this post was submitted on 09 Aug 2023
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Dank Memes

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A good reminder that NFTs are shit (sh.itjust.works)
submitted 1 year ago by CookieJarObserver@sh.itjust.works to c/dankmemes@lemmy.world
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[–] WheeGeetheCat@sh.itjust.works 3 points 1 year ago* (last edited 1 year ago) (1 children)

Its the exact same answer as 'what are the advantages of the fediverse over reddit'. Lemmy world is down right now but its not affecting me and no one can effectively DDOS the entire fediverse. Theres no spez to ruin everyones work.

Its about ownership. If banks use centralized databases, they can cheat the data and no one knows.

If you have a decentralized data, no one can cheat. No one can make changes without everyone's permission.

Its got strengths and weaknesses.

[–] Johanno@feddit.de 1 points 1 year ago (1 children)

Ok so decentralization is an advantage. And the trancparency you say.

Those two do not need a Blockchain.

[–] WheeGeetheCat@sh.itjust.works 1 points 1 year ago* (last edited 1 year ago) (1 children)

You need something to create the ledger of transactions. So far in humanity we have used humans with the authority. The problem with authority is that is corruptible, and also self-interested above all else.

A blockchain is neither.

I don't know of other alternatives besides humans or blockchain for maintaining a database of transactions. What are you suggesting instead?

[–] Johanno@feddit.de 1 points 1 year ago (1 children)

The thing is, that even if the Blockchain in theory is not corruptible there were several occasions where the old Blockchain was abandoned and a new fork was the official one suddenly. Securing the rich's money.

So a Blockchain is less secure in my opinion. If the people with the most money go to another one the old one is suddenly nothing worth anymore.

[–] WheeGeetheCat@sh.itjust.works 1 points 1 year ago

Notably bitcoin did fend this off already in the case of bitcoin cash