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I value this meme at eleventy billion and won't take a cent less (lemmy.world)

submitted 1 year ago by [email protected] to c/[email protected]

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[–] [email protected] 3 points 1 year ago (1 children)

Every single one of the examples you gave relies on some single centralized authority to give it value. Passports and licences are meaningless without a government. Tickets rely on the venue.

I have not heard anyone mention any application for NFTs that would work better than a database run by the agency that is required to give the document value.

Blockchain is a solution in search of a problem.

[–] [email protected] 3 points 1 year ago* (last edited 1 year ago)

The problem IS the centralized authority. Can you forever trust a government to not artificially inflate or deflate the value of a currency? The whole point was to have a system with no single authority. No single point of failure.

It is, however, not perfect. The volatility, limited number of transacrions per second , and reliance on an incredible amount of energy expense were the largest of these when the original bitcoin concept was created. Some of these issues have solutions, but its still an evolving technology.