A possibility for future collectible digital comics?14121
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| @Tedsaid I use the simplified term "historical artifacts" to summarize what you are saying about collectibles. It's not perfect but I think it captures much of the details behind the value. I tried to get an understanding of the Blockchain and it boggled my mind. Correct me if I'm wrong but what I did takeaway is that the Blockchain is necessary to secure the ownership authenticity of NFT's (Non Fungible Tokens) and there is a huge energy consumption required to maintain the Blockchain? That part seems odd to me, that we would use an increasing portion of the worlds energy supply to maintain authenticity of ownership on intangible items. Odd in a Sci-Fi "future society of decadence" kind of way. I do love the idea of rich people putting Hundreds of Millions of dollars back into the economy and taking nothing of material value in return, just electronic artifacts. The same way that I've always loved the idea that a $50 million painting in a rich persons home took nothing material away from the earths resources (unlike building a yacht or mansion). But if there is an ongoing resource cost associated with NTF's, that would kind of negate the idea that they are taking nothing from society in return. |
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| Post 26 • IP flag post | ||
 Captain Corrector
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CaptainCanuck private msg quote post Address this user | |
| . Wait for the variant NFTs. An artist’s piece sells for 100k, then he adds a “yellow dot” to the corner and that one sells for $150k. Everyone anticipates the next variant and a bidding war ensues for the new “blue dot” variant. |
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| Post 27 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| These are images of Bitcoin Mining Farms. From what I understand they require massive amounts of electricity and they earn Bitcoin by providing the backbone to the Blockchain? https://www.google.com/search?q=bitcoin+mining+farm&hl=en&tbm=isch&source=hp&biw=1366&bih=657&ei=71xlYMjIHtev0PEP4--LqAk&oq=bitcoin+mining&gs_lcp=CgNpbWcQARgCMgUIABCxAzIFCAAQsQMyBQgAELEDMgUIABCxAzICCAAyAggAMgIIADICCAAyAggAMgIIADoICAAQsQMQgwE6BAgAEB46BggAEAoQGFDyBFixH2DuNGgBcAB4AIABjQGIAYIKkgEEMTMuMpgBAKABAaoBC2d3cy13aXotaW1n&sclient=img When you think of all of the earths resources that are being consumed, not just to power these mines but also to build and transport the equipment to the land that they are taking up...it boggles the mind. Maybe I'm misunderstanding it but this looks to me like a way for those with access to resources to get richer by taking up more and more of societies resources. NFT's seem to me like a game being played among the very rich. That's typically been true of all high-end collectibles but I'm not sure the collectibles game ever took up the earths resources in this way before. In a world claiming to want to be more equitable, I don't see how this is a step in that direction. But I'm open to having my opinion changed, I don't know all that much about the subject and I understand that the Blockchain wasn't created just to serve this NFT purpose. |
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| Post 28 • IP flag post | ||
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Captain Corrector
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CaptainCanuck private msg quote post Address this user | |
| . Mining does seem inherently bad for the environment. Also, a lot of these crypto mining farms are purposely situated in colder climates. The processors generate a lot of heat and cooling them down is just an added expense. |
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| Post 29 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| I guess I have to realize that all server farms have taken up these resources, long before bitcoin mining. And I assume the Blockchain serves a much broader purpose that just providing continuous encryption security and bitcoin transaction management. But right now it seems that the cost of running the blockchain is being payed for by the arbitrary creation of an artificial currency. If one were to purchase an NFT, is it likely that somewhere down the road they will be required to pay a monthly maintenance fee for access to the Blockchain that secures their ownership authenticity? It seems like there could be an unintended trap down the road, you own a $5,000 digital collectible, but now you need to pay $25 per month to maintain the security on it. | ||
| Post 30 • IP flag post | ||
 Rock, Paper, Scissors, Lizard, Spock
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Tedsaid private msg quote post Address this user | |
| I think the hand wringing about energy consumption of NFT's (and blockchain in general) is pretty overblown. They are trying to combine all the energy consumption of millions of things as if they are one thing. It's sort of like saying, "Oh, if we just all drove our cars one mile less each day, we would save enough energy to power North America for two-and-a-half hours! Can you imagine!" Things that take energy don't bother me. Someone has to pay for that energy. If it gets too expensive, then they go without that thing. The cost of NFT's and bitcoin, etc, is WAY below the level where we'd go, "Eh, no ... not worth it." Anyway, here's an article about it --> https://www.forbes.com/sites/rogerhuang/2021/02/16/arguments-that-bitcoin-harms-the-environment-through-wasteful-emissions-miss-the-mark/?sh=4ff952b220a7 |
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| Post 31 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Tedsaid Would it be safe to say that the energy is currently being payed for by those who buy the newly minted bitcoins? |
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| Post 32 • IP flag post | ||
 If the viagra is working you should be well over a 9.8.
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xkonk private msg quote post Address this user | |
| That Forbes article is right in that I would still have concerns about Bitcoin/NFT even if it were based on 100% renewable energy. Otherwise I think it's completely wrong in suggesting that somehow a market (Bitcoin) that involves buying and maintaining a highly advanced machine just to start-up will fix the inequity in the financial system. Or in suggesting some kind of equivalence in "everything is messed up, so Bitcoin is ok". I found this article to be more balanced https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change My current opinion is that all the NFT art stuff is really tied up in thinking about blockchain. Like, I can't imagine anyone really thinks a video clip of Logan Paul is worth 4 or 5 figures. Or that the Beeples art is worth $69 million, for that matter. The art/video/whatever is just a way to have a really expensive NFT. |
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| Post 33 • IP flag post | ||
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If the viagra is working you should be well over a 9.8.
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xkonk private msg quote post Address this user | |
| @EbayMafia my understanding is that right now, someone pays for the electricity for any transaction. So it isn't just on creating a NFT, it's also on a sale because you have to verify the token's authenticity. I think Bitcoin itself is different in that it only takes the electricity to create one; after that, all Bitcoins are equal and don't require verification. | ||
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Rock, Paper, Scissors, Lizard, Spock
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Tedsaid private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia I am pretty sure this is true. I'm still investigating, but apparently it takes "gas" to "mint" an NFT. And you have to pay for the gas to do this. How much that is, I do not know. My impression is the amount is variable ... perhaps $20 or $30, up to $200 or $300 per NFT, both to mint and to transfer (which both cost gas to do). The cost also varies with the price of the cryptocurrency used. And, I think, with the complexity of the smart contract, or the way the various files are embedded ("unlockable" ) in the blockchain. |
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