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The funniest thing about NFTs is all the real companies that fell for that shit (hexbear.net)
submitted 3 years ago* by to c/chapotraphouse@hexbear.net
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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.

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[–] 29 points 3 years ago (4 children)

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.

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  • [–] 7 points 3 years ago* (last edited 3 years ago) (1 child)

    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

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  • [–] 18 points 3 years ago (1 child)

    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.

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  • [–] 10 points 3 years ago

    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

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  • [–] 7 points 3 years ago (2 children)

    git is a blockchain without a consensus model. Once you remove the artificial scarcity component of blockchains the are extremely useful.

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  • [–] 15 points 3 years ago (1 child)

    a blockchain without a consensus model is just a linked list

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  • [–] 6 points 3 years ago*

    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.

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