Comment on Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.

• Syrc@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Sorry, I tried to understand this Oracle Paradox you’re talking about but every explanation I found had so much jargon that it fried my brain at the third line. Do you know where can I find an ELI5?

  And yes, I get why people dislike the concept of NFTs, but mocking their value (or lack thereof) seems dumb when it’s “obtained” the same way as pretty much every other collectible.

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  • LexiMax@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

    Essentially, the NFT is “proof of ownership” only insofar as what is put into the blockchain is correct and accurately reflects reality. If you don’t validate, the blockchain is useless, and if you do validate, you don’t need a blockchain, you can just use a traditional database.

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    • Syrc@lemmy.world ⁨1⁩ ⁨year⁩ ago

      So it’s a matter of being relatively easy to scam people with it? Is it an issue only when the NFT is “made” for the first time or for every transaction too?

      I personally thought the appeal was that you can sell them as regular items, whereas if they were in a traditional database you still would’ve needed the transaction to be approved by the database itself.

      At least that’s what I figured, I know nothing of how selling an NFT works so I could be just talking out of my ass.

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      • LexiMax@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

        So it’s a matter of being relatively easy to scam people with it?

        That is merely a side-effect of one of the original sins of programmable blockchains - the fact that there is a delegation of responsibility of data management from a database administrator to whoever happens to have control of that data, and the controller can only manage that data according to the underlying code of the NFT.

        This only sounds appealing if you’ve never actually touched a database in your life. Making everybody their own database administrator is a terrible idea, and the only reason blockchains do it that way is because there’s no other sane way to write applications on a distributed, globally mutable database.

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  • Honytawk@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    en.wikipedia.org/wiki/I_know_that_I_know_nothing

    This saying is connected with the answer to a question Socrates is said to have posed to the Pythia, the Oracle of Delphi, in which the oracle stated something to the effect of “Socrates is the wisest person in Athens.”[3]

    Socrates, believing the oracle but also completely convinced that he knew nothing, was said to have concluded that nobody knew anything, and that he was only wiser than others because he was the only person who recognised his own ignorance.

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    • Syrc@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Now I’m even more confused. How does that have anything to do with NFTs?

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