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this post was submitted on 19 Aug 2023
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Who's going to end up destitute? No one in my level of income could afford to buy one of these. It's just rich goobers. That being said I think the technology behind NFTs is really important and I hate everyone who made the world think they're just monkey pictures when they're a pretty great invention that could do a lot of good for the world that has nothing at all to do with images of any sort.
It's a pretty shit idea tbh, the computational overhead is just to big for it to be worth using for anything practical.
Yeah, after years of searching for a problem, and dumping mammoth amounts of carbon in to the atmosphere, blockchain is pretty much a dead letter.
Whenever these scams come up there are people who cash out retirements or college funds or whatever to try to get rich quick. I think I heard a story about someone mortgaging their house to buy crypto. Some of it's just dumb assholes, but other times it's old people who are more susceptible to scams and end up with nothing.
You're using crypto and NFTs interchangeably which makes it difficult to know what level of knowledge you're speaking from. It sounds like mostly anecdotal information you have on the subject. I feel bad for people falling for scams.
I'm using them interchangeably because they're both scams. Useless "technologies" that have done nothing but cause misery and make the world worse. "What if we turned long strings of numbers in to a speculative asset by solving sudoku's that emit countless tons of carbon in to the atmosphere!?" Brilliant! Another great achievement of the age of declining rate of profit!
I've found in the past 3-4 years, the most aggressively angry people who talk about NFTs with the most matter-of-fact tone seem to be the ones who really don't know fuck all about what they are. Lol.
When someone knows nothing about crypto they think it's a bit weird. When someone knows a little about crypto they think it's niche but maybe has potential. When someone knows a lot about crypto they recognize that it's literally the dumbest dumb guy shit ever, has literally no practical uses, and is offensively absurd and wasteful.
And NFTs are even dumber dumb guy shit, being extremely expensive fake receipts to literally nothing.
Asking in good faith here, since I'm genuinely curious - what practical applications do you see in block chain and NFT tech?