Explanation please.

[Maggot]

Re: Metaverse. It sounds like you buy some sort of token in order to play a game, then build make believe stuff in a make believe (digital) world, and somehow end up making money off it.

Do you get a small portion of each new person who buys a token then spends it at your make believe place?

Enlighten an old geezer.

A millennial NFT investor made nearly $100,000 in 6 ... - Reddit​

https://www.reddit.com › comments › rjwdqt › a_mille...



4 hours ago — A millennial NFT investor made nearly $100,000 in 6 months with a virtual car repair shop and a bank in a gaming metaverse that isn't even ...

 

[W54/XM-388]

That one sounds more like a pyramid scheme designed to sucker people in with hopes of getting rich quick.

It's interesting how folks are all thinking this is something new.
I've been doing the "metaverse" thing since 2007 or longer.
Full featured immersive worlds that you can build, control and interact in, (including making money in) have been around for a very long time.

 

[pmclaine]

The people that invented the Metaverse have been in long term relationships with their Metaverse hand.

When real life is too much.....invent a fanatsy.

 

[roostercogburn98]

Metaverse is a Facebook relative started by fuckerberg himself. They’ve already made national news by stealing some ladies online id a while back. Thieves getting richer is what this is about.

 

[rtB]

30% for the big guy, c'mon man. In this case the big guy is alien man.

And btw, there were Chinese farmers in World of Warcraft 20 years ago selling virtual swords and stuff for real world dollars, so nothing new.

 

[kenny1773]

Here is my explanation, just when you think people have reached the height of stupidity, someone finds a way to be even more stupid. I am not talking about the kid making money, I am talking about whatever idiots are paying a virtual garage to repair a virtual car

 

[DarnYankeeUSMC]

Virtual art is selling for real world dollars. You can buy partial shares for it or own the whole thing. Except that you can not hang it on the wall, hold it in your hand or show it to your friends.

What's that line? A fool and his money

 

[GreenGO Juan]

South park covered this years ago.

Facebook is world wide but it was free for the user. The money came from marketing. Now that Governments are coming at Facebook with regulations its becoming less profitable. So the designed meta, to make $$$

 

[Llatikcuf]

30% for the big guy, c'mon man. In this case the big guy is alien man.

And btw, there were Chinese farmers in World of Warcraft 20 years ago selling virtual swords and stuff for real world dollars, so nothing new.

A guy I used to work with spent about two years building up a character on World of Warcraft, sold it to a Japanese guy for $20,000. This was like five years ago.

 

[HeavyAssault]

For one the article mentions: The car repair shop cost Doyle $23,000 and the bank cost $3,500, he said.

So he's made an "investment" that returned roughly 300%??? In 6 months???

 

[RGStory]

South park covered this years ago.

Facebook is world wide but it was free for the user. The money came from marketing. Now that Governments are coming at Facebook with regulations its becoming less profitable. So the designed meta, to make $$$

Facebook was never "free".
Neither was Google.

The cost to you was your personal identity and information. The service they provided was the means to harvest the value.

You are not their customer. You were simply unaware that you are the product being sold.

Calling their services "free" is like telling cattle the grain they are given by the rancher is without cost.
Or telling the wheat and corn crop in the field that the fertilizer, water and land to grow on, is given by the farmer for "free".

It is not.

 

[Lowlight]

Watch Ready Player One ...

It explains it all

 

[theLBC]

 

[TexPatriot]

Not sure how that works. Only tokens I buy are on Chaturebate.

 

[carbonbased]

Not saying the Metaverse/FB thing requires eye goggles, as I don’t know, but here’s my iron law of consumer-level tech…

Any entertainment (non-medical) device/system that requires you to put something on your face will fail

Remember 3D anything, people? 3D movies have been tried forever (from the 1950s on!), 3D TV, etc. all dead. Companies keep on trying it (and failing) because it’s seen as a way to sell more stuff, but people simply don’t want crap on their face. The definition of insanity.

We’ll see if glasses-free 3D gains acceptance. I see it as a solution without a problem.

A couple of years ago, despite my “iron law” sermon, my kid bought an Oculus from facecrook and he hated it. Headaches, dizziness, looking stupid…sold it. Remember the Nintendo Virtual Boy? Neither do I. Their newer attempt is a failure too.

Google Glass, anyone? Ever see a pair of Snapchat Spectacles? Ray-Ban Stories are from Facebook, and they come the closest to possibly succeeding because they are actual effing sunglasses.

But seriouly guys, what do you think you’ll feel when you run into someone with a pair of these? It’s like talking to some putz that is holding up their phone and recording you the whole time. I imagine a woman would feel very creeped out. I would have the irresistible urge to punch them in the dick.

The “but-shit-on-your-face-is-soooo-cool” tech sci-fi crowd just keeps on trying. It’s like fusion power plants, where the standard joke is something like, “Practical fusion power generation has been 30 years away for 50 years.”

Excuses for failure typical center around cost, tech failures, etc. But it’s the stuff on one’s face, man. That’s the problem.

The one exception I see is for porn. Used in the comfort of your bedroom, if someone makes a cap that interfaces with your brain (á la Dazed & Confused) that puts you in (or involved in) a porn scene, well…

Fuck. It’ll still fail because your wife (or mom) will find it and throw it out lolol

 

[Maggot]

I wonder how much a Meta whorehouse with 6 hot Meta hookers would run me? You could work them 24/7.

 

[GrumpyOleFart]

Spend your real money on real firearms and shiny things.

 

[W54/XM-388]

I wonder how much a Meta whorehouse with 6 hot Meta hookers would run me? You could work them 24/7.

If you want to know, I'll tell you because I know from watching how is goes down.
To actually make money from like real humans, you will have to hire actual people to do the sex work, at least until you can pay for really good machine learning to make it believable, at which point the value will drop hugely because everybody will be trying to do the same thing and excess supply of a mediocre product leads to crashing prices.

Your human workers will realise they can just go into business for themselves and keep all the money and as soon as they get any good, they will go do it for themselves and make plenty of money at it and leave you behind.

Virtual sex work in virtual worlds is a big thing that makes real money and has been going on for a long time.
Basically OnlyFans but with a Virtual World added in.

 

[HeavyAssault]

Not sure how that works. Only tokens I buy are on Chaturebate.

And you are a cheap bastard ........from a friend.

 

[HeavyAssault]

BTW...the below is part of a NFT collection which has 4 total images to it. Only $19,479,200....

 

[NiteQwill]

NFTs are here to stay. It's a genius way to hold money.

Bitcoin was also strange several years ago. Many laughed at my friend/colleague for buying 200 BTC and "wasting his money." Well today, a mansion later, a whole lot of guns, and easy vacationing... We all were the ones getting laughed at.

 

[HeavyAssault]

Can't NFTs be used for physical items as well?? In a sense to help claim the authenticity of the item. Like all those baseball cards, autographs, etc etc etc???

 

[NiteQwill]

Can't NFTs be used for physical items as well?? In a sense to help claim the authenticity of the item. Like all those baseball cards, autographs, etc etc etc???

Yes, that's the cool thing of using the Ethereum Blockchain. Legit ownership of art, collectibles, etc is what makes it legit.

 

[HeavyAssault]

Yes, that's the cool thing of using the Ethereum Blockchain. Legit ownership of art, collectibles, etc is what makes it legit.

I just found that answer on OPENSAEA. Holy cow....I'll just stay quiet with my next statement.

 

[Maggot]

BTW...the below is part of a NFT collection which has 4 total images to it. Only $19,479,200....

So wheres the value. I just copy/saved it in case I want to see it again, which I wont, so how is it worth 19 Million?

But then I still use vacuum tubes so this may be well beyond my scope.

 

[NiteQwill]

So wheres the value. I just copy/saved it in case I want to see it again, which I wont, so how is it worth 19 Million?

But then I still use vacuum tubes so this may be well beyond my scope.

Because your copy and paste isn't linked to legit ownership - it's worth $0 in your possession. The value is in one who will pay it. This is simply not about art or some stupid graphic online. This can be linked to other items, as well.

Don't ignore the fact that Blockchain is being adapted by major financial institutions...

Blockchain Facts: What Is It, How It Works, and How It Can Be Used

A blockchain is a digitally distributed, decentralized, public ledger that exists across a network. It is most noteworthy in its use with cryptocurrencies and NFTs.

www.investopedia.com

 

[HeavyAssault]

So wheres the value. I just copy/saved it in case I want to see it again, which I wont, so how is it worth 19 Million?

But then I still use vacuum tubes so this may be well beyond my scope.

I'm thinking it's about copyright and use as well as "collectable art" of sorts. Not to mention the above I posted is just a small portion of what NFTs are all about.

Maybe thinking of it as a digital title to your car. No where in USA would you be able to use a picture of your vehicle title. With your vehicle title as an NFT you could sell the car, transfer the NFT, thus transfer ownership.

 

[NiteQwill]

Exactly. Car, home, etc titles are probably the next thing to make this mainstream. It may be already happening....

 

[HeavyAssault]

Home titles would be a big one. Half the stuff to buying property or a home is all electronic now anyway.

 

[Milf Dots]

The same wingnuts line up to buy $9,000 sex dolls.

 

[Maggot]

Home titles would be a big one. Half the stuff to buying property or a home is all electronic now anyway.

Wasnt there a story not long abo about Australia or NZ going to no physical title for you real estate?

What could go wrong?

 

[NiteQwill]

Wasnt there a story not long abo about Australia or NZ going to no physical title for you real estate?

What could go wrong?

What's wrong with that? Or do you not understand the concept of a blockchain?

 

[HeavyAssault]

Wasnt there a story not long abo about Australia or NZ going to no physical title for you real estate?

What could go wrong?

I'm pretty sure that's the point of blockchain. It's the naming convention as well....crypto.....hence cryptology.....hence encryption...hence an algorithm of such complex nature to "crack" it would require 100's of year to perform.

Don't confuse the news reports of "hacked crypto accounts" as people hacked the encryption. They hacked the user name and passwords most often.

 

[Maggot]

What's wrong with that? Or do you not understand the concept of a blockchain?

LOL, honestly, no I dont. Like I said above Im still using vacuum tubes.

What I see, potentially wrong , is that with no paper title, one keyboard swipe and somebody else owns your home.

I reckon, there would be a record somewhere in digital land but I just want something on paper with my X on the line. I make a nice X.

 

[NiteQwill]

LOL, honestly, no I dont. Like I said above Im still using vacuum tubes.

What I see, potentially wrong , is that with no paper title, one keyboard swipe and somebody else owns your home.

I reckon, there would be a record somewhere in digital land but I just want something on paper with my X on the line. I make a nice X.

What you just stated is literally why a blockchain is superior to any physical copy. The digital copy is literally everywhere and held by everyone... But only you are the owner. A keyboard swipe is not how it is transferred.

 

[GreenGO Juan]

Facebook was never "free".
Neither was Google.

The cost to you was your personal identity and information. The service they provided was the means to harvest the value.

You are not their customer. You were simply unaware that you are the product being sold.

Calling their services "free" is like telling cattle the grain they are given by the rancher is without cost.
Or telling the wheat and corn crop in the field that the fertilizer, water and land to grow on, is given by the farmer for "free".

It is not.

Good point on the data harvesting, agree 100%. My thinking was geared towards monitory input, there was not a fee to use the service. Its what you put into it.

 

[alamo5000]

I recall the days when a whatever dot com would have absolutely zero earnings but would have a $100 share price that was going up 100% every six months.

If you exit the game of musical chairs at the right time you will be set for life.

 

[kenny1773]

The same buyers line up to buy $9,000 sex dolls.

You know why sex dolls are worth $9000?

They can't speak

 

[Sako man]

The new economy is going to be rocky and strange, few will have solid footing. As government puts the squeeze on people more and more, like the PayPal and Zelle $600 tax reporting structure starting in Jan 2022, the more people will rebel with their money. Parallel economies will emerge. The dollar is inflating and the era of "you will own nothing, and be happy!" is upon us. On one side I see crypto currency's, and on the other hand I see bananas, bullets, and gold.

The proveyers of Chaos are here, and they mean to strip you of your clothes if you will let them.

 

[Rthur]

Blockchain etc will not be safe from the real criminals, governments.
Given time and desire they'll have it also.

R

 

[NoDopes]

Vax pass on the block chain for the win.

Make more ammo.

 

[RGStory]

Exactly. Car, home, etc titles are probably the next thing to make this mainstream. It may be already happening....

A few kinks to work out.

Imagine someone dies without a will. So you petition the court to appoint an administrator and initiate intestate probate proceedings to obtain legal marketable ownership of the property.

The court proceedings end and a court order is issued declaring everyone's fair share and the order is admitted into the record.... Great!

Then someone asks... "Who has the digital key to effectuate the transfer?"

Converting title record to NFT's is a great idea, as it will bypass title insurance costs, title examination costs and transfer fees... however... the existing laws are simply not written to support a conversion of title to being held as NFT's.

 

[Maggot]

Blockchain etc will not be safe from the real criminals, governments.
Given time and desire they'll have it also.

R

They are relentless bastards, all of them.

 

[SilentStalkr]

What's wrong with that? Or do you not understand the concept of a blockchain?

Blockchain etc will not be safe from the real criminals, governments.
Given time and desire they'll have it also.

R

I think this was kind of @Maggot point. This concept imo is dangerous because once they institute their social system I can totally see those in control of such things just hijacking your ownership of something. How does one decipher the blockchain to determine who actually owns what? Admittedly, I have no idea how this crap works either. Nor do I onow why anyone would want to buy that digital art above for $19,000,000. It’s only worth what someone is willing to give you for it and for me the value is being able to own it and look at it. I could care less what someone else thinks of it. Doesn’t matter if it’s a Van Gogh or that thing above. As long as I can see it and look at it by doing what Maggot did then why would I want to spend $19,000,000 on it? I can’t do anything with it then look at it anyways. Someone explain this crap to the dummies.

 

[NiteQwill]

I think this was kind of @Maggot point. This concept imo is dangerous because once they institute their social system I can totally see those in control of such things just hijacking your ownership of something. How does one decipher the blockchain to determine who actually owns what? Admittedly, I have no idea how this crap works either. Nor do I onow why anyone would want to buy that digital art above for $19,000,000. It’s only worth what someone is willing to give you for it and for me the value is being able to own it and look at it. I could care less what someone else thinks of it. Doesn’t matter if it’s a Van Gogh or that thing above. As long as I can see it and look at it by doing what Maggot did then why would I want to spend $19,000,000 on it? I can’t do anything with it then look at it anyways. Someone explain this crap to the dummies.

Blockchains are decentralized for every reason you are worried about. Why do you think governments hate crypto? No one can decrypt anything except for the one who holds the key. The ledger on a blockchain is public, therefore anyone can see who owns something, when it was transfered, and it's unique association (which is anonymous because it's not associated with a name).

That is a very, very basic way of explaining it. I suggest the site that I linked above to give a slightly better explanation.

 

[NiteQwill]

A few kinks to work out.

Imagine someone dies without a will. So you petition the court to appoint an administrator and initiate intestate probate proceedings to obtain legal marketable ownership of the property.

The court proceedings end and a court order is issued declaring everyone's fair share and the order is admitted into the record.... Great!

Then someone asks... "Who has the digital key to effectuate the transfer?"

Converting title record to NFT's is a great idea, as it will bypass title insurance costs, title examination costs and transfer fees... however... the existing laws are simply not written to support a conversion of title to being held as NFT's.

Cold storage.

 

[CxAgent]

If it has not been said already I will say it. For the most part it is money laundering. Not much different that some crackhead selling art.

 

[SilentStalkr]

If it has not been said already I will say it. For the most part it is money laundering. Not much different that some crackhead selling art.

Kind of what I was thinking...

 

[HeavyAssault]

like the PayPal and Zelle $600 tax reporting structure starting in Jan 2022

Last I heard that was thrown out.

 

[RGStory]

If it has not been said already I will say it. For the most part it is money laundering. Not much different that some crackhead selling art.

Crackheads, hedgefund managers and elected politicians have all been documented using art as a medium of storing and exchanging value.

I will applaud any monetary exchange system that liberates the users from government control and oversight. Especially in the age where asset seizure without due process has become standard procedure for many municipalities. Indirect tax through currency inflation by the central bank being another example among many.

That criminals use alternate currency is as concerning to me as the notion that criminals also use cash currency. Which is not at all.