Journal

1 entries for Sunday, January 23, 2022

The Problem With NFTs

[The popular usage of NFTs is a mechanism to convince people to buy more crypto, thus providing liquidity for early entrants.]

[The average user on spam NFT Discords is middle-class with disposable income and uncertain about their financial future.]

[Flexing by way of buying a Times Square ad is to signal credibility to validate buyers sense of having made the right decision.]

[Sell the token first and leave ’token holders’ to decide what happens with the capital, if they overcome collective inertia—there is no product.]

[Putting all the data in one place, even if it’s in a space you ‘control’, is centralizing (specifically as a point of failure.]

[Broadcasting your unique identifier across the internet feeds into a surveillance ecosystem.]

[When the technical cost of making a modern website became to high for most amateurs, they moved from templates to services and then platforms.]

[DAOs settle for only expressing procedural group operations through code because it’s too complicated to design and account for all contingencies and their contingencies.]

[Crypto evangelist want to relegate all consequences to machines via blockchains and DAOs to abdicate humans of any responsibility for bad outcomes.]