[Time] Young Artists, NFTs and digital artwork, and crypto-fueled success stories.

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Stiff Clamp

Stiff Clamp

Senior member
Feb 3, 2021
834
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bet the buyers "know" the artists from social media posts. and that drives the price up.
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
brianmanahan said:
people start valuing coolcoin at 60$k!
Click to expand...

I wish... I'd be a Billionaire overnight.

What's funny is that there are a lot of get rich quick crypto scams on the Internet that use the same ERC-20 token technology that Coolcoin does. Anybody who tells you that their Ethereum token has all this amazing technology in it is full of crap... you can create your own with about 2 pages worth of JSON and about $50 worth of Ethereum to create the smart contract. There are even sites that will automate the JSON creation for you for a fee.
 
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Fenixgoon

Fenixgoon

Lifer
Jun 30, 2003
31,548
9,906
136
control C, control V...exact same thing as the original.

the whole point of an original work of art is that it can't be replicated perfectly. digital assets can. NFTs are stupid.
 
Torn Mind

Torn Mind

Lifer
Nov 25, 2012
11,634
2,649
136
Larry wishes he got in sooner and is working his computer/space heater hard. So hard, he's downing 4 Reigns a day. :cool:
 
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Shmee

Shmee

Memory & Storage, Graphics Cards Mod Elite Member
Super Moderator
Sep 13, 2008
7,400
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One of my buddies is an artist and is really in to NFTs now.
 
KMFJD

KMFJD

Lifer
Aug 11, 2005
29,137
42,112
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an excellent explanation on this scam and how the IRS will put a stop to it...

Step 1: you draw or have an algorithm create 100 images. You pay to have these coolminted into NTFS. They are, of course, not very valuable and you'd be unlikely to make money selling them. What a shame.

Step 2: you take out a loan and go to Bob. You say "Can you buy this NTFS for me? You don't need to pay for it, I'm gonna hand you 5100$ and you just turn it into ethernet points and buy it. It's worth 5000$ so I'll let you keep the extra 100$"
Bob, of course, agrees.

So Bob buys your NTFS and you get 5000$ back (minus some overhead) , which you turn back into cash, which is of course outside of the EthernetPoints ecosystem.

You now go to Alice, and make her the same offer, but on a different NTFS in your batch. You up it to 6000$ this time. She buys it, you get the money, and all that was lost was some overhead fees and some payment to Alice to do this.

Now you go to Carol and have her buy Bob's NTFS, the one you sold him earlier. You hand Carol 10100$ to buy it, she buys it got 10000, Bob keeps the 100$ and cashes out the 9900$ for you. You just spent 200$ to prove your NTFS is work 10000$

So after doing this for a while, you approach Mark and say "hey look, I'm making these NTFS things and I've only got one left. If you look at how much they've sold for, it's 5000-10000$, and prices are going up. You can resell them anytime to get your money back."

But for you, I'll give you a discount. You can have this mspaint squiggle for only 4000$. A bargain!

Mark isn't sure. This doesn't look like something that's valuable.

But you can point mark at the transaction history, perfectly preserved in the borkchan: you NTFSes have sold for 5000$ each, 10000$ each, resold for even more!

And here is how the IRS is going to hopefully stop this:
They're going to require reporting of these transactions. They're going to de-anonymize the big cash transactions, and what's worse, they're going to consider these things investments and tax you on them.

And now, you have a bunch of worthless NTFS that you were going to scam people with, and the IRS is going to say "because that's something you could convert into cash, it's a taxable investment. And clearly it's worth 10,000$ as you say, because we can see the transactions too"

And you're going to pay taxes on it like it's actually worth the inflated amount you were claiming it was worth.

And this is going to destroy the profit potential in this scam, at least in the US. And while you could try to structure it so that all your transactions happen outside the US, I wouldn't try it. The IRS can see all of them, they're public on the borkchan.
 
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Newbian

Newbian

Lifer
Aug 24, 2008
24,777
837
126
With the use of Ctrl+C and Ctrl+V I am going to be a billionaire as that's how NFT's work. :D
 
njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
126
Fenixgoon said:
control C, control V...exact same thing as the original.

the whole point of an original work of art is that it can't be replicated perfectly. digital assets can. NFTs are stupid.
Click to expand...

It's more about the ownership rights of the NFT - those cannot be replicated. Also NFTs can be used as keys - that is the digital work can't be accessed unless you own the NFT. For example, video game DRM could be replaced with a NFT.
 
Q

quikah

Diamond Member
Apr 7, 2003
4,072
651
126
njdevilsfan87 said:
It's more about the ownership rights of the NFT - those cannot be replicated. Also NFTs can be used as keys - that is the digital work can't be accessed unless you own the NFT. For example, video game DRM could be replaced with a NFT.
Click to expand...

I am sure that is going to work so much better than the 100's of other DRM solutions the industry has tried before... :rolleyes:
 
D

digiram

Diamond Member
Apr 17, 2004
3,991
172
106
VirtualLarry said:
Someone get a hold of one of those "2000 clip art CD" and get rich.
Click to expand...

Lmao. I used todo support for Corel art and office products before they moved all of their operations back to Ottawa. Remember those free after rebate clip art packs from compusa on sundays? People used to call in for help with them and end up spending money on the support calls.
 
njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
126
quikah said:
I am sure that is going to work so much better than the 100's of other DRM solutions the industry has tried before... :rolleyes:
Click to expand...

Why wouldn't it? These networks are up all the time (ignoring Solana here which did go down but that is not a well decentralized network - and even if only focus on that network it has at 99.9% uptime for the past year), and the smart-contract code that verifies the keys cannot be "hacked" (only exploited). So unless the developer really messes up and the smart-contract isn't verifying keys that are valid, the only problem could be if you don't have an internet connection. And that could be resolved by only needing to verify to the smart-contract periodically in order to load the game.

So now you end up with a scenario where you no longer ever need to connect to Ubisoft's or whoever's servers for your DRM to function, but only the blockchain the smart-contract resides on. Thus there's no longer a need to open up UPlay, Origin, etc. Even Steam. So not only does this method of DRM certainly work better, but you will also be free to buy or sell your NFT keys openly on blockchain markets. And if companies really don't like the idea of second-hand sales killing retail sales, they can even program it such that the key only works if has been exchanged less than N number of times (or something along those lines).

This is probably why Gabe is against NFTs - because they will kill Steam's model. Anything that can be replaced and improved by "internet 2.0" or "web 3.0" (whatever the buzz term is) will be.
 
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Q

quikah

Diamond Member
Apr 7, 2003
4,072
651
126
njdevilsfan87 said:
Why wouldn't it? These networks are up all the time (ignoring Solana here which did go down but that is not a well decentralized network - and even if only focus on that network it has at 99.9% uptime for the past year), and the smart-contract code that verifies the keys cannot be "hacked" (only exploited). So unless the developer really messes up and the smart-contract isn't verifying keys that are valid, the only problem could be if you don't have an internet connection. And that could be resolved by only needing to verify to the smart-contract periodically in order to load the game.
Click to expand...

You don't need to hack the key. You hack the product to not even look for the key. The only way it might work is if you encrypt the product. This can work on closed hardware systems like consoles, but doesn't work well in computers because everything is wide open.
 
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