Do you own an NFT?
What did you buy? They were so popular few years ago. That ship has now sailed
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MissingLink · 51-55, M
SpudMuffin · 61-69, M
basilfawlty89 · 36-40, M
Also clarification in Non-fungible Tokens:
NFT images and such are absolute scams.
However they're not the purpose NFTs were created for.
An NFT can be used as a digital signature that is unique and can't be replicated.
It's actual use cases would be signing transactions, consent forms, contract signing and copyrights.
NFT images and such are absolute scams.
However they're not the purpose NFTs were created for.
An NFT can be used as a digital signature that is unique and can't be replicated.
It's actual use cases would be signing transactions, consent forms, contract signing and copyrights.
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basilfawlty89 · 36-40, M
@MrGrumpy there is a lot of use cases for them besides the dumduma who used it incorrectly.
One of the newest things are Digital Autonomous Organizations.
The Constitution would be signed by the members using their NFT (the actual type) and any changes or amendments would need to be ratified by a majority with valid NFTs in the DAO.
The record of the contract exists on the distributed public ledger with timestamps to ensure no alterations to the original record could be made.
One of the newest things are Digital Autonomous Organizations.
The Constitution would be signed by the members using their NFT (the actual type) and any changes or amendments would need to be ratified by a majority with valid NFTs in the DAO.
The record of the contract exists on the distributed public ledger with timestamps to ensure no alterations to the original record could be made.
ElwoodBlues · M
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basilfawlty89 · 36-40, M
@MrGrumpy Bitcoin might not having "inherent value", but neither technically does the numbers in your bank account or paper money. It's just a medium of exchange that we used as monetary value. People were skeptical of paper money at first too.
The problem with fiat is that it is subject to centralization from government and banks. If all goes well, that's fine. If there's conflict or corruption, you get hyperinflation.
This happened in Weimar Germany and Zimbabwe.
Technically nothing has "inherent value".
Even gold, which yes has industrial uses now, has no inherent value. We just socially agree on its value due to its scarcity and we're primates who like shiny reflective things.
Crypto is now highly regulated.
It gets thoroughly vetted, analyzed and regulated. Even a new cryptocurrency requires a guarantee of liquidity.
Most Centralized Exchanges have stringent requirements to vet a project.
Also, most wallets require KYC and AML procedures.
The problem with fiat is that it is subject to centralization from government and banks. If all goes well, that's fine. If there's conflict or corruption, you get hyperinflation.
This happened in Weimar Germany and Zimbabwe.
Technically nothing has "inherent value".
Even gold, which yes has industrial uses now, has no inherent value. We just socially agree on its value due to its scarcity and we're primates who like shiny reflective things.
Crypto is now highly regulated.
It gets thoroughly vetted, analyzed and regulated. Even a new cryptocurrency requires a guarantee of liquidity.
Most Centralized Exchanges have stringent requirements to vet a project.
Also, most wallets require KYC and AML procedures.
MrGrumpy · M
@basilfawlty89 I agree some and disagree some. Printing too much causes inflation/hyperinflation as you point out. That’s what happened with Covid freebies. So having control over supply is an issue with fiat
Gold does have inherent value because of industrial commercial and personal use. After all you cant wear your BTC and look pretty
This admin is crypto friendly because they want to issue their tokens and get rich. Seems to be working. Another admin may not be as friendly
Gold does have inherent value because of industrial commercial and personal use. After all you cant wear your BTC and look pretty
This admin is crypto friendly because they want to issue their tokens and get rich. Seems to be working. Another admin may not be as friendly
basilfawlty89 · 36-40, M
@MrGrumpy like I said, gold now actually has use. It didn't always, it just was scarce and looked pretty, hence my primate comment.
Regarding governments - sure regulatory landscapes can change, but crypto will still be widely used, especially for cross border remittance.
The crypto market is growing.
I'm in Africa, we have the lowest crypto user base although growing. It's still a big market since Q2 this year, a $2.9B market with a 4.8% growth annually.
Most Africans are adopting stablecoins.
It's convenient as traditional financial institutions have failed people in rural areas while mobile internet penetration is high.
Regarding governments - sure regulatory landscapes can change, but crypto will still be widely used, especially for cross border remittance.
The crypto market is growing.
I'm in Africa, we have the lowest crypto user base although growing. It's still a big market since Q2 this year, a $2.9B market with a 4.8% growth annually.
Most Africans are adopting stablecoins.
It's convenient as traditional financial institutions have failed people in rural areas while mobile internet penetration is high.
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MrGrumpy · M
@CountScrofula Wonder what happened to that Ape NFT series