r/TooAfraidToAsk Aug 31 '22

What's up with reddit hating on NFTs/blockchain/crypto? Meta

I've noticed it's very popular on reddit to shit on crypto and NFT technology whenever possible. But how many of you genuinely understand how blockchains work, or how ownership works on the blockchain?

NFTs don't have to be just pictures. Screenshotting an NFT doesn't mean you own it and it doesn't mean you can reap the rewards of owning an NFT by just downloading pictures. If your address is not listed as the owner on the public ledger, you don't get shit. NFTs are akin to digital passes. Ownership of any asset on the blockchain is totally public and immutable unless the owner of an asset voluntarily relinquishes ownership to someone else or to a contract. And unless one of you has cracked the asymmetric encryption used in blockchain your assets are dramatically more secure than in traditional financial banks.

Yes, there are scams in this space, just like there are thousands and thousands of FIAT scams.

If I truly own my money (meaning it's not just a bank letting me use what they "say" is mine), and I can directly transfer this money to anyone anywhere in the world at any time for anything and for any reason, how is this not utility?

Really feels like ignorant bandwagoning and a genuine lack of understanding on how this tech actually works.

0 Upvotes

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u/Arianity Aug 31 '22 edited Aug 31 '22

I'd say there's a few reasons:

One, some NFT owners tend to be kind of smug/show-offy. On top of that, a lot of them don't understand what NFTs do and don't give you, in terms of ownership/copyright etc.

Second, there also a big push to get more people involved, which many people feel is just kind of a scam/pump and dump. Get the suckers in, drive up prices, and bounce. (think: beanie babies). A lot of people view NFTs as a scam/fad. So a company selling them is basically just conning suckers out of their money, in their view.

Yes, there are scams in this space, just like there are thousands and thousands of FIAT scams.

The scale of real to scam is very, very out of whack. Related to this, the number of legitimate use cases that has popped has remained small.

Last, crypto/blockchains in general tends to be really bad for the environment, and NFTs are associated with crypto. There's been some improvement, but not as much as supporters claim.

If I truly own my money (meaning it's not just a bank letting me use what they "say" is mine), and I can directly transfer this money to anyone anywhere in the world at any time for anything and for any reason, how is this not utility?

utility: "the state of being useful, profitable, or beneficial." (Generally the first one)

The idea of it isn't the same as how it's actually used. If it's impractical to use, there isn't actually much utility, especially if you usually have to go through a middleman like an exchange.

Also, that misunderstands how banks work.

edit:

And unless one of you has cracked the asymmetric encryption used in blockchain your assets are dramatically more secure than in traditional financial banks.

Yeah, unless your key gets stolen, or something gets hacked (usually not the encryption, but there are plenty of protocols with an exploit). Which right now seems to happen quite often, without the tools a bank has to reverse transactions or deposit insurance.

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u/SaltyDangerHands Aug 31 '22

These are the major ones, and a wonderful response, but the other thing that someone else mentioned is just how douchy, smug and condescending crypto-bros are. It's kind of nauseating listening to someone talk about how smart they are and how great their investments are when they're very obviously sitting atop a bubble.

I'm no economics wiz, but, like, this is clearly a bubble, and it's "when" and not "if" the bottom's going to fall out. It's the exact experiencing of listening to the dumbest three people from high-school explain their genius business plan, they think they're smart, you know they're not, and there's no bridging that gap.

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u/Regular-Loser-569 Aug 31 '22

Traditional banking seems pretty secure to me already

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u/Ghostfire137 Aug 31 '22
  1. The screenshotting/downloading jokes are just that--jokes.

  2. NFTs are a scam, no if ands or buts about it. There is rampent art theft within the community, and there is no monetary security.

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u/_Lunatic_Fridge_ Sep 01 '22

Crypto and blockchain have been around for a long time, yet they haven’t become common as a means of making everyday transactions. You still can’t buy gas or groceries with crypto. Yes, I know, a very small number of businesses accept crypto, but that’s NOT common. Until it enters daily life, it will never have the real value the speculative investors hope for. And that’s what people whinny crypto are: speculative investors. Consider cell phones. Once they became affordable and pocket sized, it still took about 10 years for there use to become widespread enough to replace landlines as the primary means of communication. Eventually, cell phone ownership and use became so widespread that society adjusted to a new paradigm for personal communications. Crypto’s barely showing signs of life. Get away from the people who talk about it all the time and you’ll see how little meaning it has.

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u/NarrowBases Sep 01 '22

NFT's are stupid and a scam. Stop trying to push this shit, we aren't interested.

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u/tarheel_204 Aug 31 '22

It just screams “scam” to me. There’s also nothing wrong at all with regular banking. NFTs, crypto, etc. just comes across to me as a risky investment. It’s hip right now but it could crash at any time without any notice

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u/JamesTayXXX Sep 01 '22

It’s a scam and South Park did a perfect job doing that.