You should block them so they can’t comment on your channel. Especially the ones that say so and so helped them make x amount of money for their investment. Just a bunch of bot accounts UA-cam does nothing about
I think one of the problems here is that we're trying to think up ways a technology can be used instead of it having use cases on its own. I mean, I understand it can have some uses as part of the backend for web 3, but other than that it seems to me at this point that we're just trying to prove our favorite toy has real value. No disrespect :)
@@stachowi thanks for your perspective! I think crypto did have a big promise but the sheer speculation around it I think has killed it for now. But who knows, we'll see!
I completely agree. Also anything that was mentioned as a “use case” in this video can also be done with current tech. Also Blockchain isn’t decentralised either, if you have enough money (let’s say a government that wants control over a Blockchain network) you can either own more machines (bypass proof of work) or buy more stake (bypass proof of stake) so the whole model is broken, more money wins more ground. At least no one can “own” the current internet
@@ashmx_ great points! When I heard about NFTs being used for gated content, it sounded to me like a sort of single sign on for Patreon on multiple platforms. It is possible technologically and has the same issues - negotiating with platforms. As for decentralization, I can't be sure completely as I'm not knowledgeable enough on blockchain and crypto, but it sounds reasonable to me. If Satoshi and/or Winklevoss twins or other big holders can get the majority stake - they're basically controlling the blockchain if I understand it correctly. And they're not regulated and can even be completely anonymous.
There are two things this video forgot to address in regards to NFTs 1. Gas and minting fees, they are high, and volitile and it seems to me the only people who are safely making money from NFTs are the ones in charge of that. 2. NFT does not legaly bind anyone to owning anything, There is no ties to copywright or any other legal way of defining ownership using them.
This couldn’t be further from the truth, it binds by all means legally since the ownership of the token is registered in a public immutable ledger. Of course you can get sued. Whether you are pro or anti crypto NFTs etc, it’s a indisputable proof of ownership.
@@dgochez a public ledger accessible and verifiable by every human being with access in a computer is not legal proof? If the court decides to not accept it as an evidence, it’s no different than not accepting evidence like video, photos or testimony of witnesses for eg. a crime. It all comes down to how society evolves into common sense or sinks deeper in the corruption… eg totalitarian and failed communist regimes.
As a (considering) NFT artist, I'll bite lol. On the first, everyone pays gas and minting. There is no way around that. On your second point, that's not what I've heard because the artists name is always shown. That has value both legally and in terms of market. Otherwise you'd be right.
@@GeorgeHashesThoughts Do you understand the maxim of law "no tertium quid" (no third way)? What that says is that, to have enforceable legal ownership over a thing, there are only two options: a chose in possession or a chose in action. "Chose" is a French word meaning "thing", so it is "ownership of a thing via possession" or "ownership of a thing via the right to bring an action in court". A $100 is an example of a thing that you own because you possess it. As soon as the person who gives it to you lets go of it, you own it. Problem is, you don't possess any part of an NFT in this way - only the private key that controls it. A chose in action CAN be had over a ledger asset. Land title is a good example, but that's because of the land title act (in your specific jurisdiction). There's no blockchain act or NFT act that gives you this kind of right in ownership. Most people are confusing "control" and "ownership". They are not the same thing at all. The UK Law Commission has been looking at this problem for some time, trying to get around the no tertium quid problem. It's a real issue.
@@gingerginger7240 because, deep down, you know it’s a scam. If we have money, why do we need money? Why are we putting money in money to make money more valuable?
The refund policy concept is poorly thought out, a company can easily put in their terms of service something akin to "Refunds of goods purchased with BTC, will be refunded equivalent to their original USD price at time of purchase".
Actually I think you are the one not thinking this through. The price of bitcoin (and all alt coins) fluctuates within milliseconds and is reported differently by different exchanges. At the exact same moment in time, one exchange may report $10,000.00, another $10,001.00, another $10.005.56, and so on. And I'm just showing it rounded to the nearest cent when actually decimal places go further than that. So which exchange do you trust? Will customers argue that the price was different at time of purchase? You may say that the differences are only a few bucks but I've seen people argue with Walmart when their refund is a few pennies short of what they think it should be. Large merchants will mostly just tell customers to deal but small merchants that rely on every customer will get screwed by these discrepancies and will ultimately lose business because of it.
@@pharoah327 you raise a good point, but further terms and conditions would obviously hammer out those other details, “refunds will be equivalent to their USD price, on Coinbase at the blockchain timestamped time of txn” (or any exchange but just to specify a value), alternatively, depending on the purchase, you’d assume the vast majority of places would accept cash & crypto, therefore if you bought a shirt Bitcoin and want to return it, you’d be returned the USD price they were charging for the shirt at the time. However, I will say that in general, I’m against Bitcoin as a payment system, 7tps can’t handle the global economy, it’s better off as the niche store of value/speculative asset.
That refund thing may not be an actuall issue. We think of it as tricking the company that earns money by selling products, but in this case we are talking about the company that also earns money from bitcoin Price growth. So it's like stealing from a thief, or tricking a trickster. Speaking mathematically: Suppose the company earned X btc (X' usd) overalls and Y btc from the "thief" at some day D. Then at day D1 these X btc worth X'' usd, and Y btc worth Y'' usd. Even if the thief withdraw Y btc he withdraw Y'' usd, but note, that Y''/X'' = X/Y. So the company doesnt lost anything if it holds their funds in btc. However if they convertert their funds from usd to btc, they can lose something. In other words, it' s not the guy who refund steal from the company, it's company losing funds on ex rate conversions, and nothing can protect them from it.
@ it’s an excuse people love to use for almost anything to do with bitty, “it’s too volatile to do/be *insert literally anything* therefore the current system is better”, meanwhile the current system has the world in more debt than it has money 🤷🏼♂️ not to mention it’s caused I think 4(?) recessions in a little over 100 years, but people will really stand there and smuggly remind you that bitcoins volatile 😱 and 100% of the time thus far it’s volatility has had a resolution of increasing in value. I’m Aussie and in 2010/2011 the AUD was stronger than the USD 1:1, since then so 13 odd years later, the Aussie dollar buys you about $0.64USD, so damn well close to 50% loss in value but Australia still uses the AUD regardless of what id consider to be volatile. A 1st world country devaluing its reserve currency by almost half in a decade, it’s like people forget there’s volatility in FOREX too, or with Americans mostly they just forget the rest of the world exists lol
It's not a stock, it's not an asset that generate money, it's a "currency". Dollar is just a piece of paper why people value it? If US dollar make sense, then Bitcoin make sense. Bitcoin isn't expensive because it has utility like gold or it generate money like stocks, but because there's a demand for this currency, which makes the price goes up.
@@kanasricharoenchai3298 it's not a currency. I keep hearing that but no one uses it for purchasing. Plus it can only handle 7 transactions per second worldwide. And furthermore it's not secure or even anonymous! It's a digital tulip bulb and no one wants to admit they're in Holland
Your content has been great so far. You’re definitely one of the more “grounded” tech bro / tech news with solid analysis of how these technologies work, and the surrounding material context that makes them grow or die. Great stuff.
5:38 wow this is first time i ever hear anyone mentioning Processing. I love it, its amazing for writing extremely custom yet simple GUI for interfacing with arduinos and homemade android apps. For example it took me only few hours to write GUI to control servo motors that position my front door camera.
you dont need a blockchain to do this creator membership thing. in fact not only do we not need it, it would make it objectively worse than the non-blockchain version.
Yup! Whenever blockchain/crypto promises something. Just ask yourself how that is being done today. Then think real hard about whether the blockchain version is actually 'saving' you anything, or is it's actually just adding another layer in.
Something I've noticed after being in tech for over a decade is how quickly people forget the transient nature of modern tech. We're so fast to jump on the next profitable concept that we disregard fundamentals in the process. I think if most people stepped back and took the most objective look possible, they would see how much of the hype is based on fomo and a desire for personal gain, not sound reasoning or historical probability.
Hi, there are No "Fundamentals " for crypto. Super scary for you. 😢 And, using word "historical" tells me do not understand. Heck you are probably older than me. lol
9:06 the only issue here is something that has been prevalent since its launch, art theft. Who's stopping me from taking someone's art, listing it, and raking in royalties? My wallet address is anonymous as long as I don't publicize it after all. When I steal someone's art, there are no repercussions, and realistically nothing the original artist can do when they find out because it's not them who are written in the code as the original owner, I am.
Even if there was slight use cases for NFTs the state of the market has removed most peoples ability to take it seriously. The gimmick of owning digital art isn’t strong enough to have a valuation anywhere near the amount the speculative market puts it at. A lot of the functionality people argue as a selling point for NFTs is already possible without the blockchain without really adding any real value just for being apart of the blockchain. Crypto and NFTs at this point are to me people trying desperately to be ahead of the next big thing without realising the market is held up on stilts with little practical value.
Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach?
As an financial growth enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
It's best to get a manager immediately, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
Also don't discredit the effectiveness of asset managers but I've had an on3 consistently restructure and diversify my portfolio/expenses with dividend-paying stocks, ETFs, Mutual funds and REITs, achieving an annualized gain of 25%, in the past 5 years I've made over “$3million” in net profit, might not be a lot but i find myself secure financially. Its never an easy step, it takes time and dedication
How can I participate? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
"If it [quilt] came with an NFT to prove that I owned this particular design, I think that would be cool" I don't understand how an NFT proves you own the quilt. What if you burn the quilt, or sell it, but still own the NFT. Or what if someone hacks your Metamask and steals the NFT but you still own the real quilt? The NFT does NOT prove ownership of a physical object in the real world.
"For at least 400 years, when you purchased shares in a publicly traded company, you received a piece of paper to certify your ownership percentage. Stock certificates were the only way you could prove that you owned shares in a company." NFT and Stock is similiar, what if you burn that stock certificate?, you no longer own it then? what if someone stole your stock certificate? what if you burn your own birth certificate and high school diploma? what if someone stole your birth certificate? who responsible for that? is it your high school or your hospital?, no it's your responsibility, stop blaming someone else for your own problem your argument is an Edge case, it's not a normal things that people do everyday or accident that happens everyday. if you don't want that Edge case to happen, then don't do stupid thing, just use it normally and carefully it's a scenario that already happen in the past with stock. did people nowaday give a f*ck about that when they buy a stock? no you are using an edge case with only 0.1% probability as an argument to bashing on NFT. it's irrational don't you agree?
@@jensenraylight8011 There's a subtley I think you're missing about my point: none of these things require a decentralized blockchain (no NFT blockchain is actually decentralized btw, BItcoin is the only actually decentralized blockchain). Like if I lost my house deed I can just go prove my identity and get another one from a CENTRALIZED authority. If someone steals my NFT house deed, no one can EVER get it back or create a new one. For purposes such as these, doing it on an NFT has precicely ZERO benefit over the current system. A house deed, stock paper, or quilt receipt does not have to be on an immutable blockchain.
Back in 2022 when btc was at its cycle low, people where saying btc is done for it's going below $15k US it's going to zero. Well it's down 25% from mid March ath 2024 and now everyone is shitting themselves. That doesn't make any logical sense especially for crypto.Its just a shake out phase, chill people go zoom out at old charts. We are at around 1.4 trillion market cap and only growing, just wait and see the price next year in March it will double....I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Russell Greener, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
10:28 You would think thats a bad thing if you are assuming creators dont want repeat customers. I'm sure majority of creators want and count on the same viewers having a membership on YT, Patreon etc at same time to double their money.
the main reason why I'm convinced most of crypto scene is a scam is that the crypto influencers always looks like ghosts with gray scin, swollen eyes and deep eyeshadows. It just doesn't look healthy.
Backed currency is a horrible idea, whether it being gold-backed or having a cap on crypto due to the simply fact that government spending is inherently inflationary - which is why many/most modern nations ditched it for fiat currency instead. When you have a finite supply of something giving the currency it's "value," means that every time the government net spends causes it' currency to have less value. This makes it extremely difficult to do stimulus spending in the case of an economic downturn, like a recession or even worse - a depression. This is why when nations in these positions would usually suspend the gold-standard, like when it came to the New Deal and the rampant amount of gov spending leading up to an during WWII. With a system such as ours in the US, which is a fiat free-floating currency system, government spending isn't inherently inflationary. When the fed government has the monopoly over the creation of new currency, with the central bank, (the Fed), being the intermediary between the Treasury and the private market, fiat currency systems allow for massive amounts of direct government spending, and if targeted correctly and depending on the state of the economy - it can do so without much - if any inflation. This is due to the increase of economic output which can eat away the inflationary potential. Of course, if you get to a point where the economy is chugging along with full employment, and yet the Gov continues massive amounts of spending, you'll get to the point where there are simply too many dollars chasing too few goods, which can definitely cause hyper-inflation. The other thing that can cause inflation/hyperinflation even in a fiat free-floating currency system such as our own: is if say the governmental spending is targeted toward things that don't produce anything of real world value in the economy, whether it be physical goods or services, and is instead spent on corporations doing stock buy-backs and other forms of financial speculation, now that has a shit ton more inflationary potential. Due the lack of any economic output, and yet a massive influx of new currency into the economy. Which is of course what has happened to the US the last couple years. Most of the massive economic recovery spending under Trump first and then Biden second, and not nearly enough financial aid/support for the poor and working class, which allowed massive corporations and he rich in general, to just save that money or do massive stock buy-backs, this made the economic recovery extremely slow and extremely unequal because it didn't go toward purchasing anything with any real-world value, therefore rendering the stimulating effect - significantly neutered. Then you had many major corporations who made or were making record-breaking profits since Covid, began artificially raising their prices, which lead to smaller corps being forced to raise their prices as well, which when combined with everything else - is what lead to the current inflation. It did not have to do specifically with the government spending itself. A perfect example of this was Obama's econ recession-recovery stim-spending, (though paling in comparison to the amount of spending both Trump and Biden have done, (because the economic downturn as a result of economic shutdown over Covid - was going to far-far greater than even the 08 housing market crash that caused that recession), it still was nearly 800 billion dollars, and yet it didn't having any major inflationary impact whatsoever! None of this would work of course, if the US had their currency pegging to a foreign currency or if it didn't have a monopoly on the creation of new dollars.
See you mentioned the problem there: There's no way different platforms (UA-cam, Apple, etc) will willingly allow you to share your income across them. They want vendor lock-in. They're business that need you to be sticky to them.
Simultaneously, yes and no. In countries and environments with high corruption and disorderly governance it may serve as a somewhat reliable platform for commerce and transactions. In normal day to day, global transactions - not at all. At a whim it will be shut down if it ever pose a real threat to the established swift infrastructure. I see it working out in a different format, though. Traditional paired up with modern.
I am in Asia and Asian. I still say nope. If the prices of crypto can go up and down in a matter of minutes or hours, who will really use that as currency for commerce? It's not even modern. It's from 2008. Mpeza can beat it anytime if local transactions (sending, receiving, and paying is what we talk about)
@@eugenekorotkov3758 In a world where most don't use it nor desire to because of the nature of it. Crypto currency is designed for people that don't want to use traditional forms of payment or people that want to leave the traditional systems of the world. Banks, governments, off the grid and etc type people. Which is fine but it's just a fact. In other words, majority of the world has no interest in crypto. That's why it's been here for years and hasn't changed the world. Unless it does, currencies of a country will remain the standard norm of the world.
You came very close to pointing out the broader utility of NFTs. An NFT is just a kind of tokenized asset. It can be used for any kind of intellectual property. Focusing on NFT in the art market is kind of missing the underlying potential of the technology.
You can actually use NFTs for more than just artwork. The exciting thing about NFTs is the royalty system and programmability. There is nothing in web 2 that currently does something similar. NFTs that aren't simply artwork are the future for blockchain usability
Of course you can do similar in web2. Actually everything happening in web3 is something you can do in web2. The only difference is in the fact that it's not in a centralized database.
Nfts are proof of ownership mechnism. It's often used for the ownership of an address which then points to a jpeg but the technology can expand beyond that. You can apply this to other methods of ownership. They've been used with physical products to verify ownership and authenticity. I've seen even more useful cases where NFT applications allow you to tokenize a stake and sell the ownership of that stake in the form of an nft. You can then sell the ownership of that stake. This opens up a lot of possibilities in an ecosystem. This is all done in a trustless manner with no middlemen intervention to perform the action.
@@jon962-g9w Not true, you can't do programmable royalties with web2. If you wanted to, it would be a centralized company, trading outside that company's boundaries would avoid the royalty. Blockchain guarantees it
6:36 that’s not true, it’s so much worth because it was stolen, and vanished for some time and got a huge publicity for that. There’s nothing special about it.
Thanks for the analysis! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
I can't believe we're still hearing the same sales pitch for NFTs that we did 18 months ago. The idea that NFTs are worth 25% as much as all art ever produced is not even worth commenting on.
I think all NFTs combined will become way more worth in the future compared to the art market. Once they’re used for all digital assets in all games as soon as interoperability between games/digital experiences will become a big deal.. The money spend on candy crush alone is insane, and that’s just one game
@@IvoKlerk Good for you. Personally I own art worth hundreds of thousands, and don't plan to ever buy any NFTs. Remember that Da Vinci's paintings alone are worth Billions, and he is just one of hundreds of artists on that level.
Great analysis, thank you! A bit off-topic, but I wanted to ask: I have USDT in my SafePal wallet along with the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How should I go about transferring them to Binance?
Kaspa is natively scalable on its mainnet, while Ethereum currently relies on layer-2 scaling solutions like rollups and sharding to improve throughput and reduce fees. This gives Kaspa an inherent advantage in terms of seamless scalability. Transaction fees on the Kaspa network are typically lower than those of other major cryptocurrencies. This affordability stems from Kaspa's efficient consensus algorithm, which reduces the computational burden on the network.
You do not need an ID to buy it. There are many places where you can buy without KYC restrictions. How do you think all of those darknet drug dealers stay in business without getting caught?
The most notable feature of Kaspa is its scalability. Unlike other cryptos like Bitcoin which have a limited block size, KAS has an unlimited block size. This means it can process more transactions per second (TSP), making it more efficient and faster than other cryptos. This could make Kaspa suitable for applications that require rapid settlement times, such as micropayments or high-frequency trading. Near-Instant Finality: Due to the DAG structure, transactions on Kaspa can achieve practical finality within seconds.
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it
I had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment
@@Rick.4890 I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the crypto market several times but always got discouraged by fluctuations of Bitcoin value.
Speaking about NFTs and ownership, don't miss a thing that NFT doesn't mean neither to hold an art, nor to keep a link on it. It's only purpose to witness ownership and it does that perfectly. All you need is to encode arts hash into the NFT and you're done. Links on the image and the image itself doesn't do anything with ownership.
I am from Miami United State🇺🇸, The difference Mrs Lucy Mary Liam makes in my life is second to none it's definitely a life changing kindness. I really appreciate her effort in my life.
Seeing my broker talked on UA-cam, This was exactly how I got the recommendation about her for the past years. Hit $200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with $20k in July 2024
Her good strategies of making large amount weekly profits for her clients are totally outstanding. Investing my $1500 with doubt and withdrawing $12,300 with happiness. I ❤️ you Lucy.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Veronica Hoy.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
I think the main use is as payment and create aditional functions over it, Bitcoin Cash us a better Bitcoin with low fees that makes perfect for payments, and over it create smart contracts to stabilize the coin value and create NFTs, Bitcoin Cash is the original idea of Bitcoin
they could still make money off NFT membership passes. all they would have to do is charge the creator instead of the user since the creator gets paid directly. the only thing that changes is how to money flows. right now it flows from youtube, to a creator, but in these situations it could just flow from the creator to youtube.
HI I WOULD LIKE YOU TO MAKE A VIDEO ABOUT PI NETWORK. IT SEEMS TO HAVE A BRIGHT FUTURE AND IT MODEL OF ACQUISITION IS ENVIRONMENTAL FRIENDLY AND ITS FEE🎉
Any ideas what Bitcoin is backed by? Isn't it faith based and isn't it doomed to failure once the miners have less incentive to mine the few remaining coins while their costs rise? Who will maintain this blockchain when we reach this threshold? Will it grind to a halt or will the elevation of miners fees render this obsolete?
This was an incredible description of the use cases of Crypto! Is there a platform already out there for creators to utilize a token that both creators and their communities can support and develop? I'm new to the space but, I'm starting my blockchain journey to eventually start a platform that is by the community, for the community. Maybe a variations of Twitch, UA-cam, Indy Game platform and e-sports broadcasting. Am I crazy for thinking this?
The utility in crypto is the ease and cost of sending large amounts of money. You can send a million dollars in minutes, try doing that at a bank and it’s the biggest pain in the backside ever. The value isn’t in small transactions but very large ones. The volatility is an issue it many people who need liquid cash to use will take a small hit % wise to have it as quickly as possible.
Cos bank do checks. Which is alot safer. So going through thr bank is still better. Why do you think there's so many scams in crypto. Plus u can see where that money is going since its public unlike bank. So its better to go through the bank
Love your info. Very helpful to unpackage all the new ways of perceiving data and it’s value. Hopefully I can now help my children to grasp and maximize their potential as artists and coders.
No, not really. As others have said “People only make money (on crypto) because some other sucker lost more”. It’s only good if you get in on it early, such as when a bitcoin was worth about eight cents, before it explodes. You catch that lightning in a bottle and you’ll become a wealthy person, minus all of the bullcrap transfer fees and your state/local and federal government stealing their pound of flesh, as long as you get out before the price crashes. Right now a single bitcoin is worth about $75,000usd but you could spend $75k to buy yourself one only to watch the price drop to $10,000 tomorrow. Look at the Luna and Terra crash - it can, and eventually will, be the same with every crypto ‘coin’. It’s just too volatile to serve as a good investment and it’s utterly worthless as a currency - think about it - you could sell your $75k car for a bitcoin only for the price to crash and you sold your $75k car for $500. No ‘coin’ will reign forever, but either you get out too soon and lose out on a lot (like the guy who bought a pizza with his bitcoin, bitcoin that would have been worth over HALF A BILLION DOLLARS at the height of its value! That had better have been the best pizza on the entire planet!) or too late and you lose it all. If you get in, get out as quickly as possible with your profit and don’t regret what you lose out on, because at least you got out before it crashed and you lost all of your investment.
A problem people might have is time. How long will it take to see results? When will others jump in? When will others joining have an effect? Will I (depending on the individual in question) be able to live long enough to savor any or the results? A grim question, but this matters to some people; the dead can't pay taxes after all. And yeah, this is to do with money, but money talks.
This video really tackled the big question: what is the actual use of crypto? Beyond just trading, it highlighted real-world applications like decentralized finance and smart contracts that show crypto's true potential.
Problem with the authoritarianism insurance idea is that it assumes that at some point we're converting something of value into crypto format. As an explanation for the demand for crypto this makes sense, but it doesn't show a source of value for crypto that isn't derivative: crypto protects your access to your real currency.
You missed the point of NFTs. As someone who developed an entire blockchain system, this is what the point of NFTs is: your property (in your case, quite naively, you used art) can't be seized by the government. In addition, NFTs demonstrate a ledger-based pointer to a distributed file architecture. This is useful for displaying ownership of any file type. So, if someone owns Facebook's largest number of shares and is declared the CEO or lead board member, they can store an encrypted disk of their passwords and access files that give them unparalleled access to remote systems. Whoever owns the expensive "NFT" would be given the private key from the corporation itself, as agreed to by the board. So, in effect, this is a two-way agreement, a social contract similar to the likes of John Locke's original discovery, representing virtual (technically physically tangential) ownership of something valuable and powerful. In no way does power have to mean data size. In no way does NFT have to mean art. In no way does art have to be valuable. It's the power it wields us that gives NFTs and distributed architectures, hosted on blockchains, their value. So, to philosophically refute every argument given so far using basic contrapositives: If data can't be tied to scarcity, then all data is free. If all data is free, then corporations would all be broke (no profit due to lack of scarcity, with digitalization as a vector for piracy). If all centralized architectures were broke, there would be nowhere to store data. But I directly contradict this statement, due to the existence of pirating platforms and the continued prosperity of music giants like Spotify and Apple Music. Data is still storable, data is retrievable, readable, modifiable, and writable. These entropic systems require quadratic increases in monetary spending, yet they remain secure and operational.
Reducing NFTs to just the arts industry alone is missing the wider use for the technology. It also ignores the collectibles industry. Licensed digital collectibles and comic books NFTs are already a multi-billion dollar industry.
Having records on the blockchain can easily be used to track people's routine allowing stalkers or hitmen to physically use that to their adventage, for example if you always go to whole foods at a certain time or day that opportunity to stalk and follow home.
The biggest value of crypto (and especially bitcoin) is that you can own something that nobody can take from you (unless they torture you and you give up the info). You could memorize your keys and nobody will know that you even own it.
I strongly disagree. So many times we see millions if not billions of crypto wallet getting hacked. If even the big FAANG cannot 100% guarantee you to be hack-proof, there is simply no such protection for us the middle-class.
You own it, until someone steals your password and then you can literally loose everything. . The incentive to steal that password is massive, I don't know how I could handle having all my money being protected by a single password. If I get hacked, I'm fucked, if someone sees or records me typing in my password I'm fucked, it's all super vulnerable and just not ready for large style adoption.
Hey John, thanks for the video! Speaking of scams and get rich quick schemes, there are plenty of comments here shilling a supposed cryptocurrency from Amazon. Please delete them so that your viewers won't get tricked into losing money.
Nothing you mentioned needed crypto. Everything could and should be done by better technology than crypto. And that technology was invented before bitcoin.
My MBA class was talking about Bitcoin back in 2016. We had a long debate on the technology, valuations, financial markets, payment systems... I''m glad my reaction in 2016 has born out. "I don't see a single compelling use case for this SPECIFIC iteration of the technology (i.e. the Bitcoin blockchain) couldn't be justified by the $1000 pricetag.
The asset anti-authoritarian argument falls really flat for me You could just as easily have your money in an offshore account, Or just store your money in tax havens or a multitude of financial institutions. There really is no reason that a hyperrich person in any kind of country from the most liberal of democracies to the most authoritarian of States should have all their money in one country and 1 financial institution
i feel like we can use crypto for a second function or something. like maybe linking gpu's together to also crunch big data sets on the side too or something.
Exactly! Like, obviously the main use case of crypto is to do large meaningless calculations on random numbers. But maybe in the future, they could also do large USEFUL calculations on ACTUAL numbers. That's when crypto is really gonna go mainstream.
The main problem with NFTs is that you don't actually buy art, all you buy is a string of letters and numbers in some distributed database. No copyright ownership of actual art comes with that token. Try to sue someone for using picture you "own" through NFT and see how quickly you will be laughed out of court.
NFT may witness an ownership, but court may not ACCEPT this witness. This doesn't mean that NFTs don't work, that means that the legal system has some flaws and sometimes outdated or ineffective.
@@АнимусАнанимус The only purpose of NFT is to "witness ownership" (whatever that means). If this ownership is not recognised by law, then it is useless and so is the NFT.
Bro this channel is amazing. Real in depth and great narrating. Keep up the grind bro this channel is about to blow. We need more young entrepreneurs giving us the news
Still early days. Fourteen years is a blink in the big picture. The internet was invented in 1983, and yet widespread adoption didn't begin until at least 15 years later. As for Bitcoin volatility, that will settle over time. Price discovery and fluctuation is normal in the early days of any asset... look at Amazon's price chart for the first 10 years. And, with regards to making quick and cheap payments, you touched on it yourself -- the Lightning network will solve it. Plus there's also the potential value-add of the Bitcoin Ordinals, which could take the place of NFTs
Gun registry, medicine distribution, finance/ payment processing, sex offender registry, housing deeds, financial contracts, vehicle registry, and that's just off the top of my head. There's are use cases that go very deep.
such an awesome video. as a young guy interested on building a blockchain as a service startup in the future, trying to find great use cases and building a highly profitable business, it will take a lot of experimentation and maturity of the tech over time. With how the space and general economy is right now, now is the best time to build and test new ideas to prepare for the next cycle.
What are you working on? The best Blockchain utility idea will grow like wildfire in this space. Or, new concepts using decentralization to replace legacy systems are also sure to take off.
@@iam4iamWe I'm right now focusing on B2B AI Tools, as it has high demand right now, to make enough money to build my startup that will incorporate nft tech. The biggest utilities for blockhain for 2023 is setting proof of ownership for the ai-generated assets people make (blockchain signatures), decentralizing the backend infrastructure of the internet (like datacenters, cloud services) and also working invisibly in videogames (e.g. trading skins without knowing you use blockchain as the middleman).
Btc is a store of value , and will continue on as such once all 21 million Btc are purchased the scarcity factor will make the price rise . It will always be traded as a store of value that is decentralize .
You are pretty quick to dismiss Bitcoins Inflation hedge usecase, just because it hasn't fully established in the 12 years of is existence to date. I would say Bitcoin definately HAS the inflation hedge usecase, but the resulting value increase would only be around 2 to 5 percent per year for the prior years and maybe 8 to 16 percent for the last year, and is of course greatly overshadowed by a) the ever-growing userbase, b) the resulting hype-cycles and c) the behaviour of the institutional investors who are influenced by the out-of-their-mind money printing and QE of the central banks (and by their expectations of the central banks further actions, ofcourse). After all, Bitcoin rose around 200% every year on average; you wouldn't notice a 5% price appreciation induced by consumer price inflation among these 200%, would you? And by the way, Gold also wasn't able to shine during 2021, 2022, when every Gold bug said that times of high inflation will be an excellent time for gold. Do you deny gold its function as inflation hedge too, then?
If the whole NFT/Token hype has proven anything, it's this; there will always be those looking to exploit such things for their own gain, even if that means poisoning the well in the process.
hey everyone, please ignore all the scammers down in the comments.
You should block them so they can’t comment on your channel. Especially the ones that say so and so helped them make x amount of money for their investment. Just a bunch of bot accounts UA-cam does nothing about
Those Scam Comments are going on my nerves :(
You can upload open-source UA-cam spam control apps to your channel which will greatly reduce spurious comments.
actually you can copy an NFT: you can dupe them making two originals. they arent copy proof at all.
bro would be hard to memorize a private key lol
I think one of the problems here is that we're trying to think up ways a technology can be used instead of it having use cases on its own. I mean, I understand it can have some uses as part of the backend for web 3, but other than that it seems to me at this point that we're just trying to prove our favorite toy has real value. No disrespect :)
As someone who’s been in crypto since 2011… I’ve lost all hope for crypto.
IMO it’s just a pump and dump cash grab at this point…
@@stachowi thanks for your perspective! I think crypto did have a big promise but the sheer speculation around it I think has killed it for now. But who knows, we'll see!
I completely agree.
I completely agree. Also anything that was mentioned as a “use case” in this video can also be done with current tech. Also Blockchain isn’t decentralised either, if you have enough money (let’s say a government that wants control over a Blockchain network) you can either own more machines (bypass proof of work) or buy more stake (bypass proof of stake) so the whole model is broken, more money wins more ground. At least no one can “own” the current internet
@@ashmx_ great points! When I heard about NFTs being used for gated content, it sounded to me like a sort of single sign on for Patreon on multiple platforms. It is possible technologically and has the same issues - negotiating with platforms.
As for decentralization, I can't be sure completely as I'm not knowledgeable enough on blockchain and crypto, but it sounds reasonable to me. If Satoshi and/or Winklevoss twins or other big holders can get the majority stake - they're basically controlling the blockchain if I understand it correctly. And they're not regulated and can even be completely anonymous.
There are two things this video forgot to address in regards to NFTs 1. Gas and minting fees, they are high, and volitile and it seems to me the only people who are safely making money from NFTs are the ones in charge of that. 2. NFT does not legaly bind anyone to owning anything, There is no ties to copywright or any other legal way of defining ownership using them.
This couldn’t be further from the truth, it binds by all means legally since the ownership of the token is registered in a public immutable ledger. Of course you can get sued. Whether you are pro or anti crypto NFTs etc, it’s a indisputable proof of ownership.
@@GeorgeHashesThoughts"public immutable ledger" has no legal foothold is what I'm trying to say.
@@dgochez a public ledger accessible and verifiable by every human being with access in a computer is not legal proof? If the court decides to not accept it as an evidence, it’s no different than not accepting evidence like video, photos or testimony of witnesses for eg. a crime. It all comes down to how society evolves into common sense or sinks deeper in the corruption… eg totalitarian and failed communist regimes.
As a (considering) NFT artist, I'll bite lol. On the first, everyone pays gas and minting. There is no way around that. On your second point, that's not what I've heard because the artists name is always shown. That has value both legally and in terms of market. Otherwise you'd be right.
@@GeorgeHashesThoughts Do you understand the maxim of law "no tertium quid" (no third way)?
What that says is that, to have enforceable legal ownership over a thing, there are only two options: a chose in possession or a chose in action. "Chose" is a French word meaning "thing", so it is "ownership of a thing via possession" or "ownership of a thing via the right to bring an action in court". A $100 is an example of a thing that you own because you possess it. As soon as the person who gives it to you lets go of it, you own it. Problem is, you don't possess any part of an NFT in this way - only the private key that controls it. A chose in action CAN be had over a ledger asset. Land title is a good example, but that's because of the land title act (in your specific jurisdiction). There's no blockchain act or NFT act that gives you this kind of right in ownership.
Most people are confusing "control" and "ownership". They are not the same thing at all.
The UK Law Commission has been looking at this problem for some time, trying to get around the no tertium quid problem. It's a real issue.
Why does non of this still make sense no matter how many videos I watch?
And that is why crypto will fail. Way to shady and way to overcomplicated for normal ppl
@@gingerginger7240 because, deep down, you know it’s a scam. If we have money, why do we need money? Why are we putting money in money to make money more valuable?
@@Zirion123so ignorant of people who never owned diamonds to claim to know the strenght of diamonds.
It's like religion, it makes no sense, except as a scam to those running it.
You are not alone
The refund policy concept is poorly thought out, a company can easily put in their terms of service something akin to "Refunds of goods purchased with BTC, will be refunded equivalent to their original USD price at time of purchase".
Actually I think you are the one not thinking this through. The price of bitcoin (and all alt coins) fluctuates within milliseconds and is reported differently by different exchanges. At the exact same moment in time, one exchange may report $10,000.00, another $10,001.00, another $10.005.56, and so on. And I'm just showing it rounded to the nearest cent when actually decimal places go further than that. So which exchange do you trust? Will customers argue that the price was different at time of purchase? You may say that the differences are only a few bucks but I've seen people argue with Walmart when their refund is a few pennies short of what they think it should be. Large merchants will mostly just tell customers to deal but small merchants that rely on every customer will get screwed by these discrepancies and will ultimately lose business because of it.
@@pharoah327 you raise a good point, but further terms and conditions would obviously hammer out those other details, “refunds will be equivalent to their USD price, on Coinbase at the blockchain timestamped time of txn” (or any exchange but just to specify a value), alternatively, depending on the purchase, you’d assume the vast majority of places would accept cash & crypto, therefore if you bought a shirt Bitcoin and want to return it, you’d be returned the USD price they were charging for the shirt at the time. However, I will say that in general, I’m against Bitcoin as a payment system, 7tps can’t handle the global economy, it’s better off as the niche store of value/speculative asset.
That refund thing may not be an actuall issue.
We think of it as tricking the company that earns money by selling products, but in this case we are talking about the company that also earns money from bitcoin Price growth.
So it's like stealing from a thief, or tricking a trickster.
Speaking mathematically:
Suppose the company earned X btc (X' usd) overalls and Y btc from the "thief" at some day D.
Then at day D1 these X btc worth X'' usd, and Y btc worth Y'' usd.
Even if the thief withdraw Y btc he withdraw Y'' usd, but note, that Y''/X'' = X/Y.
So the company doesnt lost anything if it holds their funds in btc.
However if they convertert their funds from usd to btc, they can lose something.
In other words, it' s not the guy who refund steal from the company, it's company losing funds on ex rate conversions, and nothing can protect them from it.
That makes more sense. His excuse for not using BTC due to its volatility was very poor.
@ it’s an excuse people love to use for almost anything to do with bitty, “it’s too volatile to do/be *insert literally anything* therefore the current system is better”, meanwhile the current system has the world in more debt than it has money 🤷🏼♂️ not to mention it’s caused I think 4(?) recessions in a little over 100 years, but people will really stand there and smuggly remind you that bitcoins volatile 😱 and 100% of the time thus far it’s volatility has had a resolution of increasing in value. I’m Aussie and in 2010/2011 the AUD was stronger than the USD 1:1, since then so 13 odd years later, the Aussie dollar buys you about $0.64USD, so damn well close to 50% loss in value but Australia still uses the AUD regardless of what id consider to be volatile. A 1st world country devaluing its reserve currency by almost half in a decade, it’s like people forget there’s volatility in FOREX too, or with Americans mostly they just forget the rest of the world exists lol
A stock with no company.
Seriously!
😂😂😂😂
It's not a stock, it's not an asset that generate money, it's a "currency".
Dollar is just a piece of paper why people value it? If US dollar make sense, then Bitcoin make sense.
Bitcoin isn't expensive because it has utility like gold or it generate money like stocks, but
because there's a demand for this currency, which makes the price goes up.
@@kanasricharoenchai3298 it's not a currency. I keep hearing that but no one uses it for purchasing. Plus it can only handle 7 transactions per second worldwide. And furthermore it's not secure or even anonymous! It's a digital tulip bulb and no one wants to admit they're in Holland
@@kanasricharoenchai3298 If the world would just share your view, right?
Your content has been great so far. You’re definitely one of the more “grounded” tech bro / tech news with solid analysis of how these technologies work, and the surrounding material context that makes them grow or die. Great stuff.
5:38 wow this is first time i ever hear anyone mentioning Processing. I love it, its amazing for writing extremely custom yet simple GUI for interfacing with arduinos and homemade android apps. For example it took me only few hours to write GUI to control servo motors that position my front door camera.
you dont need a blockchain to do this creator membership thing. in fact not only do we not need it, it would make it objectively worse than the non-blockchain version.
Yup! Whenever blockchain/crypto promises something. Just ask yourself how that is being done today. Then think real hard about whether the blockchain version is actually 'saving' you anything, or is it's actually just adding another layer in.
Something I've noticed after being in tech for over a decade is how quickly people forget the transient nature of modern tech. We're so fast to jump on the next profitable concept that we disregard fundamentals in the process. I think if most people stepped back and took the most objective look possible, they would see how much of the hype is based on fomo and a desire for personal gain, not sound reasoning or historical probability.
Hi, there are No "Fundamentals " for crypto. Super scary for you. 😢 And, using word "historical" tells me do not understand. Heck you are probably older than me. lol
9:06 the only issue here is something that has been prevalent since its launch, art theft. Who's stopping me from taking someone's art, listing it, and raking in royalties? My wallet address is anonymous as long as I don't publicize it after all. When I steal someone's art, there are no repercussions, and realistically nothing the original artist can do when they find out because it's not them who are written in the code as the original owner, I am.
Even if there was slight use cases for NFTs the state of the market has removed most peoples ability to take it seriously. The gimmick of owning digital art isn’t strong enough to have a valuation anywhere near the amount the speculative market puts it at. A lot of the functionality people argue as a selling point for NFTs is already possible without the blockchain without really adding any real value just for being apart of the blockchain. Crypto and NFTs at this point are to me people trying desperately to be ahead of the next big thing without realising the market is held up on stilts with little practical value.
Most NFTs aren't art.
"When the wrong cook uses the right knife, the right knife works in the wrong way."
Exactly. The right man in the wrong place can make all the difference in the world too :)
Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach?
As an financial growth enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
It's best to get a manager immediately, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
Also don't discredit the effectiveness of asset managers but I've had an on3 consistently restructure and diversify my portfolio/expenses with dividend-paying stocks, ETFs, Mutual funds and REITs, achieving an annualized gain of 25%, in the past 5 years I've made over “$3million” in net profit, might not be a lot but i find myself secure financially. Its never an easy step, it takes time and dedication
How can I participate? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Don't be hesitant to contact Sonya Lee Mitchell and follow her directions.
Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
"If it [quilt] came with an NFT to prove that I owned this particular design, I think that would be cool"
I don't understand how an NFT proves you own the quilt. What if you burn the quilt, or sell it, but still own the NFT. Or what if someone hacks your Metamask and steals the NFT but you still own the real quilt? The NFT does NOT prove ownership of a physical object in the real world.
"For at least 400 years, when you purchased shares in a publicly traded company, you received a piece of paper to certify your ownership percentage. Stock certificates were the only way you could prove that you owned shares in a company."
NFT and Stock is similiar, what if you burn that stock certificate?, you no longer own it then?
what if someone stole your stock certificate?
what if you burn your own birth certificate and high school diploma?
what if someone stole your birth certificate?
who responsible for that? is it your high school or your hospital?,
no it's your responsibility, stop blaming someone else for your own problem
your argument is an Edge case, it's not a normal things that people do everyday or accident that happens everyday.
if you don't want that Edge case to happen, then don't do stupid thing, just use it normally and carefully
it's a scenario that already happen in the past with stock.
did people nowaday give a f*ck about that when they buy a stock? no
you are using an edge case with only 0.1% probability as an argument to bashing on NFT.
it's irrational don't you agree?
@@jensenraylight8011 There's a subtley I think you're missing about my point: none of these things require a decentralized blockchain (no NFT blockchain is actually decentralized btw, BItcoin is the only actually decentralized blockchain). Like if I lost my house deed I can just go prove my identity and get another one from a CENTRALIZED authority. If someone steals my NFT house deed, no one can EVER get it back or create a new one. For purposes such as these, doing it on an NFT has precicely ZERO benefit over the current system. A house deed, stock paper, or quilt receipt does not have to be on an immutable blockchain.
Back in 2022 when btc was at its cycle low, people where saying btc is done for it's going below $15k US it's going to zero. Well it's down 25% from mid March ath 2024 and now everyone is shitting themselves. That doesn't make any logical sense especially for crypto.Its just a shake out phase, chill people go zoom out at old charts. We are at around 1.4 trillion market cap and only growing, just wait and see the price next year in March it will double....I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Russell Greener, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
He mostly interacts on Telegrams, using the user-name,
@RussellGreener
A better way is to get proper guide!!!! The most important thing is the technicality and Russell Greener keeps proving himself, words spread fast
I think you basically just have to research and study what kind of assets you want to Invest in and he is someone you can definitely rely on..
I have seen so many recommendations about Russell Greener, his strategy must be good for people to talk about him,
"But its in freefall" ...yea no shit we were in a bear market. Lmfao
The technical analysis you provided was very easy to follow.
10:28 You would think thats a bad thing if you are assuming creators dont want repeat customers. I'm sure majority of creators want and count on the same viewers having a membership on YT, Patreon etc at same time to double their money.
the main reason why I'm convinced most of crypto scene is a scam is that the crypto influencers always looks like ghosts with gray scin, swollen eyes and deep eyeshadows. It just doesn't look healthy.
Backed currency is a horrible idea, whether it being gold-backed or having a cap on crypto due to the simply fact that government spending is inherently inflationary - which is why many/most modern nations ditched it for fiat currency instead. When you have a finite supply of something giving the currency it's "value," means that every time the government net spends causes it' currency to have less value. This makes it extremely difficult to do stimulus spending in the case of an economic downturn, like a recession or even worse - a depression. This is why when nations in these positions would usually suspend the gold-standard, like when it came to the New Deal and the rampant amount of gov spending leading up to an during WWII. With a system such as ours in the US, which is a fiat free-floating currency system, government spending isn't inherently inflationary. When the fed government has the monopoly over the creation of new currency, with the central bank, (the Fed), being the intermediary between the Treasury and the private market, fiat currency systems allow for massive amounts of direct government spending, and if targeted correctly and depending on the state of the economy - it can do so without much - if any inflation. This is due to the increase of economic output which can eat away the inflationary potential. Of course, if you get to a point where the economy is chugging along with full employment, and yet the Gov continues massive amounts of spending, you'll get to the point where there are simply too many dollars chasing too few goods, which can definitely cause hyper-inflation.
The other thing that can cause inflation/hyperinflation even in a fiat free-floating currency system such as our own: is if say the governmental spending is targeted toward things that don't produce anything of real world value in the economy, whether it be physical goods or services, and is instead spent on corporations doing stock buy-backs and other forms of financial speculation, now that has a shit ton more inflationary potential. Due the lack of any economic output, and yet a massive influx of new currency into the economy. Which is of course what has happened to the US the last couple years. Most of the massive economic recovery spending under Trump first and then Biden second, and not nearly enough financial aid/support for the poor and working class, which allowed massive corporations and he rich in general, to just save that money or do massive stock buy-backs, this made the economic recovery extremely slow and extremely unequal because it didn't go toward purchasing anything with any real-world value, therefore rendering the stimulating effect - significantly neutered. Then you had many major corporations who made or were making record-breaking profits since Covid, began artificially raising their prices, which lead to smaller corps being forced to raise their prices as well, which when combined with everything else - is what lead to the current inflation. It did not have to do specifically with the government spending itself. A perfect example of this was Obama's econ recession-recovery stim-spending, (though paling in comparison to the amount of spending both Trump and Biden have done, (because the economic downturn as a result of economic shutdown over Covid - was going to far-far greater than even the 08 housing market crash that caused that recession), it still was nearly 800 billion dollars, and yet it didn't having any major inflationary impact whatsoever! None of this would work of course, if the US had their currency pegging to a foreign currency or if it didn't have a monopoly on the creation of new dollars.
See you mentioned the problem there: There's no way different platforms (UA-cam, Apple, etc) will willingly allow you to share your income across them. They want vendor lock-in. They're business that need you to be sticky to them.
Simultaneously, yes and no. In countries and environments with high corruption and disorderly governance it may serve as a somewhat reliable platform for commerce and transactions. In normal day to day, global transactions - not at all. At a whim it will be shut down if it ever pose a real threat to the established swift infrastructure.
I see it working out in a different format, though. Traditional paired up with modern.
I am in Asia and Asian. I still say nope. If the prices of crypto can go up and down in a matter of minutes or hours, who will really use that as currency for commerce? It's not even modern. It's from 2008. Mpeza can beat it anytime if local transactions (sending, receiving, and paying is what we talk about)
Bitcoin's usefulness is nothing to do with commerce. The REAL use-case it has is that it is the scarcest asset in existence, outpacing house prices.
@@eugenekorotkov3758 In a world where most don't use it nor desire to because of the nature of it. Crypto currency is designed for people that don't want to use traditional forms of payment or people that want to leave the traditional systems of the world. Banks, governments, off the grid and etc type people. Which is fine but it's just a fact. In other words, majority of the world has no interest in crypto. That's why it's been here for years and hasn't changed the world. Unless it does, currencies of a country will remain the standard norm of the world.
You came very close to pointing out the broader utility of NFTs. An NFT is just a kind of tokenized asset. It can be used for any kind of intellectual property. Focusing on NFT in the art market is kind of missing the underlying potential of the technology.
You can actually use NFTs for more than just artwork. The exciting thing about NFTs is the royalty system and programmability. There is nothing in web 2 that currently does something similar. NFTs that aren't simply artwork are the future for blockchain usability
sounds like gibberish to me
Of course you can do similar in web2. Actually everything happening in web3 is something you can do in web2. The only difference is in the fact that it's not in a centralized database.
Nfts are proof of ownership mechnism. It's often used for the ownership of an address which then points to a jpeg but the technology can expand beyond that.
You can apply this to other methods of ownership. They've been used with physical products to verify ownership and authenticity.
I've seen even more useful cases where NFT applications allow you to tokenize a stake and sell the ownership of that stake in the form of an nft. You can then sell the ownership of that stake. This opens up a lot of possibilities in an ecosystem. This is all done in a trustless manner with no middlemen intervention to perform the action.
@@jon962-g9w Not true, you can't do programmable royalties with web2. If you wanted to, it would be a centralized company, trading outside that company's boundaries would avoid the royalty.
Blockchain guarantees it
@@Nick-Games9 That's what I said, you could and it exist but it wouldn't be decentralized
Can't we use these NFT to link a physical asset and use it a proof of document in the future?
Hit me up I have cryptoTrading updates??
I think Amazon does send you purchase invoice right?
I'm bingewatching your contents Mr.Coogan, awesome stuff 👏
6:36 that’s not true, it’s so much worth because it was stolen, and vanished for some time and got a huge publicity for that. There’s nothing special about it.
Thanks for the analysis! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
And when the lights go out?
I can't believe we're still hearing the same sales pitch for NFTs that we did 18 months ago. The idea that NFTs are worth 25% as much as all art ever produced is not even worth commenting on.
I think all NFTs combined will become way more worth in the future compared to the art market. Once they’re used for all digital assets in all games as soon as interoperability between games/digital experiences will become a big deal.. The money spend on candy crush alone is insane, and that’s just one game
@@IvoKlerk Good for you. Personally I own art worth hundreds of thousands, and don't plan to ever buy any NFTs. Remember that Da Vinci's paintings alone are worth Billions, and he is just one of hundreds of artists on that level.
@@Studeb the gaming market is already bigger than the art market
@@Studeb I bet you’ll use NFTs in the future even without you knowing
@@IvoKlerk And how would that happen?
Great analysis, thank you! A bit off-topic, but I wanted to ask: I have USDT in my SafePal wallet along with the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How should I go about transferring them to Binance?
I'd rather invest in plain red t-shirts than crypto.
Why would we need nfts for cross platform subscriber authentication? Any form of single sign on would do.
Kaspa is natively scalable on its mainnet, while Ethereum currently relies on layer-2 scaling solutions like rollups and sharding to improve throughput and reduce fees. This gives Kaspa an inherent advantage in terms of seamless scalability. Transaction fees on the Kaspa network are typically lower than those of other major cryptocurrencies. This affordability stems from Kaspa's efficient consensus algorithm, which reduces the computational burden on the network.
What's the point of Bitcoin if you need gov IDs to buy or trade
You do not need an ID to buy it. There are many places where you can buy without KYC restrictions. How do you think all of those darknet drug dealers stay in business without getting caught?
Thank you so much for such insightful videos! Love your channel!
Well this didn’t age well
The most notable feature of Kaspa is its scalability. Unlike other cryptos like Bitcoin which have a limited block size, KAS has an unlimited block size. This means it can process more transactions per second (TSP), making it more efficient and faster than other cryptos. This could make Kaspa suitable for applications that require rapid settlement times, such as micropayments or high-frequency trading. Near-Instant Finality: Due to the DAG structure, transactions on Kaspa can achieve practical finality within seconds.
Fr
Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it
At the crucial time, telling anyone about crypto currency trading isn't financial advice by all factors. It is life advice
@@Jody8337 My thoughts exactly 👍
I had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment
@@Rick.4890 I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the crypto market several times but always got discouraged by fluctuations of Bitcoin value.
@Susan Karen It fascinating that you just recommended Mrs Camille.
Speaking about NFTs and ownership, don't miss a thing that NFT doesn't mean neither to hold an art, nor to keep a link on it. It's only purpose to witness ownership and it does that perfectly.
All you need is to encode arts hash into the NFT and you're done.
Links on the image and the image itself doesn't do anything with ownership.
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market I'm grateful to Mrs Liam🙏
I am from Miami United State🇺🇸, The difference Mrs Lucy Mary Liam makes in my life is second to none it's definitely a life changing kindness. I really appreciate her effort in my life.
I invested $2,000 and the trade in one month making close to $20,000. I wonder where she got her analysis.
Seeing my broker talked on UA-cam, This was exactly how I got the recommendation about her for the past years. Hit $200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with $20k in July 2024
I'm from Brazil 🇧🇷 I and two other of my friends tried her immediately we testified her performing wonders.
Her good strategies of making large amount weekly profits for her clients are totally outstanding. Investing my $1500 with doubt and withdrawing $12,300 with happiness. I ❤️ you Lucy.
Thought provoking and highly informative
It really isn't though.
Jhon what do you think about blockchain technology behind it ?
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Veronica Hoy.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Veronica Hoy too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
0:54 because this got canceled when Satoshi started working with the banks. They settled on using it as an asset, not as payment method.
What makes it valuable is the outcome of the fear&greed dynamics !
I think the main use is as payment and create aditional functions over it, Bitcoin Cash us a better Bitcoin with low fees that makes perfect for payments, and over it create smart contracts to stabilize the coin value and create NFTs, Bitcoin Cash is the original idea of Bitcoin
they could still make money off NFT membership passes. all they would have to do is charge the creator instead of the user since the creator gets paid directly. the only thing that changes is how to money flows. right now it flows from youtube, to a creator, but in these situations it could just flow from the creator to youtube.
HI I WOULD LIKE YOU TO MAKE A VIDEO ABOUT PI NETWORK. IT SEEMS TO HAVE A BRIGHT FUTURE AND IT MODEL OF ACQUISITION IS ENVIRONMENTAL FRIENDLY AND ITS FEE🎉
Hi plz make a video on Mars colonisation
Any ideas what Bitcoin is backed by? Isn't it faith based and isn't it doomed to failure once the miners have less incentive to mine the few remaining coins while their costs rise? Who will maintain this blockchain when we reach this threshold? Will it grind to a halt or will the elevation of miners fees render this obsolete?
This was an incredible description of the use cases of Crypto! Is there a platform already out there for creators to utilize a token that both creators and their communities can support and develop? I'm new to the space but, I'm starting my blockchain journey to eventually start a platform that is by the community, for the community. Maybe a variations of Twitch, UA-cam, Indy Game platform and e-sports broadcasting. Am I crazy for thinking this?
I really appreciate your videos John.
16:32 the entire video summed up in 1 sentence .
im power phrasing : does crypto have a solid use case right now ? " IDK *shrug emoji*"
you must have watched with your brain off then, but that sums up about all crypto "skeptics"
In Denmark if you are registered with CopyRight Org you get a percentage of Danish Aution Sales of your Art.
While talking about Leonardo da Vinci you showed a picture of the Sistine chapel ceiling which was done by Michelangelo not Leonardo da Vinci
Can you make a video of Bitcoin Cash (BCH)
The utility in crypto is the ease and cost of sending large amounts of money.
You can send a million dollars in minutes, try doing that at a bank and it’s the biggest pain in the backside ever. The value isn’t in small transactions but very large ones.
The volatility is an issue it many people who need liquid cash to use will take a small hit % wise to have it as quickly as possible.
Cos bank do checks. Which is alot safer. So going through thr bank is still better. Why do you think there's so many scams in crypto. Plus u can see where that money is going since its public unlike bank. So its better to go through the bank
Also banks can send millions instantly if its deem it safe such big businesses that has been trading frequently
Wrong. I received almost a million dollars to my bank account and no delay or questions asked. Who told you that?
@@shenanigan111no. If you are a crime
@@shenanigan111😂😂😂
Love your info. Very helpful to unpackage all the new ways of perceiving data and it’s value. Hopefully I can now help my children to grasp and maximize their potential as artists and coders.
1:30 just say that they will refund Bitcoin equivalent at that time
Hit me up I have cryptoTrading updates??
Do cryptos really have value at all???
Only the hype is what keeps crypto up, the next buyer pays out the last etc
No, not really. As others have said “People only make money (on crypto) because some other sucker lost more”. It’s only good if you get in on it early, such as when a bitcoin was worth about eight cents, before it explodes. You catch that lightning in a bottle and you’ll become a wealthy person, minus all of the bullcrap transfer fees and your state/local and federal government stealing their pound of flesh, as long as you get out before the price crashes. Right now a single bitcoin is worth about $75,000usd but you could spend $75k to buy yourself one only to watch the price drop to $10,000 tomorrow. Look at the Luna and Terra crash - it can, and eventually will, be the same with every crypto ‘coin’. It’s just too volatile to serve as a good investment and it’s utterly worthless as a currency - think about it - you could sell your $75k car for a bitcoin only for the price to crash and you sold your $75k car for $500. No ‘coin’ will reign forever, but either you get out too soon and lose out on a lot (like the guy who bought a pizza with his bitcoin, bitcoin that would have been worth over HALF A BILLION DOLLARS at the height of its value! That had better have been the best pizza on the entire planet!) or too late and you lose it all. If you get in, get out as quickly as possible with your profit and don’t regret what you lose out on, because at least you got out before it crashed and you lost all of your investment.
Banger as always, John
Great video. Very balanced and thoughtful views
A problem people might have is time.
How long will it take to see results?
When will others jump in?
When will others joining have an effect?
Will I (depending on the individual in question) be able to live long enough to savor any or the results? A grim question, but this matters to some people; the dead can't pay taxes after all.
And yeah, this is to do with money, but money talks.
This video really tackled the big question: what is the actual use of crypto? Beyond just trading, it highlighted real-world applications like decentralized finance and smart contracts that show crypto's true potential.
This was one of the best videos on cryptocurrency I’ve seen.
And now it is moving forward with insanely fast and chesp transaction/gas fees, i.e. xrp ledger for starters.
Problem with the authoritarianism insurance idea is that it assumes that at some point we're converting something of value into crypto format. As an explanation for the demand for crypto this makes sense, but it doesn't show a source of value for crypto that isn't derivative: crypto protects your access to your real currency.
You missed the point of NFTs. As someone who developed an entire blockchain system, this is what the point of NFTs is: your property (in your case, quite naively, you used art) can't be seized by the government. In addition, NFTs demonstrate a ledger-based pointer to a distributed file architecture. This is useful for displaying ownership of any file type. So, if someone owns Facebook's largest number of shares and is declared the CEO or lead board member, they can store an encrypted disk of their passwords and access files that give them unparalleled access to remote systems. Whoever owns the expensive "NFT" would be given the private key from the corporation itself, as agreed to by the board. So, in effect, this is a two-way agreement, a social contract similar to the likes of John Locke's original discovery, representing virtual (technically physically tangential) ownership of something valuable and powerful. In no way does power have to mean data size. In no way does NFT have to mean art. In no way does art have to be valuable. It's the power it wields us that gives NFTs and distributed architectures, hosted on blockchains, their value.
So, to philosophically refute every argument given so far using basic contrapositives:
If data can't be tied to scarcity, then all data is free. If all data is free, then corporations would all be broke (no profit due to lack of scarcity, with digitalization as a vector for piracy). If all centralized architectures were broke, there would be nowhere to store data. But I directly contradict this statement, due to the existence of pirating platforms and the continued prosperity of music giants like Spotify and Apple Music. Data is still storable, data is retrievable, readable, modifiable, and writable. These entropic systems require quadratic increases in monetary spending, yet they remain secure and operational.
Tʜᴀɴᴋꜱ Fᴏʀ Wᴀᴛᴄʜɪɴɢ...
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ Wʜᴀᴛꜱᴀᴘᴘ Wɪᴛʜ Tʜᴇ Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ....🔝📝✍️
Reducing NFTs to just the arts industry alone is missing the wider use for the technology. It also ignores the collectibles industry. Licensed digital collectibles and comic books NFTs are already a multi-billion dollar industry.
Having records on the blockchain can easily be used to track people's routine allowing stalkers or hitmen to physically use that to their adventage, for example if you always go to whole foods at a certain time or day that opportunity to stalk and follow home.
Really thought provoking, great video.
And crypto is only valuable to the person selling it to the next sucker.
The biggest value of crypto (and especially bitcoin) is that you can own something that nobody can take from you (unless they torture you and you give up the info). You could memorize your keys and nobody will know that you even own it.
I strongly disagree. So many times we see millions if not billions of crypto wallet getting hacked. If even the big FAANG cannot 100% guarantee you to be hack-proof, there is simply no such protection for us the middle-class.
The entire point of the critics is that you'll own something, but that something would be useless anyway
You own it, until someone steals your password and then you can literally loose everything.
.
The incentive to steal that password is massive, I don't know how I could handle having all my money being protected by a single password.
If I get hacked, I'm fucked, if someone sees or records me typing in my password I'm fucked, it's all super vulnerable and just not ready for large style adoption.
Hey John, thanks for the video! Speaking of scams and get rich quick schemes, there are plenty of comments here shilling a supposed cryptocurrency from Amazon. Please delete them so that your viewers won't get tricked into losing money.
thanks for flagging it! working on it!
@@JohnCooganPlus thanks man! This open-source tool might be useful: ua-cam.com/video/2tRppXW_aKo/v-deo.html
This guy didn't do research on the Mona Lisa why he mentioned the Mona Lisa is so valuable is 100% wrong.
How come you didn't talk about DeFi in this video?
Hit me up I have cryptoTrading updates??
I guarantee that 500 years from now, no one will give two hoots about an NFT.
Nothing you mentioned needed crypto. Everything could and should be done by better technology than crypto. And that technology was invented before bitcoin.
My MBA class was talking about Bitcoin back in 2016. We had a long debate on the technology, valuations, financial markets, payment systems...
I''m glad my reaction in 2016 has born out. "I don't see a single compelling use case for this SPECIFIC iteration of the technology (i.e. the Bitcoin blockchain) couldn't be justified by the $1000 pricetag.
The asset anti-authoritarian argument falls really flat for me
You could just as easily have your money in an offshore account, Or just store your money in tax havens or a multitude of financial institutions.
There really is no reason that a hyperrich person in any kind of country from the most liberal of democracies to the most authoritarian of States should have all their money in one country and 1 financial institution
i feel like we can use crypto for a second function or something. like maybe linking gpu's together to also crunch big data sets on the side too or something.
Exactly! Like, obviously the main use case of crypto is to do large meaningless calculations on random numbers. But maybe in the future, they could also do large USEFUL calculations on ACTUAL numbers. That's when crypto is really gonna go mainstream.
12:00 that was my idea - my rock operas, drawings, songs, everything becomes one big NFT
The main problem with NFTs is that you don't actually buy art, all you buy is a string of letters and numbers in some distributed database. No copyright ownership of actual art comes with that token. Try to sue someone for using picture you "own" through NFT and see how quickly you will be laughed out of court.
NFT may witness an ownership, but court may not ACCEPT this witness.
This doesn't mean that NFTs don't work, that means that the legal system has some flaws and sometimes outdated or ineffective.
@@АнимусАнанимус The only purpose of NFT is to "witness ownership" (whatever that means). If this ownership is not recognised by law, then it is useless and so is the NFT.
Bro this channel is amazing. Real in depth and great narrating. Keep up the grind bro this channel is about to blow. We need more young entrepreneurs giving us the news
1:33 huge market? cmon
Cryptocurrency = Money Laundry
Still early days. Fourteen years is a blink in the big picture. The internet was invented in 1983, and yet widespread adoption didn't begin until at least 15 years later. As for Bitcoin volatility, that will settle over time. Price discovery and fluctuation is normal in the early days of any asset... look at Amazon's price chart for the first 10 years. And, with regards to making quick and cheap payments, you touched on it yourself -- the Lightning network will solve it. Plus there's also the potential value-add of the Bitcoin Ordinals, which could take the place of NFTs
Gun registry, medicine distribution, finance/ payment processing, sex offender registry, housing deeds, financial contracts, vehicle registry, and that's just off the top of my head. There's are use cases that go very deep.
I wasn't sure about nfts for a long time. I've come to realise the biggest use case for nfts is digital receipts and tickets
such an awesome video.
as a young guy interested on building a blockchain as a service startup in the future, trying to find great use cases and building a highly profitable business, it will take a lot of experimentation and maturity of the tech over time. With how the space and general economy is right now, now is the best time to build and test new ideas to prepare for the next cycle.
What are you working on? The best Blockchain utility idea will grow like wildfire in this space. Or, new concepts using decentralization to replace legacy systems are also sure to take off.
@@iam4iamWe I'm right now focusing on B2B AI Tools, as it has high demand right now, to make enough money to build my startup that will incorporate nft tech.
The biggest utilities for blockhain for 2023 is setting proof of ownership for the ai-generated assets people make (blockchain signatures), decentralizing the backend infrastructure of the internet (like datacenters, cloud services) and also working invisibly in videogames (e.g. trading skins without knowing you use blockchain as the middleman).
USE BITCOIN FOR PAYMENT OR STORE OF VALUE.
Value generally is a perception first, subjectively then becomes objectively when accepted by majority.
Btc is a store of value , and will continue on as such once all 21 million Btc are purchased the scarcity factor will make the price rise . It will always be traded as a store of value that is decentralize .
I disagree with many points, but your enthusiasm is irresistable !
Missed opportunity for NFT sponsorship on this video
You are pretty quick to dismiss Bitcoins Inflation hedge usecase, just because it hasn't fully established in the 12 years of is existence to date. I would say Bitcoin definately HAS the inflation hedge usecase, but the resulting value increase would only be around 2 to 5 percent per year for the prior years and maybe 8 to 16 percent for the last year, and is of course greatly overshadowed by a) the ever-growing userbase, b) the resulting hype-cycles and c) the behaviour of the institutional investors who are influenced by the out-of-their-mind money printing and QE of the central banks (and by their expectations of the central banks further actions, ofcourse).
After all, Bitcoin rose around 200% every year on average; you wouldn't notice a 5% price appreciation induced by consumer price inflation among these 200%, would you?
And by the way, Gold also wasn't able to shine during 2021, 2022, when every Gold bug said that times of high inflation will be an excellent time for gold. Do you deny gold its function as inflation hedge too, then?
Tʜᴀɴᴋꜱ Fᴏʀ Wᴀᴛᴄʜɪɴɢ...
Sᴇɴᴅ ᴀ Tᴇxᴛ Oɴ Wʜᴀᴛꜱᴀᴘᴘ Wɪᴛʜ Tʜᴇ Nᴜᴍʙᴇʀ Aʙᴏᴠᴇ....🔝📝✍️
If the whole NFT/Token hype has proven anything, it's this; there will always be those looking to exploit such things for their own gain, even if that means poisoning the well in the process.