Re:NFT marketplace shuts, citing 'rampant' fakes, plagiarism...
by Retric on Saturday February 12, 2022 @09:21AM
(#30313006)
Bitcoin issuance is ultimately linked to to time not effort. Receiving those coins takes an investment indirectly tied to their hypothetical value at time of creation via a lottery.
The difference is subtle, but it is meaningful on edge cases such as around reward halving.
Re:NFT marketplace shuts, citing 'rampant' fakes, plagiarism...
by prox on Saturday February 12, 2022 @08:09AM
(#30312509)
Would it be possible to store the creation of the artwork as I create it? So say I paint in procreate, could it accrue its value step by step?
Re:NFT marketplace shuts, citing 'rampant' fakes, plagiarism...
by cuteboy19 on Saturday February 12, 2022 @08:35AM
(#30312695)
Unless the problem is NP, it would be trivially easy to fake these steps. If you follow this line of reasoning you would eventually discover proof of work/waste
Re:NFT marketplace shuts, citing 'rampant' fakes, plagiarism...
by prox on Saturday February 12, 2022 @12:54PM
(#30314726)
I see, so there is no silver bullet to make it work, as long as you can fake it.
Re:NFT marketplace shuts, citing 'rampant' fakes, plagiarism...
by smorgusofborg on Saturday February 12, 2022 @08:23AM
(#30312613)
Can't I just replay the steps you save with a later starting point and sell a new work that was also incrementally made with a lot of "effort"?
As with traditional artwork, the story of the work is what accrues value, not the work itself. You can create a largely undetectable forgery of a Picasso, but you cannot forge the historical record that traces the true work back to Picasso’s paintbrush. NFTs can make this historical record cryptographically secure, at least for the token itself, but whether that means the token should accrue value or not is up to the market.