Just Five Words Sell for over $2m - Twitter madness....

[Kisai]

52 minutes ago, Sauron said:

The blockchain has some legitimate uses but it's far from being something that is ever "going to be in everything". Plenty of things just have no reason to use it whatsoever.

"Blockchain" at it's core is just a chain-of-custody verification. You can't counterfeit something or change something in the chain. 

 

Bitcoin, Ethereum, NFT's, and so forth are built upon that kind of technology, but deal with shared ledgers, which is what makes it impossible to just counterfeit, or transfer coins/nft's from one wallet to another, or add coins that don't exist. Every "coin" is unique. NFT's are not new, and people have been transferring images inside bitcoins for a long time. It's not an efficient use of blockchain, which is why there is outrage about using NFT's at all.

 

To give you an idea, what if someone wanted to store a 25GB Blueray movie on blockchain? What is the processing cost to doing so? And if it's unauthorized, how to you get rid of it? The answer to the second question is "you don't."

 

So blockchain for piracy is an inevitability. Though if blockchain works the way it's supposed to, people will recognize that any movie that doesn't originate from the studio itself is illegitimate and not buy it. It however doesn't remove it from the blockchain by ignoring it.

 

[duncannah]

I saw this today, dunno if it's related or not

 

[Letgomyleghoe]

On 3/6/2021 at 4:16 PM, Kisai said:

People buy art. That's not a new thing

that's not fucking art that's five words, "just setting up my twittr" there, I did it. It's not art, it's not pretty to look at, no one put hours of work into it. Don't glorify a simple statement. 

[Kisai]

8 hours ago, Letgomyleghoe said:

that's not fucking art that's five words, "just setting up my twittr" there, I did it. It's not art, it's not pretty to look at, no one put hours of work into it. Don't glorify a simple statement. 

A duct-taped to-the-wall banana isn't art either, but it wound up in a museum and cost $160,000 .

https://globalnews.ca/news/6269261/banana-art-taped-to-wall-eaten/

 

The point is, things can have completely detached-from-reality values to specific people, and are worth zip to others. Bitcoin itself is also completely detached-from-reality, and people are still paying 10's of thousands of dollars to own essentially nothing. BTC at 56104.90/USD is just absolutely silly.

 

 

[Sauron]

10 hours ago, SlidewaysZ said:

Curious what you think would be some things that block chain should never be used in?

Uhhhh... anything that has no use for it? Does a calculator app have any reason to use the blockchain in your mind? What about a media player? A videogame? None of these would benefit in any way from integrating blockchain functionality. You can cram it in there if you really want to but I see absolutely no reason to.

10 hours ago, Kisai said:

So blockchain for piracy is an inevitability. Though if blockchain works the way it's supposed to, people will recognize that any movie that doesn't originate from the studio itself is illegitimate and not buy it. It however doesn't remove it from the blockchain by ignoring it.

There are much easier and cheaper ways to pirate things if one wants to... and while you can't remove things from a blockchain, BTC allows you to know exactly who owns which parts of it afaik so it wouldn't be much of an issue to go after people selling or buying pirated content. If anything flooding it with illegal content might be the simplest way to have it die.

 

I know some other technologies allow for a higher degree of privacy than BTC but if it turns out the chain is full of pirated blurays governments might just start banning its trade, at which point it would be functionally dead.

[Distinctly Average]

1 hour ago, Sauron said:

Uhhhh... anything that has no use for it? Does a calculator app have any reason to use the blockchain in your mind? What about a media player? A videogame? None of these would benefit in any way from integrating blockchain functionality. You can cram it in there if you really want to but I see absolutely no reason to.

There are much easier and cheaper ways to pirate things if one wants to... and while you can't remove things from a blockchain, BTC allows you to know exactly who owns which parts of it afaik so it wouldn't be much of an issue to go after people selling or buying pirated content. If anything flooding it with illegal content might be the simplest way to have it die.

 

I know some other technologies allow for a higher degree of privacy than BTC but if it turns out the chain is full of pirated blurays governments might just start banning its trade, at which point it would be functionally dead.

There are other problems with bitcoin too, such as this - https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html

 

Loose a password and you could loose millions. Made me chuckle somewhat.

 

The biggest problem I have with blockchain is the environmental impact. It is just getting silly the amount of resources that are involved.

 

We seem to be filling the digital world with things which in my mind are pointless. Buying someone’s first post on Twitter for $2million is more of a comment on just how bonkers the world has become. 

[Sauron]

2 hours ago, Distinctly Average said:

The biggest problem I have with blockchain is the environmental impact.

Aside from that, having billions locked into something that has no practical use and on which no taxes are paid just... irks me. It epitomizes how utterly detached from reality the entire world of investment is and how it really does nothing to improve the human condition.

[Guest willies leg]

Really? Twitter has value?