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.
What’s just as funny as that they’re now falling for the AI scam
They get to fire more people while huffing techno hopium farts. That’s a win for them at least for a while.
They do love their short-term wins that bite them in the ass long-term.
Everything is like this.
Sucking up, lying, putting on a show, and being merciless is the biggest part of how anyone attains a managerial position.
It’s not a bug, it’s a feature.
SBF convinced venture capitalists at sequoia to invest in FTX while playing WoW.
:theory-gary: it was League of Legends
and he wasn’t even winning at the game
The only qualified economics experts are Challenger tier
I’m just saying would you give billions of dollars to someone getting absolutely bodied in a league of legends game at the business meeting
The real kicker is that there are plenty of good theoretical applications for blockchain technology and all we get are shitty investment commodities and grifts
The technology never gets employed to a productive end because the entrepreneurs are in charge of deploying it
Most supposed use cases besides crime money involve needlessly spreading out a calculation (of a picture of a monkey or whatever) so many more computers have to verify the same calculation as a stupidly unnecessary waste of electricity that also dumps more carbon in the air. And the crime money also does that but dae le drugs amirite
Man what the fuck am I doing on hexbear. Even the most inconsequential disagreements turn into this sort of bullshit, without fail
The sort of bullshit like pointing out that blockchain technology has a massive carbon footprint and drastically increases the electricity costs of whatever it ostensibly replaced?
No that’s pretty much on the money, but it’s also a problem with proof-of-work consensus algorithms specifically
I don’t know I guess it’s just exhausting how everybody has to have a crazy out-there opinion about every fucking thing in or outside their spheres of competence and just loads up that shit with twitter irony like it’s free salad at a salad bar
bullshit
crazy out-there opinion
loads up that shit with twitter irony
That isn’t a generous reading of easily found and irrefutable information about the consequences of blockchain technology.
Sure let me meaningfully engage with “dae le drugs amirite
”Yes, you can. Is there another use case outside of that? You may not like the way I phrased it, but it was a valid point, not “bullshit crazy out there opinion loaded with twitter irony” as you put it. If you can say your opinion that way I can certainly say mine my way.
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there are plenty of good theoretical applications for blockchain technology
This is not true. Distributed ledgers allow for consensus without trust. That is it. Every other application of them is just a slower database. So pretty much all they are good for is digital money, but digital money with a hard throughput limit and no backing from any government. The rush to use them for anything and everything violates the most basic principles of good computer engineering, and there’s a very good reason no one has created anything worthwhile with them besides money that can be used for crime.
I🖤crime. The Revolution will be funded by and implemented by criminals.
oh worm?
Ay Tone, we’re seizin the means of production ova here.
Even this is overselling blockchains, to be honest. There are a variety of far cheaper ways to do distributed trustless consensus, for example CRDTs. You can even run a CRDT-based ledger if you’re willing for people to have negative balance. The only thing a blockchain adds is an incredibly expensive clock mechanism to slow the transactions down enough that they can prevent double-spend and enforce positive balances.
gitis a blockchain without a consensus model. Once you remove the artificial scarcity component of blockchains the are extremely useful.a blockchain without a consensus model is just a linked list
Distributed Merkel trees aren’t linked lists.
no but they are also a data structure that has been around since the 80s
Eh. Blockchains and git both use merckle trees, but boats and cars both have engines.
Distributed Merkel trees are blockchains. Git is distributed. Git commits are blocks.
Distributed ledgers allow for consensus without trust. That is it.
That’s like saying asymmetric cryptography only allows for trust irrespective of medium. We still deployed it everywhere because it turns out that’s useful in countless ways. Blockchains are also not necessarily public, and generally most of the shit they get from leftists has more to do with stupid wasteful consensus mechanisms than anything to do with the principle of a fancy networked Merkle tree itself.
In the end it’s just another mathematical guarantee and we can do better than “concept is related to bad people and is therefore bad”
edit : Also worth noting that PKI was a huge gold rush when it started and still to this day lots of companies make utter bank on the sole basis that their certificate chains are trusted by default in your browser
No, I think crime money is good. But every time someone tries to come up with another use for them it’s like, demonstrably worse than what already exists. It just sets off my bullshit sensors.
Completely fair. I’m mostly interested in what it can do for distributed computing and inter-organizational trust and most of that is being done outside flashy VC circles and not getting much media coverage. Naturally anything that allows organizing outside of bougie government institutions is good up to and including crime money
name a single application of “blockchain technology” that cannot be done the same or better by other tech
If you want to burn the planet down faster, doing computations on a blockchain multiples the electricity costs and the carbon dumping!
This is one of those moments where you realize these companies aren’t jumping on these trends things for us, but they’re doing it to placate an investor class that doesn’t know any better and wants them to be into the new, hot thing among these twitter brained friends.
yeah I think the execs in these companies saw that people in their rich social circles were messing around with crypto and thought that meant everyone else is doing it and it’s the next big thing, for an industry that markets itself as innovative there’s a lot of herd mentality in tech
This happens all the time among the MBA crowd. They are afraid of not doing something they think everyone else is doing, even if they don’t understand it. The head of my group at work has been talking about AI for months while all of the use cases for it have basically nothing to do with our work outside of writing emails. He did this before with crypto and we have a whole product offering that is useless now because the whole rypto market sublimated overnight.
It’s funny “ha-ha” but also funny “damn this sucks dude”.
Square Enix, Nickelodeon, Coke, KFC, and more fell for this shit while regular people were laughing about how obvious a con it was.
That’s one of the big things I think the NFT craze highlighted. When the suits at MEGACORPS saw a potential way to make money off intellectual property they jumped at it. IP law is really bad, and IP financialization is even worse. They thought they saw a whole new way to create new sort of “premium” product and they all went feral like they were consumed Spirit of Greed from Weird West. They really believe they could make a gazillion dollar from nothing, they either truly thought that or convinced themselves that they did.
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.
Big time! It also really highlighted how everyone is despite to get out of the capitalist trap. I really felt kinda bad for regular people who got duped into NFTs and crypto as a whole. I’m not trying to say they are dumb people or have no agency, just saying lots of regular people lost their hard earned cash cause they bet on NFTs and crypto being “the future”. Lots of regular people lost cash on the Robinhoods, the Coinbases, and the crypto dotcoms of the world. All of the “smart” “business people” were telling you NFTs and crypto was the future. Just yet another vampire scheme to siphon the lifeforce from working people =,
Also the Metaverse nonsense.
Laugh all you like, but there’s money to be made and they won’t stop until you pay for memes.
yeah but I’m never going to pay for memes
We will seize the memes of production!
it was a money laundering scheme, just a techbro “innovation” that perfectly copied the role the fine art market plays in haute bourgeois society
Would anyone care to explain the difference between NFTs and crypto? Or more specifically, why crypto still has some following since both are the same grift.
If you wanna get precise, NFTs are crypto that you can’t use to buy anything. Of course, in real life you can hardly use crypto to buy anything either, so it’s all just variations on the tulip bulb.
One is internet funny money.
The other is a purchased spot on an internet database registry, often associated with a picture (that can be right clicked and saved so its not like you own the picture anyway).
Both are grifts that rip off credulous people because both grifts promise to make the sucker rich.
an nft is someone using crypto to write on a ledger that you own a link to something like an image. basically if you paid me $10 to write down on a piece of paper that you owned the mona lisa that would be an analogue nft. It’s non fungible because if I wrote down that you owned the mona lisa and also that you owned a portrait of the artist as a young man each note would refer to you owning the specific painting
cryptocurrency is the answer to the question what if you wanted to buy gold but were also an idiot
An NFT is a receipt in crypto. Instead of an entry to the block chain that says -1 coin for you +1 for me, you have an entry that says someone paid for ‘https://hexbear.net/PPB’. And its all text, just the URL. If the URL becomes invalid
To put it simply, NFTs are crypto that hav a URL to some other thing attached to them.
As soon as the site that hosts bored ape images goes down, the ape people will have a bunch of 404 errors that cost them tens of thousands of dollars.
No need to use the past tense here. I have a friend who is still slinging NFTs. I haven’t talked with him in years but I stalk him every now and then to check in on him. He invested in bitcoin early on and then dumped it before the pandemic. If he’d held on to it (and then dumped it at just the right time), he’d be a billionaire now. So I think he’s reluctant to let go of NFTs. His big break is just around the corner. And he’s also a millionaire and his parents are hedge fund managers so he wins either way, at least until the revolution comes.
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.
More than that, it calls into question the very concept of economic rationality - that the market behaves rationally based on the rational business decisions of rational actors acting in their own rational self interests.
that the market behaves rationally based on the rational business decisions of rational actors acting in their own rational self interests
“WHEN?”
-Me, arguing offline with local techbros at the bookstore.
How many of these companies were actually buying NFTs? I thought they were all minting and selling them.
the funniest thing about nft’s is the one nft guy i convinced ghosts are real because of the metaverse
people who buy into nfts will believe literally anything
TELL US MORE
that’s basically the story we were talking about ghosts and eventually he decided because “everything you can conceive of is real” ghosts are real in the metaverse. I then attempted to explain to him what reality is
That’s just a plotline in Digimon: CyberSleuth.
Terminal stage idealism.
Invisible pink unicorns are real because I just brought them up. I just put one into your room. Problem?
Do you take commissions?
They have to be compliant with
standards. 
