Crypto Sponsorship for the AFL - and now NFTs

[Chief]

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[LongBombFromOutside50]

Most of these that I have seen barely offer an improvement or significant added value on existing non blockchain solutions (just an alternative), and suffer from the same drawbacks as its use as a currency does. As a result a lot of blockchain trials barely proceed beyond the pilot stage.

In your opinion, perhaps. But the fact that millions of people are using the technology says otherwise. There are many benefits to blockchain as a tech (which people with knowledge of the space are aware of), but that's more for the cryptocurrency board and not really the purpose of this thread.

 

[Chief]

The irony from all the crypto haters is that there is no difference between crypto and the stock market.

This isn't true, by the way.

There is plenty of dodgy stuff going on but the companies you buy shares in create things. They provide goods and services. They have assets. They employ people.

In comparison cryptocurrency is nothing but a hope someone will pay you more than you paid.

I see there are banks or whoever trying to get trading funds set up. Trading of nothing based on nothing.

 

[Chief]

the fact that millions of people are using the technology says otherwise.

Millions of people worship a sky fairy, doesn't make it real.

 

[LongBombFromOutside50]

This isn't true, by the way.

There is plenty of dodgy stuff going on but the companies you buy shares in create things. They provide goods and services. They have assets. They employ people.

In comparison cryptocurrency is nothing but a hope someone will pay you more than you paid.

I see there are banks or whoever trying to get trading funds set up. Trading of nothing based on nothing.

And how is buying a stock any different?

Also note my post in this thread from earlier today pasted below:

Ethereum, as an example, earns fees for everything done on the network. Ether's price represents the forecast performance of all the applications on the ethereum platform. Just the same way that McDonald's share price represents the value of all future earnings of the company driven by burger and milkshake sales.

 

[Chief]

And how is buying a stock any different?

The bit above that explained it.

 

[Chief]

Ethereum, as an example, earns fees for everything done on the network.

Trading NFTs is the biggest application from what I can see. Do it at the wrong time and you could be paying 3 grand in fees to buy a $50 jpeg.

 

[LongBombFromOutside50]

Trading NFTs is the biggest application from what I can see.

And what about:
Stable coins, smart contracts, options, leveraged trading, synthetic asset trading, lending/borrowing, gaming, metaverse? Just to name a few of the use cases.

Do it at the wrong time and you could be paying 3 grand in fees to buy a $50 jpeg.

Never seen $3k in Eth fees. That's more than the value of one whole Eth. Maybe $30 for a transaction was when the network was congested.

 

[BIRDBRAIN]

And how is buying a stock any different?

Also note my post in this thread from earlier today pasted below:

Ethereum, as an example, earns fees for everything done on the network. Ether's price represents the forecast performance of all the applications on the ethereum platform. Just the same way that McDonald's share price represents the value of all future earnings of the company driven by burger and milkshake sales.

This always degenerates into a circular argument. The crypto haters have a premeditated position which they don't waver from, the crypto enthusiast will make a point which will be conveniently ignored and we go back to step 1. I really try my best not to participate lmao. Some people just don't like money.

 

[Rob]

And how is buying a stock any different?

Also note my post in this thread from earlier today pasted below:

Ethereum, as an example, earns fees for everything done on the network. Ether's price represents the forecast performance of all the applications on the ethereum platform. Just the same way that McDonald's share price represents the value of all future earnings of the company driven by burger and milkshake sales.

McDonalds has actual assets backing it. Assets that have a proven record of being able to generate money.

 

[Chief]

I've seen a few stories of fees in the thousands:

Ethereum gas fee over $2,000 during market meltdown

Ethereum fees surged to record highs caused by the recent cryptocurrency market downturn, with users paying more than $2,000 to execute transactions

nairametrics.com

ETH gas price surges as Yuga Labs cashes in $300M selling Otherside NFTs

The minting mechanics set by Yuga Labs envisioned the sale of NFTs in phases while anticipating a momentary rise in gas prices.

cointelegraph.com

 

[LongBombFromOutside50]

This always degenerates into a circular argument. The crypto haters have a premeditated position which they don't waver from, the crypto enthusiast will make a point which will be conveniently ignored and we go back to step 1. I really try my best not to participate lmao. Some people just don't like money.

You're right. On that note I think I'll quietly see myself out of this thread.

What's the bet we'll see many of the crypto haters in this thread in the Cryptocurrency thread in the Crypto board during the next bull run after they've fOMO'ed into the space near the top?

 

[Chief]

The crypto haters

"Realists". "Unconvinced".

Most skeptics are open to the idea of there being a use for crypto tokens that solves a problem better than existing solutions.

They seem to be just stuff made up to shuffle money up the pyramid.

I don't know what flash loans actually facilitate.

Smart contracts seem to be very insecure, not doing anything that can't already be done. I'm sure there has to be something.

"Gaming and meta verse" - again these seem to be just a gimmick. What's the AFL going to do with them? They claim this will be a part of their NFT crap. Nothing that can't be done with a credit card.

Has anyone done any thing with this VR metaverse stuff? Not that I can see. It looks like the flower in the airplane game.

Airplane game - Wikipedia

en.m.wikipedia.org

 

[RonnieRaven]

Millions of people worship a sky fairy, doesn't make it real.

millions of people also use heroin.
Must be a path to a great life?!

 

[RonnieRaven]

"Realists". "Unconvinced".

Most skeptics are open to the idea of there being a use for crypto tokens that solves a problem better than existing solutions.

They seem to be just stuff made up to shuffle money up the pyramid.

I don't know what flash loans actually facilitate.

Smart contracts seem to be very insecure, not doing anything that can't already be done. I'm sure there has to be something.

"Gaming and meta verse" - again these seem to be just a gimmick. What's the AFL going to do with them? They claim this will be a part of their NFT crap. Nothing that can't be done with a credit card.

Has anyone done any thing with this VR metaverse stuff? Not that I can see. It looks like the flower in the airplane game.

Airplane game - Wikipedia

en.m.wikipedia.org

Thanks chief for bringing in some facts.
I share the same view but don’t know my way around in the tech space.
I can’t believe the afl is going down this path.
They’ve got away so far with there gambling crap and a doubling down with this crap.
I’m not worried about my family but there’s so many families scraping through looking for a golden ticket to get them out of living week for week.
They are in danger.

 

[LongBombFromOutside50]

Wasn't planning to post in here again, but if it's for the purpose of making people more comfortable about a sponsorship with the game we all love, then that's probably a good reason to:

"Realists". "Unconvinced".

Most skeptics are open to the idea of there being a use for crypto tokens that solves a problem better than existing solutions.

They seem to be just stuff made up to shuffle money up the pyramid.

Let's be honest Chief. You've been narrow minded about the space for years, and no amount of logic or reason will ever change your pre-conceived beliefs now (either that or you're secretly buying bitcoin all these years like Peter Schiff).

I could write a quick post to answer all of your points below and share how many of the protocols are better than existing traditional solutions, and you'll still be calling the space a scam.

I don't know what flash loans actually facilitate.

AAVE - a decentralised lending/borrowing platform built on Ethereum. Traditional option is to go to the bank for a loan, where if you didn't realise, the interest you pay is used to pay for... the Aston Martins of senior executives, and salaries of employees (none of which are needed for a decentralised platform).

SNX - a synthetic asset issuance protocol built on Ethereum. Traditional option is to go through a trading house, where fees are higher, you'll need to go through KYC, you'll need to go through more regulation, can only trade during business hours, and settlement will take a couple of days (compared to instant on SNX)

Both of these platforms have over $1B in total value locked and tens of millions of dollars of volume traded daily (edit).

Smart contracts seem to be very insecure, not doing anything that can't already be done. I'm sure there has to be something.

No other self executing smart contract platforms are scalable, secure and decentralised, apart from L1 blockchains

"Gaming and meta verse" - again these seem to be just a gimmick. What's the AFL going to do with them? They claim this will be a part of their NFT crap. Nothing that can't be done with a credit card.

Gaming - Axie infinity (again built on Ethereum) has over 8m total players and over 1m daily active players (mostly in third world countries such as the Phillipines). Playing this game allows the players to earn in game tokens which can be used to purchase in game assets or sold for fiat currency. It has proven to be a means for players in third world countries to live and earn a source of income more than they can anywhere else. These games aren't going anywhere and will be around in 5-10 years time (though they may look different).

Has anyone done any thing with this VR metaverse stuff? Not that I can see. It looks like the flower in the airplane game.

Airplane game - Wikipedia

en.m.wikipedia.org

They sure have. Just a few companies that have bought land in the metaverse: JP Morgan, Gucci, PWC, Nike, Atari, Gucci (there are many more). Accenture and McKinsey have already built their own metaverse world, already hosting client meetings with plans to onboard new joiners there. One area has a virtual cage and another has a virtual replica of the NY office. Their rationale is that it a creates a more personal experience.

 

[LongBombFromOutside50]

McDonalds has actual assets backing it. Assets that have a proven record of being able to generate money.

Huh?

How's a protocol like Ethereum not an asset? It's a platform which earns fees from the thousands of applications built on the protocol (a point conveniently ignored by Mr Chief in all of his responses)

And here's the total daily fees generated on Ethereum:

Crypto Research, Data, and Tools

Gain an edge over the crypto market with professional grade data, tools, and research.

messari.io

 

[Rob]

Huh?

How's a protocol like Ethereum not an asset? It's a platform which earns fees from the thousands of applications built on the protocol (a point conveniently ignored by Mr Chief in all of his responses)

And here's the total daily fees generated on Ethereum:

Crypto Research, Data, and Tools

Gain an edge over the crypto market with professional grade data, tools, and research.

messari.io

I didn't say it wasn't an asset, I said McDonald's is backed by assets, whereas crypto generally isn't, with some exceptions.

 

[Chief]

It's a platform which earns fees from the thousands of applications built on the protocol (a point conveniently ignored by Mr Chief in all of his responses)

I haven't ignored it.

Look at the fees: the bulk are from NFTs. Which are flim-flam.

Happy to be proven wrong, is there a break up of fee sources there?

The processing of transactions is environmentally damaging.

Getting money out of the system requires people to put cash in. Aka a Ponzi scheme.

The system is rife with theft, money laundering and the like.

Again: I'm not arguing people don't make money from it.

 

[Dark24]

Huh?

How's a protocol like Ethereum not an asset? It's a platform which earns fees from the thousands of applications built on the protocol (a point conveniently ignored by Mr Chief in all of his responses)

And here's the total daily fees generated on Ethereum:

Crypto Research, Data, and Tools

Gain an edge over the crypto market with professional grade data, tools, and research.

messari.io

Poster clearly has no comprehension of a digital asset. The DEFI apps currently running on Ethereum completely dismantle the argument. Let alone the play to earn NFTs etc.

Most posters in this thread showing their age and know nothing about the space.

 

[Chief]

Let alone the play to earn NFTs etc.

Which play to earns are actually working properly? I think one of them lost hundreds of millions to theft didn't they?

 

[LongBombFromOutside50]

I haven't ignored it.

Look at the fees: the bulk are from NFTs. Which are flim-flam.

Happy to be proven wrong, is there a break up of fee sources there?

Not that I've seen. It would indeed be interesting to see a break down.
Regardless though, even IF NFTs are the main source of fees, I think you'll find the use cases of NFTs will evolve rapidly over the next 10 years. Digital assets are here to stay and won't just be confined to collectibles and art, it wouldn't surprise me if ownership of sports/concert tickets are verified through NFTs for example.

The processing of transactions is environmentally damaging.

Not true. This only applies to proof of work blockchains (i.e. only bitcoin). Proof of stake chains are not damaging to the environment.
Plus since all bitcoin mining was banned in China last year, 59% of bitcoin is now mined with clean energy (ref Bitcoin mining council's latest report).

Getting money out of the system requires people to put cash in. Aka a Ponzi scheme.

The system is rife with theft, money laundering and the like.

Again: I'm not arguing people don't make money from it.

Up until 2013 maybe. Since then, this has been debunked over and over and the use cases of crypto and blockchain as a whole have evolved (as I pointed out earlier). Could only find info from 2019, which states that a mere 0.5% of bitcoin transactions were used for the dark web.

I'd imagine this would be much much lower now.

 

[Chief]

This only applies to proof of work blockchains (i.e. only bitcoin).

I'll look at the rest later but isn't Eth proof of work?

 

[LongBombFromOutside50]

I'll look at the rest later but isn't Eth proof of work?

Will be transitioning from proof of work to proof of stake this year some time (not sure of the exact date)

 

[Chief]

Will be transitioning from proof of work to proof of stake this year some time (not sure of the exact date)

OK - so it's proof of work.

 

[Chief]

Could only find info from 2019, which states that a mere 0.5% of bitcoin transactions were used for the dark web.

How do they know?