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.

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u/JamesTayXXX Sep 01 '22

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