First of all losing value and being a scam are not correlated, the dollar is losing its value compared to the Euro for the past year but it’s not a scam.
Secondly that would be an association fallacy, “X is a scam, X is an NFT, therefore all NFT are scam”.
Crypto energy usage goes up the more it’s being used and the more decentralized it becomes.
That’s wrong, crypto energy consumption has to do with how hard is the PoW difficulty, it does not correlate at all with usage or centralization, it’s only related with security, i.e the more energy it consumes the more energy someone would need to use to attack the technology.
But the energy needed to mine 1 transaction or 1000 is the same. There are problems at scale, but power consumption is not one of them.
Centralized services like Visa can increase the network load while barely increasing the energy requirements.
Not really, they need more servers to process more transactions, but cryptocurrency can scale up much more easily because the whole infrastructure from consumer to miner is decentralized.
Crypto bros always forget that to replace the banking system, crypto would need to replace the infrastructure as well, but because of decentralization it would be less energy efficient for the same result.
That’s what most people fail to see, the infrastructure for a scale at the size of visa is already in place for crypto. So there wouldn’t be an increase in power consumption by mass adoption, only by miner adoption, and that’s a difficult thought to grasp, it’s like if everyone could borrow their computer to visa or Mastercard to process their transactions, the amount of people wanting to offer their computer to visa/master would define how much resources they use, but an increase in visa users doesn’t mean an increase in visa borrowed servers and vice-versa.
You can just stop, there’s no way to greenwash crypto and decentralization. The amount of transactions happening on all crypto networks at the moment could be handled by one server if it was centralized. There’s benefits to it, stop trying to sell it as being green, it’s not and never will be.
I’m not trying to green wash, but crypto is not the environmental disaster the person claimed, especially not when you take into consideration PoS and newer coins with different validation methods.
No, there isn’t, but there are advantages to it as well, just like how a database has advantages over a paper folder.
An NFT can’t be transferred by anyone other than the owner, and ownership can be verified independently.
Here’s an example of a use that would be very cool and would take advantage of it (even though I know it’s unlikely to happen). Ownership of games, some games are sold on different platforms, to verify the ownership of the game (or DLC, or cosmetics) games have to verify with first party services (like PSN or Steam), which means that for the most part you need to buy games on each platform individually, but if platforms used an NFT for it games would be buy once play anywhere, and they would allow you to sell or even borrow games, and no company could prevent you from doing so. Which is obviously the reason this will never happen, but it’s a nice idea.
That being said there are downsides to it as well, such as a person being the full owner of stuff means that a person can lose the key and therefore lose access to the house, or that scammer can steal everything, whereas making you sign your house to someone else is a lot more beurocratic, which serves to protect you from you.
Just to be clear, I’m not a “we should use NFT for everything” type of person, in fact I don’t think there are many use cases nowadays that are worth using it, but the technology is interesting regardless, and solves the problem of how to prove ownership without a centralized trusted organization.
Do you consider a deed to be proof of ownership? A stock? The registry of a car? They’re not inherently proof of ownership, they’re just pieces of paper or entries on a database. If you go down the road of what is proof of ownership then no technology we have is able to prove it.
The thing is that NFTs you can prove ownership of the token, if the token correlates with something, e.g. if the DMV stored car ownership in a Blockchain, NFTs could be used to represent car ownership in a secure and decentralized way.
There are some valid points here, and I agree that the energy could be used elsewhere and that green energy is not entirely green.
I even agree that for most cryptocurrency as they are now the cost per transaction is higher than alternatives. However the technology for cryptocurrency, especially with PoC can be a lot more efficient in scale. To get an idea of it you can look at Visa, which processes 1700 transactions per second, BCH can do 178, so 10% of it, ETH2 is supposed to be able to process at least 20k, so 10x that amount. I imagine either of those coins pollute a comparable amount to visa when you consider everything that visa needs to operate (machines, cards, servers, etc). I feel that people don’t take these sort of stuff into consideration when they talk about the energy consumption of crypto. There is a discussion to be had here, but blankly stating that it’s an environmental disaster is fear mongering.
The whole point of cryptocurrency is decentralized ownership. That’s the big breakthrough in technology, it’s the whole point of it, I can try to ELI5 how that works if you want to, but for the moment I’m just going to assume you accept that cryptocurrency can demonstrate ownership.
NFTs are an extension of that, except they can’t be split or traded by one another, i.e. they’re non-fungible. Therefore you can by definition prove ownership of those tokens, as that’s the whole point of the technology, which again, if you’re curious I can try to explain how it works.
How does ownership of those tokens transfers to ownership of something else? Well, that’s an excellent question, and the answer is that it happens in the same way that a piece of paper grants ownership of a house. There’s no innovative technology behind that piece of paper, but still everyone would agree that it grants ownership, and the reason is that the authority that enforces that chose to respect that piece of paper. Nowadays this is mostly databases and the piece of paper is just generated from the records there, but this is very insecure as anyone with database write access (or access to the physical folder containing the documents in case of old paper deeds) can transfer ownership. NFTs solve this because only the owner of a token can transfer it to someone else, so they’re inherently safer than any of the alternatives.
Again, the technology is great and has millions of excellent applications, but people use it for pyramid schemes and scamming others, but people do that with any piece of technology.
The legal validity of things come from people using it and courts enforcing it, someone years ago might have said:
That’s neat. Until a representation of something on a piece of paper has any legal meaning regarding authenticity, ownership, or anything else, and until the overwhelming majority usage of paper isn’t as a scam, paper remains a pathetic and comically stupid class of speculative asset constituting a pyramid scheme that also happens to destroy the environment.
The thing is that even if a technology is used mostly for stupid things that tells you more about humans than about the technology itself. Or do you also think that phone calls are scams because 90% of the phone calls you receive nowadays are scams, even though the technology behind phone calls is the same used for mobile internet.
Also the destroy the environment claim is really bogus, for starter money pollutes more than crypto when you consider all of the chain of what it takes to produce and transport money. But also for example if you live in the US your home probably pollutes more than a mining farm since they’re usually in places where electricity is extremely cheap, mostly in China near a hydroelectric power plant. But also the technology itself doesn’t need to consume that amount of energy, that’s just the current implementation, but there’s a push to move to PoS instead of PoW, which would mean that NFTs (and crypto in general) would not need farms or even a specially powerful computer.
One small but important correction. NFTs are not a scam, it’s an amazing technology that has the potential to revolutionize lots of stuff, that became popular when people used it for stupid shit.
Saying NFT is a scam because people have used it to scam others is like saying phones are a scam because people call others over the phone to scam them.
NFTs are essentially a decentralized token. This means that they can be used to represent anything you might want to represent with a token, e.g. ownership of a physical object such as a car or a house; ownership of a digital asset, such as a website or game; some predetermined amount of something, similar to a stock or bonds; etc. The fact that some people used it to mean ownership of random pictures and people thought buying random pictures on the internet for a ridiculous amount of money was a good idea tells you more about people than about the technology.
Yup, you can buy the official dock or really any usb-C dock. Resolution can be set, so you can even do 4k on it if the tv supports it and the deck can handle it for that game
Yeah, but now you can buy an all-in-one convenient PC to plug on your TV with almost 100% retro compatibility, it’s called the Steam Deck and it’s awesome.
I disagree. Your phone can happily do that today as long as you’re willing to play old games. This will always be the case, even when phones are able to play things today are now considered AAA, Desktop computers will be leaps ahead in what they can do.
Steam Deck checks this, but so do laptops, raspberry pis and smartphones.
unable to be upgraded or repaired piece by piece.
Again Steam Deck is almost as upgradable and repairable as a laptop, and more repairable than a raspberry pi or a smartphone.
So that definition of console doesn’t work, otherwise raspberry pies, laptops, and especially phones would also be consoles. The differentiating factor is locking of the system with the hardware, in that sense Apple is more “console-like” than non-Apple competitors. Also The primary function of a gaming console must be gaming.
With those two extra points the Steam Deck hits one but misses the other. It is primarily for gaming, but the system is not locked down, you can change it how you want and even remove it entirely and put a different one.
So with any definition you can find the Steam Deck is not quite a console, but it does provide a console experience, so it’s in a weird space.
Never heard of it, and sounds awesome, regexes are the sort of things that need lots of practice to be good at, a game seems like a great way to keep the skill alive