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An NFT take

I see a lot of people here expressing the opinion that NFTs are perhaps the most idiotic thing that computing technology has spawned possibly ever, at least as far as the general public can reach. Yea they kinda are but it does feel to me like people are missing the broader picure in their view of NFTs from both ways.

  1. NFTs as technology is literally just a form of validation - same thing as Steam items just replacing a central server with a blokchain. The fact that their most popular use is taking that cool concept and implements it in the most retarded way possible is another story.
  2. The problems with the tech - the power consumption, the lack of verification of authorship, the inability to then take action aginst what's already out there show problems with solutions in the blokchain implementations itself - primarily etherum, and the 2.0 version of that that's supposed to fix them has been in the works for a while, but the current one continues to grow at an alarming pace and we are still yet to see the results of their work on the update.

As for blokchain and crypo itself well:

  • Bitcoin is fucked fundamentally, it's limited in total numbers it will ever reach, so people are holding on to theirs inflating it beyond belief, we already lost some of it and mining just gets harder and harder
  • Etherum has outgrown itself and continues growing, if we don't want the enviroment and GPU market and decentralization (y'know the whole point of even doing blokchain) to get fucked over by mining facilities we realy need to see it drop proof of work mining model in 2.0, hopefully soon, cause this one is NOT going away - their smart contracts are too good of a concept for that to happen.
  • Dogecoin, this one is kinda cool once you look into it a bit - easier on the mining, unlimited, released regurarly, rewards people supporting folding at home which is a way better way to spend your GPU power if you want to improve the standing of humanity + power of memes is strong with it
  • Monero - what crypto should actually be. Private - the transactions aren't actually public which is a good start, but it goes further than that, so much so that the FBI has a bounty ready for anyone who finds a way to track it. - TOR really likes this feature. Hard to scale for miners - actively resists benefits of specialized hardware, even GPUs in general - mained best on CPUs. Simple - you can literally mine it straight from the official wallet. The downside is that a lot of the exchanges just straight up refuse to host it - mostly the big ones who let you exchange for fiat money.

There is a bunch of other stuff that's tied to differnt services - filecoin for one rewards people sharing their free drive space for decentralized cloud storage and I for one find that cool. It's really just too bad that a lot of those services run on etherum or otherwise share a lot of the problems that plague the blokchain tech as a whole. So why care then? Well for one I believe it's better to fight idiocy with smart alternatives and it turns out that they do exist. For the other I imagine a lot of you are here because you are tired of the massive conglomerate that Facebook Meta has become, and well blokchain could be a good way to prevent those being made, certainly eliminates many of their less obvious problems. Some people are preaching the comming of internet 3.0 where the services are not owned but decentralized and effectively shared and while I remain conservative in my own excitement I do genuinely see a future where that's how the improvement we need happens. We just need people to stop being retards about it.


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Fawkes

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I think bitcoin has a purpose past being a general transactional currency, just because it acts as a good store of value which other coins have regularly used as a sort of gold "standard" to tie themselves to in value. Speculating on it like it's the stock market is still stupid af and ruins the stability of the currency though.


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that is true however it only realy holds value of itself so it only really afects other coins via psychology
again - incentive is to just hold forever or untill you need money to perpetually increase value

by Alveus Nosville; ; Report