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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



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

 
2021-03-03 2:36:28 PM  
4 votes:
It's crypto for beanie babies.
 
2021-03-03 2:12:06 PM  
4 votes:

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 2:58:41 PM  
3 votes:

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 3:15:49 PM  
2 votes:
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 2:59:12 PM  
2 votes:
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 2:54:28 PM  
2 votes:
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 2:41:51 PM  
2 votes:

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 2:35:32 PM  
2 votes:
Not Farking Tangible
 
2021-03-03 9:01:58 PM  
1 vote:

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
 
2021-03-03 5:28:47 PM  
1 vote:

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 4:58:50 PM  
1 vote:

OldJames: Near field transistor?


Niagara Frontier Transit
Fark user imageView Full Size
 
2021-03-03 4:38:05 PM  
1 vote:

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 2:26:31 PM  
1 vote:
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 2:20:08 PM  
1 vote:
Someone found another way to part people from their money? Well done.
 
2021-03-03 1:54:37 PM  
1 vote:
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 1:45:05 PM  
1 vote:
Near field transistor?
 
2021-03-03 1:43:17 PM  
1 vote:
Nutrient Film Technique?

Nutritional Facts Table?
 
2021-03-03 1:40:58 PM  
1 vote:
I want to know how to sell NFTs.
 
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