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(YouTube)   The Problem With NFTs   (youtube.com) divider line
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1503 clicks; posted to Business » on 22 Jan 2022 at 7:17 PM (17 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-22 2:44:19 PM  
Long, but well worth it. May even require multiple watchings to take it all in.

The financialization of everything will be the death of the human race (but the birth of the Ferengi).
 
2022-01-22 2:54:35 PM  
On my second watch of this. I knew NFTs and crypto were scams at best, but holy shiat it's so much worse than I realized.
 
2022-01-22 3:11:38 PM  
Fark user imageView Full Size
 
2022-01-22 3:16:31 PM  
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2022-01-22 3:34:10 PM  
Fark user imageView Full Size
 
2022-01-22 3:41:15 PM  

Shostie: [Fark user image 425x425]


To be realistic, shouldn't he be whispering that into the ear of a real doll?
 
2022-01-22 3:41:20 PM  
I mean, it's pretty obviously one big pyramid scheme, innit?
 
2022-01-22 3:47:39 PM  

dv-ous: I mean, it's pretty obviously one big pyramid scheme, innit?


No, no, no, it's more of a pentachoron
 
2022-01-22 3:58:56 PM  

phalamir: dv-ous: I mean, it's pretty obviously one big pyramid scheme, innit?

No, no, no, it's more of a pentachoron


We are rushing into a brave new future of non-Euclidean polyhedron schemes.
 
2022-01-22 4:27:16 PM  

Shostie: phalamir: dv-ous: I mean, it's pretty obviously one big pyramid scheme, innit?

No, no, no, it's more of a pentachoron

We are rushing into a brave new future of non-Euclidean polyhedron schemes.


...and in strange eons even cash itself may die.
 
2022-01-22 4:43:26 PM  
Does any of this explain why most of the NFTs are so god damn hideously ugly
 
2022-01-22 4:47:45 PM  

Gubbo: Does any of this explain why most of the NFTs are so god damn hideously ugly


Basically, the point of an NFT is to use it to pump up the associated cryptocurrency (since they all piggyback on one), so the actual thing being NFTed is effectively arbitrary.  If you are trying to just spew out random shiat, it doesn't require the shiat to be pretty.  And after a while, the shiatty look became the sign of authenticity tot he incrowd flogging this farkery.
 
2022-01-22 4:50:12 PM  

phalamir: Gubbo: Does any of this explain why most of the NFTs are so god damn hideously ugly

Basically, the point of an NFT is to use it to pump up the associated cryptocurrency (since they all piggyback on one), so the actual thing being NFTed is effectively arbitrary.  If you are trying to just spew out random shiat, it doesn't require the shiat to be pretty.  And after a while, the shiatty look became the sign of authenticity tot he incrowd flogging this farkery.


Well that's not true. Those ugly farking apes weren't designed to make eth more valuable.

They were just pure scam.
 
2022-01-22 5:07:00 PM  
Let Pete explain it...

NFTs - SNL
Youtube mrNOYudaMAc
 
2022-01-22 5:22:56 PM  
Fark user imageView Full Size


FOR SALE-- one (1) jpeg image file of the Brooklyn Bridge. $549.99 or best offer. Serious inquiries only. Penis.
 
2022-01-22 5:42:35 PM  

King Something: [Fark user image 850x588]

FOR SALE-- one (1) jpeg image file of the Brooklyn Bridge. $549.99 or best offer. Serious inquiries only. Penis.


I'm not interested unless you can offer 1,500 variations. Each more ugly than the last
 
2022-01-22 5:47:55 PM  
I love the snark breaks.
 
2022-01-22 5:48:10 PM  

Gubbo: phalamir: Gubbo: Does any of this explain why most of the NFTs are so god damn hideously ugly

Basically, the point of an NFT is to use it to pump up the associated cryptocurrency (since they all piggyback on one), so the actual thing being NFTed is effectively arbitrary.  If you are trying to just spew out random shiat, it doesn't require the shiat to be pretty.  And after a while, the shiatty look became the sign of authenticity tot he incrowd flogging this farkery.

Well that's not true. Those ugly farking apes weren't designed to make eth more valuable.

They were just pure scam.


The apes are not NFTs.  At all.  They are an image that was used to generate the the NFT.  As Dan explains, an NFT is like a box holding something, and then the box is put into a cryptocurrency's blockchain.  But the box isn't that big, so it isn't holding the image of the ape.  Its holding a copy of the URL that has the picture of the ape.  But the NFT itself is the investment vehicle, not the picture of the ape.  The picture of the ape has no value expect to be something to be pointed at by that URL.  So, a shiatty image is as good as anything; it could have been a blank white square of pixels for all it mattered.  An NFT isn't artwork.  It's a scribbled reference number for a box containing a photocopy of the tax form for itemizing the expenses of the gallery that hosted the artwork once.  It is most definitely a scam, but the shiatty ape picture is not essential to it at all.
 
2022-01-22 5:51:04 PM  
"The" problem, singular?
 
2022-01-22 6:41:08 PM  

phalamir: dv-ous: I mean, it's pretty obviously one big pyramid scheme, innit?

No, no, no, it's more of a pentachoron


Fark user imageView Full Size
 
2022-01-22 7:30:27 PM  

Ishkur: Long, but well worth it. May even require multiple watchings to take it all in.

The financialization of everything will be the death of the human race (but the birth of the Ferengi).


Sid Meier's Alpha Centauri Secret Project: The Merchant Exchange
Youtube ez7AFPX9RYE

MAY ruin us?
 
2022-01-22 7:35:51 PM  

phalamir: Gubbo: phalamir: Gubbo: Does any of this explain why most of the NFTs are so god damn hideously ugly

Basically, the point of an NFT is to use it to pump up the associated cryptocurrency (since they all piggyback on one), so the actual thing being NFTed is effectively arbitrary.  If you are trying to just spew out random shiat, it doesn't require the shiat to be pretty.  And after a while, the shiatty look became the sign of authenticity tot he incrowd flogging this farkery.

Well that's not true. Those ugly farking apes weren't designed to make eth more valuable.

They were just pure scam.

The apes are not NFTs.  At all.  They are an image that was used to generate the the NFT.  As Dan explains, an NFT is like a box holding something, and then the box is put into a cryptocurrency's blockchain.  But the box isn't that big, so it isn't holding the image of the ape.  Its holding a copy of the URL that has the picture of the ape.  But the NFT itself is the investment vehicle, not the picture of the ape.  The picture of the ape has no value expect to be something to be pointed at by that URL.  So, a shiatty image is as good as anything; it could have been a blank white square of pixels for all it mattered.  An NFT isn't artwork.  It's a scribbled reference number for a box containing a photocopy of the tax form for itemizing the expenses of the gallery that hosted the artwork once.  It is most definitely a scam, but the shiatty ape picture is not essential to it at all.


That's kind of close to how I recently had to explain NFTs to someone who just didn't get any of it.

"It's not a receipt that you own something.  It's more a statement you paid to have someone say you have a receipt for something you don't actually own".

The reply was "That makes no farking sense."

My retort was "Now you understand NFTs".
 
2022-01-22 7:37:32 PM  
Fark user imageView Full Size
 
2022-01-22 7:41:32 PM  

phalamir: Shostie: [Fark user image 425x425]

To be realistic, shouldn't he be whispering that into the ear of a real doll?


I'm eating Pho and now it's in my nose.  So.....thanks for that.
 
2022-01-22 7:48:48 PM  
How long until personal ads start requesting payment in NFTs?
 
2022-01-22 7:58:28 PM  
Also as an aside, there's a reason why they wanted representation in government to be deflationary.
 
2022-01-22 8:01:03 PM  

Fano: Ishkur: Long, but well worth it. May even require multiple watchings to take it all in.

The financialization of everything will be the death of the human race (but the birth of the Ferengi).

[iFrame https://www.youtube.com/embed/ez7AFPX9RYE?autoplay=1&widget_referrer=https%3A%2F%2Fwww.fark.com&start=0&enablejsapi=1&origin=https%3A%2F%2Fwww.fark.com&widgetid=1]
MAY ruin us?


We must dissent
 
2022-01-22 8:07:07 PM  
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2022-01-22 8:07:25 PM  

blastoh: [Fark user image 425x370]


I wonder if that ledger is still at the Library of Congress...
 
2022-01-22 8:07:27 PM  
Found this one to give a good, 'it's all a bullshiat scam' explanation

What the hell are NFT's?
Youtube XwMjPWOailQ
 
2022-01-22 8:08:16 PM  
Here's the next million dollar idea:


Fark user imageView Full Size
 
Azz
2022-01-22 8:31:45 PM  
This is probably one of the best submissions on fark in recent memory

Check out his other videos too, especially this one on Flat Earthers which has the mother of all twists in the middle.

In Search Of A Flat Earth
Youtube JTfhYyTuT44
 
2022-01-22 8:33:14 PM  

Excelsior: Here's the next million dollar idea:


[Fark user image 640x428]


You can't get things "off" the blockchain. By design, it is immutable. Stuff is on there forever, there is no cascading deletion.

Yet another reason why putting everything on the blockchain is a horrible idea.
 
2022-01-22 8:41:05 PM  

Azz: This is probably one of the best submissions on fark in recent memory

Check out his other videos too, especially this one on Flat Earthers which has the mother of all twists in the middle.

[YouTube video: In Search Of A Flat Earth]


The last sentence in his video on triumph of the will was mind blowing. And in retrospect, so god damn obvious I can't believe I didn't see it in the first place.
 
2022-01-22 8:52:04 PM  

Colour_out_of_Space: phalamir: dv-ous: I mean, it's pretty obviously one big pyramid scheme, innit?

No, no, no, it's more of a pentachoron

[Fark user image image 404x302]


Came to say this.

frinkiac.comView Full Size
 
2022-01-22 9:08:21 PM  
Clicked on the link, thought there's no way I'm watching a 2+ hour video.
I'm 34 minutes in now. Thanks for nothing, Subby.
 
2022-01-22 9:28:24 PM  

Unoriginal_Username: Found this one to give a good, 'it's all a bullshiat scam' explanation

[iFrame https://www.youtube.com/embed/XwMjPWOailQ?autoplay=1&widget_referrer=https%3A%2F%2Fwww.fark.com&start=0&enablejsapi=1&origin=https%3A%2F%2Fwww.fark.com&widgetid=3]


That was fantastic. Thanks for posting.


Jesus Christ is this whole thing f*cking stupid.
 
2022-01-22 9:39:34 PM  

Shakin_Haitian: Azz: This is probably one of the best submissions on fark in recent memory

Check out his other videos too, especially this one on Flat Earthers which has the mother of all twists in the middle.

[YouTube video: In Search Of A Flat Earth]

The last sentence in his video on triumph of the will was mind blowing. And in retrospect, so god damn obvious I can't believe I didn't see it in the first place.


Wow, no kidding.
 
2022-01-22 9:40:21 PM  
Fark user imageView Full Size
 
2022-01-22 9:58:05 PM  
The problem with non-fungible tokens is the fact that they're actually fungible. At some point, it doesn't really matter what picture the tokens represent; all that matters is that they're tokens. So all the tokens are essentially interchangeable which makes them fungible.
 
2022-01-22 9:59:27 PM  
Fark user imageView Full Size
 
2022-01-22 10:04:21 PM  

King Something: [Fark user image image 850x588]

FOR SALE-- one (1) jpeg image file of the Brooklyn Bridge. $549.99 or best offer. Serious inquiries only. Penis.


I dunno, seems like a scam...

// because your price is in dead-tree money, not one of our stable and non-manipulatable cryptocurrencies
// for even less of a scam look, choose one with the most childish and/or scatological name you find
// for example: I'm heavily invested in PyssCoyn, diversified into BewbCoin and MomCantMakeMeCleanMyRoomCoin
 
2022-01-22 10:15:22 PM  
What's an NFT?
Youtube cJzNiFLyw8k
 
2022-01-22 10:24:17 PM  

Sim Tree: The problem with non-fungible tokens is the fact that they're actually fungible. At some point, it doesn't really matter what picture the tokens represent; all that matters is that they're tokens. So all the tokens are essentially interchangeable which makes them fungible.


Yeah, that's an interesting take. It's like grains of sand. Yeah, they're all unique if you put them under electron microscopes, they'd each have unique imperfections and stuff, so technically sand grains are non-fungible. But if you were to go to the beach and pick up a grain of sand and ask everyone if it was ok for you to do a one-to-one equal trade of your grain of sand for any other on the beach, no one would give a shiat. So... fungible now.
 
2022-01-22 11:28:20 PM  
How about instead we focus on what's good about NFTs:
 
2022-01-22 11:35:10 PM  

ImpendingCynic: How about instead we focus on what's good about NFTs:


thehydroponicsplanet.comView Full Size
 
2022-01-22 11:40:07 PM  

ImpendingCynic: How about instead we focus on what's good about NFTs:


Like all the good things Hitler did?
 
2022-01-22 11:41:32 PM  

Ishkur: ImpendingCynic: How about instead we focus on what's good about NFTs:

Like all the good things Hitler did?


Now now don't try and paint NFTs as something more than they are.
 
2022-01-22 11:43:54 PM  

ImpendingCynic: How about instead we focus on what's good about NFTs:


They help you spot gullible people?
 
2022-01-23 12:34:27 AM  

dletter: Let Pete explain it...

[iFrame https://www.youtube.com/embed/mrNOYudaMAc?autoplay=1&widget_referrer=https%3A%2F%2Fwww.fark.com&start=0&enablejsapi=1&origin=https%3A%2F%2Fwww.fark.com&widgetid=1]


At long last, I know why people like Pete Davidson. Thank you.
 
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