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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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858 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 (Funniest)
View Voting Results: Smartest and Funniest

 
2021-03-03 2:06:58 PM  
3 votes:
New Fancy Technology.
 
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 3:00:45 PM  
2 votes:

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 2:36:28 PM  
2 votes:
It's crypto for beanie babies.
 
2021-03-03 2:26:31 PM  
2 votes:
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 2:11:39 PM  
2 votes:
National Fish Toaster

An old and respected Canadian company providing high quality toasted fish to Canadians since 1933.
 
2021-03-03 2:06:59 PM  
2 votes:
Yeah you know me
 
2021-03-03 1:45:05 PM  
2 votes:
Near field transistor?
 
2021-03-04 8:24:43 AM  
1 vote:

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!"
 
2021-03-03 7:56:41 PM  
1 vote:

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 7:54:55 PM  
1 vote:
I look at my non fungible tokens every morning.  Then I flush them
 
2021-03-03 5:17:54 PM  
1 vote:
Is that #45** laying on the ground with "LOSER" painted on his right butt cheek?
 
2021-03-03 4:58:50 PM  
1 vote:

OldJames: Near field transistor?


Niagara Frontier Transit
Fark user imageView Full Size
 
2021-03-03 2:59:12 PM  
1 vote:
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 2:55:55 PM  
1 vote:
"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 2:20:08 PM  
1 vote:
Someone found another way to part people from their money? Well done.
 
2021-03-03 2:05:48 PM  
1 vote:
NFT's are so March 2020
 
2021-03-03 1:58:03 PM  
1 vote:
NFW
 
2021-03-03 1:56:59 PM  
1 vote:
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 1:43:17 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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