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06-04-22, 09:03 PM | #11 | |||
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Join Date: Aug 2007
Location: nr. Ashby-de-la-Zouch
Posts: 317
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Re: Non Fungible Tokens
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It seems quite sad that there is such a high level of assumed erosion of trust that it's alleged we need a wholesale different form of record keeping. Are we making a mountain out of a molehill? Above all, I don't understand how proof of ownership preserves value in any system. Buying something at price £x doesn't mean it will always be worth that. Market forces and fashions don't disappear in the digital world. Of course revealing a fake will dramatically affect value (and maybe blockchain helps with preventing fakes/fraud?) but the risk of a genuine NFT losing (changing) value is just as real as a physical item isn't it? It's quite a philosophical challenge isn't it - ultimately, value can only be established by trading agreement where two or more people agree what is a fair exchange: Do we really need to relate everything to a common reference (which is all that 'money' does in essence)? To illustrate that, how often do we hear "how much is my SV worth?" One of the usual answers is "whatever someone will offer to pay you for it". Does it really matter what all the previous (or future SV sales will be? I'm not a total luddite. I can see vast potential merit in better digital certification and signing becoming more widepread - to reduce email spam and risk of online credit card fraud for example - but this whole "blockchain" thing ... nope, still don't get it.
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Spannering the wife's SV650S K5 pointy in Black, and son's SV650 X curvy in Blue. RIP SV650 X curvy, crashed and written off December 2019. I'm (procrastinating about) fixing up an old Yamaha FZ600 to get myself fully back on the road. |
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06-04-22, 09:05 PM | #12 |
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Join Date: Aug 2007
Location: nr. Ashby-de-la-Zouch
Posts: 317
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Re: Non Fungible Tokens
I need editors like you - brevity not one of my strong points!
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Spannering the wife's SV650S K5 pointy in Black, and son's SV650 X curvy in Blue. RIP SV650 X curvy, crashed and written off December 2019. I'm (procrastinating about) fixing up an old Yamaha FZ600 to get myself fully back on the road. |
07-04-22, 06:23 AM | #13 | |||
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Join Date: May 2016
Location: St Albans
Posts: 364
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Re: Non Fungible Tokens
Ruffy, I'm not exactly an expert either, and please excuse any inaccurate wording, but I'm trying.
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The value of a NFT is based on hype, but essentially it's the same thing - it has rarity, so has value to someone, and that value will change. What the blockchain allows is for everyone to agree the ownership of something completely virtual, not what it's worth. At the end of the day, a ledger doesn't say anything about the value of something, just how it's been transferred. If I'm buying something from someone anonymous on the Internet, they can still vanish without fulfilling the order, but they can't claim I didn't pay them. |
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07-04-22, 08:07 PM | #14 | |||
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Join Date: Aug 2007
Location: nr. Ashby-de-la-Zouch
Posts: 317
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Re: Non Fungible Tokens
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I'm left wondering about the ability to hack the chain to forge things and I'm also now wondering if the ledger always needs to be an inefficient complete 'chain' or if instead it could be innovated to be a series of uniquely linked lists that could be processed separately and far more efficiently to an extent, but I don't really know enough about modern computer technology to sensibly go down that rabbit hole...
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Spannering the wife's SV650S K5 pointy in Black, and son's SV650 X curvy in Blue. RIP SV650 X curvy, crashed and written off December 2019. I'm (procrastinating about) fixing up an old Yamaha FZ600 to get myself fully back on the road. |
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08-04-22, 06:17 AM | #15 | |
Member
Join Date: May 2016
Location: St Albans
Posts: 364
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Re: Non Fungible Tokens
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It only works because the generation of a block is so difficult. If it was easier, I think there'd be a chance of hacking it, but don't know the protocol in enough detail. I think the problem is, if it's trivial to create a block (which would make it environmentally better) there'd need to be some sort of central control to protect it - perhaps an authority with a private key. But, central control is really what the blockchain was designed to avoid. |
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