simpler times
23h 27m ago by lemmy.blahaj.zone/u/not_IO in lemmyshitpost from lemmy.blahaj.zone
https://topspicy.social/@guffo/116176508979479573
NFTs were awesome. They took a lot of money from people who plainly had too much of it.
They're still the stupidest thing I've heard of.
NFTs aren't stupid. They just happened to be used in the most stupid way possible
But also implemented incredibly stupidly. You are purchasing a url in a blockchain that points to a server a singular person or org owns in most cases. That gets rid of any point of the blockchain. With enough money I just buy that server, the image url you purchased is now under my control and now it’s porn or something unless you pay me to restore it. There were very few NFTs where the actual thing you’re buying is on a distributed blockchain rather than a pointer to a centralized and privately owned server. In programming terms it’s what rust does to prevent bad pointers with https://doc.rust-lang.org/book/ch04-02-references-and-borrowing.html
Joke's on you. Mine was porn to begin with.
But… but… mah decentralization!
I think there were some (plenty?) of NFTs that were backed by IPFS.
I think the fundamental problem with them is that the concept of "owning information" is ultimately absurd.
No, they're stupid.
Sounds like you're about to become rich then.