NFT

DRosado20

You see as bullish that someone bought something and tokenized it? Boy the NFT craze a couple of years ago would have blown your mind.

Awkward_Potential_

Yeah. If this industry allows people to slide on doxing for bullshit NFT projects we should absolutely let all privacy projects slide.

Icy-Fee-361

People made too much money than what they knew what to do with last bullrun. It led people to spend massive amounts of money on Bored Apes cus it was new and cool to get NFT’s. I think the market is much smarter this cycle. I don’t think Bored Apes will ever be worth as much as they once were at their peak. I could be wrong.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

DrinkMoreCodeMore

Sorry, this is a reddit exclusive NFT!

koh_kun

Is this an NFT I can purchase somewhere?

No_Investigator3369

First step in many steps of NFT's. I don't see the artwork value, but I do see value in storing public docs on a block chain.

Visible_Ad672

Means if you bought BRC-20 tokens, then you are going to have a bad time because these are made to replace BRC-20. Every NFT project I have seen is somehow centralized and one person can decide close it or rug-pull it.

Visible_Ad672

>DO NOT ENGAGE WITH ANY AIRDROPPED NFT It would be much nicer if there existed a contract translator that said to me - "What you are about to sign means he will have full control of all of your funds, are you sure you want to sign that?". If there is only 1% of NFT users who understand what they are doing that is a big red flag to me.

Tarskin_Tarscales

It's an ordinal (BTC NFT) that uses th UTXO model.

HSuke

I think he just means to test using it. Do some transfers, swaps, mint a free NFT. Basic stuff just to get an idea of how the blockchain it's wallet clients work.

Emergency_Bother9837

Falling for NFT scams is like falling for Nigerian prince scams.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

RedLegGI

I read NFT and through it was just the whole industry as is.

coinfeeds-bot

tldr; Arkham Intelligence reports that millions of dollars in crypto assets are unclaimed in DeFi bridge contracts. Notable cases include the owner of thomasg.eth with $800,000 unclaimed, Bofur Capital with $1.8 million, an NFT collector with $117,000, and a wallet linked to Vitalik Buterin with over $1 million unclaimed. Additionally, Coinbase has $75,000 unclaimed in the Optimism bridge. These assets have been left in the contracts for periods ranging from five months to over two years. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

5DollarsInTheWoods

I don't understand the fixation with air drops or NFT freebies. Is it like gambling? Couldn't all these interactions be done from an empty hot wallet? Why use the wallet with all your life savings in it?

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

SulkyVirus

I have like 6 of those free NFT 5000 USDT scams sitting on my page now. Is there a way to get rid of them or delete them without interacting with them in any compromising way?

jawni

That is the exact same strategy that people used during the NFT craze.

lurker512879

so i guess NFT's don't work like other coins, you gotta click on them to do something?

RandoStonian

Just wait a little while. Prices are goofy high largely because of a NFT-type rush that's happening in the short term. Wait a week or two, and odds are good prices will be back to the < $1 to send range.

you_cant_see_me2050

Man, that's a tough break. Losing $970K in a Ledger NFT scam is no joke. It's scary how these scammers can target unsuspecting victims. It's a good heads-up about being careful with unsolicited NFTs. Seems like the scammer was playing dirty, dropping those malicious NFTs and luring folks with promises of free money. Never engage with those airdrops and definitely, absolutely, under no circumstances, share your seed phrase. Scammers are always cooking up new tricks.

DoggyPerson2015

I think my NFT feet concept sounds way better

osckr

I saw at least 20 "NFT airdrops" last time I checked my Ledger, I guess it's a widespread thing

smallinvests

Its a little crazy how its like a wild west and there seems to be a void in educational content that keeps people away from scams. I get the feeling most crypto are scams and am now only interested in bitcoin. The shit coins and NFT markets are too scammy..

ChaoticTable

I don't understand why we need a detailed thread about the most common types of scamming there are. My wallets are full of those scam NFTs. Also, "engaging" with the NFT does fuck all. You don't get magically hacked. People just go to the malicious website, connect their wallets, and then approve a malicious transaction. Like you got to mess up in multiple levels to get scammed like that. You can send or burn those NFTs just fine, they are just NFTs. Threads like these are like telling people "if you don't want to get your house robbed, don't give your keys to strangers". Like no shit.

Hot-Luck-3228

Reminds me of Yugioh. Pegasus minted Yugi’s grandpa as an NFT…

gotiobg

I have gotten airdropped some phishing scam NFT's, they always look so comical that I chuckle a bit at it, and move on

LuganoSatoshi

you say the seed phrase was compromised BUT reality is if it was a NFT scam as you mention in the title, you need to interact with the Ledger NfTs that are scams for this to happen. because if they interacted it was a human error. you can ignore these crap nfts scams. could you clarify this?

btc_clueless

I am sorry, but those 970k aren't lost. They are just in different hands now and I am sure their new owner appreciates them very much. Indeed the were the informal tuition fee of the NFT-noob online academy. Thanks everyone for playing.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by a deleted user. > ####**Anti-NFT backlash** > > By now, we need accept that most communities, especially the technology and gaming communities, absolutely hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs. > > There are literally subs banning users for having a reddit avatar NFT (like the 196 subreddit) even though they were given away freely. Gaming companies like [Ubisoft were absolutely vilified](https://arstechnica.com/gaming/2022/04/ubisofts-first-nft-experiment-was-a-dumpster-fire/) when they mentioned exploring NFTs in future games. [EA had to backtrack](https://www.protocol.com/bulletins/ea-ceo-nfts-blockchain-backtrack) after their own high-profile backlash. Gamers in particular hate Pay-to-Win and Pay-to-Earn systems, which are commonly used in the design scheme for NFT-based games. > > **It's risky for companies to endorse NFTs when their customers are going out of the way to avoid them.** NFTs will likely remain a very niche product for the near future. > > ####**Does not provide direct ownership** > > NFTs are records of transactions and don't provide direct ownership. They can hold metadata, which are often just glorified links and pointers to other sources. For example, an NFT could point to the URI of an image. **But there's nothing preventing others from creating new NFTs that point to the same image. Owning the NFT does not mean you own the referenced image.** It's up to the people, communities, and front-end services involved with the NFT to recognize that the NFT represents ownership of the object it links to. > > Similarly, NFTs that point to real objects like property also have to work within the confines of the regulatory system. If the regulatory system does recognize the the NFT, then trading that NFT doesn't transfer actual property rights. In that situation, the NFT becomes an unnecessary extra step. > > There are many [stolen artwork](https://www.theverge.com/2022/5/17/23077174/deviantart-protect-nft-crypto-stolen-art-blockchain-detection) that get created as NFTs. Many projects like Bored Apes have near-identical copycats of each other. For example, the official collection of MetaWaifus is on Solana, but there are 4 other (likely stolen) collections on Polygon's PoS network sold through Opensea that are duplicates of the original. Centralized marketplaces have to spend effort blocking stolen work, and it's a complicated game of whack-a-mole. > > ####**Uses centralized front-end services** > > NFTs require front-end services to provide an interface for customers. For example, games could easily cost 10s to 100s of millions of dollars and take many years to develop. **If the centralized front-end platform goes down or chooses to no longer recognize the NFTs, it could be cost-prohibitive and time-prohibitive for the community to rebuild it.** If that happens, the NFT will become worthless. Intellectual Property rights could also prevent the objects represented by the NFTs to be re-established without considerably changing how they look or work. > > ####**Reliant on blockchains** > > NFTs are stored on blockchains, so they carry all the risks and downsides to using them. **NFTs are at risk of theft, hacks, bugs, and user errors.** If you lose access to an NFT, there is no undo button or recovery system--it's permanently lost. Users will need to become familiar with a complex system of wallets, gas tokens, safety, and will shoulder the risk of owning NFTs. > > **Networks also can have high transaction and smart contract fees** for minting and transferring the NFTs. For example, BAYC NFT's Otherside sale brought in $253M of revenue, but cost $181M in Ethereum gas fees [[Source](https://qz.com/2161193/bored-ape-yacht-clubs-nfts-cost-181-million-in-gas-fees/)]. Even on the very-cheap Polygon PoS network, it cost 0.1-0.2 cents to mint a reddit NFT. They're cheap individually, but if you need to mint and transfer millions of these for the 400M+ monthly active redditors, the costs quickly add up. > > **Most blockchains are very storage-limited**, so the objects that the NFTs represent are often stored off-chain either on centralized databases or on IPFS, leading to the additional risk of dead links. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

#NFT Pro-Arguments Below is a NFT pro-argument written by Nostalg33k. > # NFT, the tech that will change the world. > > &#x200B; > > Welcome to this small presentation that will try to explain how NFT is a world changing technology. First of all, I won't discuss the application for the art world because I can't fathom writing an argument trying to defend absurdities and JPEG worth millions. If you want to read my take on this trend, read my con-argument (if I write one). > > &#x200B; > > NFT technology promises to be game changing for multiple reasons. We are going to tackle three main aspects of NFT. The first will be IP and property related. The second will be about exchangeable virtual assets. And the last will be about virtual ID, and administrative documents. > > &#x200B; > > # NFTs and property: the future of property management. > > This argument is an attempt to show how the use-cases of NFTs can improve the world. I don't know if a company is doing what I suggest and I don't have the ability to sell this idea or whatever so you can grab it and develop it. This is clearly what will happen and everyone should be preparing for it: The great migration of property management. > > &#x200B; > > Nowadays, to find who owns which property you need to search for it on a database, often parts of these databases are not online and you need to go to the Town hall or Town archives to find outdated data about someone who died and then search for eventual kids. Lost property through time and administrative black holes are a pain to manage and are often stopping project or not allowing people to get paid when they get expropriated because of some public works. > > Blockchain through the use of NFT can solve this problem. When each property is linked to a token which is turn can be link to biometric data or some kind of secure access, then, property can be moved, traced, and people can offer money for the property without accessing the identity of the owner. This database, through the use of blockchain, would be far more secure than any database we have right now. > > In France, some properties are lost because people can reach the person who is supposed to inherit the property. With a smart system associated to a blockchain, upon the death of anyone, their account would send a smart contract to the owner of the blockchain (the government) which would apply the will of the deceased. The NFTs would then be sent to the next of kin or to the persons supposed to get them. > > Of course, some property would still end up managed by the state if the person doesn't connect to their online space or doesn't connect to any public services. This system is not a question of If but a question of when. This is what NFTs put on the table for classic properties. > > &#x200B; > > For Intellectual properties, right now there are multiple companies which are renewing the intellectual properties for their client in multiple countries. This system is antiquated and blockchain technology promises to crush these companies as soon as blockchain adoption will hit the sector (It is starting to see the light of day through companies and start up). The renewing of the IPs would simply become a smart contract and the payment would be fees in a stablecoin. This would allow a simplification of the whole industry and through the emergence of a global standard, to know which companies can use which IP. > > &#x200B; > > Nfts will also change the entertainment industry through virtual assets. Let's dig in how it can be an opportunity for both consumers and companies. > > # Imagine League of Legend with a secondary market, Renting skins, Selling skins, Exchanging Skins and other cosmetics. > > Nft games tend to be predatory but they don't need to. We need to start to see NFTs as an opportunity to have control on our virtual assets. These assets don't need to be scarce to have value and a secondary market is not a net loss for a company. Let's dig in. This whole part will take League of Legend as an example. You can apply the same thoughts to games with a similar monetization. > > Right now Riot games sells their new skins and then the hype fades and another line of skin is sold. Most skins have fixed prices and unless a temporary promo, they don't tend to change their price point. With a secondary market, Riot could capitalize on the hype cycle by monetizing the perceived value of old skins while collecting data on good pricing for their promos. > > By allowing people to Rent and sell or exchange skins from one another, with a proportional or flat fee paid to riot for maintaining the blockchain and for their profit margins, people would be able to buy the skins they want from people who don't use them anymore. The fact that all transactions are done in a money which is not exchangeable in fiat means that this system would be a closed system. This new service would just mean more use for riot points which could in turn translate to more profits. > > This is a good application of NFTs and we can even imagine a successful implementation while using real crypto-currencies or fiat. > > NFTs allows these properties to be secured and exchanged by smart contracts and, through a good security, to never be lost. > > &#x200B; > > # The biggest change: Data management in governing authorities. > > Lastly, NFTs promise to revolutionize the way countries are managing their data. Just like the management of properties, governmental databases are often old, incomplete and not numerized. The opportunity for NFT technology is enormous. Anyone through their biometrics or other secure way could access all the data collected about them by the state and get a copy of any document any time. The government, when needed, could also find data points about people in a dynamic way. You need data about people aged 50 or more who were born in a state and worked in a specific sector => easy peasy. > > &#x200B; > > The NFT aspect of the tool would be that all the documents would appear in your data wallet and that you could control through smart contracts who gets them. For example, you need an ID to rent some place, just connect to your wallet and send a copy to your landlord. This copy would be a token which would disappear when the landlord would confirm your identity to complete your file or after some time. > > &#x200B; > > The uses and practicality are infinite. > > &#x200B; > > # Conclusion: Nfts are not JPEG, they are a disruptive technology and promise to allow users to simplify their daily lives. > > Through this small argument, I have presented how NFTs are promising to change our world for the better. Each use-case is of course flawed and could be used in malicious ways by governments, YET they all provide utility and would be game changing if applied to their sectors. > > NFT application is not a question. The only question is WHEN. Selling JPEG may have been profitable in the short run but companies managing NFTS at the scale of a government or at the scale of the international regulation of intellectual properties will grow to be multi billion companies. > > Disruption is on the way and a better world is on the way. All thanks to these three letters. > > N F T s > > # ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

NFT {{pros}} & {{cons}} with related info are in the collapsed comments below.

CointestMod

* Relevant Cointest topics: [Ethereum](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum), [Cardano](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cardano), [Solana](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_solana), [Algorand](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_algorand). * Relevant subreddits: r/CCNFT, r/Ethereum, r/Cardano, r/CosmosNetwork. * [NFT tutorial](https://reddit.com/r/CryptoCurrency/comments/lzjuf7/nft_madness_what_they_are_and_what_they_are_not/). * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/1cawkb0/970k_lost_in_ledger_nft_scam/?sort=controversial). Doesn't work on mobile.

PopeIndigent

The only value that BTC ever hat was it's fitness for purpose. You can't eat it, wear it, make electrical connection or jewelry out of it, you can't have sex with it, it won't clean your house, it certainly can't fix your toilet or your car. The only thing you can do with it is pay for transfers of value. And there are 10,000 other coins out there, each and every one of which can transfer money more efficiently than BTC. So this value that it stores ... what exactly is it? Is it a NFT for people who find cartoon apes too stimulating?

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

DebianDog

well compared to what they were... they did come down, but they are by no way cheap in my mind. Look at the cost of swaps and NFT sales with a low gwei right now. [https://etherscan.io/gastracker](https://etherscan.io/gastracker)

spaniscool

How about you give me your gold and I convert it to NFT format?

Afterlife123

There are better options for micro payments and corporate utility. There will be more than 1 chain in the future. Bitcoin for a store of value Others for memecoins and some NFT's. Hedera for micro payments, concensus and corporate adoption and RWA

Altruistic-Piece1076

🔥Slender Man On Sol🔥 Sol: $Slender 🔥1st NFT Sold ✅MC: $1.7k ✅New Website ✅2k Slender Army X ✅CTO ✅NFTs ✅Locked Liquidity ✅Dedicated Community 🚀Get your $Slender NOW!!! ⏰ HURRY.. Buy now before price goes up! CA: DNrhbd3gDyfNdigQTpeQyZwFFRefYuq8XUQhoPRudNiP Tg: https://t.me/slendercto

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

BigDeezerrr

Idk. I've been using lightning mostly, so it's been basically free. The Bitcoin NFT BS will flame out when the scammers run out of money.

thejoeyg

I dont mean this in a negative way and I dont want my reply to sound like an A hole. With that said your question does show either your age or ignorance, and I only say that so you see an outside perspective. How many popular meme coins launch on xlm, how many popular web3 games use algo? What popular NFT collections are traded with XLM? These tokens are best known for 1 thing, cheap gas. Sol has cheap gas, SUI has cheap gas as do tons of layer 2's etc. SOl has a huge ecosystem of web3 games, some of the biggest volume of memecoins, perps, etc. SUI just partnered with TicTok's parent company for gaming, they are producing a handheld (think gameboy if you are a boomer). Cheap gas swaps is not a good use case. Hope this didnt come off as me being a d@ck.

MaximumStudent1839

I am going to go against the grain of this thread and say OP is not correct. Fundamental and tech do matter. That is why ppl moved from ETH to SOL to trade shitcoin. The tech on SOL just provides a better trading experience. Yes, SOL has outages. Yes, SOL has tx fails. But for 99% of users, these drawbacks are easily outweighed by other SOL's benefits. What the space often gets wrong is they use their bag bias to overestimate how much their bag chain's tech and fundamentals are actually worth. Take the easy example of ETH overhyping its validator set size. Yes, ETH has the largest PoS validator set size. But the fact is, if you pick 99% of the top 50 chains, the average Joe Shmoe is just not important enough for validators to take note and censor him/her. I am sorry, they might want to MEV attack you, but don't give a fuck about who you are to care about censoring you - unless you are entity listed criminal or live in an unfortunate country like Iran. The fact is, the ETH large validator set is just an unnecessary expense, compared to other chains' much smaller validator sets. I can come up with many more examples of other ecosystems too of ppl overrating the worth of their tech design. The core problem is, the space's design choices are very ivory towerish, not guided by market forces. It sounds ok, but it is true. The source of the problem lies in 99% of buyers never interact on the chain and use products on the chain. So chain's design decisions are primarily driven by legacy holders and historical dependency on price action. Why am I going this grain? I sense fuckers like OP want to spin the narrative of getting ppl to buy gaming/AI vaporwares. These vaporwares are pure greater fool games, with the end narrative of passing the bag to retail. Trust me. "Retailers" are smarter than 99% of you imbeciles here, thinking trash mobile derivatives are worth paying 1K or more for an NFT access just to play. They aren't going to buy your bag. Memes maybe, because it is a crypto invention and makes it hard for outsiders to evaluate. When it comes to gaming, the space is a dumb sack of shit compared to what outsiders understand about the product.

OderWieOderWatJunge

Just another NFT hype and later they will realize that nobody will care about the 4th halving in a few years

MaximumStudent1839

Again, what NFT can do, you can do it with an official website or whatnot. They don’t really verify. They just publish a verification. There are alternative mediums to publish verification.

Tygro16

Make that painter do 69 with a guy that wears a Kippa in that NFT. Do with that picture in your head what you want.

L-Malvo

69k at 4/20 with a picture of that painter would make one hell of an NFT, do with that information what you want.

superdude32

I forgot to add... --> NFT's are dropping in the next 24 hours --> Airdrops incoming to large SOL wallet holders So much good stuff happening with this project!

coinfeeds-bot

tldr; Pavel Durov, the founder of Telegram, announced new blockchain features for the messaging app at the Token2049 conference in Dubai. These features include making payments in Toncoin (TON) for advertising, tipping channel administrators, buying and selling NFT stickers, and using mini-applications for content purchases. Users will also be able to share TON in chats, log in with cryptocurrency wallets, and register rights to account names for potential sale. These updates require no programming skills for usage. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Streetiebird

Meme coins and coin memes. A three ring circus of circuses, and anyone can be a ringmaster. We should make an NFT of this moment.

CrazyK9

NFT could be part of the solution [https://www.rebellionresearch.com/why-nfts-could-be-the-solution-to-the-deepfake-problem](https://www.rebellionresearch.com/why-nfts-could-be-the-solution-to-the-deepfake-problem) Overall how blockchain can help with deepfakes: [https://www.weforum.org/agenda/2021/10/how-blockchain-can-help-combat-threat-of-deepfakes/](https://www.weforum.org/agenda/2021/10/how-blockchain-can-help-combat-threat-of-deepfakes/)

AlfredoMegiazo

It's 10% of the total revenue from Solkie and Solhunters ecosystem, distributed among NFT holders

IMissyouPita

Pretty sure the NFT craze is over

MaximumStudent1839

> If you can prove your identity then you can sign a piece of information (picture, text, video...) to prove, using blockchain, you are the author. Do you mean like generating a barcode pasted onto the video? Can't scammers copy and paste that onto their deepfakes too? Or do you mean like make an NFT entry with a link to the material? If the entity is important enough, can't they just authenticate on their official website or something? You might say they can get hacked. But yeah, that NFT link can get hacked too.

mister10percent

An NFT id on the blockchain is unique is the idea. Doesn’t matter that it never changes hands it’s genuine because is on the blockchain

padmasan

2020 also saw explosive growth in the DeFi and NFT sectors. I wonder how much this had to do with that particular bull run?

Marobozu

If I can, I’d like to make a prediction myself. I think we’ll see this down as low as $42k before the big run up. If I am correct please report back with compliments and NFT’s. If I am wrong, what are you living in the past for? Fucking holding on to things. Why be so spiteful? Just live your life. ……….$42k

coinfeeds-bot

tldr; ApeCoin, associated with the Bored Ape Yacht Club, is nearing a new all-time low, trading at $1.07, close to its previous low of $1.01. Despite a rebound to $2.60 in March, the token has struggled amid broader market downturns and significant token unlocks, which have added millions of ApeCoins to circulation, potentially diluting its value. The token's challenges come as the Bored Ape Yacht Club NFT prices also plummet, with the floor price dropping over 93% from its peak. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Holiday-Dealer-4472

Abble and i404 first with hybrid NFT and meme token utility on Solana.  Plus the branding.  It's gonna be nuts 

corrupt_disservice

The final date for the presale is May 20th, but given the overwhelming interest, we're on track to sell out soon. Keep an eye on our NFT collection as the mint date will be announced shortly!

cryptolipto

It’s interesting that NFTs (especially ETH based NFTs) have their own timeline for prices. I would have expected them to dump with ETH and the general market in 2022, but they held their ground longer than most tokens did Now in 2024 we’re seeing capitulation and despair in ETH based NFTs, while the overall market is up in 2024 It seems like the NFT market has rotated to solana, similar to the alt layer 1 rotation in 2021. Will the hype return to ETH NFTs? i have my doubts.

Givlytig

Could you generally say what the difference between Kraken wallet and Metamask is? I use Kraken exchange and have used metamask for NFT transactions on Opensea, etc, but both via web, not mobile app since I don't trust crypto vs phone. Would Kraken wallet change my mind about using a mobile app and/or instead of metamask?

binglelemon

I swear I remember someone trying to make the "Charlie bit my finger" video a NFT to get....royalties everytime it's played...idk? Peak ridiculous

Alsmk2

NFT's had so much promise until people decided their primary use would be (shitty) art.

MaximumStudent1839

It is usually the most faded "meta" that pumps the hardest. Honestly, I don't think ppl have faded NFTs. There are just plenty of bag holders but the liquidity just rapidly dried up for anyone to exit. As soon as the volume resumes, the selling pressure will be massive. All the NFT meta rotations, like SocialFi, GameFi, etc., have been on the radar and ppl have taken their positions. I don't know what is left to spur a new catalyst. Again, it has to be an NFT meta faded hard with a credible story of success.

MaximumStudent1839

I highly doubt it. But even if ETH NFT does run again, BAYC isn't likely to lead again. Their culture is so obnoxious and poppy cock. They used to say, they don't listen to anyone who doesn't own a "real pfp", aka worth hundreds of thousands of dollars. Well, I guess they can just stay within their circle jerk and not attract new money.

CointestMod

#Solana Con-Arguments Below is a Solana con-argument written by a deleted user. > **Solana Cons** > > **Centralization** > > An estimated 1,700 validator nodes support Solana. If a single entity or collection of entities comes to possess a sizable portion of the SOL token supply, the Solana network may become unduly concentrated. The network's decentralization may suffer because Solana requires more specialized equipment to join and is unable to draw a sizable user base. There is a high concentration of stakes among validators, with 22 validators controlling 33% of total staked SOL. Accordingly, if 22 validators conspired, the network might theoretically come to an end. > > **Network Outages** > > * September 14,2021: 15 Hours of outage as bots capitalized on an IDO on raydium > > * January 2022: The whole month faced partial outages of 6-12 per day due to high demand of NFT minting and defi usage. > > * April 30, 2022: 7 Hour outage due to a DDOS attack by bots > > **Solana, the token** > > The token distribution on Solana reveals that the top 0.04% of addresses, or around 3,000 addresses outright, hold 88.5% of the current outstanding SOL. Along with early investors and the founding team, these wallets also contain staking pools and exchanges. 11.7 million SOL are included in the biggest wallet. Less than 1% of the outstanding SOL is held by the bottom 98.6% of wallets on Solana. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find submissions for other topics.

CointestMod

#Solana Pro-Arguments Below is a Solana pro-argument written by a deleted user. > **Solana Pros** > > **Proof-of-History** > > The development and use of the Proof-of-History consensus method, which enables Solana to achieve extraordinarily fast network speeds, is the most notable competitive advantage of the Solana blockchain. The sole purpose of this method was to raise TPS more than leading networks like Ethereum or Bitcoin. Due to the time normally needed to obtain consensus and properly organize the blockchain in response to time passing, proof of history helps other networks' scalability issues. > > **Transaction fees** > > Solana has a block size of 20,000 transactions and block time of 0.4 seconds. The Solana network offers an exceptionally cheap transaction cost of just 1c per transaction, which is made possible by the greater block time and block size. Solana is now among the blockchains with the lowest transaction costs because to this cost. > > **NFTs** > > Currently, NFTs account for a sizable portion of why individuals use these networks. The major factor behind Solana's NFT ecosystem's rapid expansion is the network's scalability, which enables it to handle transactions effectively. Ethereum can only handle 15 transactions per second, whereas Solana can process 50,000. This is important information for users to know because sluggish network speed also equates to expensive costs. The freedom that artists enjoy with their NFT works on Solana is enormous. This is mostly caused by the other blockchains' technical shortcomings. Fast processing times and affordable prices enable artists to produce works that, for instance, would be too expensive to mint on Ethereum. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find submissions for other topics.

MaximumStudent1839

You mean the Alex Becker who said last year, BTC would never hits ATH this cycle? Now why would I want to listen to him? He just shills his gaming vaporware shit paid by devs to his NFT NeoTokyo group.

Ofulinac

Time in the market beats timing the market as long as you aren't buying shitcoins. If you bought Bitcoin or ETH consistently, possibly even staked ETH, during the bullrun, you are still in huge gains. Good luck if you bought Bonk or NFT's though, you played the shitcoin roulette by doing so though.

Sparta89

People are just chasing the new NFT fads. Ordinals and SOL NFTs will suffer the same fate as ETH NFTs when the hype from being new dies down.

DonJod3l

More like having a perfect copy of a digital Mona Lisa. If I could perfectly copy a real car for free I wouldnt mind its a copy. And copying an NFT picture fells closer to the car thing than taking a picture of a real object.

d_d0g

Scam or not, NFTs are not going away anytime soon. They’re developing as much as crypto in general is. NFTs are embracing blockchain to bring new possibilities to art and other industries. I’m not suggesting anyone invest in them, but it’d be foolish to think the NFT space in general is nothing but a scam.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

pksdg

To some extent he is not wrong. Magic Eden is pushing record breaking years in the bear market and I know personally how frustrating moving an ETH NFT from one wallet to another is. Like $20 frustrating. NFTs will have their day, but only as a tool a user would have to interact with something of value or utilities.

GoodSamoSamo

This is incorrect. By design, DDOS needs to cover the physical links of 1/3+ stake weighted nodes for the network to stop confirming blocks. Targeting a single leader would only delay that leader. Your claim is wrong. Also, don't really care about Cardano. It's very clear that the market is starting to see ADA going nowhere anytime soon. ADA has been around for 8 YEARS and has nothing to show for it. 1 TPS, relatively weak TVL, virtually no DeFi activity, no NFT presence, terrible DEX volume, virtually no stablecoins (not even USDT or USDC), no institutional interest (Grayscale just removed them from their institutional product list and Coinshare Fund Flows show virtually no interest in ADA ETP products), no serious investors or influencers in crypto support it or care about it, etc. It's (incorrectly) taking an "academic" approach instead of the standard technology approach of "ship and iterate." The list goes on and on. Cardano is a garbage chain that is run by a sociopath and has a VC arm that is in charge of making ecosystem investments to attract builders - which it has failed at horribly.

Glittering_Air_3724

NFT is fucking gold if sold early, Bitcoin is fucking gold if HODL early lol see the irony

mrpotatonutz

Lmaoooooooo the NFT craze really fizzled didn’t it

Zuzu1214

Yes, NFT-s can have a usecase. NFT tickets for example.

ScoobaMonsta

People aren't buying for fundamentals and legitimate use cases. They are buying because some stranger on social media said XXX coin is going to moon. The only coin that has a legitimate use case and is actually being used is Monero. There are others that are building for the near future though. NFT's of jpeg are not legit use cases.

StarLinkEnergy

Thank you for sharing. This is a great insight into market needs. I agree with you we don't need the next "eth killer". Many of the problems users talk about are fundamental to market operation and astounding exposure with no regulation or control. Leaving everyone vulnerable to scams and that hurts the market more and more. I think education is really important here so everyone can define their investment goals instead of chasing what the next person says and blindly dump money into something they dont understand and then "opps, sorry about that" moment happens. This is the total opposite of what we're working on. There needs to be 3 things in my opinion to achieve success in the market whether it be NFT or crypto. 1) security 2) user experience / utility 3) control without those, you're just speculating over nothing. you're bidding on nothing. no real asset. just speculation. that's where you get hurt.

CointestMod

#NFT Con-Arguments Below is a NFT con-argument written by Laughingboy14. > NFTs, in their current iteration, are overpriced JPEGs. Currently we have no serious use case of NFTs and they are merely known for JPEGs. Supposedly, NFTs show proof of ownership. However, what they show are you own this token on the blockchain. It does not show, however, that you actually own the rights to that JPEG, because the JPEG could've been uploaded to the blockchain without the original artist's permission. This, combined with the hefty price NFTs command, is a complete waste of money and technology. > > Additionally, a lot of people point to the use case of NFT tickets, such as GET. Yet, the benefits are not evident. Currently, one can have a unique bar code which is attributable to them and does not require the blockchain. On GET's website they mention a number of benefits. These include "digital collectibles" and "ease of integration". However, digital collectibles, i.e. the idea that you can show off you bought a ticket, is the same, tired idea that underlies JPEG NFTs. Additionally, "ease of integration" is not actually an argument for using NFT tickets, as other technology is easy (and perhaps easier) to integrate. It just seems like a gimmick with no real advantages over normal ticketing. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

#NFT Pro-Arguments Below is a NFT pro-argument written by Nostalg33k. > # NFT, the tech that will change the world. > > &#x200B; > > Welcome to this small presentation that will try to explain how NFT is a world changing technology. First of all, I won't discuss the application for the art world because I can't fathom writing an argument trying to defend absurdities and JPEG worth millions. If you want to read my take on this trend, read my con-argument (if I write one). > > &#x200B; > > NFT technology promises to be game changing for multiple reasons. We are going to tackle three main aspects of NFT. The first will be IP and property related. The second will be about exchangeable virtual assets. And the last will be about virtual ID, and administrative documents. > > &#x200B; > > # NFTs and property: the future of property management. > > This argument is an attempt to show how the use-cases of NFTs can improve the world. I don't know if a company is doing what I suggest and I don't have the ability to sell this idea or whatever so you can grab it and develop it. This is clearly what will happen and everyone should be preparing for it: The great migration of property management. > > &#x200B; > > Nowadays, to find who owns which property you need to search for it on a database, often parts of these databases are not online and you need to go to the Town hall or Town archives to find outdated data about someone who died and then search for eventual kids. Lost property through time and administrative black holes are a pain to manage and are often stopping project or not allowing people to get paid when they get expropriated because of some public works. > > Blockchain through the use of NFT can solve this problem. When each property is linked to a token which is turn can be link to biometric data or some kind of secure access, then, property can be moved, traced, and people can offer money for the property without accessing the identity of the owner. This database, through the use of blockchain, would be far more secure than any database we have right now. > > In France, some properties are lost because people can reach the person who is supposed to inherit the property. With a smart system associated to a blockchain, upon the death of anyone, their account would send a smart contract to the owner of the blockchain (the government) which would apply the will of the deceased. The NFTs would then be sent to the next of kin or to the persons supposed to get them. > > Of course, some property would still end up managed by the state if the person doesn't connect to their online space or doesn't connect to any public services. This system is not a question of If but a question of when. This is what NFTs put on the table for classic properties. > > &#x200B; > > For Intellectual properties, right now there are multiple companies which are renewing the intellectual properties for their client in multiple countries. This system is antiquated and blockchain technology promises to crush these companies as soon as blockchain adoption will hit the sector (It is starting to see the light of day through companies and start up). The renewing of the IPs would simply become a smart contract and the payment would be fees in a stablecoin. This would allow a simplification of the whole industry and through the emergence of a global standard, to know which companies can use which IP. > > &#x200B; > > Nfts will also change the entertainment industry through virtual assets. Let's dig in how it can be an opportunity for both consumers and companies. > > # Imagine League of Legend with a secondary market, Renting skins, Selling skins, Exchanging Skins and other cosmetics. > > Nft games tend to be predatory but they don't need to. We need to start to see NFTs as an opportunity to have control on our virtual assets. These assets don't need to be scarce to have value and a secondary market is not a net loss for a company. Let's dig in. This whole part will take League of Legend as an example. You can apply the same thoughts to games with a similar monetization. > > Right now Riot games sells their new skins and then the hype fades and another line of skin is sold. Most skins have fixed prices and unless a temporary promo, they don't tend to change their price point. With a secondary market, Riot could capitalize on the hype cycle by monetizing the perceived value of old skins while collecting data on good pricing for their promos. > > By allowing people to Rent and sell or exchange skins from one another, with a proportional or flat fee paid to riot for maintaining the blockchain and for their profit margins, people would be able to buy the skins they want from people who don't use them anymore. The fact that all transactions are done in a money which is not exchangeable in fiat means that this system would be a closed system. This new service would just mean more use for riot points which could in turn translate to more profits. > > This is a good application of NFTs and we can even imagine a successful implementation while using real crypto-currencies or fiat. > > NFTs allows these properties to be secured and exchanged by smart contracts and, through a good security, to never be lost. > > &#x200B; > > # The biggest change: Data management in governing authorities. > > Lastly, NFTs promise to revolutionize the way countries are managing their data. Just like the management of properties, governmental databases are often old, incomplete and not numerized. The opportunity for NFT technology is enormous. Anyone through their biometrics or other secure way could access all the data collected about them by the state and get a copy of any document any time. The government, when needed, could also find data points about people in a dynamic way. You need data about people aged 50 or more who were born in a state and worked in a specific sector => easy peasy. > > &#x200B; > > The NFT aspect of the tool would be that all the documents would appear in your data wallet and that you could control through smart contracts who gets them. For example, you need an ID to rent some place, just connect to your wallet and send a copy to your landlord. This copy would be a token which would disappear when the landlord would confirm your identity to complete your file or after some time. > > &#x200B; > > The uses and practicality are infinite. > > &#x200B; > > # Conclusion: Nfts are not JPEG, they are a disruptive technology and promise to allow users to simplify their daily lives. > > Through this small argument, I have presented how NFTs are promising to change our world for the better. Each use-case is of course flawed and could be used in malicious ways by governments, YET they all provide utility and would be game changing if applied to their sectors. > > NFT application is not a question. The only question is WHEN. Selling JPEG may have been profitable in the short run but companies managing NFTS at the scale of a government or at the scale of the international regulation of intellectual properties will grow to be multi billion companies. > > Disruption is on the way and a better world is on the way. All thanks to these three letters. > > N F T s > > # ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.

CointestMod

* Relevant Cointest topics: [Ethereum](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum), [Cardano](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cardano), [Solana](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_solana), [Algorand](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_algorand). * Relevant subreddits: r/CCNFT, r/Ethereum, r/Cardano, r/CosmosNetwork. * [NFT tutorial](https://reddit.com/r/CryptoCurrency/comments/lzjuf7/nft_madness_what_they_are_and_what_they_are_not/). * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/1c5otds/apecoin_nears_alltime_low_as_bored_ape_ethereum/kzw5rtl/?sort=controversial). Doesn't work on mobile.

CointestMod

NFT {{pros}} & {{cons}} with related info are in the collapsed comments below.

CointestMod

#Apecoin Con-Arguments Below is a Apecoin con-argument written by Nostalg33k. > # ApeCoin: A bad timing, a bad distribution, for a BadCoin > > &#x200B; > > Apecoin is a coin created by YugaLabs, the BoredApeYachtClub people. In the following lines I'll explain how ApeCoin fails in three accounts. The first point of failure is temporal. The second point of failure is the distribution. And lastly the final point of failure is the use. In order to shield themselves from responsibility, YugaLabs shielded themselves with ApeCoin DAO which is an hypocritical move as we'll soon see. > > &#x200B; > > 1) Let's launch during the big NFT Bubble. > > ApeCoin is a project built on the backbone of the hype of BAYC Nfts. Now I don't need to be a wizard nor a tech savvy to tell you that, launching Apecoin right when the hype bubble of NFT has burst and right when NFTs have become the laughing stock of normies was not the best move. That wouldn't be so bad if ApeCoin was distributed in a sane manner. > > 2) ApeCoin's distribution: Who will rugpull first ? > > 23% of the supply was given to Yugalab and 47% was given to the DAO as liquidity. If we take out the liquidity supply of the DAO out of the equation, YugaLabs have close to 50% of the voting power of the DAO. > > 14% was given to Venture Capitalists. So that's 85% of the supply locked away. As supporters of projects and speculators, you are playing with the 15% and just allow some strangers net worth to fluctuate wildly. > > 3) What is the point? > > ApeCoin has no point. Except a few bad games, and the promise of a metaverse, ApeCoin is useless. This fact makes it a venture not worth your time. > > &#x200B; > > Conclusion: This coin is useless, exist only to create speculation and to trade but fails to be a good opportunity. Stay far from it. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

#Apecoin Pro-Arguments Below is a Apecoin pro-argument written by noxtrifle. > ApeCoin is an ERC-20 token made by Yuga Labs, the company behind the sporadically successful Bored Ape Yacht Club NFT collection. It was created as a means to "empower and incentivize a decentralized community building at the forefront of web3" [\[CoinMarketCap\]](https://coinmarketcap.com/currencies/apecoin-ape/). Though the NFT market is gradually declining in popularity, ApeCoin might just have a chance of survival. This is why: > > * **470,000,000 tokens, or $2,096,200,000 to be dedicated to the community** > * According to [their website](https://apecoin.com/about), over $2B (at current prices) will be released gradually through vesting periods to the treasury, which has the ultimate goal of funding community projects. > * Hence, the money will likely go towards innovating in the APE ecosystem, improving the blockchain, and funding the upcomingstaking system. > * **DAO Status** > * Also being a DAO currently worth over $1B, ApeCoin holds incredible power over the crypto sphere and has the capability to purchase & fund promising projects at will, making for a better experience for everyone. > * **Upcoming Staking System** > * With a staking system having been voted in with [AIP-21](https://messari.io/governor/proposal/33db0781-fcd1-4bdd-93f4-208fcc52246a) and AIP-22, it has been stipulated that [17.5% of the total supply](https://coinquora.com/apecoin-price-may-explode-with-aip-21-22-staking-update/) will be used (over three years) to fund the staking of ApeCoin. > * As such, it is highly likely that APE will increase in value as investors get drawn in by the upcoming staking system. > * **Celebrity Ownership** > * ApeCoin was airdropped to all BAYC holders, including several celebrities like Mark Cuban, Stephen Curry, Neymar, Serena Williams, Justin Bieber, and [many more.](https://boardroom.tv/bored-ape-nft-celebrity-owners/) > * Given that all these people are invested in APE, it is likely that ApeCoin will only rise in popularity. Just look at Dogecoin, and it was not backed by nearly as many people. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Apecoin) to find submissions for other topics.

CointestMod

* Related Cointest topics: [Ethereum](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum), [NFT](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_nft), [DAO](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_dao. * Related subreddits: r/apecoins, r/NFT, r/NFTsMarketplace, r/BoredApeYachtClub. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/1c5otds/apecoin_nears_alltime_low_as_bored_ape_ethereum/kzw5rtl/?sort=controversial). Doesn't work on mobile.

Easy_Till1858

Everybody stopped denying that it's true. NFT were truly the biggest scam.

coinfeeds-bot

tldr; ApeCoin, associated with Yuga Labs' Bored Ape NFT collection, is nearing its all-time low price as it dropped 74% over the past year to $1.19. This decline coincides with a 67% decrease in the floor price of Bored Ape Yacht Club NFTs, now at $33,000, down from $103,000 a year ago. The downturn in both ApeCoin and Bored Ape NFT prices reflects broader challenges in the crypto and NFT markets, exacerbated by geopolitical tensions and market volatility. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Solana Con-Arguments Below is a Solana con-argument written by a deleted user. > #CONs > > This is the Cons section of [my analysis on Solana](https://np.reddit.com/r/MPlankton/comments/vk42tn/solana_research_june_2022/) > > There are many flaws with Solana's network and design. Retail investors should be cautious of investing in Solana until the upcoming **QUIC** and **Localized Fee Prioritizations** fix the ongoing outage and stability issues with the network. > > ##Way too many outages > > One of the biggest problems with Solana is that it has had way too many outages ever since its Mainnet launch. It's had at least [4 major outages, 3 partial outages](https://status.solana.com/uptime), and numerous congestions caused by DDoS attacks (some unintentional) in the 9 months between Sept 2021 and Jun 2022. That's way more than most of its competitors. These numerous outages have ruined its reputation in the crypto community. > > The network is very vulnerable to DoS attacks, which have brought down the network many times. In Sept 2021, a [DoS attack flooded the entire network](https://solana.com/news/9-14-network-outage-initial-overview) to the point it could not recover for almost a full day. In Jan 21-22, 2022, [bots brought down the network](https://fortune.com/2022/01/25/solana-founder-anatoly-yakovenko-crypto-crash-blockchain-instability/) with excessive duplicate transactions. A similar DDoS attack happened on Apr 30, when a [NFT minting bots took down the network](https://solana.com/news/04-30-22-solana-mainnet-beta-outage-report-mitigation) with 4M TPS of spam. > > During DDoS attacks, validators continue forwarding transactions to the leader. Since there is no mempool, the leader has to keep up with the traffic. If the leader can't keep up, the transaction drops and the user has to resubmit it. When congested and attacked by DDOS, the number of forks increases greatly, and leaders end up picking branches quickly and inaccurately, often extending empty blocks. This ends up reducing throughput of valid transactions and creating wasted forks. For example, during the Jan 21-22 attacks, the true throughput fell to 140 TPS. It's really easy for DDoS attacks to create a disruptive positive feedback loop that shuts down the whole network. > > ##Blockchain Design > > **Slower Finality** > > Due to the design of Proof of History consensus, Solana has probabilistic finality with a moderate chance of wasted forks. It takes [32 blocks before any transaction is final](https://docs.solana.com/proposals/block-confirmation). At 2.5s per block, this means 80 seconds. Users will see their transactions posted in 2.5s. If there's no congestions, they can probably wait 10s and assume it's probabilistically final. But if there's congestion, lots of skipped blocks, and people DDoS'ing the network, it's not deterministically final until they wait 80 seconds. This is much slower than many of their competitors, which have 2-10s deterministic finality. > > **Exaggerated/Useless TPS metrics** > > Solana's reported 50K TPS in ideal conditions is completely exaggerated. > > First, that number is based on a 400 ms slot time, but the current slot time is around 600-800 ms, which reduces the ideal TPS 25-50%. > > Solana also exaggerates their throughput by including non-useful transactions in their metrics. This includes vote transactions, which account for 70-90% of transactions. > > The count of valid TPS (excluding vote transactions and erroneous transactions) is much lower. About 80-85% of transactions are either vote transactions that are used for consensus or erroneous transactions. The true [non-vote TPS limit is much lower at around **400-600 TPS**](https://dashboard.chaincrunch.cc/public/dashboard/cc7a0d94-7f70-46f4-aae4-2f8810430931#theme=night) when the network isn't congested. As of June 2022, on average only 15% of total counted transactions are working transactions. > > In addition, validators routinely skip blocks, encounter bad forks, or post empty blocks. Even when there's no congestion, validator's unweighed skip rate is [10-25% of blocks](https://solanabeach.io/validators). > > ##Opaque Ledger and Block Explorer > > Solana has several explorers, and all of them are very opaque. The official explorer doesn't allow you to browse blocks and transactions, and it's practical useless. Solana Beach is probalby the best explorer, but it too shows almost no data except for the address and transaction fee. It is very confusing trying to decipher these transactions. There's almost no information on the identity of validators. Both of the main explorers are very slow and often stall when querying details. > > Another part of Solana's obscurity is the 30% of the total supply of SOL that is non-circulating but staked. It's supposedly owned by the Solana Foundation. This has been discussed several times by developers on Discord, but no one seems to understand why it's there and how they're using it. It also doesn't help that Solana's main explorer and Solana Beach explorer won't load details about its non-circulating supply. > > **Unable to Audit Smart Contracts** > > Probably the worst issue on Solana (even worse than the outages) is that you can't audit smart contracts. When you use a smart contract on Solana, you are blindly trusting that it does what it says it'll do. There's not a single Solana Explorer that currently shows smart contract code. > > Developers can publish their source code on another website, but they can also redeploy their on-chain contract at the same address. So users don't have a reliable method of trusting source code published off-chain. > > ##Poor Tokenomics > > **Transaction fees are 99% subsidized by Staking Rewards, which feed back into SOL as supply inflation** > > Like many networks, the low transaction fees are not enough to pay for the cost of running the network. > > Solana is expected to make [$12M in transaction fees in this year going by the current 30-day average]( https://tokenterminal.com/terminal/projects/solana). Staking rewards is expected to [pay out around $1.4B in SOL in 2022](https://messari.io/asset/solana/profile/supply-schedule). That means 99.1% of validator rewards are being paid by staking rewards instead of the artificially-low transaction fees. And staking rewards inflate the supply of the SOL token. > > Total supply inflation for staking started out [at 8% and gradually declines by 15% annually until it reaches 1.5%](https://docs.solana.com/inflation/inflation_schedule). Note that this is an underestimate because these calculations are based on total supply, not circulating supply, which is 30% smaller. Messari currently lists [circulating supply inflation as 7.4%](https://messari.io/screener/supply-and-marketcap-EB1755C2). > > Solana is fully-vested as of Jan 2022, though there is a 30% gap between the recorded circulating and total supply because most of the [Foundation's staked SOL](https://explorer.solana.com/supply?filter=nonCirculating) is not included in circulating supply. (Their Explorer website barely has any supply details or charts, and doesn't even loading half of the time, so it's hard to investigate.) > > ##Other Points > > **Requires insecure bridges to other networks** > > Solana is a bit isolated from other blockchains. It requires insecure bridges to connect to other networks, which is also an issue for many other networks. Bridges often get exploited, like the [Feb 2022 $320M Solana Wormhole hack](https://www.cnbc.com/2022/02/02/320-million-stolen-from-wormhole-bridge-linking-solana-and-ethereum.html). Solana needs a safer cross-chain protocol if it wants to communicate safely with other networks. > > **High validator requirements** > > The minimum requirements for validators are 12-cores and 128GB of memory. 300 Mbit internet server is preferred. These are enterprise-server requirements, and they're expensive to maintain. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find submissions for other topics.

CointestMod

#Solana Pro-Arguments Below is a Solana pro-argument written by a deleted user. > #PROs > > This is the Pros section of [my analysis on Solana](https://np.reddit.com/r/MPlankton/comments/vk42tn/solana_research_june_2022/) > > ##Low Transaction Fees > > Solana has very low transaction fees at about $0.0002 / transaction. They could still increase the fee schedule by ~40x before exceeding penny in cost. That's mainly because the fees are subsidized by staking rewards paid to powerful validators, which then contribute to ongoing SOL token [inflation of ~7%](https://messari.io/screener/supply-and-marketcap-EB1755C2) as of 2022. > > ##Moderately-high TPS > > The true TPS limit of Solana over the past year after subtracting invalid transactions and vote transactions is [about 400-600](https://dashboard.chaincrunch.cc/public/dashboard/cc7a0d94-7f70-46f4-aae4-2f8810430931#theme=night). It's not anywhere close to their marketed throughput of 50K TPS, but it's still moderately-high for a smart contract network. > > ##Centralization is not as bad as the reputation > > Solana has a very bad reputation for being centralized as **SQL**ana. It's actually not that centralized. There are currently 1900 validators, and the Nakamoto Consensus for shutting down the Solana network (needs 33% staked) is [currently 33 validators](https://solanabeach.io/validators). > > On the other hand, there's almost no information about the identity of these validators, so it's still possible they're mostly centrally-owned by the foundation. We just don't know. > > ##Outage and stability issues likely to be resolved by 2 upcoming updates > > The days of making fun of Solana for their outages could be coming to an end. Solana is working on [2 major updates](https://decrypt.co/103106/solana-new-gas-fees) that are meant to mitigate outages and provide stability to the network. > > **QUIC** replaces UDP for Solana's IP and Transport layer protocols. [QUIC] (https://en.wikipedia.org/wiki/QUIC) provides flow control, allowing nodes to throttle incoming traffic when there's too much from both intentional and unintentional DoS attacks. > > **Localized Fee Prioritization** allows Solana to dynamically charge higher fees for specific high-demand transactions. When a dApp or NFT project is congesting the network, the fee will rise for that app without affecting the rest of the network. This is a really cool solution I'd love to see other networks copy. > > ##Lots of DeFi projects > > There are a ton of DeFi projects on Solana. It has 39 DeFi projects above $1M in TVL. [DeFiLlama shows Solana at $1.4B in TVL](https://defillama.com/chains), which puts it between Tron and Arbitrum at #6. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find submissions for other topics.

Additional_Ad_8131

Go speak wit some of the "NFT is the future" guys from few years back, and then we'll talk again

GoodSamoSamo

Why wouldn't you compare decentralized exchange trading volume? You're quantifying how much value has been exchange on the chain over a certain period of time, which lends insight into which chains are seeing more demand than others. I know HBAR crew loves to point to txn count because the network is really good at bullshitting what counts as a transaction. But the reality is that literally no one outside of r/cc retail crypto ppl cares about the project. There is no NFT ecosystem, no DeFi ecosystem, no stablecoins, no institutional interest, no original projects, no organic partnerships that aren't a load of bullshit, and no serious crypto influencer or fund manager actually talks about HBAR. It's just a bunch of retail bag holders who have gotten duped. Also, there are a number of different projects on Solana doing original things aside from memecoins, which is no different than 2016-2017 ICO craze that brought in a tons of users and developers and is just as bullish for the network. To write off Solana's recent jump in interest amid a memecoin craze is incredibly foolish.

DebianDog

Any other chain I have used? ETH, Matic, BNB, SOL, LTC, BTC. They all are single operation chains. On ADA if i want to move every coin and NFT in my wallet I can select them all and hit send. RUNE is multi chain but because it has to interact with the other chains it is oly as fast as they are. Are there other chain out there that you can vote with? I mean IDK. but so far ADA is the most efficient chain to use to do a bunch of various things while other chains excel at doing 1 thing well.

coinfeeds-bot

tldr; STEPN, a move-to-earn platform, is collaborating with Adidas on a collection of generative NFT sneakers. This partnership involves a limited collection of 1000 STEPN x Adidas Genesis Sneakers, minted on the Solana blockchain, featuring unique designs inspired by Adidas' iconic running shoes. The collaboration, which will span a year, includes both digital and physical products, aiming to engage and motivate the Web3 communities of both brands through integrated app features and incentives for physical activity. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Berachain, a layer-1 blockchain utilizing Cosmos technology, has raised $100 million in a Series B funding round led by Brevan Howard Digital and Framework Ventures. Other investors include Polychain Capital, Samsung Next, and more. The funds will be used to support economic growth, enhance engineering, and expand globally. Berachain, which transitioned from an NFT project, has launched a testnet that saw significant activity, processing 1 million transactions in 48 hours. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

TheExpensiveGoogle

It has been live for a few months now but you aren’t late. There are a few projects built on top of it right now, mostly DEXes and NFT platforms but there are a lot of them launching in the coming months.