The Worrisome Rise of NFTs | Hacker News Reader

The Worrisome Rise of NFTs

nautil.us

10 pointsterrycody6 comments

I feel dummer after reading this. Maybe the author should try writing a strongly worded letter to "the company Ethereum".

It could be a funny satirical take of the inherent BS of the type of buzzy decentralized talk that will usually be given for Eth. Reversing the DAO hacks by doing all those forms way back when, with a ton of the power and influence held by Vitalik and a few others isn’t far off from the definition of company. It seems fitting.

NFT and general grifter apologists hand wave away most criticism or point out unimportant things like referring to Ethereum as a company without the self awareness of the centralized nature of most crypto like Eth. As described above.

I didn't get the sense that the author was being satirical. I think your critique has merit though. I remember thinking the DAO hack reversal was going to be the death knell for Ethereum, but it wasn't. I absolutely appreciate that most crypto is a house of cards that's being hot-glued as its built, but I'm here for it. I think it's awesome that we now have programmable money. I think it has the potential to profoundly impact the way humans interact.

Yes I agree they weren’t being satirical. I meant more in general an outsider can see that and with some bits of knowledge of Eth, can reasonably assume it is true that Ethereum is a company.

Like we both have said about the reversal of the DAO hack. There were multiple reversals right? Overall, the general theme/meme of privatized profits and socialized losses is too true in cryptocurrency/NFTs/web3 for now.

The NFL playoffs have had a lot of crypto commercials. FTX (valued at $18B after raising $900M), crypto.com ($700M paid for 20 years of naming rights to LA’s major Lakers stadium + Matt Damon as brand ambassador), Coinbase (market cap above $40B), Gemini ($400M invested at $7.1B valuation), Robinhood ($11B market cap), Venmo, PayPal, Cash App, some big banks have all had commercials this past weekend for crypto stuff. There were multiple celebs in the commercials too. It’s a house of cards only after the centralized power consolidating at the top.

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Potential I agree with.

*dumber ;D

Hah. I do appreciate the irony of my typo.

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