849
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
849 points (96.6% liked)
Technology
59666 readers
2625 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The difference is that you can't retroactively edit the block chain, and the block chain contains all the data in it.
Databases can be edited, deleted, corrupted, poorly maintained, etc.
Think of the block chain like a permanent audit log of all transactions with it.
Edit: the NFT exists as a value in the block chain as the "point of origin". As this value is carried forward, the blockchain will always point back to the original.
That's why the whole pictures thing fucked it all up and we missed out on powerful tech. It could have essentially saved lives in critical machines and made PII tracking easier.
Block chains can also be edited, deleted, corrupted.
They aren't as secure as tech bros claim. Nothing possibly can be.
Blockchains already have been hacked multiple times.
This is the Web3 you are simping for: https://web3isgoinggreat.com/
No, they can't. The article you point to mentioned stolen crypto. Crypto can be stolen if someone has the private keys to a wallet.
A block chain is algorithmically verified by members of the network.