Tag: NFTs (page 1 of 2)

Signal’s CEO on ‘web3’

My first response to most new technological things is usually “cool, I wonder how I/we could use that?” With so-called ‘web3’, though, I’ve kind of thought it was bullshit.

This post by Moxie Marlinspike, CEO of Signal, goes a step forward and includes opinions by someone who actually knows what they’re talking about.

I’m not sure what I think about the bit quoted below about not distributing infrastructure? In Marxist terms, it seems like not distributing or providing ownership of the means of production?

If we do want to change our relationship to technology, I think we’d have to do it intentionally. My basic thoughts are roughly:

  1. We should accept the premise that people will not run their own servers by designing systems that can distribute trust without having to distribute infrastructure. This means architecture that anticipates and accepts the inevitable outcome of relatively centralized client/server relationships, but uses cryptography (rather than infrastructure) to distribute trust. One of the surprising things to me about web3, despite being built on “crypto,” is how little cryptography seems to be involved!
  2. We should try to reduce the burden of building software. At this point, software projects require an enormous amount of human effort. Even relatively simple apps require a group of people to sit in front of a computer for eight hours a day, every day, forever. This wasn’t always the case, and there was a time when 50 people working on a software project wasn’t considered a “small team.” As long as software requires such concerted energy and so much highly specialized human focus, I think it will have the tendency to serve the interests of the people sitting in that room every day rather than what we may consider our broader goals. I think changing our relationship to technology will probably require making software easier to create, but in my lifetime I’ve seen the opposite come to pass. Unfortunately, I think distributed systems have a tendency to exacerbate this trend by making things more complicated and more difficult, not less complicated and less difficult.

Source: Moxie Marlinspike >> Blog >> My first impressions of web3


Update: Moxie Marlinspike has announced he’s stepping down as Signal CEO.

Invisible sculptures are the logical conclusion of NFTs

Speechless.

According to Garau, the sculpture doesn’t not exist per se, rather it exists in a vacuum, Newsweek reports. “The vacuum is nothing more than a space full of energy,” Garau explained. “And even if we empty it and there is nothing left, according to the Heisenberg uncertainty principle, that ‘nothing’ has a weight. Therefore, it has energy that is condensed and transformed into particles, that is, into us.”

Source: Italian Artist Sells Invisible Sculpture for $18,000 | highsnobiety

Of all lies, art is the least untrue

Nyan cat

The world doesn’t particularly need my opinions on NFTs (‘non-fungible tokens’) as there’s plenty of opinions to go round in other newsletters, podcasts, and blog posts.

After doing a bunch of reading, though, I think that the main use case for NFTs will be ticket sales. That is to say, when there is a limited supply of something with intrinsic value, and both the original buyer and seller want to ensure authenticity.

The rest is speculation and gambling, as far as I’m concerned, with a side serving of ecological destruction. I’m also a bit concerned about the enforcement of copyright everywhere on the web it might lead to…


Twitter’s Dorsey auctions first ever tweet as digital memorabilia — “The post, sent from Dorsey’s account in March of 2006, received offers on Friday that went as high as $88,888.88 within minutes of the Twitter co-founder tweeting a link to the listing on ‘Valuables by Cent’ – a tweets marketplace.”

NFTs, explained — “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)”

NFTs are a dangerous trap — “The more time and passion that creators devote to chasing the NFT, the more time they’ll spend trying to create the appearance of scarcity and hustling people to believe that the tokens will go up in value. They’ll become promoters of digital tokens more than they are creators. Because that’s the only reason that someone is likely to buy one–like a stock, they hope it will go up in value. Unlike some stocks, it doesn’t pay dividends or come with any other rights. And unlike actual works of art, NFTs aren’t usually aesthetically beautiful on their own, they simply represent something that is.”

Cryptodamages: Monetary value estimates of the air pollution and human health impacts of cryptocurrency mining — “Results indicate that in 2018, each $1 of Bitcoin value created was responsible for $0.49 in health and climate damages in the US and $0.37 in China. The similar value in China relative to the US occurs despite the extremely large disparity between the value of a statistical life estimate for the US relative to that of China. Further, with each cryptocurrency, the rising electricity requirements to produce a single coin can lead to an almost inevitable cliff of negative net social benefits, absent perpetual price increases.”

HERE IS THE ARTICLE YOU CAN SEND TO PEOPLE WHEN THEY SAY “BUT THE ENVIRONMENTAL ISSUES WITH CRYPTOART WILL BE SOLVED SOON, RIGHT?” — “Much like the world of blue chip, some NFTs may be bought and sold simply as artworks, intended for personal collections and acquired for aesthetic, conceptual, or personal reasons. However, every single one is made from the outset to be liquidated- an asset first, artwork second. They are images attached to dollar figures, not the other way around.”


Quotation-as-title by Gustave Flaubert. Image of Nyan Cat, a 2011 meme, which sold as an NFT for ~$600,000 recently.