Beatles memorabilia sold as NFTs...

Nemesis44UK

LE
Book Reviewer
Absolutely pathetic.

NFTs are absolutely the Emperor's new clothes. I hope the whole scheme collapses, along with crypto mining. The sooner those twats are out of business, the better.
 

philc

LE
So your buying a digital version of something the owner keep's for a lot of money that goes to the owner, so copies of his holiday snaps then, or a digital picture of the picture hanging in someone’s Art Gallery.

Genius and the rich and stupid will fall for it.
 
Tennis and cricket have been getting away with it for years. When the Aussies win the ashes (usually), and either Federer, Nadal or Djokovic win Wimbledon, they never receive the actual trophy.
 

Chef

LE
It's been explained to me but I don't see how a collection of electrons will ever have value outside of the rich and credulous. For example:

Twitter founder Jack Dorsey's first ever tweet has been sold for the equivalent of $2.9m (£2.1m) to a Malaysia-based businessman. The tweet, which said "just setting up my twttr," was first published on March 21, 2006 and was auctioned off by Mr Dorsey for charity.

"just seeting up my twttr,"
Is that worth £2.1m? I think not.

I have some signed books in hardback and other copies in paperback. Both have the same words but I know which ones have more value.

An explanation of NFTs
It states:
'One of the main benefits of owning a digital collectible versus a physical collectible like a Pokemon card or rare minted coin is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable. This makes the creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer'.

So what you're paying for isn't the NFT but the catalogue info, ergo that is what has value. It's like saying the museum label on the Mona Lisa is priceless.

It's been done before

And yes I am bloody furious I didn't think of it first:x
 
So what you're paying for isn't the NFT but the catalogue info, ergo that is what has value. It's like saying the museum label on the Mona Lisa is priceless.
Your paying for a unique, verifiable, receipt to a digital item, that may or may not have some rights other than "it's mine".

It is very much digital trading cards. The value is in the combination of rarity, uniqueness and verifiable provenence.

All that only matters, of course, if some other rich mug might want it too, otherwise the value is zero.
 

Arte_et_Marte

ADC
Moderator
Book Reviewer
Absolutely pathetic.

NFTs are absolutely the Emperor's new clothes. I hope the whole scheme collapses, along with crypto mining. The sooner those twats are out of business, the better.
If there were no Cypto Miners, there wouldn't be a Crypto currency. Well, not as it is today,

But you may get your wish within five years.

The whole system is based around miners keeping the thing relatively crime free, building the block chain that provides the rest of us with an opportunity to buy and its getting harder for them to provide this service and of course try and make money themselves.

Bitcoin mining currency halves every four years. When it started there were not that many miners, there was more currency available and the computing power needed to quickly guess the 16 hexidecimal code was not that great. Miners received one block of coins if they were the first to the post and that meant 50 Bitcoin. Then it dropped to 25, then halved again to 12.5 and it currently sits at 6.25 Bitcoin per block. But there is of course a finite number of Bitcoin and more people mining for whats left to mine, and the computer needs are now huge. The exact time that "the halving" starts is governed by the Bitcoin Clock. (I can't do links from this means, but if you google "bitcoin clock," you can see it counting down.) I believe its some time in March 2022.

The bloke in his garage trying to get involved, has zero chance of getting to the required algorithom first. There are Mining 'farms' with now with hundreds of super computers doing the maths. The electricity required is massive, a farm in Canada uses more electricity in a year than the whole of Argentina.

It was this abuse of electricity, mainly from coal fired power stations, that prompted Elon Musk to pull out of the system.

With all that then, it is not sustainable for much longer.

Apologies for the long post. I just think it's a bloody fascinating subject.
 
NFTs are largely bollox - many of them can be counterfeited with sufficient resources. You're essentially paying for a link to some media file, which may or may not exist at a given point in the future, not the actual material itself.
 

Chef

LE
NFTs are largely bollox - many of them can be counterfeited with sufficient resources. You're essentially paying for a link to some media file, which may or may not exist at a given point in the future, not the actual material itself.
It puts me in mind of people who buy music off the internet and then can't pass it on in their wills as the vendor still owns the rights to it.
 
Tennis and cricket have been getting away with it for years. When the Aussies win the ashes (usually), and either Federer, Nadal or Djokovic win Wimbledon, they never receive the actual trophy.

But Liverpool did get the last European Cup to keep after winning it for the 5th time.
 

exspy

LE
I do not understand your post at all. Might as well have been in another language, which is why I have no intention of having anything to do with bitcoin or its associated economics.

If there were no Cypto Miners, there wouldn't be a Crypto currency. Well, not as it is today,

But you may get your wish within five years.

The whole system is based around miners keeping the thing relatively crime free, building the block chain that provides the rest of us with an opportunity to buy and its getting harder for them to provide this service and of course try and make money themselves.

Bitcoin mining currency halves every four years. When it started there were not that many miners, there was more currency available and the computing power needed to quickly guess the 16 hexidecimal code was not that great. Miners received one block of coins if they were the first to the post and that meant 50 Bitcoin. Then it dropped to 25, then halved again to 12.5 and it currently sits at 6.25 Bitcoin per block. But there is of course a finite number of Bitcoin and more people mining for whats left to mine, and the computer needs are now huge. The exact time that "the halving" starts is governed by the Bitcoin Clock. (I can't do links from this means, but if you google "bitcoin clock," you can see it counting down.) I believe its some time in March 2022.

The bloke in his garage trying to get involved, has zero chance of getting to the required algorithom first. There are Mining 'farms' with now with hundreds of super computers doing the maths. The electricity required is massive, a farm in Canada uses more electricity in a year than the whole of Argentina.

It was this abuse of electricity, mainly from coal fired power stations, that prompted Elon Musk to pull out of the system.

With all that then, it is not sustainable for much longer.

Apologies for the long post. I just think it's a bloody fascinating subject.
 

Ravers

LE
Kit Reviewer
Imagine spunking that much cash and not actually getting anything at the end of it.

I’ve been to a few charity auctions over the years and watched people part with obscene amounts of cash for utter shite. They do it to be the biggest swinging dick in the room and to get a round of applause and a pat on the back from a Z list celebrity compere.

There is usually a look of “oh ****, what have I just done?” but at least they go home with the physical item they’ve just bought.

I once saw a bloke pay 90 grand for a weekend break in an Italian villa. It was a nice villa but similar ones could be had on Air BnB for 1/20th of what he’d paid.

At least he got a nice holiday out of it and Jamie Oliver and Dermot O’Leary thought he was cool for a few hours one evening.
 

Nemesis44UK

LE
Book Reviewer
If there were no Cypto Miners, there wouldn't be a Crypto currency. Well, not as it is today,

But you may get your wish within five years.

The whole system is based around miners keeping the thing relatively crime free, building the block chain that provides the rest of us with an opportunity to buy and its getting harder for them to provide this service and of course try and make money themselves.

Bitcoin mining currency halves every four years. When it started there were not that many miners, there was more currency available and the computing power needed to quickly guess the 16 hexidecimal code was not that great. Miners received one block of coins if they were the first to the post and that meant 50 Bitcoin. Then it dropped to 25, then halved again to 12.5 and it currently sits at 6.25 Bitcoin per block. But there is of course a finite number of Bitcoin and more people mining for whats left to mine, and the computer needs are now huge. The exact time that "the halving" starts is governed by the Bitcoin Clock. (I can't do links from this means, but if you google "bitcoin clock," you can see it counting down.) I believe its some time in March 2022.

The bloke in his garage trying to get involved, has zero chance of getting to the required algorithom first. There are Mining 'farms' with now with hundreds of super computers doing the maths. The electricity required is massive, a farm in Canada uses more electricity in a year than the whole of Argentina.

It was this abuse of electricity, mainly from coal fired power stations, that prompted Elon Musk to pull out of the system.

With all that then, it is not sustainable for much longer.

Apologies for the long post. I just think it's a bloody fascinating subject.
Very informative post, thanks.

It's the sheer amount of power required that annoys me. Its outrageous and to compare the old gold rush to crypto mining, it's like blowing up a mountain to find a gold nugget.

Along with the fact that the average Joe has no chance of buying a graphics card because they're all hoovered up at triple their retail price by miners.
 

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