I'm aware of YouTube's specific issues and almost brought it up as a point against NFT's. YouTube is not useless, no. But, its automated copyright system is draconian and serves elites and lawyers more than it does individual content creators (who it often actively harms). This issue arises specifically because YouTube operates at massive scale and because Google refuses to hire enough people to deal with content moderation and copyright complaints _properly_ and would prefer to automate things as much as possible.
I don't think NFT's would present these exact problems; but I guarantee you similarly horrible inequities surface in NFT markets.
I don't believe currency should be less regulated. I believe financial regulation should be drastically increased as e.g. tax loopholes is one method that the ultra-wealthy use to remain that way - at the expense of everyone else.
I would be _substantially_ more interested in cryptocurrencies if institutions were up to the task of regulating it to prevent abuse. I've seen a bit of this lately but it's honestly not enough.
In fact it’s likely that both utopian and dystopian outcomes will all happen simultaneously.
I do like NFTs as a way to support digital artists and I think they’ve gotten a really bad rap in the press. But they’re not going to empower some kind of utopia. They just allow digital artists to profit from their work directly in a novel way.
That’s good to me. The fact that they have problems doesn’t stop them from being an innovative solution with real usage.
The decentralisation aspect of it is only interesting from my POV insofar that it’s allowed this market to exist.
That's holding the digital world to a far higher standard than meatspace, where fraud happens.
Youtube has a huge problem with re-uploading of videos where multiple accounts will download and re-upload a video of anything they can get away with. Does that make Youtube useless?