[chrisco255]

The problem with "buying a star" or selling a star is there really is no provenance for it.

Your bank account is simply a row in a Cobol database managed by some archaic institution. Your stocks in your Robinhood app are the same. You seem to be demeaning the value of database records when so much of the world economy is merely that.

[mythz]

> Your bank account is simply a row in a Cobol database managed by some archaic institution.

My bank is managing my real cash money account, which has real utility that can be used to purchase tangible assets like the property that houses my family.

Your NFT is a worthless forgotten entry buried in a DB of a URL pointing to a public image (everyone has access to, but no one else had to trade real money for) that will become a broken link when this pyramid scam collapses vaporizing every dollar that remained invested in it.

If I'm demeaning of anything, it's all the astroturfers, spam bots and scammers trying to hype up this fake FOMO market that is being marketed to greater fools (who aren't aware of what they're actually buying) as their next source of crypto wave riches they missed out by hearing about BTC too late.

[c22]

The only difference is the pyramid scheme your bank account is embedded into has been going on a lot longer.

I own my house because I have a piece of paper that says I own it, but really it's because my neighbors choose to acknowledge the "legitimacy" of that paper. If someone else moves into my house while I'm on vacation I can oust them (probably) simply because I have more people "on my side". If enough people choose to acknowledge the legitimacy of NFTs then the scheme will not collapse. You are just making a prediction that people wont choose this, but I think you might be surprised. People attribute value to all sorts of nonsense, especially once they've invested in it themselves.

One day all this will be dust, but today, for a brief moment, some guy can trade his collection of digital monkey pictures for a real life piece of paper saying he owns a house, or a whole bunch of database entries at a crusty old bank. Or, I guess, even "cold hard cash" if he prefers.

[chrisco255]

> Your NFT is a worthless forgotten entry buried in a DB of a URL pointing to a public image (everyone has access to, but no one else had to trade real money for) that will become a broken link when this pyramid scam collapses vaporizing every dollar that remained invested in it.

Nope, my NFT is a permanent record of account utilizing the ERC721 open standard for non-fungible tokens on the Ethereum blockchain. The record of my purchase of the NFT will exist long after you or I are no longer around.

It is a transferrable asset tradeable 24/7 on the Ethereum blockchain, accessible as an open data standard on numerous marketplaces and applications. It is far more liquid and exchangeable than any physical asset I own.

Some of the NFTs I own exist as SVGs stored on Ethereum mainnet. Some exist on Filecoin or Arweave blockchains and have 200 years of prepaid storage to back them up. Some are backed by centralized photo servers and only merely exist as temporary novelties (which is totally ok, by the way).

It's not a pyramid scheme. It's deeper than you know and will evolve further than your bias will let you see. You don't have to like sports to understand why an athlete is paid $50 million a year to play with a ball. You would do well to understand it better before you demean it, even if you don't personally want to participate in it.

[nybble41]

> Your bank account is simply a row in a Cobol database managed by some archaic institution.

Your bank account is a set of contracts between you and your bank which say that when you want to withdraw funds or instruct the bank to send some of your money to someone else they are obligated to comply. The database is merely a summary of your interactions with the bank via those contracts, and their current obligations toward you. Delete the database and those contracts still exist, though the content may need to be reconstructed from other sources.

A similar argument can be made for stocks.

NFTs are just the database entries without the contracts. They have their uses, but it's not really the same thing at all.