhere and not to jewelry or electronics.

Both are very wasteful, one has a workable solution.
 
2021-03-03 2:35:32 PM  
Not Farking Tangible
 
2021-03-03 2:36:28 PM  
It's crypto for beanie babies.
 
2021-03-03 2:41:51 PM  

Lord Bear: Ethereum is moving to proof of stake in the near-ish future, which will bring its power consumption down to hardly anything.


They keep talking about it, and I hope they do it... but I'm also a little worried that all that will really happen is that proof-of-stake ethereum makes ethereum unpopular and somebody forks original ethereum and everybody just pops on over and starts up the waste again.  Or just abandons ethereum for some other proof-of-work crypto instead.
 
2021-03-03 2:54:28 PM  
again stupid people are stupid and get birthed a fresh sucker daily.

It is make believe that an "original" not identical copy of anything digital is somehow more valuable.

God i hate stupid people.

this is the kind of stuff that basically i can't withstand a life time of, and gave up on humanity years ago now.
too stupid to look out for themselves, and too stupid to let anyone else tell them what to do either.
It kinda don't matter from my POV who "wins" in ideological power struggles, the only thing that actually changes is how hard the gas peddle is pressed down on the ride to hell.  But destination of chimpbrainshiatland remains the same.
 
2021-03-03 2:55:55 PM  
"Non-fungible" refers to items that cannot be exchanged on a like-for-like basis, as each one is unique - in contrast to "fungible" assets like dollars, stocks or bars of gold.

... or mushrooms.
 
2021-03-03 2:58:41 PM  

Lord Bear: How many kWh does it take to get a pound of gold out of the ground?


Bitcoin's total energy use in 2020 was equal to about half the energy used in all worldwide gold mining.  If it grows as much this year as it did in 2020, it'll pass the energy use of all worldwide gold mining in 2021.


But the biggest difference between the two is that "mining" for bitcoin isn't really equivalent to "mining" for gold.  The "mining" is the work done to (hyper-redundantly) verify transactions.  Every time you send bitcoin to somebody else, it has to be re-mined, effectively.  And if it went up in value, it's likely that it takes MORE energy to mine it the second time, because the higher the value the more computers join the network, and the more computers join the network the harder the network makes the problem to keep the work taking about the same time.

Gold takes some energy to ship if you want to transfer it, to be sure... but not as much as it took to mine in the first place.  On the other hand, every time you do a bitcoin transaction, you're effectively asking the network to re-mine the same damn gold.  Over and over, forever, except also it gets harder as bitcoin's value goes up.
 
2021-03-03 2:59:12 PM  
That Mona Lisa analogy was dumb.
A photo of a painting =/= a painting
a digital file = a digital file
There is no benefit to owning the original of a digital anything.
 
2021-03-03 3:00:45 PM  

raygundan: Lord Bear: Ethereum is moving to proof of stake in the near-ish future, which will bring its power consumption down to hardly anything.

They keep talking about it, and I hope they do it... but I'm also a little worried that all that will really happen is that proof-of-stake ethereum makes ethereum unpopular and somebody forks original ethereum and everybody just pops on over and starts up the waste again.  Or just abandons ethereum for some other proof-of-work crypto instead.


Ethereums two biggest competitors (Polkadot and Cardano) are already proof of stake.  And both have been gaining market share on Eth of late.  With insanely high Gas fees for Eth, I expect 2.0 to happen sooner rather than later.
 
2021-03-03 3:03:57 PM  

Lord Bear: raygundan: Lord Bear: Ethereum is moving to proof of stake in the near-ish future, which will bring its power consumption down to hardly anything.

They keep talking about it, and I hope they do it... but I'm also a little worried that all that will really happen is that proof-of-stake ethereum makes ethereum unpopular and somebody forks original ethereum and everybody just pops on over and starts up the waste again.  Or just abandons ethereum for some other proof-of-work crypto instead.

Ethereums two biggest competitors (Polkadot and Cardano) are already proof of stake.  And both have been gaining market share on Eth of late.  With insanely high Gas fees for Eth, I expect 2.0 to happen sooner rather than later.


Isn't ethereum's biggest competitor Bitcoin?  Or have those three all passed Bitcoin by?
 
2021-03-03 3:07:54 PM  
Ravencoin is one hell of a way to fix the energy consumption issue of NFT's.

ETH's PoS is gonna be huge though, but all the you miners will move over to RVN once that occurs
 
2021-03-03 3:15:49 PM  
raygundan:

Isn't ethereum's biggest competitor Bitcoin?  Or have those three all passed Bitcoin by?

Not really.  Different protocols have different use cases.  Bitcoin's main one right now is as a store of value.

Ethereums strengths are in its smart contracts which allow for subchains and decentralized applications to be built on the protocol.  Things like NFTs are built on top of the Ethereum blockchain.  More useful things like decentralized finance are also built on top of it.

There are some proposed bitcoin updates (taproot) that would allow for smart contracts as well.

Either can be used as a currency too.  The term 'Cryptocurrency' is a bit of a misnomer, as cryptos can do a lot of different things depending on how they are built, on top of being a form of transaction.
 
2021-03-03 4:38:05 PM  

SumoJeb: That Mona Lisa analogy was dumb.
A photo of a painting =/= a painting
a digital file = a digital file
There is no benefit to owning the original of a digital anything.


And when cameras were becoming widespread, people at the time argued that art like the Mona Lisa would become worthless because you could just take a picture of it.  The current estimated value of the Mona Lisa is anywhere from $0.6 billion to $3.2 billion, depending on who's talking.
 
2021-03-03 4:58:50 PM  

OldJames: Near field transistor?


Niagara Frontier Transit
Fark user imageView Full Size
 
2021-03-03 5:17:54 PM  
Is that #45** laying on the ground with "LOSER" painted on his right butt cheek?
 
2021-03-03 5:28:47 PM  

bittermang: It's crypto for beanie babies.


Thank you. Bitcoins are already halfway to being beanie babies, and you're trading those for total digital Beanie Babies.

You can look at NFTs as "art", if you prefer, but commercial art purchased for its investment value rather than its artistic value is still Beanie Babies.
 
2021-03-03 6:55:10 PM  
Tulip bulbs anyone?
 
2021-03-03 7:38:04 PM  

AlgaeRancher: Tulip bulbs anyone?


I wouldn't go that far.  While NFT technology is underused and kind of stupid right now, it has some interesting applications.

It has the potential to definitively show who owns a piece of art or intellectual property and automatically send payments for use.  It could put a lot of copyright lawyers out of business and make sure a lot of artists get properly paid.
 
2021-03-03 7:54:55 PM  
I look at my non fungible tokens every morning.  Then I flush them
 
2021-03-03 7:56:41 PM  

billstewart: bittermang: It's crypto for beanie babies.

Thank you. Bitcoins are already halfway to being beanie babies, and you're trading those for total digital Beanie Babies.

You can look at NFTs as "art", if you prefer, but commercial art purchased for its investment value rather than its artistic value is still Beanie Babies.


Maybe I can interest you in an Etherium cat.  They're on special this week for a mere $50,000.
 
2021-03-03 8:24:01 PM  
No matter who wins the NFTs, we all lose.
 
2021-03-03 9:01:58 PM  

FLMountainMan: SumoJeb: That Mona Lisa analogy was dumb.
A photo of a painting =/= a painting
a digital file = a digital file
There is no benefit to owning the original of a digital anything.

And when cameras were becoming widespread, people at the time argued that art like the Mona Lisa would become worthless because you could just take a picture of it.  The current estimated value of the Mona Lisa is anywhere from $0.6 billion to $3.2 billion, depending on who's talking.



An NFT seems more analogous to a rare autographed (and verified) copy of an otherwise cheap edition of a book.

You aren't paying for the substantive work; the same content can be had for a negligible amount, entirely legally, because there are a vast number of identical copies available.

You're paying for the creator to give you a little something along with it, which functions as an indication that This Particular One Is Special.

/I won't be buying any NFTs personally, but *shrug*; people love flaunting wealth and laundering money
 
2021-03-04 7:45:29 AM  
But it doesn't even look any good
 
2021-03-04 8:24:43 AM  

Marcus Aurelius: billstewart: bittermang: It's crypto for beanie babies.

Thank you. Bitcoins are already halfway to being beanie babies, and you're trading those for total digital Beanie Babies.

You can look at NFTs as "art", if you prefer, but commercial art purchased for its investment value rather than its artistic value is still Beanie Babies.

Maybe I can interest you in an Etherium cat.  They're on special this week for a mere $50,000.


An old joke:

A stock broker is waiting for his train at the station and he sees a kid with a dog on a piece of rope. The kid says, "Hey Mister, you wanna buy a dog?"

"How much" the guy says.

"Ten thousand dollars." The kid answers.

The guy laughs, says no, and gets on his train. On his way home at the same train station, he sees the same kid, without the dog.  He says to the kid, "Did you sell the dog?"

"Yep" the kid smiles.

"Did you get $10,000?"

"Almost! I got two $5000 cats!"
 
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