Comment by Zuberi 👀@lemmy.dbzer0.com on The funniest thing about NFTs is all the real companies that fell for that shit

The most obvious stupid scam ever conceived and they actually managed to hook a bunch of actual corporations

Square Enix, Nickelodeon, Coke, KFC, and more fell for this shit while regular people were laughing about how obvious a con it was.

Really puts into question the capitalist myth of the genius entrepreneur and the idea that these corporate types are rich because they are smart or deserving in some way.

Tokenized securities would eliminate global financial fraud

I don’t think they would actually.

The problem here is that the vast majority of crypto trading occurs “off chain”. Meaning via intermediaries like Coinbase, which trade on internal databases, exactly like existing securities. The history of crypto is full of examples of exchanges doing exactly this sort of market manipulation. Not to mention insider trading, front running their order books and maintaining fractional reserves.

The elimination of fraud would remain a social and legal issue, the technology used to keep the books just isn’t important. If the government can’t prevent a specific type of fraud now, it wouldn’t be able to with tokenized securities either.

You’re talking about cryptocurrencies, but Zuberi is proposing making public stocks serialized and tracking trades on a public ledger. While that would prevent a lot of market abuse, its effectiveness is of course why it would never be implemented.

I understand that, but my point I perhaps didn’t make very well is that the implementation on a public ledger is only as good as the legislation which forces you to use said ledger in good faith. If I can say “I’ll hold a bunch of tokens in trust and you can all trade them virtually on my system, then we’ll settle up later” then the tech being used to maintain the ledger doesn’t matter. That’s how crypto works because otherwise you’d need to pay exorbitant transaction fees for every trade because of the expense of maintaining the security of the network, I don’t get how you’d stop this from being an issue with stocks.

Surely that legislation is the exact thing Zuberi is proposing? If course it would need to be free of loopholes to be effective. I think we’re all agreeing

Edit lol I just saw Zuberi other comments. Zub bby this is a fantasy thought experiment that could maybe be used by some sort of far future coalition of anarchist collectives or something, it will never and could never be made into reality here

"Hey capitalists, I made this cool thing to prevent you from stealing! Do you like it?

…why is my car making this weird noi-"

Just to entertain the idea for a second that some shitcoin will actually level the global market. Let’s ignore the fact that there are plenty of ways to re-annonymize coins and all the other problems with it.

What would compel any holder of large capital to use it? What is the fulcrum of power that will stop these entities from using fiat currencies? If the global system right now benefits them so much (it does) why would they give it up and use something that doesn’t?

This would be an objectively good thing for retail traders in a few ways, though there’d be some hilarious issues from making stocks into digital bearer bonds - what do you do if I steal your Google coins, or if you die while holding them in a wallet with a lost key? Any answer that’s not “too bad lol” can only mean giving terrifying power to a DAO - or right back to the SEC

Why wouldn’t the fraud just take the place of laundering through the purchase of material goods and reectchange of them?

But web3 has the chance the revolutionize the world

Had me going until you let the mask drop and started talking like HackerNews.

and everything about the distribution of wealth.

Under a capitalistic system, it’s going to make it worse and it already has. Same deal with Bitcoin and other cryptocurrencies. Same promises of making things for fair and just and all the poors around the world having little paper wallets and being their own banks until rich assholes bought majority stakes there too.

People that can’t afford to gamble away what little they have being invited into the casino! Wholesome!

Seriously, your cryptobro shit is getting more and more mask-off.

an inherent disconnect in what you believe an NFT is

It’s an associated grift peddled by the same people. The difference is that one is a currency and the other is a purchased space on a ledger that is often associated with a picture or some other supposed virtual asset with a vague promise that rent-seeking profitability may happen when it becomes universally recognized as a virtual asset, which hasn’t happened and may never happen because each ledger is independent and there is no obligation for them to recognize other tokens.

Also, your “all electricity use is equal” claim is utter steaming bullshit.

https://www.wired.com/story/nfts-hot-effect-earth-climate/

I guess I was mistaken. I do feel like I remember hearing about web3 in a p2p context before that but regardless.

I still think we should take it back

embarassingly naive. The only thing Blockchain technology is good at is fleecing people who still havn’t realized its a failed technology with no future beyond money laundering and scamming rubes

Public ledgers fix a lot

They also drastically multiply the amount of wasted electricity and dump a lot more carbon. It’s a solution trying to make its own problem to solve that also burns the planet that much faster.

EDIT: NFTs are typically minted with Ethereum, which spends a lot of electricity already. If you want to dream up a magical version of a rent-seeking token that doesn’t do that, that’s cute, but it’s not what’s happening with rich techbros trying to get people to buy ledger spaces that are associated with ugly cartoons.

There’s a difference between using electricity and using more electricity, especially a lot more.

EDIT: NFTs are typically minted with Ethereum, which spends a lot of electricity already. If you want to dream up a magical version of a rent-seeking token that doesn’t do that, that’s cute, but it’s not what’s happening with rich techbros trying to get people to buy ledger spaces that are associated with ugly cartoons.

I get that you want to pull a “how do you do, fellow leftists” and peddle internet funny money and/or rent-seeking magic ledger spaces here. It’s not cool. Stop it.

Actually block chain powers the world’s best version control system used by millions of people, it was really revolutionary

Banned? DM Wmill to appeal.

No anti-nautilism posts. See: Eco-fascism Primer

Vaush posts go in the_dunk_tank

Dunk posts in general go in the_dunk_tank, not here

Don’t post low-hanging fruit here after it gets removed from the_dunk_tank

The funniest thing about NFTs is all the real companies that fell for that shit

chapotraphouse

!chapotraphouse@hexbear.net

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