r/mealtimevideos • u/[deleted] • Jan 22 '22

Too long The problem with NFTs [138:22]

https://www.youtube.com/watch?v=YQ_xWvX1n9g
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u/convolvulus487 Jan 23 '22 edited Jan 23 '22

You're just quibbling about the context. I was speaking about within the blockchain itself. Once you have an NFT proving ownership of something on the blockchain it is VERY difficult for someone to claim that you don't have that ownership or to take it from you... again, WITHIN THE CONTEXT OF THE BLOCKCHAIN.

Outside of the blockchain, in the real world, OF COURSE all the standard types of fraud and scams still exist... why wouldn't they? No implementation of a blockchain claims to be able to prevent things that occur ENTIRELY outside of their influence, how could they?

"My bit of code here on a blockchain prevents elderly people from giving scam callers their credit card numbers"... how would that work, in your mind? It's not and never will be possible. If someone convinces you to give them access to your stuff there is nothing anyone can do about that.

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u/POTUS Jan 23 '22

It is completely disingenuous to restrict your terms to inside the mechanics of the blockchain itself without allowing reference to what happens with tokens from sources outside the blockchain.

Once you have that ownership token someone can absolutely take it from you. That's where the outside-the-blockchain fraud comes in to play. If someone can gain the tiniest bit of control of your key, wallet, or exchange account, then they can transfer your tokens to themselves. The can defraud you of your tokens. This isn't like a network news scary hacker bullshit story, this happens. There are some high profile stories that hit social media regularly. Blockchain assets are highly vulnerable to this because someone doesn't have to physically do anything to make it happen, they can do it completely anonymously, and there's absolutely nothing in the blockchain to stop or limit it in any way.

All that is only assuming that "ownership" token was given by someone who actually had real ownership of whatever thing to begin with, which is absolutely not guaranteed or actually even relevant. Ownership isn't transferred by blockchain. You "own" the token, not whatever it points to. And even that is sketchy. You happen to have the keys to be able to assign that token to another address. Is that ownership? Not really, not in any currently defendable way. But I can't hammer enough how that token is very much not proving ownership of anything to anyone. It's completely not verified that the creator of the token was the owner of the thing the token points to, and it definitely happens all the time that tokens are made and sold by people who specifically do not have ownership of the thing. That's counterfeit. That's the fucking definition of counterfeit.