|
|
|
|
|
|
by mattsahr
1525 days ago
|
|
|
There's a core good idea at the heart of the NFT hoopla. Or at least I would say there's a core very interesting/powerful idea there. That is -- you can bake in an enforceable mechanism where the original seller gets an X percent cut of future sales. The current implementations are often broken. Downstream sales can skirt the royalty. But that is, like many problems with crypto, a solvable engineering problem. I call this primary-sale royalty a "good" idea because it seems like an obvious, almost intuitive way to benefit original artists. And it also just clears out mountains of regulation and royalty regime that currently track, enforce and account for royalties, and do a terrible job of it. The problem is, you can use the same mechanism for anything, such that rich people can bake in an "I continue to get richer" royalty whenever they sell their property. Both the good and bad side of this mechanism are just one thing you can do with programmable money. Does anybody think it's the only one -- the only new mechanism worth developing? |
|
|
This is the problem with everything in crypto. There's so much scamming, crime, gambling, and other bullshit that legitimate artists have become wary of the entire ecosystem.
Do you want to live in a bad neighborhood? Same principle works in markets. When a market or market venue gains a reputation for being full of crap, legitimate players don't want to be associated with it. It doesn't matter how brilliant it is.
One of the problems with cryptocurrency is that it's a product of technical people who think everything is a technical problem. A lot of it is technically brilliant, but they overlook the social, political, and economic angle.
I often argue that Bitcoin was actually hacked very quickly. It wasn't hacked by targeting the cryptographic algorithms or the software but via social engineering. It was hacked by targeting people with scams and schemes. As with other security systems the humans are often the least secure part of the system. People are much easier to target than algorithms and code unless the latter has some serious zero-day or is just grossly insecure by design.