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.
Did any real company lose money on it? It was free income for the IP holders.
I feel like square has to lose money on it, they’re still dumping money into nft games and haven’t released anything yet while it’s shown to be wildly unpopular among what has released.
Feel like game stop using their meme stock money to build out an nft marketplace should have bit them way harder in the ass by now too.
But Elon, shouldn’t you be hoppping on this train now with~~ Twitter~~ X?
Heads up, we have a genuine cryptopeddler (don’t say it’s about crypto, because the goalposts keep moving even as the peddler argues for NFTs and related grifts) in this thread, and the entire carnival barker routine is now in play, including “beat capitalism’s casino by doing a newer shinier capitalism casino” and messianic “this will change the world and revolutionize everything” speeches.
Lol, lmao.
Only minutes ago I got a hate-reply here from a totally neutral poster saying that that crypto peddler wasn’t a crypto peddler and tried to shame me for dunking on the crypto-peddler.
That was me.
I am proud.
Thank you for your service.
CENSORSHIP
I am nothing if not a tankie redfash dictator tyrant
Don’t forget your spoon of office
Omg new emoji when did this drop?
@[email protected] keeps delivering the hits.
Pure bangers
@ username, sus radar activated
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I genuinely hate how dense you are
Because I’m calling out the cynical grift you’re pulling.
You’re claiming that the answer to capitalism is more capitalism, this time from a shiny newer casino that is already majority owned and operated and pushed by ruling class capitalists and that will somehow topple capitalism and bring about an unspecified utopia that you’ve been vague about so far but have used techbro language to try to dazzle people with your bullshit.
“ You’re claiming that the answer to capitalism is more capitalism” I read this in the Christopher walken more cow bell tone and I just thought I should share. I got a fever and the only prescription is more capitalism
Same energy as just one more highway lane bro this time it will work bro
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no it fucking isn’t
you are high n your own farts lmaoYou would genuinely own a portion of a company instead of an IOU.
YOUR CASINO TOKENS ARE YOURS TO INVEST. BEAT THE CASINO BY GAMBLING WHAT LITTLE YOU HAVE LEFT!
also you can invest in companies and genuinly own a portion of them on the regular financial system that’s what capitalism is
Yeah, and some people do profit from that. That’s the whole point. The problem being that the poor can’t afford to lose that gamble and they lack the connections or insider information to make better informed bets.
But the crypto peddler said this new casino is different and better because the internet and the future and jargon words and revolutionize the world
The problem being that the poor can’t afford to lose that gamble and they lack the connections or insider information to make better informed bets
well that makes no sense if it’s the same amount of money being bet
Reddit was fucking spammed with NFT “content” in order to slander it
It was garbage all along. It didn’t need slandering.
And your clown circus isn’t really improving its image.
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You’re actually seriously pulling the “internet was new once” card.
That’s fucking cringe, even among cryptocurrency communities at this point.
Capitalists destroyed the image
Capitalists so intentionally destroyed the image of a rent-seeking scheme. They didn’t just fuck up by being credulous and gullible by believing people like you and buying in.
My favorite retort to that one is “They laughed at the Wright brothers, but they also laughed at Bozo the Clown”.
Or for this example, yeah, the internet was new at one point. The Juicero was also new at one point.
Or for this example, yeah, the internet was new at one point. The Juicero was also new at one point.
That’s perfect. I can also say that Theranos was new once.
You’re actually seriously pulling the “internet was new once” card
so was the south sea bubble
Lmao it’s all good, capitalism is gonna capital
It’s not that they didn’t know… It’s well…
There was a time when Russia had an Occultic Research Department, and America got one. Did anyone actually believe in Magick? Did anyone wanna take the chance to be the guy who laughed at magick only to see America brought to its knees by something “Close enough” to psychic spies? Well that situation, no matter how unlikely would be worth a demotion.
Eventually it became a contest to see which nation could get the other to overspend their budgets on healing crystals.
Allegedly the CIA got some real psychic shit involved with project Star Gate, but… ehh… can anyone other than the CIA get magick to work? No, so…
My point is, it’s not that they thought NFTs were this goldmine. They were worried about being left outside the gate if the hype paid off.
Ya gotta remember, these people do not know market trends, they do not know computers. They know “My great grandkid talks about this Video Game thing, maybe we should do a Nintendo? get Atari on the phone!”
They saw what happened to cryptocurrency and they were not willing to pass on the next new thing called “crypto” using a similar technology. With bitcoin producing results many tens of thousands of percent in increased value it was something they were all willing to commit to.
Had cryptocurrency not happened the NFT concept simply wouldn’t have drawn the interest it did.
Youre mistaking cause and effect a bit. NFTs were invented to give cryptocurrency and the blockchain a use case
Oh I’m not. I’m just saying that they wouldn’t be popular at all without the fomo that bitcoin has created. Truly just a 10k investment in bitcoin, which would be peanuts to some of these millionaires, would have resulted in billions in return. They know that and do feel like they missed out so their reaction to nfts is specifically tied too bitcoin’s success (in increasing in value) itself.
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
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.
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.
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.
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
I🖤crime. The Revolution will be funded by and implemented by criminals.
Ay Tone, we’re seizin the means of production ova here.
oh worm?
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!
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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.
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.
Also the Metaverse nonsense.
funny thing about the bourgeoisie. All through the 1800s most bourgeois economists were convinced that labor is the source of value in commodities. After all, that is what Adam Smith and David Ricardo thought. Then Marx comes along and takes that fact to its logical conclusion (while adding nuance that it was labor power and not labor, but I digress): Proletarian revolution and the overthrow of the bourgeoisie and the abolition of wage labor and the capitalist mode of production. The construction of socialism. So from that point onwards Capitalists began increasingly inventing and embracing subjective (i.e. useless, non-materialist, non-predictive) theories of value, in order to distance “mainstream” economics from Marxist conclusions. This, coupled with the creation of fictitious capital, leads to them huffing their own farts more often than not, especially during recurring economic crises. Hence, nonsense like NFTs.
leads to them huffing their own farts more often then not
Techbros tried to call this “vectorialism” some years ago: the belief that capitalism would be replaced by even more alienated and displaced abstracts of capital.
oh TIL, guess I should have read A Hacker Manifesto. https://metacpc.org/en/mckenzie-wark/ post-marxist tech thought
dunno if there’s anyone calling themselves a vectoralist though
dunno if there’s anyone calling themselves a vectoralist though
I know a few in my local area. Granted, I live just around the hill from Silicon Valley so it’s a cursed land.
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!
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.
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.
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
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.
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
How many of these companies were actually buying NFTs? I thought they were all minting and selling them.
Some are stupid enough to drink the coolaid but most actually realise that its stupid but want to cash out on the other stupids then duck out. But the thing is they also have to tell everyone else that its actually really cool and good to get that stupid in to buy the thing.
Square is the funniest example of drinking the coolaid though. I wonder what they’re even going to do now.
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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.
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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
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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
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Maybe not over the stock market, but they certainly had enough to send a lot of web 3 nerds running
"Hey capitalists, I made this cool thing to prevent you from stealing! Do you like it?
…why is my car making this weird noi-"
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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?
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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
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
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
Actually block chain powers the world’s best version control system used by millions of people, it was really revolutionary
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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.
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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.
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I literally don’t know what this post is even supposed to mean in relation to mine.
One question for you. Be honest.
Are you now, or have you ever been, a holder of GameStop or AMC stock?
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.
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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.
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nft aren’t actually pictures, they are a hyperlink to a picture that can be changed or removed at any time with no recourse
They are ledger spaces on a database that are often but not necessarily associated with pictures.
https://www.youtube.com/watch?v=XwMjPWOailQ
You’re a fucking clown, and the circus isn’t selling enough tickets for you to stay in town. Leave.
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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:
But web3 has the chance the revolutionize the world
Had me going until you let the mask drop and started talking like HackerNews.
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.
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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
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People that can’t afford to gamble away what little they have being invited into the casino! Wholesome!
Seriously, your cryptobro shit is getting more and more mask-off.
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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.
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Don’t buy into that old casino! Buy into this new casino with even less regulation, oversight, or accountability!
You’re just being an obnoxious grifter at this point, and your pitch is approaching messianic levels of cynical.
Electricity is equal.
https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/
You are either ignorant, a cynical liar, or both. In any case, you’re a disgusting clown trying to get people to buy into your particular grift.
there’s degrees to “falling for that shit” though. the cost of minting an NFT is literally negligible for the coca cola company, and the upside is enormous if it becomes an irrational market like bitcoin was. otoh, making a game centered around NFTs is sad as fuck, those people got screwed hard.
also, this is just my perception, but it could’ve been the other way around even. bitcoin became an irrational market because there was some purity to its conception: it was merely an unfeasible currency theory put into action, so libertarians could masturbate over it. as lousy as the theoretical pinnings of bitcoin are, there were no companies getting in on the action from the getgo. it wasn’t meant to be a casino, it just devolved into one. companies getting day one onto the NFT train just made it way more obvious that it was meant to extract profit from compulsive gamblers, and the unsightliness accelerated their demise. it was just too on the nose for most people.
