suzzer I just watched part of the Axie stuff to humor you and I already know all this. I own some AXS. I have it staked and get a pretty sweet yield on it. I’ve also made posts in this very thread expressing skepticism about some of the models used for P2E gaming.
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Yeah the players on “scholarship” and the stuff where the VC chick is tweeting that her Filipino miners or whatever they’re called need to step up and produce 120-150, otherwise they can go to her separate department for charity - massively dystopian.
But the really ironic part is the hype is all “Look we’re providing jobs for people in poor countries! NFT is making the world a better place!” Like we already went through this with WoW gold right? It’s exploitative and ugly.
I copied the whole transcript to google drive https://docs.google.com/document/d/1IHrHUkR4yge0nvaXyQmfVdhsstogtl1tFfif8A7RBJQ/edit?usp=sharing
It’s pretty unreadable but a script could strip out the time stamps at least.
Here are the parts he talks about gas fees:
The biggest issue that cryptocurrencies have suffered from is a lack of tangible things to
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actually use them on as currencies, rent or food or transit, and this is for pretty simple reasons.
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One is that the transaction fees on popular chains are so prohibitive that it’s pointless
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to use them on any transaction that isn’t hundreds, if not thousands of dollars;
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no one is going to buy the Bitcoin Bucket from their local KFC. Ethereum’s main transaction fee,
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called Gas, on a good day runs around $20 US per transaction, but that’s severely optimistic.
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As of December 2021 the daily average cost of Gas hasn’t gone below $50
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US since August, with the three month daily average riding over $130.
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And that’s just the daily average.
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The hourly price can, and does, swing by up to two orders of magnitude.
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The throughput of blockchains is so abysmal that transaction slots
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are auctioned off to the highest bidder, that’s why these numbers are so extreme.
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It only takes a few high rollers competing on a transaction to drive the hourly price of gas
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up over $1000 US. The internal term for this is a “gas war” because it’s just that common.
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Bots, in particular, can drive gas prices well into the tens
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of thousands of dollars as they compete to capitalize on mistakes,
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such as someone listing something for sale well below its general market price.
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Also, it needs to be stressed: these gas wars aren’t localized to just the thing that’s being
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fought over. If Steam is getting hammered because ConcernedApe posted Stardew Valley 2 by surprise,
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that will probably stay pretty well contained. If Taylor Swift concert
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tickets go on sale and LiveNation gets crushed, you might never even know.
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What those don’t do is cause the cost of placing an order
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on DriveThruRPG to spike by eight thousand percent for three hours.
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As already implied, many of them promise video games, often an MMO, but just as often, like,
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just the concept of a video game?
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Okay, wait, let me word that another way.
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They will promise “a video game”.
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Like, that’s the promise, in its entirety. No clues for genre, style, scope, engine,
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or platform or how any of the tokens would interact with it. Just “a video game.” If
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we sell 10,000 tokens for $300 each we will start brainstorming development ideas for a video game.
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Now, all of these tend to be in collections of ten thousand, and there’s actually an
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interesting sort of quirk inside that.
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The initial format was to mint an
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entire collection and just shove them out onto the market.
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The cap comes into play purely because you have to tell the program
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generating the garbage when to stop.
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However as the scheme started to take off and competition rose,
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it became obvious that this was a sucker’s way of doing it because that meant paying gas
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fees on everything up front, plus the gas fees on the actual sale.
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So someone came up with a system for minting a random output on demand which
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shuffles the mint cost off onto the buyer.
While the network of Ethereum miners and validators are not a formal corporation
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Yet
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There’s no mechanism in existence that compels them to act in the interest of users,
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particularly poor and disempowered users, where those interests conflict with their own.
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The movement of Ethereum from proof of work to proof of stake has been vapourware
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in no small part because the validators simply choose not to.
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Because proof of work, volatility, and high gas fees benefit them in the here and now,
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while proof of stake and low gas fees only benefit them in a hypothetical future.
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Because these extremely obvious pitfalls are what you get when
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you let guys like Vitalik Buterin and Elon Musk design the future.
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The sole protection for users of Ethereum is that the system is so cumbersome
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that all but the most egregious breeches aren’t worth addressing.
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Of course that, in truth, means that only the wealthy have access to justice within the system.
How’s your book coming
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Actually I wouldn’t recommend it to anyone who’s in the know or at least aware of the critiques. It’d be really good for someone who’s just vaguely heard words like blockchain, cypto, etc and believe the myth of decentralization = every day man can get rich
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paintings are bullshit. basquiat 100 million? ponzi money laundering. huge massive money laundering obviously. did you know anyone can go to a STORE and put their own PAINT on CANVAS?? with any horrible thing they want! sickos
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or cost you 6 figures if he fills your head full of bullshit
when i said join us and bring 30k you laughed but it’d be easily 90k rn. and i’m your friend, i’m not some stranger making a youtube video because i failed to make a real career in filmmaking. and he’s not giving you actual usable financial advice, he’s just saying “don’t invest in this thing i barely understand”. cool i’ll add that to my infinitely long list of things NOT to invest in, thanks.
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Don’t hate on Folding Ideas (the NFT video guy). He’s actually got a lot of good videos that aren’t about NFTs.
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Yea I shouldn’t have said transaction costs, when saying risk would be more appropriate. I thought it was an interesting tibit from a theoretical perspective. The minting on demand shifts some risk to the buyer and that in combination with all the other stuff with blockchain creates a situation that relatively incentives scammers and fraudsters than otherwise. It’s not something unique to NFTs. Authors hyper their next greatest book in order to get advances and I’m sure there’s some version of hyping and rug pulls in the art world in general.
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Grunching again but the 2-3 dozen people from UP seriously doing NFTs/crypto day in and day out know more than the mouth breather youtube guy. The odds of him “plugging a leak” or teaching us anything are basically 0.
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Suzzer, the thing you have to realize here is that most of the guys on the crypto discord also think that crypto stuff is basically bullshit. The difference is that they’re down to make money off of it.
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My take is that NFTs are kinda stupid, and people love buying stupid stuff. So likely some good money making opportunities.
Like, do ppl realize how much kids spend on Fortnite skins that they can’t even trade or resell?
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I’m sure he makes well-produced videos, but it’s doubtful he is anywhere close to an expert on NFTs and is offering any insight that people doing NFTs don’t already know. I skipped around and watched maybe 10 minutes total and was not impressed with his knowledge.
Making these sort of comments says more about you than it does him.
In fairness to Folding Ideas, I’m posting what I think is his best video. (Only 1 hour and 15 minutes long!)
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Bruh
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Yeah I think suzzer has missed the entire history of goofy making money in this space by knowing more about the technical side than most of the people developing this stuff. I don’t really think he’s the right person to target for needing to be educated by two hour yootoobs.
Trying to reply to a suzzer post, i really suck at this software
actually thought NFTs were stupid when I first heard about them but honestly now they make more sense to me than cryptocurrency. I think it’s all about conspicuous displays of wealth in the digital age.
I only have basic knowledge of nfts and if I’m wrong about something please someone let me know.
NFTs allow creators of digital pics and videos to mint ownership of those onto the blockchain (or whatever its called on the ethereum network).
This could be used both online/metaverse as a verified profile pic or avatar, or in person could be flashed through AR. Who cares about a baller painting that only people who come to your house can see or know you own. When everyone online or that passes you in person can see that you own X-men ape number 777 or whatever.
I know it seems beyond stupid but society is moving online and our in person experiences will soon be augmented. There’s gonna be a new way for rich ppl to show off and NFTs might just be that.
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God bless you guys getting rich off digital apes but JFC spare me the “this makes sense, actually” nonsense.
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I know it seems beyond stupid but society is moving online and our in person experiences will soon be augmented
mine won’t be…