It's time for us in the tech world to speak out about cryptocurrency

Re:It's time for us in the tech world to speak out about cry... by judge2020 on Sunday May 30, 2021 @05:09PM (#27336801)

If everything is considered ‘owned’ based on NFTs, and other stuff relies on that to verify ownership and provide services, then the government talking the physical land only gives them the utility of the land itself, and not the other stuff (eg. The ability to sell the property) - plus, the government superseding a fictional blockchain-backed real estate market is likely to cause a market crash.

Blockchains and NFTs make sense only when the blockchain becomes the source of truth, and it does solve real problems - it just doesn’t work for cryptocurrency when someone’s $1 could be worth 30 cent or 6 dollars in just a year. Nobody wants that amount of uncertainty.

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Re:It's time for us in the tech world to speak out about cry... by jameshart on Sunday May 30, 2021 @06:05PM (#27337326)

Claiming you have the ability to sell some property when all you actually have is an NFT that purports to represent ownership of the property, but the property itself is in the hands of a government that doesn’t recognize that NFT is going to have a significant impact on the sale price you can get for that NFT.

Property rights are always going to rest on the rule of law, and in places where the rule of law is strong, property title law is well established and doesn’t need a distributed ledger to disrupt it. Disrupting it would generally be bad.

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Re:It's time for us in the tech world to speak out about cry... by 0x0 on Sunday May 30, 2021 @05:20PM (#27336923)

> "only gives them the utility of the land itself"

"only"?

I'd say the "utility of the land" IS the only value of "having" land.

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Re:It's time for us in the tech world to speak out about cry... by coolspot on Sunday May 30, 2021 @05:40PM (#27337114)

Obviously you’re missing that most of any land’s value comes from the fact that it can be wrapped as NFT.

It is well known historic fact that Romans fought for new land knowing that the time will come when you could wrap it into NFT to make finally useful!

Same story with Columbus and his ICO (Initial Columbus Odyssey).

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Re:It's time for us in the tech world to speak out about cry... by morelisp on Sunday May 30, 2021 @05:48PM (#27337184)

I gotta give you credit, "NFTs are important because you can otherwise only have the actual use of the land, not the financially-speculative value of the land" is a bold take given that usually the cryptocurrency pitch (that CCs are a good store of value because they won't inflate relative to real assets) is exactly the opposite.

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