The most obvious stupid scam ever conceived and they actually managed to hook a bunch of actual corporations

Square Enix, Nickelodeon, Coke, KFC, and more fell for this shit while regular people were laughing about how obvious a con it was.

Really puts into question the capitalist myth of the genius entrepreneur and the idea that these corporate types are rich because they are smart or deserving in some way.

    • UlyssesT [he/him]English
      9•2 years ago

      But web3 has the chance the revolutionize the world

      Had me going until you let the mask drop and started talking like HackerNews. debord-tired

      and everything about the distribution of wealth.

      Under a capitalistic system, it’s going to make it worse and it already has. Same deal with Bitcoin and other cryptocurrencies. Same promises of making things for fair and just and all the poors around the world having little paper wallets and being their own banks until rich assholes bought majority stakes there too.

        • UlyssesT [he/him]English
          9•2 years ago

          People that can’t afford to gamble away what little they have being invited into the casino! Wholesome! amerikkka-clap

          Seriously, your cryptobro shit is getting more and more mask-off.

            • UlyssesT [he/him]English
              9•2 years ago

              an inherent disconnect in what you believe an NFT is

              It’s an associated grift peddled by the same people. The difference is that one is a currency and the other is a purchased space on a ledger that is often associated with a picture or some other supposed virtual asset with a vague promise that rent-seeking profitability may happen when it becomes universally recognized as a virtual asset, which hasn’t happened and may never happen because each ledger is independent and there is no obligation for them to recognize other tokens.

              Also, your “all electricity use is equal” claim is utter steaming bullshit.

              https://www.wired.com/story/nfts-hot-effect-earth-climate/

          • raven [he/him]English
            3•2 years ago

            I guess I was mistaken. I do feel like I remember hearing about web3 in a p2p context before that but regardless.

            I still think we should take it back knifecat

    • Hoyt [he/him]English
      9•2 years ago

      embarassingly naive. The only thing Blockchain technology is good at is fleecing people who still havn’t realized its a failed technology with no future beyond money laundering and scamming rubes

        • ExternalAlpaca [none/use name]English
          8•2 years ago

          I’m going to approach this respectfully and with genuine curiosity.

          What’s your background in accounting that you’re so sure about public ledgers? I have bachelor’s and master’s degrees in it and was about 3 months away from becoming a fully licensed CPA when I had a heart attack at my desk and was told by my doctors that I had to change everything about my life.

          Literally every accountant who I know and respect deeply in this field, from PhDs to CPAs and on down, thinks that blockchain is a joke for business accounting. It can all be gamed even worse with phony transactions and contracts that have no real basis, rather than a genuinely audited financial statement. (That final phrase is a whole other topic for a whole other time… believe that.)

          The foundation of blockchain seems to rest on “we can see that it exists, so it must be true.” This is really not much further off from “we told you that it exists, so it must be true”. The idea of auditing is to prove what REALLY happened and what is REALLY true, not just what a piece of paper or a line on a screen says.

            • ExternalAlpaca [none/use name]English
              6•2 years ago

              Respectfully imma bow out as the global-ledger aspect seems to be confusing people who don’t understand the tech.

              Ok. I’m rather disappointed by that, but okay.

              If you’d like to come back around and suggest how the blockchain can prevent things like briefcases full of cash, moving money through several offshore subsidiaries, and outright sham transactions, I’m all ears.

              “Many such cases” always seems to be the fallback for anyone when they get challenged on blockchain being the future of the entire world and everything on it. You literally just can’t understand it.

        • UlyssesT [he/him]English
          6•2 years ago

          Public ledgers fix a lot

          They also drastically multiply the amount of wasted electricity and dump a lot more carbon. It’s a solution trying to make its own problem to solve that also burns the planet that much faster.

          EDIT: NFTs are typically minted with Ethereum, which spends a lot of electricity already. If you want to dream up a magical version of a rent-seeking token that doesn’t do that, that’s cute, but it’s not what’s happening with rich techbros trying to get people to buy ledger spaces that are associated with ugly cartoons.

            • UlyssesT [he/him]English
              4•2 years ago

              There’s a difference between using electricity and using more electricity, especially a lot more.

              EDIT: NFTs are typically minted with Ethereum, which spends a lot of electricity already. If you want to dream up a magical version of a rent-seeking token that doesn’t do that, that’s cute, but it’s not what’s happening with rich techbros trying to get people to buy ledger spaces that are associated with ugly cartoons.

              I get that you want to pull a “how do you do, fellow leftists” and peddle internet funny money and/or rent-seeking magic ledger spaces here. It’s not cool. Stop it.

                • UlyssesT [he/him]English
                  6•2 years ago

                  I linked that article as an example of the waste emitted from related processes.

                  I’m certain you’re being a bad faith peddler at this point, because again you’re sidestepping the energy costs of your magical world saving ledger position sales tokens.

                  For people watching this comment chain, this is a decent starter summary of the grift that the above grifter is trying to peddle here:

                  https://www.youtube.com/watch?v=XwMjPWOailQ

      • Sinonatrix [comrade/them]English
        2•2 years ago

        Actually block chain powers the world’s best version control system used by millions of people, it was really revolutionary

          • BigHaas [he/him]English
            6•2 years ago

            You’re talking about cryptocurrencies, but Zuberi is proposing making public stocks serialized and tracking trades on a public ledger. While that would prevent a lot of market abuse, its effectiveness is of course why it would never be implemented.

              • BigHaas [he/him]English
                4•2 years ago

                Surely that legislation is the exact thing Zuberi is proposing? If course it would need to be free of loopholes to be effective. I think we’re all agreeing

                Edit lol I just saw Zuberi other comments. Zub bby this is a fantasy thought experiment that could maybe be used by some sort of far future coalition of anarchist collectives or something, it will never and could never be made into reality here

                  • BigHaas [he/him]English
                    4•2 years ago

                    I think this idea got started by people who don’t trust the government and can see themselves being robbed from by financial institutions blatantly breaking and abusing rules, but they don’t have the ideological framework to imagine something substantially different/trustworthy so they invent this technology as a bandaid fix for the specific problem of information transparency.

                    And the new ethereum proof of stake uses a fraction of the energy but is still considered a block chain.

            • Hoyt [he/him]English
              9•2 years ago

              Just to entertain the idea for a second that some shitcoin will actually level the global market. Let’s ignore the fact that there are plenty of ways to re-annonymize coins and all the other problems with it.

              What would compel any holder of large capital to use it? What is the fulcrum of power that will stop these entities from using fiat currencies? If the global system right now benefits them so much (it does) why would they give it up and use something that doesn’t?

                • BigHaas [he/him]English
                  5•2 years ago

                  The periphery will simply align themselves with the existing Chinese pole of influence, why the need for a block chain? Surely a totally new economic technology would take decades to legislate, specify, code, verify, and implement? There’s no way it happens as a reaction to something, it would be like a space race level of effort

                • Hoyt [he/him]English
                  12•2 years ago

                  This is fanfiction. There’s no analysis of power, no analysis of capital, no understanding of the overwhelming problems with any blockchain technology.

                  And worse it’s boring. If you’re going to be a leftist crank about some weird thing, do aliens or something

                  • BigHaas [he/him]English
                    4•2 years ago

                    Now hold on, block chains are totally capable of running programs. Smart contracts are a thing. This could be implemented, technically, in some fantasy world where things happen for no reason. Cranking about cryptography is cool and good.

            • Sinonatrix [comrade/them]English
              4•2 years ago

              This would be an objectively good thing for retail traders in a few ways, though there’d be some hilarious issues from making stocks into digital bearer bonds - what do you do if I steal your Google coins, or if you die while holding them in a wallet with a lost key? Any answer that’s not “too bad lol” can only mean giving terrifying power to a DAO - or right back to the SEC

            • BigHaas [he/him]English
              11•2 years ago

              "Hey capitalists, I made this cool thing to prevent you from stealing! Do you like it?

              …why is my car making this weird noi-"