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Megaskreth t1_j1veebq wrote

Reply to comment by Fedorchik in art future by nickmakr

Your mistake is thinking the nft technology is only applicable to art.

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Fedorchik t1_j1vmuge wrote

You are free to show examples where it is actually useful.

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Megaskreth t1_j21dm9p wrote

Anything that requires proof of ownership. Eventually everything of considerable value will have an NFT associated with it. Like your house will have a tokenized deed, your car a tokenized title. Tokenized stock shares, tokenized certificates of all sorts. There are already high end fashion brands like Louis Vuitton embedding NFC tags in their products that prove authenticity via Blockchain. The best adoption of technology comes when people don't even know they are using it.

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Fedorchik t1_j231sk4 wrote

Why?

Current system works good enough. I has worked for thousand years and will work for a thousand more without the need to store it over internet in highly complicated form.

Proof of authenticity for a clothing or a purse is an extremely silly idea.

Also, blockchain only works when it is decentralized and evenly distributed over a very large amount of nodes supporting it. In the described case it can be either that every token producer has it's own blockchain, or that there is a large centralized system at work. And both of those simply do not have "non-fungibility" advantage that NFT's are supposed to have.

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Megaskreth t1_j243ah3 wrote

It actually hasn't worked for thousands of years. Imagine if all your assets were tied to the legitimacy of your government. What would you do if your government fell or wanted to take all your assets?

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Fedorchik t1_j249q6u wrote

What would you do if your assets are NFT-protected but your government takes them anyway?

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Megaskreth t1_j2bm67k wrote

If they're landlocked yeah you're fucked. That's why Bitcoin is the greatest asset in human history. Fungibility matters. But the tech will be used for such things whether you like it or not. Even if not by the end user it'll be used by the institutions to save money on processing and such.

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Fedorchik t1_j2d9lfu wrote

Bitcoin is already compromised - it is effectively controlled by a majority mining holder.

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