Re:The biggest crypto lending company is a ponzi scheme
by latexr on Thursday December 09, 2021 @12:11PM
(#29500051)
> but some people value provenance...
Those people should stay away from NFTs, because theft is rampant[1].
> How is spending $1 000 000 on a "virtual image" (NFT) any different than spending it on a Picasso?
You own the Picasso but you don’t own the NFT image. Not in any way that matters. Your “ownership” of the virtual image via an NFT isn’t legally recognised and you have no rights to it. Especially not when the minter stole the image[1].
An NFT isn’t a virtual image, but a reference to it. Anyone else can download the same file for free and your purchase can be gone without recourse[2].
A more apt comparison would be spending $1,000,000 on a Picasso or a document that says you own the Moon.
Those people should stay away from NFTs, because theft is rampant[1].
> How is spending $1 000 000 on a "virtual image" (NFT) any different than spending it on a Picasso?
You own the Picasso but you don’t own the NFT image. Not in any way that matters. Your “ownership” of the virtual image via an NFT isn’t legally recognised and you have no rights to it. Especially not when the minter stole the image[1].
An NFT isn’t a virtual image, but a reference to it. Anyone else can download the same file for free and your purchase can be gone without recourse[2].
A more apt comparison would be spending $1,000,000 on a Picasso or a document that says you own the Moon.
[1]: https://www.vice.com/en/article/n7vxe7/people-are-stealing-a...
[2]: https://www.vice.com/en/article/pkdj79/peoples-expensive-nft...