Maturin

Except he is repeating transphobic propaganda verbatim

Hey! Don’t forget about East Timor!

Watch a video tour of the tourist sites of London. Or look what is in the imperial museum. Or the Victoria and Albert museum. The looted wealth of of their genocidal empire is still celebrated as a national treasure. India still has not recovered from British occupation, which only officially ended 75 years ago. And that’s like 20% of the entire current human population.

I really appreciate that. As part of my unredditing process and knowing we are trying to make this place better than what Reddit became, I really want to give civility and open back and forth as much of a chance of catching on as possible. NFTs ate something that have been eaten up by this overwhelming hype and anti-hype machine. I think, like most software solutions, that they will find a good niche in appropriate systems and, like most things, once they are implemented, most people won’t even realize they are using it.

In this case, the NFT would only be issued by the actual issuing company or its agent. This is how it works today but instead of NFTs it is paper certificates or, worse, a ledger entry why the issuing agent that is then confirmed with the centralized shared deposit uprise which actually owns most of the real shares. In most cases, especially in the trading platforms where you can execute free trades, you are just a beneficial owner and not an actual owner of the underlying security. With an NFT there would be no need for beneficial ownership at all anymore. It’s not the only way to do it, it’s just a utility like the others you mentioned, but it is a legitimate use case.

The idea is that this would be the software used to run the actual transfer of shares traded on the exchanges rather than what is used today which is just closed ledger entries on books of all the participants. But the current manual process takes multiple days to settle each transaction and this would be instantaneous, and in one transparent distributed ledger.

I mean, there are still some pretty massive structural issues in society at large against these groups even though women in some workplaces are having a better time.

You are right on. The idea of artificial scarcity is a scam. I replied to someone a little higher up about the securities use case, but the short version of that is, for things like stock in a company, stocks are already scarce (there are only as many shares as the company issues - or there is only supposed to be that many). It's the scarcity of the underlying asset, not the "digital" aspect of it, that creates value. Each share is issued by the company as a single NFT token and there are only as many NFTs as they issue shares.

You wrote all that out and didn't really think about what you wrote, because you actually proved my point. Yes, they are the same thing, but the difference is one has no value (a digital picture of a monkey) and one has value (a stock in, say, Apple). UNLIKE FTX - the tokenized securities that would be verifiable would be issued directly by the company, so each stock the company issues is done so as an NFT token. You can verify whether it is the company's actual stock or not because it is an NFT, so it would be traceable all the way back to the company and its initial issuance.

Consider what it is like buying one share of Apple today. Think about it. If you buy one share of Apple from Schwab or something, how do you know you actually received on share of Apple? It says you have one share on the Schwab site, but you are just taking their word for it, and they are taking their brokerages word for it, and they are taking the market makers word for it, and they are taking . . . . In fact, in most cases you don't even own that stock (you can find out based on how you are taxed when the company issues a dividend - if it is a qualifying dividend, but you owe normal income taxes on it, congratulations, you never even owned the share). Our entire current "mainstream" stock market is based on beneficial ownership, which is the biggest "trust me bro" in history.

However, if the transaction was done on an open, distributed ledger, it is wholly verifiable. NFT goes directly from company to each owner and the entire transaction history is visible, verifiable, and instantaneous.

It's called a metaphor. We use them to illustrate things people are not familiar with with references to things they may be familiar with. I don't really get why you won't really engage with what I'm saying and just want to "nuh-uh" everything. I don't own or trade in NFTs, and never have, and definitely think both they are blockchain have been overhyped, just like AI is being overhyped right now, but that does not mean that there aren't actual, real world uses for these things that are major improvement over how things work now. The unsexy use cases for NFTs (using them for things that are currently traded or otherwise transferred digitally with manual, disconnected, and/or opaque back-ends) is likely the one that will endure, just like everything else.

There are tons of people (actual serious people, not like SBF) working in this space and building these things now, so they are definitely more than theoretical, but they are not at the mass adoption stage.

And no offense, but this response has echoes of people saying federation would never work. But it's just a different utility to accomplish similar goals to centralized forums. And when the old-fashioned, centralized alternatives really start to self-destruct because of their inherent flaws, the merits of the decentralized version become more obvious.

I'm actually pretty shocked that Lemmy/the Fediverse beats the same tired old drums about NFTs (ape jpegs being the most obvious), since they are red herring arguments. A tokenized jpeg has no value because a jpeg has no value. A tokenized security has the value of the underlying security. The token is just there to eliminate the need for accountants since the open ledger shows its work and the entire chain of custody.