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Utopia Talk / Politics / When doing it for the lulz goes wrong
murder
Member
Thu Jun 16 17:51:00
Eric Garland @ericgarland

Musk, Tesla, and SpaceX hit with civil RICO case in the Southern District of New York

http://twitter.com/ericgarland/status/1537484299506696192

murder
Member
Thu Jun 16 17:52:18
Bloomberg Wealth @wealth

Elon Musk, SpaceX and Tesla are being sued for $258 billion over claims they are part of a racketeering scheme to back Dogecoin

http://twitter.com/wealth/status/1537465952476049409



Habebe
Member
Thu Jun 16 21:19:27
Yeah, apparently the guy bet a bunch of $ on Doge and also lists Bill Gates and Warren buffet for talking shit on it.

Ironically, I seen something about Doge being put on the ETH network for something something NFTs, so they could soon habe a utility.

NFTs are great. They are basically deeds of ownership. Bad art though is dumb and overpriced.
tumbleweed
the wanderer
Thu Jun 16 21:32:29
NFTs are stupid & a forgers/Chinese dream
jergul
large member
Thu Jun 16 21:46:39
A electronic deed of ownership proving you own an electronic deed of ownership.
nhill
Member
Thu Jun 16 22:20:17
NFTs are an ERC-721 standard for either to make tokens that aren't intended to be currency. They can be used for anything you want to perform a contract upon. It's agnostic technology.

Don't be an idiot and mistake JPEGs for NFTs. Just shows your lack of due diligence.
nhill
Member
Thu Jun 16 22:20:42
NFTs are an ERC-721 standard for Ethereum (weird autocorrect there)
nhill
Member
Thu Jun 16 22:22:18
You're literally hating on a coding interface you neither understand or could use. But it's just an interface. Software API. Wouldn't expect y'all to get it but please respect your ignorance. ;)
nhill
Member
Thu Jun 16 22:27:33
http://eips.ethereum.org/EIPS/eip-721

You can read about it here. A software interface is like a layout for code you can compile and execute. In this case the interface defines what computing functions can be done on the Ethereum Virtual Machine. You can look at the Ethereum Virtual Machine as a decentralized computing network, similar to Amazon Web Services or Google Cloud, but anyone can supply the computing power necessary to execute the code's function.
nhill
Member
Thu Jun 16 22:29:24
If you have a problem with scams, blame them on the scams. The computer running the scams, whether they are your computer, Amazon's, or w/e is agnostic to the code that gets executed upon it. Blaming decentralized computing technology for scams is like blaming Hypertext Transfer Protocol for MyPillow.
nhill
Member
Thu Jun 16 22:33:51
There is no universe where decentralized computing technology ceases to exist and become an increasing utilized component of our everyday lives. Literally the most brilliant engineers and product people on the planet work in the industry writing the infrastructure. It just so happens that scams, much like the Internet, happened to pop up and cannibalize the market until it learns better how to self-regulate or be regulated.

There's literally nothing you can do from stopping it being integrated into your lives, because it's an easier way to access a trusted computing environment that is highly available and resistant to censorship.
nhill
Member
Thu Jun 16 22:34:13
There is no universe where decentralized computing technology ceases to exist and *doesn't* become an increasing utilized component of our everyday lives.
jergul
large member
Thu Jun 16 22:35:04
nhill
Honestly, I think it is a digital watermark.
nhill
Member
Thu Jun 16 22:35:16
(drunk enough to dumb things down for y'all today *hic*)
nhill
Member
Thu Jun 16 22:36:09
jergul, you can think whatever you'd like. It is a software interface, that's what it is. A digital watermark is something that can be accomplished with that interface, on that we agree.
nhill
Member
Thu Jun 16 22:41:56
There's another virtual machine that runs this website, right now. The very website upon which you type most everyday. It's called the Java Virtual Machine.

The Ethereum Virtual Machine is an abstraction upon Java's model, where not only the CPU is abstracted, but the entire computation layer itself.

Research the Java Virtual Machine to learn more. You've been using it for years.
nhill
Member
Thu Jun 16 22:42:57
The Ethereum Virtual Machine is very limited in the scope of functions it can execute, at least for now, but it takes time for these things to mature.
nhill
Member
Thu Jun 16 22:48:52
But one of those things it can execute is the software interface listed in the ERC-721 standard. Note that you can do as much computation as you want in these functions, so it's really no different than your own CPU. The limiting factor is price, as they don't support high throughput scale due to the gas you pay to execute a function that has a larger instruction set.

Very similar to how CPUs were in the 50s, when they only had the throughput to primarily execute financial functions due to the exorbitant cost. There are already many improvements upon this model in more prototype decentralized computing projects.

Eventually these technology advancements will trickle into the Ethereum Virtual Machine. They are conservative in their development by design.
jergul
large member
Thu Jun 16 23:05:00
I think it a lost in translation thing like with crypto and blockchain.

To me, blockchain is what you outline here. NFT is a specialized blockchain used as a watermark. It may also have other functionality, but its defining characteristic is watermark.
nhill
Member
Thu Jun 16 23:09:18
You can read what the software interface is above, Non-Fungible Token Standard:

http://eips.ethereum.org/EIPS/eip-721

I understand your viewpoint, but you can execute any code you'd like within the smart contract. Heck you could render a game, it may run at 1 frame per 5 minutes and cost you a million dollars to run though. ;)
nhill
Member
Thu Jun 16 23:12:08
What you are thinking about is the description of the use-case they had in mind when developing the software interface, which is also outlined in the standard. But they purposely leave room for interpretation, because it's an abstraction, not a concrete implementation itself. You provide Turing Complete code to execute within the abstraction.
nhill
Member
Thu Jun 16 23:19:38
My main argument, however, is not with it being perceived as a digital watermark. My point is that criticizing NFTs is silly. You can criticize implementations of NFTs, very cool. Bored Ape Yacht Club, for example, pretty dumb project. But the word NFT has meaning in the crypto industry and it refers to that standard defining a software interface that can be used for whatever a programmer decides to code.

To someone that understands what that means, "critics" like tumbleweed just come off as silly, like a 4-year-old trying to criticize something when he doesn't know the definition of the word yet.
nhill
Member
Thu Jun 16 23:20:22
Kinda cute tho, in his infinite ignorance ;) *pinches tumbleweed's cheeks*
Habebe
Member
Fri Jun 17 00:22:17
Trumps wife sold NFTs of her eye or something, So TW will hate NFTs like he probably hates diet coke.

Honestly I dont get NFTs other than they can act like a digital proof of ownership that's verified via blockchain, so transparent.

That alone seems very useful for faster transactions, loss prevention, copyright stuff, plagiarism protection etc.

That sounds like alot of potential right there.

I do think the shitty art people are commonly trying to use them for now doesn't have a huge future, but I'm not time traveller, people like dumb stuff.
murder
Member
Fri Jun 17 06:32:14

"Trumps wife sold NFTs of her eye or something"

She bought them herself.


"That alone seems very useful for faster transactions, loss prevention, copyright stuff, plagiarism protection etc."

Actually my understanding is that they can be stolen and you are SOL.

nhill
Member
Fri Jun 17 09:13:41
Yes, the base layer has immutable transfers, once it's transferred, it's gone. But people will build layers on top. And the equivalent of anti-virus software for the Ethereum Virtual Machine will eventually exist. It's just too early for all that right now.

The funny things is that some of these criticisms are why I'm so excited about crypto. There's real problems with it and the world's brightest are on the scene. Engineers love technical challenges. Every criticism people have with crypto just excites us because it shows how much interesting work there is to be accomplished.
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