Dub H
Crow T. Robot
Captain Pixel: the Game Master
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Post by Dub H on Jan 22, 2022 10:41:36 GMT -5
It's a url, basically people are paying money for a URL in the hope they can sell it on to someone else for more money. You don't own the image the url links to, you gain no rights to reproduce and profit from it and have no legal recourse against anyone who copies the image, all you own is a spot in an incredibly slow database and the hope someone else may buy it off you for more money in the hopes of passing it along to another rube. Creating images to pump into this scam isn't some harmless 'free money' generating system, it's helping to perpetuate the environmentally catastrophic pyramid scheme that is the cryptocurrency ecosystem that's built on fleecing rubes and crime that is now using more energy than a lot of major western nations, produced by burning fossil fuels in most cases to boot. Seriously, people are taking power stations out of mothballs purely to mine crypto now because they want to line their pockets before the pyramid (or environment) collapses entirely. The amount of money you'd make from trying to cash in just isn't worth helping to perpetuate this BS, especially as we're starting to see the real world consequences. I'm still confused by it all think I'll dig out an Atari 2600 and some police academy VHS tapes and live in a happier world. I guess I have difficulty figuring out how people can spend stupid money on stupid shit Try thinking like this: Crypto currency is basically a mathematical operation , they use mathematical operations as currency, the way you get that mathematical operation is by running a bunch of computers until getting one that is was never done yet. (you do that by running a bunch of computers and basically doing billions of google searches in one second). The Internet and Computers are the bank, the mathematical operation is the currency. NFTs transforms those unique operations into an -unique- link to an image, thats about it.
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Post by The Dark Order Inferno on Jan 22, 2022 13:18:36 GMT -5
I'm still confused by it all think I'll dig out an Atari 2600 and some police academy VHS tapes and live in a happier world. I guess I have difficulty figuring out how people can spend stupid money on stupid shit Try thinking like this: Crypto currency is basically a mathematical operation , they use mathematical operations as currency, the way you get that mathematical operation is by running a bunch of computers until getting one that is was never done yet. (you do that by running a bunch of computers and basically doing billions of google searches in one second). The Internet and Computers are the bank, the mathematical operation is the currency. NFTs transforms those unique operations into an -unique- link to an image, thats about it. Don't forget the 'currency' it's all built on is generated by millions of videocards wasting electricity playing guessing games until they burn out and are sold as 'slightly used' on the secondary market to people who can't find nee ones because they're all beng bought to mine crypto... And that's without bringing up the 'stable coins' that are used to create the illusion that the value of the coins is multitudes greater than is really is, created from thin air at a regular basis by the people that run crypto marketplaces so they can inflate the price or slow price drops they drain out the real world money from the system after a fresh round of suckers bought in because they heard a number was going up and imagined getting rich by joining in. Scams on scams on scams while the world burns. Everyone involved will be judged harshly by history.
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Dub H
Crow T. Robot
Captain Pixel: the Game Master
I ❤ Aniki
Posts: 47,837
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Post by Dub H on Jan 22, 2022 13:31:53 GMT -5
Try thinking like this: Crypto currency is basically a mathematical operation , they use mathematical operations as currency, the way you get that mathematical operation is by running a bunch of computers until getting one that is was never done yet. (you do that by running a bunch of computers and basically doing billions of google searches in one second). The Internet and Computers are the bank, the mathematical operation is the currency. NFTs transforms those unique operations into an -unique- link to an image, thats about it. Don't forget the 'currency' it's all built on is generated by millions of videocards wasting electricity playing guessing games until they burn out and are sold as 'slightly used' on the secondary market to people who can't find nee ones because they're all beng bought to mine crypto... And that's without bringing up the 'stable coins' that are used to create the illusion that the value of the coins is multitudes greater than is really is, created from thin air at a regular basis by the people that run crypto marketplaces so they can inflate the price or slow price drops they drain out the real world money from the system after a fresh round of suckers bought in because they heard a number was going up and imagined getting rich by joining in. Scams on scams on scams while the world burns. Everyone involved will be judged harshly by history. I mean yes to all that. Just wanted to put on simple terms what is is, but the impact on nature and on the market itself is a dangerous one. And in the end is basically a bunch of scams. They basically get someone famous to endorse it,to sell at absurd prices but the prices never sustains. There is no product, just promises of money
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Post by Cyno on Jan 22, 2022 13:50:43 GMT -5
It fits the carny nature of boomer wrestlers like a glove. Mildly surprised it's Bret first on the bandwagon but expect to see Hogan, Flair, Nash and all the other usual suspects hitch a ride soon. Stephanie McMahon and Chris Jericho have already done NFT's, so they beat Bret to the punch there.
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Post by dirtyoldman on Jan 22, 2022 16:03:22 GMT -5
So who do they buy the NFT from in the first place and what do they actually have to show for it? And what can you do with it
Also, thanks for helping to explain it. I do appreciate it but embarrassingly I have to admit im still confused by it all.
I guess the big question should be.. why?
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Post by Hypnosis on Jan 22, 2022 16:33:35 GMT -5
So who do they buy the NFT from in the first place and what do they actually have to show for it? And what can you do with it Also, thanks for helping to explain it. I do appreciate it but embarrassingly I have to admit im still confused by it all. I guess the big question should be.. why? It's become a trend/fad, and I guess some of the celebrities doing it somehow don't realize the negative impact of NFTs yet.
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Dub H
Crow T. Robot
Captain Pixel: the Game Master
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Posts: 47,837
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Post by Dub H on Jan 22, 2022 16:42:03 GMT -5
So who do they buy the NFT from in the first place and what do they actually have to show for it? And what can you do with it Also, thanks for helping to explain it. I do appreciate it but embarrassingly I have to admit im still confused by it all. I guess the big question should be.. why? They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value.
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y4j1981
Dennis Stamp
Rowsdower
Posts: 4,642
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Post by y4j1981 on Jan 22, 2022 16:47:24 GMT -5
Had someone recently explain what an NFT is to me. And I still don't get it.
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Post by dirtyoldman on Jan 22, 2022 17:14:46 GMT -5
So who do they buy the NFT from in the first place and what do they actually have to show for it? And what can you do with it Also, thanks for helping to explain it. I do appreciate it but embarrassingly I have to admit im still confused by it all. I guess the big question should be.. why? They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value. Ive high lighted the bit that I'm now wondering about.does that mean nobody else can use that image commercially unless they find you and pay you a licence fee? From what I gather you dont collect royalties from it (that would at least make a bit of sense to me). I feel like the Cat in that episode of Red Dwarf where Rimmer and Lister are taking it turns explaining the Statis leak and everytime they dumb it down he keeps going'what is it?'
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Post by dirtyoldman on Jan 22, 2022 17:16:35 GMT -5
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Dub H
Crow T. Robot
Captain Pixel: the Game Master
I ❤ Aniki
Posts: 47,837
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Post by Dub H on Jan 22, 2022 18:10:57 GMT -5
They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value. Ive high lighted the bit that I'm now wondering about.does that mean nobody else can use that image commercially unless they find you and pay you a licence fee? From what I gather you dont collect royalties from it (that would at least make a bit of sense to me). I feel like the Cat in that episode of Red Dwarf where Rimmer and Lister are taking it turns explaining the Statis leak and everytime they dumb it down he keeps going'what is it?' No one else would be allowed to use it for NFT purpose only, you dont own copyright for the image. Which is why it is basically a huge scam, some fo the pithces is for example you could bring your url;NFT to multiple websited and use the same one for then
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Post by Natural Born Farmer on Jan 22, 2022 18:38:52 GMT -5
I’m selling wrestling NFTs. Send me your banking info and I’ll totes send you something that has any value.
To my mind the kill shot is did Matt Damon agree to get paid in company coin for the crypto he endorsed, and neither he or they will say so.
Legal ponzi scheme, and I think every developed nation will ban it within 10 years.
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y4j1981
Dennis Stamp
Rowsdower
Posts: 4,642
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Post by y4j1981 on Jan 22, 2022 18:54:13 GMT -5
And you get events like this, where they just steal and alter a picture to sell as a NFT
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Post by Cyno on Jan 22, 2022 19:00:23 GMT -5
So who do they buy the NFT from in the first place and what do they actually have to show for it? And what can you do with it Also, thanks for helping to explain it. I do appreciate it but embarrassingly I have to admit im still confused by it all. I guess the big question should be.. why? They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value. Yeah, NFT's and crypto in general is basically a high-tech version of a pyramid scheme or other types of MLM.
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Post by A Platypus Rave on Jan 22, 2022 19:03:21 GMT -5
So who do they buy the NFT from in the first place and what do they actually have to show for it? And what can you do with it Also, thanks for helping to explain it. I do appreciate it but embarrassingly I have to admit im still confused by it all. I guess the big question should be.. why? They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value. Hey it is not a ponzi scheme! It's a pump and dump scheme >_> also a money laundering scheme.... but it is not a Ponzi Scheme >_>
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Dub H
Crow T. Robot
Captain Pixel: the Game Master
I ❤ Aniki
Posts: 47,837
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Post by Dub H on Jan 22, 2022 19:12:53 GMT -5
They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value. Hey it is not a ponzi scheme! It's a pump and dump scheme >_> also a money laundering scheme.... but it is not a Ponzi Scheme >_> Well you sure know a lot abot schemes....
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Post by A Platypus Rave on Jan 22, 2022 19:13:47 GMT -5
Hey it is not a ponzi scheme! It's a pump and dump scheme >_> also a money laundering scheme.... but it is not a Ponzi Scheme >_> Well you sure know a lot abot schemes.... I don't know what you're talking about... say wanna buy a bridge?
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Fundertaker
El Dandy
Hideo Kojima should direct every ending ever!
Posts: 8,919
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Post by Fundertaker on Jan 22, 2022 19:32:02 GMT -5
They dont own nothing besides a url to a picture. The market pitch is that you "own" the picture and you can use any for any online venture. But most people just buy it because they say you can sell the url for a lot of money later on, think it of a stock market. Except you have no product or company to put your money on.They are selling you the promise that this url is gonna be worth money because of the associated picture(which they dont even own). Which is why a legal loophole of this is that you see many real life artworks being stolen and being "sold" as NFT, because there is no law that says you cant sell an url to it. tldr; its a Ponzi scheme. They use a bunch of fancy technology to sell an "investment" that has no real value. Hey it is not a ponzi scheme! It's a pump and dump scheme >_> also a money laundering scheme.... but it is not a Ponzi Scheme >_>
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Post by Cyno on Jan 22, 2022 19:38:00 GMT -5
Well you sure know a lot abot schemes.... I don't know what you're talking about... say wanna buy a bridge? I got a good bridge cheap. Fell of a truck.
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Post by dirtyoldman on Jan 23, 2022 5:33:47 GMT -5
Would it be something like owning the master tape of a album, say Metallica's master of puppets. Like anyone else can own a copy of the album either LP, cd, tape digital Which is exactly the same as you have but only you have the original master tape, which is unique?
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