Enlighten me on the Breaking News: What Value are Non-Fungible Tokens really worth?

#1

FRESH OFF THE MARKET PRESSES:
Non-fungible Token Files are being the hot thing thats being talked about ATM.

So you have a file. This file has a token connected to it.
If the value = XYZ it has a million dollars associated with it. If the value = Public, then it is worth 0$,
BUT you own what this file contains. Whether or not it contains either or value
So it is like an image you can take home and view … But if this image file also contains a token, it can be worth however much this token was bargained at by the author.

So if I give Friend A a picture of the Mona LIsa…with a token value of 0, it is meaningless asides from the fact that it has a digital photo.
But if I give Friend B a picture of the Mona Lisa (identical resolutions and file format) with a bit coin token of value 395t6dsgd54345, it has a value of $10.
If Friend B deletes that image he will basically destroy something worth $10 unless he sells it to someone who deals with bitcoin on the web…basically the image is redundant (anyone can repurpose that image regardless if it is scarcely distributed on the web) asides from the fact that it harbors the value of the bitcoin associated with this unique file.

Here is the RUB: I dont believe he can duplicate this file either as maybe the file will have a different timestamp and that the file is distributed through an authentic means of distributing NFT files, with timestampes and other such meta data associated with bitcoin…

IF HE DELETES the file worth $XXXXmIllions dollars, he is liable to literally destroy $XXXXmillions of dollars.
Am i correct? Is the management systems of Bitcoin or NFT really that simple to go ahead and empty trash?

Liability Concerns #1:
If a government official uses this to transfer billions between countries…couldnt the value of this FILE be compromised? – here I don’t think government officials would use this.
Liability Concerns #2:
IF a dying person liberates himself from his life savings at the moment of death and sticks a image of the mona lisa with the bitcoin value of $10,000 this file’s value becomes something SOMEONE else can obtain free of government taxation (that is something that when obtained can be tax free or not recorded as income-which would be taxed like property). - this is the only treasured value i can see a thief benefiting from. It currently has the least amount of regulation as compared to all those paypals, or ebays and other such digital outlets which just beginning to get their shit together and now seeing the spotlight of government regulation and taxation.

But of course, the issue lays in that the only thing you can buy with this token is whatever is available on the BITCOIN market. Which is right now at this moment literally another NFT image or file which contains other bitcoin. and the loop continues forever add infinitum. (head scratches)

NOW the only way i see this actually being of any use is IF this inheritance of bitcoin can be used for digital advertisements through a business like Facebook, or youtube or Amazon or something which allows (at somepoint ) for bitcoin usage to pay for adverts which eventually could equal to sales of real merchandise.

Just my thoughts on a confusing concept.
I think we are in an age where digital concepts are becoming a problem for future generations. Both in the presence of modern law and those who can take advantage of it. It is an open stage to deliberate what is to come next in terms of policing or monitoring and what industries could eventually utilize as a very deliberate yet honest way of investing in the future of art and science.

Am i already enlightened? Does anyone have anything else to suggest or add to this news?

#2

It’s a scam mostly. Anything that doesn’t give you the rights to the thing you’re buying, generally is. There might be an argument for truly unique art but buying a 3 second YouTube clip that isn’t even unique and can be viewed or captured by anyone, naw.

#3

Are you talking about crypto?
And crypto has a crypto tax lol. You can sell your bitcoin for cash, it doesn’t have to stay in a crypto wallet.

It’s not “a jpeg of the mona lisa” it’s unique blockchain equations that cover a transaction which is how they get their inherent value. The value is in computing power rather than physically mining gold and each bitcoin mined is tied to a digital signature.

Users pass keys back and forth basically digital bookkeeping, similar to a bank securing transactions even though banks don’t keep gold anymore.
The biggest threat to BTC is quantum computing which could falsify digital signatures that are used to verify transactions, those are your would-be bankrobbers.

#4

I think he wants to know if you can connect bitcoin to NFT’s. You could but I’m not sure why you’d want to, the bitcoin has its own value.

#5

@Slasher_Clone: But lets just say, that it is not the act of selling redundant files to some unsuspecting uninformed individual who thinks that they are getting some unique thing(there is no evidence that people will buy this art even with the NFT associated with it) ,

but it could be that someone could attach some form of pre-meditated campaigns worth of money from their own bank account to another’s that is tax free? We ARE NOT talking about a few hundred or a few thousand dollars, instead how about a few hundred thousand or a few million dollars?

Liability Argument 2:
This could become somebody’s inheritance from someone’s personal enterprise without the use of lawyers into another persons possession as a bitcoin worth millions without being taxed (which could lead to a savings of tens of thousands of dollars).

Liability Argument 3:
With smaller currency is being transferred, it could lead to a small community of online gambling with smaller amounts of transfers.

And if my 2nd point of liability is true, that person might be apart of another enterprise business they could take advantage of investment opportunities NOT YET available on the market (like I suggested as platforms like youtube, google, facebook, could use bitcoin as a form of currency, but that could be unlikely as they are monitored by the government already as so many videos show Mark Suckerbaby being in court at the moment.

But for Liability Argument #3, there are already smaller startup companies starting to use the bitcoin- although not in the way i suggested. There are those card games like Ethereum that use bitcoin in gambling and such).

@Finessology assuming: That the digital security is valid and is maybe miles ahead of what modern digital banking is currently doing, they are set in their ways of creating a unique and yet to be adopted form of currency.

#6

Like Etherium and cryptokitties? Just a different blockchain that they use to make the equivalent of trading cards. Eth is pretty similar to Bitcoin, its just betting which network wins out and users collectively crashed cryptokitties for a day which raised some concerns about the network but they seem more ambitious than BTC trying to incorporate it as more than just currency bookkeeping so theyre growing quickly.

I don’t know if that etherium card game is any good but the appeal comes from having a digital signature tied to something you own. Like Hearthstone if you could actually trade the cards and Blizzard couldn’t just shut down your account because it’s open source so long as the blockchain network exists. Just art collecting over a digital medium, and unique that it functions almost as your own copyright. But a lot of it is investing in concept and waiting for others to catch on, rich people playground just like current art collection.
Unique ingame guns, mining ingame, people buying digital land etc - art flexes.

Valid unless you have a quantum computer to empty people’s wallets. Miner viruses are about as unsecure as it gets and thats just using someone elses computer to mine coins from their address and you aren’t guaranteed crypto from mining.

#7

Is it not that the NFT acts as a way to obtain a bitcoin value? Otherwise why is it on the news that it currently is? Or that it is indirectly as it is obtaining millions of dollars in investment. Now it might be transferrable to actual legitamate dollars that are taxable. but couldnt it be that NFT be used to obtain bitcoin?

I think the BIG REASON these companies that are distributing Bitcoin is because
1.They can get away tax free because bitcoin is beyond the scope of government regulation,
2. Governments are decades away from anti-corruption laws against the decryption of these encryption based highly on the computing power which set the standard for decryption as an unlawful act(think breach protocol in Cyberpunk) .
3. the fact that governments are allowing this is the same government bodies investing in Universities that study quantum computing and literally are putting their shoe in their own mouths. they are the ones who might be funding the researching into what it takes to get away with decrypting!

#8

Sort of. They both use similar networks, but just think of NFTs specifically as trading cards and collectors items.
Or people buying a $10000 spaceship on Star Citizen. Except it’s tied to your ETH wallet as a form of ownership. May become huge, may not.

The exchanges/wallets functioning as shady banks and fake coins that aren’t verifyable are how people get their crypto stolen though. The actual coins mined are created and verified through processing power which is what makes them unique compared to wallets which just trade the coins around like stocks and run the risk of really advanced computers at some point possibly cracking their addresses and stealing the coins they’re trading.

#9

Thats the whol cyber security thing. One can never know. Legit, the currency is although there is that Hacker Factor.

But right now, its being written up as some form of currency people are using. I estimate FEW are actually into it considering ONLY THOSE who are experimenting on its legitimacy and the terms of its’ association with regulatory factorization. Otherwise I don’t think many people are having a good time with it.

To me i think its a way for large enterprises to get away with transferring money in a non-taxable format.

#10

That security’s the duty of the wallets that are sort of functioning as a digital bank. Tracking transactions coming and out if your account is on them. On par with offshore bank accounts.

The mined coins themselves are taxable, every single one is “minted” by the blockchain network.

#11

Selfish Mining

the term is noted. and it could lead to vulnerable factions of miners which could resort to being punished by law if caught.

So above all, i believe this whole ordeal is an existential exsitence to what could be but not in reality, that is its being done solely as a work in progress by several entities that are invested in seeing it develop. It is far from being widely adopted.

Is it done by academics? Covert intelligence bodies within govenrments? Public indivudals who are experimenting with it to have monetary gain ignorant of the unlawful acts? Organized religion or crime syndicates who can get away with it? Or maybe they have all colluded?

#12

This is attempting to manipulate the race, not invalidating the race itself. There’s signifigant risk involved just like trying to sell all of your stock at once hoping everyone else does the same so you can buy back at a cheaper price. It’s not much different from trying to play the stock market and hoping everyone doesn’t play against you.

#13

What a fucking world we live in eh? -well i’m spent.

#14

I’m not an investor and I’m slightly biased against unproven commodities, I have enjoyed reading your perspective on it. Don’t stress yourself out about it though.

#15

Thank you, appreciate the info.

1 Like
#16

Didn’t a multi millionaire die and nobody knew the password to get into his bitcoin? 😁 also recently I think a guy lost his password and its uncrackable? So millions are untouchable and if he puts in the wrong password it wipes everything? Pretty soon money ain’t going to be worth much anyway

#17

People should have living wills. But yep inflation might destroy everything.

Metals were only used because they have scarcity.
Now that we have digital scarcity and a much more liquid asset it’s an interesting concept though we’ll see where it goes. Musicians seem pretty interested in the NFT aspect.