Right Clicking All The NFTs
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- Опубліковано 19 гру 2021
- This will anger all the ape holders
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3D Artist: Ed Leszczynski / ed_leszczynski
Video Editor: Harry Bagg / harrybagg96
This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it a Napoleon Hill pitch. - Розваги
This and the explanation of “nfts are basically you went to the store, bought groceries and you got the receipt and the store kept the groceries.” Are the best explanations I’ve heard.
Not all nft's though. As he says, not bored ape. But also not VeVe's nft's.
It is linked to a blockchain data entry that is indeed unique. While you receive the 3d model tied to that nft on your phone.
Just gotta do some research.
@@0xszander0 lemme teach two lessons, because I don’t believe in walking away from this without being civil and intelligent
1: his exact words “it’s too expensive to hold NFTs on the blockchain. However some NFTs are so pixelated that it’s different. But overall you’re buying a hyperlink”. Meaning unless it’s pixel art it’s as I said, hence why nowhere did I say “all”. And to address your idea on bored apes, no. Just spent some time on etherscan and all bored apes had a url attached to them. At least the ones I looked at.
2: burden of proof when you want to call someone wrong in a proper intellectual debate falls on you.
I understand not wanting to believe you’ve misunderstood something, but don’t tell someone “do research” when the facts contradict what you said.
Edit as well: I just noticed the part of BAYC saying you own the hyperlink. So we both are right in a sense. No it’s not on the blockchain however you own the hyperlink when buying some bored apes.
Nope, they technically kept the receipt too. You have a napkin that says 'Me and the last person to say they owned the receipt say I own the receipt'. that's it.
thats the new best explanation i've heard
You don’t even get the receipt, they file the receipt away in a particular folder of a particular file cabinet in a particular warehouse that someone would have to locate to see your receipt. It’s a total scam
Reminds me of those scam companies in 2000s who sold stars in the sky to gullible romantic boyfriends. They even received a certificate of ownership.
This is another perfect analogy
They still sell them to this day 😂😂
Im pretty sure there are companies still doing that, since i know you can "buy" land on the moon.
I never thought you were seriously buying a star. Just a cute gift, imo.
@@psyenz8946 Wanna buy a bridge?
I work in IT and always tell people "Don't invest in a field you don't understand. It doesn't matter how much you can potentially make. It doesn't matter how much someone else made. If you don't understand, walk away or learn it first"
a lot of people who don't consider themselves very smart assume that when smarter people are explaining something to them and they can't make sense of it it's just cause they're not smart enough...when usually it's just the thing itself doesn't make sense.
Warren Buffet said this.
@@gunnarpoker2827 this is some serious cope from lack of comprehention. "I dun understan so u must be silly". Lol, they are peasants.
people highly susceptible to the dunning kruger effect wont be able to heed this advice- and those people are NFT bros, so you can see where they got their market from.
If you can drive a car you can literally learn anything if you do it enough. Most people drive and don't even think about it yet it takes coordination of many senses and motor skills. Action and consistent repetition is the key. Now get off your asses and make something of yourselves! 👊
Coffee secretly interviewing himself 20 years in the future to warn people about the negatives of NFT's.
More like one year. NFTs a a joke and the entire business is fools gold.
At what point in the next 20 years does Coffee become Australian?
@@vamuse at the 7 year mark
@@jamesjesus1828 i think it might have been the 6.9 year mark actually
@@gdmathguy it isn't infinitely repeating it stops at the 69420th decimal point
"During a gold rush, it's a good time to be in the pick and shovel business" - Mark Twain. Concept still holds true today
In other words invest in ETH?
@@whatitdohomeynigguwh no, lol. Make NFT's, because people will foolishly buy them.
Black dude ?
That's precisely what I was thinking watching this lmao
@@JoshStPierre 90% of NFTs don't sell though
this man actually explained nfts better than the creator of nfts, give this man a medal or something
Who’s the creator of NFTs?
Give this man an NFT medal 🏅
because they dont want to explain it if they do it loses all its value
@@imanuel8883 Kevin McCoy
If the creator explained nfts as well as this people would realize that its a scam
This corrected a misconception I had about NFTs.
I had thought that the use and purpose of the block chain was that if you bought some artwork, that it was a way to identify that you bought the original artwork from the artist, that was made available to sell. And that it was a way to distinguish it from copies of the art that where merely right clicked. Similar to an autograph that is hand written versus the copied autographs stamped on 8x10s that are handed out in mass.
Now I see that it's not even that.
That's exactly what I thought it was. It's quite sad
Same, that was my understanding as well. I knew that NFTs (typically) don't actually hold the artwork but rather a pointer to it, but I figured there was something hardcoded there to make sure that no matter what copies are made, it proves you hold AND own the one and only original. I guess it doesn't even do that - you're lucky if the NFT at least gives you the legal rights to the work like with Bored Apes.
Imagine anything in the universe. Doesn't matter what it is.
Now imagine the same thing, except everyone participating in it has to pay money to some random-ass rich person. That's NFTs.
yeah, and if the ppl that are hosting the image the nft is linking to stoped doing it, then the nft would vanish in to the air
@@diablo.the.cheater With the money. :)
He covered himself legally very well with the whole art project way.
How is he covered? He stole nfts.
I understand your getting a link to a file and not the file itself. I'm missing how he is covered
@@russmeister2853 look up like Ireland taxes copywrite law etc are waived in countries if they are related to "the arts" with that accent he isnt American
@@russmeister2853 It's also not stealing to have a link to a location on the blockchain. "Steal" is a loose term here, because legally you cannot steal a link, and you cannot trespass on the decentralized nature of the blockchain.
@@russmeister2853 Can you steal a NFT?
@@nfldend501 He's Australian but yea
imagine someone checking your hard drive with 10+ terabytes and it's all just pictures of monkeys 💀
We found a gold mine of data. Opens it's and it's dumb ape pics.
😏 could be worse 🍆🍌🍒🥕🌽👋
you mean links to monkeys 😭😭
@@poisonivy44441 LMAOOO
it's not though it is just hyperlinks to all of these pictures of monkeys. The problem is having 19 TB of storage space to download it.
Damn Tyson fury really went out and defended his heavyweight belt, then immediately went out and stole all the NFTs. Absolute legend.
This is the best comment I've read ❤
The gypsy king of nfts
📜🔸🔶👑💎I proclaim you, without any authority, as a nobody, that you are, this day, the redactor of the funniest and most clever shit ive read on the internet (last 48h ish)💎👑🔶🔸📜
Perfection
Hahahahahahaha best comment
Its so refreshing to see someone that knows what they're talking about responding to a question with: "I don't know, but here are the possibilities..."
Love how well this interview captures nuance.
It was explained simply when NFTs started, yet people forgot. When you buy an NFT, you only own the IDEA that you own the art. The biggest scam ever. A treasure map is the idea that you have treasure.
It's just like Cryptopcurrency. You only own the IDEA of wealth.
I mean, it's a great scam. But, it's just that; a scam.
People are getting truly screwed over by CC and NFT's.
-“you downloaded the whole blockchain, I bet that’s gonna piss a lot of people off”
Wait till they learn how you become a validator on the network
Ok , I'm genuinely curious now.
@@easternrebel1061 oh man, me tooooo
@@easternrebel1061 In the context of proof-of-stake chains, (full node) validators have the entire blockchain downloaded at all times to act as a source of truth when randomly selected; using their stake as collateral so that they won't lie. Multiple are chosen and if your validation doesn't checkout you forfeit your stake.
@@RottenFishbone thanks
@@RottenFishbone Jesus, is it this bad..? in 90s "social media" (news/BBS), all users kept all posts through history. Meaning extremely strong redundancy in data integrity. Add "torrent" multihosting/checksums, and you have better data integrity than what you describe.
This guy explains it amazingly! I've learned a lot about NFT ownership from the start, especially the fact that a lot of the times, actual copyright belongs to someone else. It's such a hilariously scammy concept.
I'm pretty sure NFTs NEVER grant copyright ownership of an image to the buyer, or if there have been cases they are the minority.
Not helping is that almost all NFTs are hideous.
@@WinterReflections if I'm not mistaken it always isn't copyright. If it was it actually wouldn't be an NFT but just normally buying the image (rights to it). And what is even more funny is that you don't even have rights to link because something like this don't exist. And even better thing is that this pictures isn't stored on blockchain and can just be deleted without your permission and then you are left with link that don't link to anything
@@WinterReflections except nearly all of the top NFT projects grant you copyright . .
@@WinterReflections Yeah it proof of ownership
One funny story I heard somewhere I can't remember anymore is that buying an NFT is like going to an art museum, and the janitor (he's just a janitor btw) takes you to a room off to the side and tells you he can sell you some rights to the Mona Lisa, on a piece of paper he just wrote on. You don't get to take the actual Mona Lisa with you; you just get the scrap of paper. From a janitor. That says you own the Mona Lisa.
I'm sure you can figure out the legitimacy of that on your own XD
Lol look up George Parker. He sold the "deed" to the Brooklyn Bridge several times, truly ahead of his time.
@@Exirium also sold Madison square garden and grants tomb
@@Exirium whenever someone talks to me about NFTs or crypto I say "It sounds like a scam to me. I only invest in physical things. Now excuse me, I have to go see a man about buying a bridge."
Dude do you have this janitor's name? I'm going to be rich.
@@aluisious XD
This really helped me understand my gut reaction to what NFTs are as worthless scams. He gave me the technical language to explain what I instinctively understood. It alsi explains why it ultimately failed now that we are in Dec 2022.
Go on then, lol. Why does it matter if some random assortment of bytes can decode to an image via a URL or not?
@@michaelfry-white8871 ??
@@michaelfry-white8871 ???
@@michaelfry-white8871 found the nft investor 😔
@@2oqh Nope, I'm a skeptic. But the "gotcha" of "you're buying a url not an image!" is such a dumbshit critique. Any technical person worth their two cents will know that the difference is completely arbitrary.
This guy is brilliant. Really you should have this be a quarterly update, check in. The NFT stuff is really intangible, and super strange. Having him on and keep the viewers in the loop would be good.
well its becoming quite tangible in specific markets as there are some interesting uses, such as digital card games. Digital card games have been around forever and they have managed to give actual scarcity to a digital item people were already spending money within that market. It also allowed said cards to actually leave the game and be traded by players and collectors. Sure theres a URL at the end of a blank contract but they took that contract and connected it so the owner of that NFT can use it in an actual game. In about 5 years time I expect it to be mass adopted by major corporations who will do some exciting things with them within the gaming realm.
@@jamesesparza6893 Sounds like shit microtransaction nonsense. I already despise that kind of stuff in existing games. Takes away from the fun. Hell, they've already been doing this exact stuff before NFTs. It's unnecessary.
Well he's not necessarily an idiot, but he thinks ipfs is the dark web lol
@@jorgegutierrez8588 it's gonna be microtransactions on crack. What have we come to
@@Meleeman011 It's a peer to peer network with little means of outside oversight. It may not be as encrypted as the actual dark web but it's dangerous to an average uninformed user in exactly the same way.
This is crazy. I had assumed the entire concept was that the image was completely contained on the block chain. Having them served elsewhere and being able to be modified breaks the entire concept.
They can't be modified if you use IPFS.
You own a link to the image if someone wanted to take your exact picture and upload it elsewhere they would get that link. You don’t know the art just a link to a JPG
@@John-wb1ny Uhh yes I know. I did watch the video mate. This has no bearing on my comment that the data was meant to be in the block chain so it was protected.
I’ve developed two NFTs and I can tell you that though IPFS is immutable and cannot be modified, if the contract has been coded a certain way, devs can interact with the contract itself to have its “baseURI” or in this case, it’s “treasure map link” updated to point to another entirely different image.
@@nickjunes correct.
I am so happy right now. I've always tried to tell People, if you purchase an NFT, your pretty much purchasing nothing, but what do I know. This guy has made my Day, infact my Decade!
Nfts sound similar to something I read about that happened a long time ago:
"Tulipmania is the story of a speculative bubble, which took place in the 17th century when Dutch investors purchased tulips, pushing their prices to unprecedented highs. During Tulipmania, the average price of a single flower exceeded the annual income of a skilled worker and cost more than some houses at the time."
Ironically, some of the scammiest looking NFTs like Pudgy Penguins market themselves as selling membership to a club, which might be the most honest way to advertise your NFT sales. The only thing you're actually buying is a seat on a decentralized member's list.
When I joined the Beanie Baby club they sent me a gold members card which I still have, I can look back at 5 year old me and laugh at how everyone thought Beanie Babys would be worth money. When you buy NFTs to be part of a "club" you get nothing and in 20 years when the links are dead you will look back with nothing but cold regret in your heart.
@@pismodude2 but at least you can still have and hold your beanie babies 😆
@@pismodude2 start selling beanie baby nfts lol. Everyone should bust out their old collections and start digitizing and uploading them just add hats or glasses or different background boom profit.
The images don't actually matter. It is the club and the network that matters to them. That is why people are spending the money. If you thought it was to buy a picture of a penguin then you are the one who was mistaken.
@@nickjunes You don't go to College "To Learn"... You go to College "To Get Connections to Future (X)"...
5:15 Block chains
6:45 Media Heist
8:45 Ownership
9:45 Treasure Maps
15:00 Scams
17:30 Scary
20:45 Negatives
Thank you 😊
Doin god's work
I agree this is good work. Just a correction to be more accurate:
5:15 Block Chains
6:45 Negatives
8:45 Negatives
9:45 Negatives
…
Here in Brazil we have a say: Every day a rascal and a sucker leave their houses. When the two meet, someone does business.
I think this sums up NFTs pretty well.
Wise words haha
And both of them go home happy with their business
I think the American phrase is “There’s a sucker born every minute”.
@Thais Magalhães como escreveria esse ditado em português? Pergunto porque estou aprendendo e gostaria de usá-lo com meus amigos brasileiros :)
@@Nomihc Thaís said. "Todo dia saem de casa um malandro e um trouxa, se eles se encontram, sai negócio." and I added "e eles voltam pra casa satisfeitos com o negócio"
Holy crap this was bonkers. So many scams nowadays rely on the victims having only enough knowledge on a subject to play on their hopes with vague suggestions but not enough knowledge to recognize exactly how little they know.
The next scam will be to find something that sounds good but is more complicated than this, with no consequence to the scammers. It's an exercise to the reader to work out what that will be ;)
ironically this video has key factual inaccuracies / lies with its analogies that will convince many people that NFTs are worthless, and effectively throw the baby out with the bath water. An example of a lie is IPFS links being changeable, or "not being able to tell which treasure map is authentic".. (e.g. IPFS links are hashes based on content, so you can never change the actual image to a rug and the data is stored in a decentralized and available manner).
This me. How do I learn more?
ya
what i really don't like is how these NFTs look like they're advertising to YOUNG audiences. who the hell is Jim Henson or video game themed NFTs SUPPOSED to be aimed at? i wonder how many parents have had their money stolen by kids pressured/tricked into this crap
This is a difficult concept to explain to people. But the treasure map analogy was perfect.
It's like, remember the guy who sold the first Tweet as an NFT? The first Tweet is not on a blockchain! Twitter was around before any blockchain.
nothing is on the blockchain until you put them there.
but in any case, NFTs are not on a blockchain, the art is in a website/URL and the "title of property" is on the blockchain.
@@mikatu And the owner of the service hosting that URL can just change the content to anything they'd like. That tweet can just get deleted, and then what?
"that guy" was jack dorsey, creator of twitter. How you could forget that :shrug:
@@wasw I'd change it to di k butt 🤣😂
And some day that Tweet will be deleted and the guy who bought the NFT will own a link to nothing LOL
Digital artists can already make a living. They have access to adoptables, commissions, patreons, etc. NFTs are never, ever needed.
People also assume digital artists don't have contracts, invoices or receipts. Which is insane because you are obligated to pay taxes if you freelance. There needs to be a record.
money is a promise of goods.
I always thought the nfts were a promise of nothing.
This is essentially what this guy is saying "you own a link and they can change the end picture to whatever, you don't own the picture".
If you want to compare NFTs to money, you have to see every single NFT as its own currency. And then you understand why NFTs as a form of payment are a very stupid idea, so the value is so unstable that they can't be worth anything, because the value of each NFT is completely detached from the value of other NFTs. One NFT can be "worth" nothing, and another NFT can be worth 1 million, but than nothing again because noone wants to buy it anymore. There is just no way NFTs can have any stability
@@hanneswiggenhorn2023 Yeah.
You raise a good question - what is money? Personally I would define it as a system of quantifying value where the value of each unit is mutually understandable and the units can be freely transferred. I understand why you refer to it as a promise, particularly when you think of modern monetary systems like the dollar. But if you think about the world, say, 1000 years ago, we were using gold and silver coins back then which has inherent value as precious metals and doesn’t involve a promise - but those coins were still money. Sorry I’m just rambling on…
This is actually super fascinating. I was convinced that legit NFTs were just a new type of art market (yet even more volatile), that you would own the actual work if you bought an NFT while trolling by saving a jpg of an NFT was just like saving a facsimile of an original work (with the quality degrading overtime with each copy). To discover that you are just buying a url to an image that can be changed at any time seems like buying a lifetime ticket to a museum to see your purchased piece only to one day show up to the museum to find that the entire gallery space has been closed up and all the paintings and sculptures are gone.
I think it's a misconception that the quality degrades over time. Digital files do not degrade unless they lose data to compression. So if a file is compressed during uploading and then downloaded, you would have some data loss, but it would not degrade any further unless it was uploaded and compressed again.
@@stickwithit I think I may have used "time" incorrectly. I meant with each right click, download, and upload (which often leads to compression) of the image (since I know a file does not degrade with time unless we're talking about the physical degrading of the hardware that it might be on, like a drive). The original file wouldn't degrade, but copies do with (as you said) each possible compression. However, I still stand by how easy it would be to scam people with NFTs, far easier and faster than other types of art collecting. This is a new market that isn't regulated at all and so it's gonna be taken advantage of by shifty people.
I'm not sure it's that simple, unfortunately... So NFTs are "smart contracts" and basically they can be anything from a simple URL to a computer program. Do you own the copyright to the image? Well, I guess that depends on what you agreed on with the original seller - perhaps as stipulated by the smart contract, or perhaps as agreed in some other format. If someone tricks you into sending them your Fugly Ape, did you lose the rights? In this case it's probably what the smart contract says.
And if it doesn't stipulate anything about any of this, then you indeed probably bought a hyperlink and some vague bragging rights.
The ipfs url can't be changed to something else. It's the hash of the image so it would have to be switched to another image with the same hash, which is the entire point of ipfs is that's impossible
That's a lot of words to say "scam"
One of the best interviews about NFT's i've ever seen, props to both of you!
Thank you
@@GeoffreyHuntley so question, and I'm being serious. If you own all the nfts why not sell them and become a billionaire?
@@roguexvampire sell an nft of the torrent of the nft links.
Holy fuck how anyone doesn’t see how this is the *stupidest* shit will forever be a mystery.
but they both are only telling the cons.. whre r the pros
@@HE-162 bruh, it's literally the same thing as buying an nft
I like Coffeezilla's approach here. "I'm ignorant and this is how I think it works. What's your take on this as someone educated?"
Yeah his humility here was key to it being such a good video
The bit that I have always struggled with blockchain is the idea of anyone being able to write and no one able to delete. It is nuts. And unless you want to deal with illegal images being encoded in it - it is fundamentally broken.
This is the reason that I keep telling people it's a scam. Nobody believes me when I tell them they don't own the image, just the link to the image. Now here it is, explained in simple terms.
Even worse - They don't really own the link either. The link is published in public without restriction, so the "owner" cannot prevent anyone else from copying it or having it or even using it either.
I think as time goes on it could become more secure. The utility factors with defi and a GC is the main reason. The photo is ticket to the event. The networking could be crazy with certain projects. Majority is a scam.
And what does "owning" a digital image even mean?!? A digital image is the definition of fungible. Every copy is identical. You don't even own the copyright in most cases so it's not like you could sell prints!
With every scam there is still crazy money to be made. Its basically a lotto ticket.
Exactly, I noticed the red flags when the hype train was pushed fast with the fear of missing out was attached to it.
I’ll never understand how people can “invest” in these obvious scams, guys if it’s only valuable because the *Creator* says it’s valuable then it’s not
Its a big market, we make alot of money flipping trading nfts like digital pokemon cards...
what's interesting is that the US dollar is also relying on the fact that it has value since they removed the gold standard
@@hungrysloth9189 this is not accurate at all, the value of the US dollar is based on its ability to be used as a currency and on the idea that it represents a portion of the United States total goods and services, while conceptual in nature it is still very much a real thing while an NFT or blockchain that cannot be used to make a purchase has 0 value.
@@joebrownstone6746 I would agree that the US dollar is a solidly reliable currency based on your argument. It' s just scary to think that if NFTs go out of control, there could be substantial consequences to the traditional currencies that could cause the latter to flop
@@denizthebig you make money by tricking idiots to buy into this shit, it's a pyramid scheme
He literally pulled a Phantom thief:
“Stealing” something, but not literally, to bring public attention to an issue that isn’t fully acknowledged/ understood yet is a very phantom thief thing to do. Nice going Joker
LOOKING COOL!
Are you mad?
@@unbroken1010 nope! I’m actually really impressed.
This is amazing, I love this guy. I know that people (and media) misunderstanding his art piece is in and of itself is part of it, but I'm still a bit sad that more people won't realize the brilliance of his commentary. I wouldn't have either, without this interview. Good job.
It was really funny to watch you find out that buying an NFT doesn't necessarily give you ownership of the "artwork"
Even worse is physical artwork being sold. Painter keeps the piece, you get a PNG or JPEG and a receipt.
Hes acting but still funny
From where I am sitting, everyone knew that already. You own a copy of it which has scarcity
@@davyprendergast82 you don’t own a copy of it you own a link to a copy of it
@@Allfrey Yeah and how is that significantly different to buying gold or stocks? Do you own a bit of Apple or google and keep it in your basement? And gold that people buy is generally just kept in vaults. But there is a legal understanding that it belongs to you
He described one of the biggest current issues with NFT's, IMO, and that is that people are so blinded by the money they're making (or could be making) they aren't paying any attention to the (potential) consequences.
I never really looked too much into NFTs, but as a big data engineer, this whole thing is just surreal to me. I truly thought NFTs were something sophisticated but useless that I never bothered to research.
Turns out they're just links in a blockchain?
It's like "owning" the address of your local Walmart in a public database.🤣
in a nutshell: there is a statue in a room with no windows, and people on the outside of the room are buying windows to look in on the statue. That's what I'm getting from it.
Eh, more like theres a statue in a room with 1 window. People are buying contracts that claim ownership of the said window, but the window is facing the public 24/7.
@@M4rk58 Except infinite windows could be created. Just like he said, no guarantee of authenticity.
@@ross4 I think what he's trying to say is that there is 1 window (The treasure) with many people looking into that 1 window (The treasure trail)
Then someone comes along with a camera and takes a picture through the window.
There's a statue standing out in the open. To reach it you need to traverse a road. The buyer buys a contract saying he owns the road. However new roads can be built and everyone can use the existing roads. Sculptors also sometimes make copies of the statue.
These blockchain guys have managed to convince a whole bunch of us that what is essentially nothing (a string of characters) is worth trillions. Has to be the best scam of all time.
Man these government guys have basically convinced you that paper is worth trillions.
@@Irishhound except that’s something that’s agreed upon everyone.
@@Irishhound at least I can wipe my ass with a dollar bill, and use it to buy stuff too!
@@Irishhound You need that paper to pay your taxes or else the IRS will hunt your ass down
@@Irishhound can I buy food and gas with an NFT? Real question, not being facetious.
It was never about "art" or "the artists"
it is just another "get-rich-quick" scheme.
Exactly! And it ultimately cheapens art, and likely exploits artists.
The argument of cryptobros is they always start with "art" or "artists", but then if they lose an argument with an actual artist who doesn't like NFTs, it usually ends with the cryptobro saying "Have fun staying poor"
Especially with all the art being stolen and being turned into nft... Stuff sucks...
@@Napalm_Candy I think artists are making much more money than they ever made.
@@Benji-mz9ll Well plenty of artists aren't. They're getting art stolen.
This is the part that drove me insane with NFT bros. They'd get mad and start yelling about how you're stealing their nft when you just saved the image. it showed just how little they understood that they thought they owned the image but they always acted like they were the only ones who truly understood the real of NFTs
From the very moment I heard about NFTs, it always felt off to me. I always freely admitted that it was possible, I wasn't understanding it properly but it always sounded like: "Okay... then you bought nothing." No matter what anyone said or how it was explained, I always walked away with: "Yeah, it sounds like you bought absolutely nothing."
You really seem to like the work 'always'. Do you always say always this much?
@@Adaephonable always
@@Adaephonable you really seem to dislike the word "word". Do you always avoid spelling "word" right this much?
I'm impressed that he managed to upload 18 terabytes of jpegs with an Australian internet connection
Well it did compress down to 10GB. Which is just incredible. These “unique” tokens have so much duplication and sparse data that he could reduce it down by a factor 200
He didn't upload 18TB of images. He uploaded some amount of blockchain entries and terrabytes of emptiness. Remember collectible card sets of sports teams from your childhood? Most of the file is essentially just the blanks where the pictures would go. That's why it compresses so well.
this video was super interesting and informative, plus Geoffrey seems like a great dude. if there’s ever a reason to have him back on it’d be fun to see y’all talk more!
Thanks Zoe.
@@GeoffreyHuntley do you have a podcast? You explain things so well and I’d love to hear more.
You think? I only learned that he doesn't know what he's talking about.
@@GeoffreyHuntley what is your perspective on digital cash solutions? No smart contracts but pure transfer of value with exchanges as on/off ramps. But using a coin with no fees, inflation and instant. And environmentally friendly
@@lunarcdr3083 Mad that you learned that your nft isn't yours?
This is the most insightful discussion of blockchain I've ever heard. Thanks Geoffrey. Thanks Coffeezilla.
RENAME THIS. Make sure this is seen by the masses. This is a wonderful resource that clarifies many misconceptions about NFTs!
big agree i wasn't gonna click it but it came on auto play and it was super informative, really dumb and uninformative title lol
its factually incorrect
@@ppatil3655 How so? Please provide evidence.
Yeah holy hell, it's already bad enough how many people think bad jpeg-links is where this ends, encouraging it with awful titles sure doesn't help it, especially if there is actual info to be gleamed from it.
Same! I thought the video was going to be silly, not a real NFT deep dive. My suggestion: “NFTS ARENT ON THE BLOCKCHAIN??” haha
That was a really interesting perspective on NFT's and blockchain. It challenged what I thought NFT's were and what the value behind them really is.
it was very common knowledge so nothing new.
I don't think it's perspective. It's just cold facts. Those who buy NFTs they buy the rights to the link, the image is not of the block chain, the link is. So the link is incorruptible but the actual NFT is completely unprotected. That's not a perspective. A perspective is looking at the same data from a different angle.
It challenged the lie you already knew you were telling yourself
Exactly. They are worthless
They're even worthless after you get this fact
Things like NFTs becoming popular just reinforces my belief that wealth is not an indicator of intelligence or wisdom. People are just dumb... rich or not.
Another issue with NFTs is that the current amounts of energy needed to produce them - at a time where they have no real purpose - makes them the antithesis to the climate-friendly direction younger generations are leaning towards.
The younger generation is the biggest waster of energy compared to any generation before. Sure they like to talk about saving the turtles and being green but actions speak louder than words. They are a throw away generation that doesn't care about anything except instant gratification.
Being green has become the biggest scam money maker ever. Most of the political class that grifts off this trend have multi million dollar homes just feet from the ocean which they claim is going to rise and destroy everything. The climate has changed since the beginning of time and the response has ALWAYS been the same. People move.. they migrate to greener pastures. This will happen again if places are left in conditions unlivable.
Reminder that you can always just pay an artist directly by buying a print and buying a commission!
Exactly! Would rather have physical art then nft horseshit
@@SICresinwrks even digital art can be amazing. you can pay someone to draw art of pretty much anything and you can make sure that you can do whatever you want with it. hell if you have a printer you can commission art and then make your own posters and stickers out of digital art if you want to. (you don't gotta like digital art btw, i just know people forget that you can do some pretty fun things with it, such as printing and whatnot)
@@SICresinwrks because moonbois dont give a shit about the art itself. They only care about the supposed "value" behind it hoping to sell it to the next sucker who sees it at a profit.
@@JH4RPlp agreed. I think thats what makes me hate nft's the most. Art shouldnt be about profit, that takes all the fun out of it.
Especially considering the amount of people who have stolen artwork from others to be sold as NFTs... it's all very fucked up from the perspective of us artists who have done this forever!
Coffee straight trolling these NFTs. Like Keanu on the couch laughing.
He’s only trolling people believing him. You should do your own research.
@@rw7717 "You should do your own research" - Every Graduate of TikTok/Trump University.
@@rw7717 Or we can just do what you do; huff copium and shake in the fear of your sunk cost fallacy.
@@renclave Keep not doing your own research. Follower.
@@rw7717 Keep liking your own comments, loner.
I remember so many UA-camrs I followed being so hardcore about nfts and how it was going to be the next big thing, and I felt so dumb not seeing that big potential. I even purchased nft books to educate myself and seeing how it all worked. Nonetheless I never ended finishing the books and now nfts are now worthless. It’s just people being convinced by people that they should buy nfts.
Dont right click save NFT's.
(NFT's are the ugliest crap I have ever seen. Waste of computer space.)
The next big Netflix original is gonna be about an NFT heist
WARNING I am the unprettiest human YTer worldwide. Take the hint, dear mike
Just a bunch of dudes going mad on the right click 😂😂😂
XD
Please stop
And the movie happens after the burst but takes place now so the characters think they are valuable
Wow. This is an awesome discussion. Geoffrey is extremely sensible. He made me understand NFTs better and also helped me understand some the downsides of blockchain that I did not consider.
In effect, people aren't buying a work of art - they're buying a number.
Exactly. It's like grocery shopping, but instead of coming home with the groceries, the store keeps them, and you just brag about the receipt.
@@easternrebel1061 It sounds like it’s not even a purchase receipt. It’s more like a piece of paper that says “Aisle 6, bottom shelf”.
@@JohnSmith-fz1ih And they don’t even get the number/direction, they just get shown it when asked
This is clarity personified. I've been laughing at this NFT nonsense since it first appeared....Now i can laugh even harder.
what a fantastic interview. I thought I understood NFTs but man did this put things into an even more fucked up perspective
Gold
Silver
Amethyst
Lapis lazuli
platinum
Man, I didn't realize the whole "spam" inbox concept. Being able to just send a dox token is terrifying.
i wouldn't mind more of this, it was super interesting.
I'm going to start selling mining rights to undiscovered planets.
The main problem with NFT's as a way to emulate physical scarcity is that anything digital could be replicated perfectly. There is no degradation, like you have in the physical world. No two CD discs can ever be exactly identical because the CD press will have slightly more wear and tear when the next one is pressed. Also, there is no limitation of copying. When the print of 2,000 books is sold out, you can't buy book 2,001. Only 2,000 people will own a copy of the book. Sure, the book could always be re-printed, but that would incur costs that digital copying wouldn't, at least not in the same order of magnitude. You will have to put a lot of trust in the artist selling the NFT that they won't just mint ten more NFT's of the same artwork.
They were able to fool the masses that a serial number gives it rarity..
That's the point of an NFT: It tries to create scarcity artificially.
I think CD's are a bad example of the point you're trying to make, unless I'm understanding it wrong. The actual polycarbonate disc may have slight physical differences but the data contained on them are exactly the same. You can copy a CD a million times with no data loss. You can verify this by comparing hashes of the data stored on each disk. Data isn't pressed onto CD's like vinyl records.
I think they're selling a fantasy that everyone is willing to play. It''s like all those people who spend hundreds of dollars (literally) on that failed Avengers game from Crystal Dynamics, buying endless and ridiculous DLC content, many of which have serious glitches.
@@EricBentleyW also hard drives can also go through processes similar to disc rot iirc
You right clicked an NFT. I right clicked this whole video. We're not the same.
Now post it on youtube and try to monetize it
@@dundid513 Sorry pal, but your free trial on life has expired
@@calls7989, I right clicked the crack B)
No two fingers are same. Duh.
Yeah, but he right clicked an NFT, you right clicked the whole video.... I copied the video including your comment..
This whole video feels like it was explicitly made to really flesh out the points Dan Olson made in "Line Goes Up"
NFTs blowing up were basically peak greed during the 2020-2022 stock market no-one-can-lose-run. NFTs, GME, AMC, Bitcoin, Luna. All of it got real stupid and once the overall finance market turned sour in 2022. Every stupid thing that made zero sense collapsed to zero NFTs included.
The issue with the blockchain in general is that you don't get economy of scale, as more users start using it. The problem is that you get the opposite effect. The blockchain is more expensive per users, the more people that you get on it, because there are more verifications that need to be done.
Multiple transactions get pushed into a single block, so there is scaling. Not infinite scaling, but it is there. And Ethereum is experimenting with using sharding to create infinite scaling.
This adds to the issue of why crypto currency isn’t a true currency, as by its very nature it is not an effective way to ease the trading of goods and services, which is the only reason currency has value.
Right, great point! And so transactions now take hours, and lots of valuable computer time and energy is used in its maintenance.
+
@@joebrownstone6746 Same could be said of cash vs. e.g. remote payments. Hard to pay someone in cash if they're not there in person, therefore cash has no value? Any sort of inefficiency means it automatically has no value?
Only an Australian would communicate this kind of message through a shitpost
Aussies are the best shitposters
The idea of signing contracts or having important information stored on the block chain is crazy. One of the most important things about blockchain is that it’s all open. So nothing there is kept private. As long as you can identify a user, anyone can look at anyone else’s transaction history. You, me, the FBI. LITERALLY ANYONE CAN SEE IT ALL. And if you say that the users will stay anonymous and not be identified, then there’s no point in having contracts or important information stored because that could be anyone, can’t hold me to that!
Are you saying that if you sign a contract "anonymous" it doesn't have a lot of value?
@@ameunier41 Yes because contracts are by definition between people or organizations, if you don't even know who signed a contract then it's pretty pointless.
Mans was digging a hole in his backyard with his bare hands before the interview
I actually *had* to share this, this is the kind of thing people need to see to understand NFTs better. I learned stuff and (without being active in the space) I thought I had a decent grasp of what they are. Hope this helps people like it did me.
They still don't belong in video games. They just don't.
They aren’t called NFT’s in video games. They’re called skins. Those are scams too but the world has accepted that a few years ago.
Thinking this video really gave a you a grasp of the technology is like saying that you’re a legal expert who’s never been to college and your trial is against a Harvard Law School graduate.
🙄
@@dxpdigital5343 You're making yourself sound like someone who knows, so why don't you explain it to the class?
@@dxpdigital5343 bro get off your high horse
You can't steal NFTs
They are all worth nothing and therefore free.
Child
Well according to the NFT community they are super valuable but literally everyone else on earth understands it is a scam. The only people into NFTs are sociopathic scammers and gullible hype beasts.
My NFT portfolio is currently worth 20k but okay 😂
@@TraeBaldwin if you actually had capital you were secure in you wouldn't be fighting so hard to defend the idea in these comments.
@@TraeBaldwin Another Utuber put it even more simply: "why do people think when they buy an NFT they are buying the image? - because people are stupid".
That got me looking into it deeply & I'm convinced he's right.
...U can still make money like any rug, so long as you cash out before enuf ppl realise - don't get let holding the bag cos that 20K WILL go to $0 - 100% certain - it's just a case of how long people take to realise what Jeffery was trying to point out. Maybe re-watch it if u didn't follow the point he was making.
I had not even thought of the chance of Dox tokens, or uploading things without the person in the pictures consent, but those are things that you have to consider when making "progress"
This was a phenomenal explanation of some of the major issues with NFTs. Very interesting interview, I think he broke things down very well. He plainly explained things in under half an hour that took me idk how many hours to fully wrap my head around. I hope more people see this video.
It's understandable that governments or regulators might reach out to him, and I'm looking forward to what he does in the future.
Treasure maps is a great analogy.
Especially because not many people know what "pointers" are from computer programming
You are almost there Coffeezilla. An industry of tech without purpose except to exploit suckers. Digital artists can work on commissions and sell the rights to their artwork through existing legal frameworks. What do problem do NFTs solve? None.
Commissions also work under the rather simple framework that the value comes from the labor of the artist, not the art work itself. That's what NFTs get wrong, value is always created by labor, otherwise it is speculative and can always suddenly disappear if the bubble bursts. When I commission an art work from an artist I am not doing so because I expect to have sole ownership over this artwork and then treat the art work itself as being valuable, I am doing so because the artist is able to create something that I value having in this world like say a drawing of my DnD character. The reason I'm willing to pay is not inherent to the art work, it is because the artist has the skills to create something that I'm not able to so by paying them I save time. The only sort of art that is able to survive off speculative value alone is extremely famous art that gets sold at famous auction houses but that's not true of the majority of art in this world.
2.5 years later I want to see which NFTs are still around and which have scammed their way out of existence
"No, no, you just don't understand bitcoin."
=
"I seem to be failing to confuse you in the way that the shill did to me when I bought them."
the unfortunate reality is that most people will probably still not care.
"if it makes me money, why should I care?"
And that's the issue
Now you thinking like Covid Butters Chaos
They will care when the bubble burst and they’re holding the bag.
he heisted the value
what a legend
_btw since the most of the nft are stocked on normal servers (google, amazon, etc) like average jpeg , the hyperlink is actually useless because if the server crash/fails it will redirect you only on a 404 error page_
And then someone will screenshot it and turn it into an NFT
In 20 years almost every single nft will be the exact same 404 error page
@@MashZ take that! where's your non fungibility now?
All these servers of google and amazon are backed up all around the world, so if a server fails or crashes nothing happened.
If a server fails that wouldn't be a 404. You'd get server unreachable or maybe a 500 series error. 404 (or 301) would be more general link rot.
Listening to Geoffrey's comparison to timeshares made me realize what NFTs really are: another form of pyramid scheme.
When you have an empty box that does nothing, the only thing giving it value is the people trading it. Once you've run out of people to buy it, it become worthless.
I think it is a Ponzi scheme
A better example is the gold brick scam.
I have never bought or sold NFTs but I genuinely thought that if people are really selling or buying these the bitmap of image must be in the blockchain. I had no idea it was just a url in the transaction and that url was hosting the image. Yikes
Right but the URI can be stored on a decentralised server like Filecoin and the only centralisation that remains is if the owner of the contract changes the metadata, but this can be avoided if the smart contract is audited by the public
I've always worried the an unintended consequence of the blockchain is basically an unerasable history of your financial transactions. These guys have confirmed my fears. Once a wallet address gets id-ed to you, your anonymity is gone forever because your actions can be traced back to your big bang.
you could just pick up a new wallet, anonymously and get your anonymity back
@@javapoet But your new wallet will then be compromised when you transfer the contents of the old one into it - you then have to choose between having privacy, or abandoning all the contents of your wallet. Plus, there's no guarantee you'll know that someone has ID'd your wallet. You could think you're anonymous, all while someone is looking at everything you're doing.
And consider that these maniacs are implying medical records will be managed and maintained on a blockchain. There's absolutely no use case that scales.
@@ThejollyFrenchman & your new wallet isn't guaranteed to be future-proof either. Someone could always ID you later, revealing your past (i.e. current) activity
People trying to educate themselves about NFT’s : “oh wow that’s interesting! I might stay away from this one.”
People that own NFT’s: “This guy doesn’t know what the hell he’s talking about!! My NFT is gonna be worth millions you’ll see!! Think of the internet in it’s early days!!”
They even talk about that mindset in the video, and it's happening in the comments
🤣😂
Dude chill out. Everything is so new and this interview proves even more that this entire digital universe has always been a sales pitch by ppl who themselves don’t even have a fraction of the full insight to be speaking on just exactly what the actual product & its use value is.
Ppl be talking about nfts as if they know what they’re actually talking about and all they really know is one angle of its function. So basically we have an entire subculture walking around pretending they totally understand something simply to hide the fact they don’t know shit.
So all in all, stop being so arrogant as if ur intellect is superior when given this video being proof nobody actually comprehends any of it fully. All ur referencing is the most elementary mindset which essentially means ur most of the time referring to young kids who haven’t learned the hard lessons of not being able to take things on face value.
@@U2L8 Lol u mad?
@@n3uro84 I can feel the anger in that comment lol
It was so weird to hear him describe getting seen on Kanye Wests profile as if it’s a good thing. Things have really changed since this video was made.
Lol.
Incentivising the product promotion without owning it is like an MLM.
I feel like the best way to describe NFTs is that a group of people got together and decided If we all keep saying this is a real thing maybe it will turn into one
The old saying " There's a sucker born every minute" comes to mind.
Ironically that's how an awful lot of the real world works. See: money, ownership, government, etc.
The main difference is that the real world has created crude but often effective mechanisms to enforce the ideas, and people have a reason to buy in. NFT's don't have anywhere near that level of buy-in and no easy path to getting them.
The more I hear about NFTs, the less I understand
Because you aren't listening to understand
@@reallyshel 😂 yeah, sure. That must be it lol 🙄
My cousins husband went crazy over NFT's and almost convinced me to jump onboard. However, he could never explain it well enough to me and my bullshit metre was on high. Glad I trusted my gut.
more people should be willing to answer hard hitting questions with "i don't know" like this guy. good interview
This video goes so hard feel free to screen recorded it
Confirms many of my suspicions. Nft is a solution in search of a problem. I'm still not convinced block chain can accomplish its original goal of becoming a globally accepted and expected currency.
Great conversation and I look forward to what you uncover in the future. Hats off to you Mr. Zilla.
Global currency will never happens. All government wants to have control of their own money supply. It’s funny how even USDT themselves is pegged to USD..self pegged that is.
The Blockchain is a technology and not a currency
NFTs as in-game skins would be fine tho, just look at csgo.
@@typicalhog That would turn games into an online casino with extra steps. Ya buy lootboxes hoping to get a desired skin, so that you may flip it later. I've always seen buying cosmetics as donating to the devs/publisher, similar to how people support their favourite youtubers and streamers.
Not gonna lie though the prospect of making some of my money back when I quit the piece of shit game League of legends does seem like a good deal.
Blockchain isn't a currency...
the explanation of "directions to the treasure" is such a good way of putting it
So wait you're telling me the guys who use the nft they bought as a profile pic DON'T ACTUALLY HAVE THE RIGHT TO DO SO?!
I'm glad I didn't jump on the NFT stuff. Just the fact I can have someone I know just buy my NFT to inflate the price and give their money back to them in person
Haha right click goes brrr
@@yeoooo ???? There is a difference between what I said and this
@@yeoooo cause the risk is much higher is what I am saying. Personally just glad I didn't with the risk. Not saying if you did you are dumb money is money
@@yeoooo half of nfts are all just pump and dumps
@@yeoooo the irony is you probably own more when buying an NFT than a non-dividend common stock.
This is probably one of the most informative videos I've seen since I entered the space. I appreciate what you do man. 98% of the YT people are so so so so so so bad . It literally hurts my soul. Definitely adds an extra layer to the conversation
Even IF a seller contractually promises that you will own the copyright to your NFT, many of them arent even copyrightable. Current legal precedent is that automatically generated digital art cant have a copyright in the first place.
True, generated art is not copyrightable because of the lack of authorship.
17:10 as a programmer, that is probably one of the most terrifying prospects I can imagine. A single point of failure, which could pretty much destroy much of the world's economy and screw over billions-- and its based on blockchain, which means that if someone (say, a government with something to gain) put enough computing power into it, they could perform a 51% attack and literally control pretty much everything.
This is what I don’t understand; why the US government just doesn’t buy up all of the bitcoin, like literally all of that through a bunch of false CIA accounts or whatever who cares. I’ve always wondered why they do not own the entire thing. I know I would. Just buy whatever the amount of tokens are left that people are not holding.
@@ryang.5094 well, they don't really have much incentive to right now
I don't think that will particularly work with PoS verification system.
That’s only with proof of work (Bitcoin). NFT’s are on the Ethereum chain so they’re proof of stake. Either way why would any entity spend billions to amass that much computing power to perform an attack if all that hardware would be made immediately obsolete? That’s how proof of work ACTUALLY works.
As an engineer, i can tell you are a bad programmer. Don't talk about blockchain if you don't understand it. You cannot do 51% attack on most blockchain.
What I really appreciate about this man is that he's comfortable saying "I don't know"
God DAMN, This was the best interview you've done in quite awhile coffee. There so much information being provided.
What else does this dude have to say?
Plenty. See my blog (in video description)