Any Crypto Bros here? Edumacate me about NFT's please
(media.greatawakening.win)
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Okay, let's say I gave you a number.
I hold in my possession an equation which produces another number should you give me yours to process.
One is a lock, the other is a key. This is cryptography terms, thus the "crypto" name for the currency. To reverse engineer the solving of the equation takes time. That's why bitcoin farms and the like exist, because they have to process the equation backwards to receive their certificate. As more certificates are granted, the longer each certificate takes to make, so there's a point where a bitcoin will take longer than the human lifespan to authenticate, at which point, unlike our Federal Reserve, you can't just print more of the things.
This makes it good for a currency form.
There are many potential equations which process that number into the other. If we choose just one of those equations, however, then there is only one input number which produces the outcome outcome number.
If I, the rights holder to the equation, offer to certify your number, then it has a "tangible" worth because there is only one of those certificates in the world.
This is how normal crypto currency works. You are trading certificates which represent a working mathematical equation decryptions. You're allowed to do this, legally, because it counts as intellectual property. It also goes through an internet blockchain, but that's just for authenticity purposes -- to ensure you're the only holder of the certificate.
NFTs supposedly take it to the next level. Images are effectively a string of numbers and symbols which can also be used in the crypto equation. So, then, why not use those 0s and 1s and certificate an image?
And so, the blockchain backend, which represents your "ownership" of the encryption can be viewed in its original form, as a digital image.
You can trade these, just like cryptocurrency, but they just also happen to have a visual representation. If you change a single pixel, however, it also changes the 0s and 1s and you don't have the same ownership of the crypto certificate. That means, there exists a single, legitimate image for that NFT.
Which means they can be traded like cards, except unlike cards there is potentially only one of each.
This is generally how it works, and I left out a ton for the sake of "simplicity", but it's safe to just treat NFTs like a magician's deck of cards. "Pick a card, any card" and that's your card. It goes through some magic, but you have some degree of assurances by the owner of the deck there is only one of that card you picked.
If you don't trust NFT's that's fine, because you aren't obligated to trust a magician either. I don't invest in them because of that. It's fun and exciting, but ultimately all crypto, just like anything else, is only worth something if you find someone who wants it.
NFT's are "digital art". Nothing more than pixels where the block it was produced on cannot be recreated and is "unique". Kind of like a QR code. That is what they say makes it valuable.
Think about an NFT (from the NFT crowd perspective like what the Monalisa is. It was created at a specific time, by a specific person and can never be recreated again because that time and person is gone. Time here, is a block. The block would be time because that particular block address can never be accessed again.
The thing is, NFT's are a stupid scam just like most of crypto. This is some retarded bullshit Trump is playing here for 99 dollars and regardless of what few here think, the shit is getting tiresome and giving ammo to the people who portray him as a grifter.
Imagine trying to debate this with a hater who thinks he's a grifter.
I've been crypto-ing since 2017. I skipped the crazy high priced NFTs on eth. Everyone was way in the green when they came out so the bros treated it like free $ and dove in with their earnings.
Now the market is completely diluted with shit. There are some projects that held up, But Im avoiding.
There are a few projects built on xrpl that I invested in to support growth on xrpl ( Xrp network)
Versex is promising. It's a metaverse project. The NFTs you mint are avatars, weapons and other things you can use in their metaverse.
Xaliens are cool and inexpensive.
XPunks are the gold standard of NFTs on xrpl, they go for just over $2k
The advantage of these projects are there are almost no gas fees because.. Xrp.
Thanks for answering. I splurged for 2 NFT's because I'm a huge Trump fan so I figure why not, hopefully they'll sell out and generate some buzz. I guess I'll see what happens. $200 poorer, waiting for my email... probably should have done something in crypto years ago, oh well.
Is CoinBase a good cryptowallet for a total newcomer like me? Should I open an account with them?
The quick answer is yes. Coinbase is a good place to start since you are new. Its pretty user friendly.
Once you successfully transfer to coinbase, you now have a feel for it. Next start researching cold wallets. Like ledger or trezor. Once you set up coinbase you will see how easy it is to buy crypto. You dont want to keep anything you dont want to lose on any exchange.
Eventually, all your crypto should end up on your cold wallet. Ytube offers tons of how to videos.
I love Edumacate me ! .. and sorry I’m trying to figure out a TV remote ( I don’t have cable or watch TV but to put Christmas carols on ) crypto is beyond me ! There’s something called CBDT or something. I thought you all were talking about weed lol ,, I’m lost on this unfortunately!
I think I'd rather buy a trading card for $100 than a "Hunter Biden Painting" for $1 million.
Is that what NFT is ,, I’m lost whst the heck happened ! I’m on here everyday and I still miss stuff,,, and btw , you got thst right ,, I was just asking people what the heck NFT is I’m hearing all this noise
You get a "digital collectable" that you can trade like a baseball card or beanie baby or whatever. They limit it to a certain number and some are rarer than others, so you hope some crazy millionaire some day decides he has to have all of them and wants to buy your particular card. I guess they're kind of popular in Thailand (of all places.) Anyway, I'm $200 poorer now and waiting for my email, maybe the cards will sell out and somebody will want one. Who knows. I'll be the first kid on my block with a Trump Superhero NFT lol.
Got it , wow , we are certainly living in different times !
Spend $100 just to say I did it? What's the best crypto wallet? Coinbase?
Is this just a fun thing he's doing, some kind of master troll, or some sneaky behind-the-scenes master plan?
Whatever it is, the normies are gonna have a hay day. They are gonna laugh so hard and we will be the "sheep" to them because on the surface, this looks like the ultimate gift and they are gonna say we keep falling for this rich orange man who really doesn't care about us.
That and even MAGA normies are going to get tired.
Anons and Frens are tired too 😔