AmitDec 8, 2022
Michał "rysiek" Woźniak · 🇺🇦

> After FTX declared bankruptcy, the entire FTX.us domain was redirected to a page providing information on the bankruptcy proceedings.

> NFTs that had been minted on the FTX platform relied on metadata from an API at that domain, meaning that the NFTs are now pointing to broken links. Owners of these NFTs can still see that the NFT exists, but images no longer work—even when viewing the NFTs in their own wallets, or when listing them for sale on other platforms.

https://web3isgoinggreat.com/single/ftx-hosted-nfts-break-after-website-is-redirected-to-a-restructuring-page

🤣

FTX-hosted NFTs break after website is redirected to a restructuring page

After FTX declared bankruptcy, the entire FTX.us domain was redirected to a page providing information on the bankruptcy proceedings.However, NFTs that had been minted on the FTX platform relied on metadata from an API at that domain, meaning that the NFTs are now pointing to broken links. Owners of these NFTs can still see that the NFT exists, but images no longer work—even when viewing the NFTs in their own wallets, or when listing them for sale on other platforms.Other projects that rely on the FTX NFT platform's API, such as the Coachella NFT project, also broke: the Coachella NFT platform shows 0 NFTs in existence. Those NFTs still show up where they are listed on external NFT platforms, although the images and metadata are broken.

Web3 is Going Just Great
Dec 8, 2022 at 10:09amWeb
Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 8, 2022
Oh by the way, you can and should follow @web3isgreat on fedi, along with the always fantastic @molly0xfff who is behind it!
Show threadJiří Fiala Total LandscapingDec 8, 2022
@rysiek what a surprise 🤷‍♂️😂
Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 8, 2022
@stooovie I am positively shocked! 
Show threadHazardius 🡗🡗🡗 🏳️‍🌈🏳️‍⚧️Dec 8, 2022
@rysiek Isn't it the exact thing almost everyone was talking about since day 1 of NFT-discussion? 
Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 8, 2022
@hazardius yup!
Show threadTeknikal_DomainDec 8, 2022

@rysiek Because all the NFT actually lays claim to... Is a URL.

Sometimes I question if humanity is either this shortsighted or smooth-brained. And then I remember I don't need to question that, I have plenty of evidence.

Show threadTeknikal_DomainDec 8, 2022

@rysiek Additional note: I forget who, but at least one person made an NFT that changed with image was loaded at that URL depending on which wallet / exchange was looking at it, probably just swapping files on the backend on the UA header.

It was promptly removed from existence as OpenSea(s?) went "No! That's not how you're supposed to play the game!" And because most wallets use their API... It dropped off for EVERYONE regardless of what the ledger says.

Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 8, 2022
@tek_dmn that was Moxie Marlinspike
Show threadTeknikal_DomainDec 8, 2022

@rysiek Yep, that'll do it.

I need to get off this thread or my morning coffee will become more Kahlua than coffee

Show threadTeknikal_DomainDec 8, 2022

@rysiek I believe part of what they were asking with that reaction, to further the "why is humanity so smooth brain" reasoning...

Why are we all celebrating how something is decentralized with no central governing authority and then ONE COMPANY'S API has the ability to change your current ownership and holdings for everyone, because if they decide to block it, nobody knows you have it without checking the blocks themselves. And nobody does, that's impractical.

Show threadPaul ShreadDec 8, 2022
@tek_dmn @rysiek Still wondering why NFTs were ever a thing. #LateCapitalism
Show threadTeknikal_DomainDec 8, 2022

@pshread @rysiek I mean, the core concepts at play aren't that radical:

  • Here is some Thing™ that's unique and can't be substituted for anything else, and is cryptography verified
  • The history of this Thing™ is Distributed and Public†

    • The issue is when you try to use that Thing™ to represent real-world goods or objects one-to-one, especially for the purposes of ownership, on a system that, by design, is anonymous.

    Show threadTeknikal_DomainDec 8, 2022

    @pshread @rysiek

    †: as mentioned earlier, not perfectly true given how the entire Ethereum... Everything, works. We created something so decentralized (and complex), you need to rely on gatekeepers to use it

    Show threadTeknikal_DomainDec 8, 2022
    @pshread @rysiek Really if you take out "I own this, stop right clicking my JPEG," they're perfectly fine and usable for, for lack of a better term, "fantasy" applications... As a concept divorced from crypto. Add that into the mix, AND add the attempts to make them actual tokens of ownership, and... Web3 is Going Great.
    Show threadTeknikal_DomainDec 8, 2022

    If you want to be pedantic, every Strange item in Team Fortress 2 is literally, by letter of the acronym, an NFT: they can't be interchanged, and they're some Thing™ (a record in the TF2 database) associating your Steam account with the ability to use a certain item in-game.

    Every dog tag in Tarkov is an NFT. If you want to be outrageous, every *session cookie* that websites use to know *if you're logged in* is an NFT.

    Putting this concept on crypto was... Completely asinine.

    Show threadPaul ShreadDec 8, 2022
    @tek_dmn @rysiek How they ever became an "investment" bubble is what blows my mind...a sure sign that some people have too damn much money and need to be taxed
    Show threadTeknikal_DomainDec 8, 2022

    Why is THIS the post that's gotten me the most attention out of everything I've said???

    inb4 because it's accurate and unfortunately relatable.

    Show threadwhonose123Dec 8, 2022
    @rysiek and that surprises only those who were blind to begin with . It was always going to be the result .
    Show threadQuestDec 8, 2022

    @rysiek
    FTX was a centralized exchange and it looks like their NFT minting follows that same route by using https://ftx.us/api/nft/spl_metadata/ in the metadata making ftx.us a single point of failure. There are systems in place to address these concerns for NFT data such as using the IPFS distributed file system.

    https://en.m.wikipedia.org/wiki/InterPlanetary_File_System

    Not saying it is a foolproof solution but it does help eliminate a single domain as a point of failure.

    Kroll Restructuring Administration

    Show threadMahmoud - محمود عبدالجوادDec 8, 2022
    @rysiek so where's this thing that NFT lives forever, it is just like buying a thing from the store?
    Show threadRob CorneliusDec 8, 2022
    @rysiek hahahahahaha deep breath hahahaha
    Show threadNorth Easton Dec 8, 2022
    @rysiek whoops
    Show threadTryst 🏴󠁧󠁢󠁷󠁬󠁳󠁿 🇮🇪  Dec 8, 2022
    @rysiek https://www.youtube.com/watch?v=txFjWQcTCIs
    It Crowd - Clown laughing

    YouTube
    Show threadBrian HawthorneDec 8, 2022
    @rysiek @davidgerard Makes sense. They don’t actually own the image, just the token.
    Show threadEn3pY - Sebastian ZdrojewskiDec 8, 2022
    @rysiek yeah we definitively didn't see that coming... 🤔​
    Show threadFediThing has moved!Dec 8, 2022

    @rysiek

    Just thinking about all those lunatics who were deliberately burning actual physical art "to make it entirely digital".

    https://metro.co.uk/2022/09/27/millionaire-under-investigation-after-burning-frida-kahlo-drawing-17463140/

    Millionaire under investigation after burning Frida Kahlo drawing

    Kahlo's artwork is protected by law as a national monument in Mexico, including pieces owned by private collectors.

    Metro.co.uk
    Show threadEricDec 8, 2022
    @FediThing @rysiek
    Holy 🤬 ! That was infuriating to read.
    Nothing says "I'm a total piece of sh*t" like burning a Frida Kahlo drawing at your "NTF event" in an attempt to boost the value of the NFTs you're selling.
    Show threadFediThing has moved!Dec 8, 2022

    @eric @rysiek

    It's just barbaric!

    Can imagine future historians noticing the destruction of art in the 2020s and shaking their heads in despair.

    Show threadLinebyline→mastoart.socialDec 8, 2022
    @rysiek Oh no! If only someone had been warning people about exactly this problem from day one!
    Show threadComfortably NumbDec 9, 2022
    @linebyline @rysiek It's like when they told you to accumulate bitcoin in case of nuclear war and electric grid going down.
    Show threadJohn Spounias  Dec 8, 2022
    @rysiek lack of understanding the foundational tech got all these people what they deserved and strengthens crypto with a solid model like RVN.
    Show threadTheRandomGamerTRGDec 8, 2022
    @rysiek who's idea was it to have your info website and product website on the same url?
    Show threadStefan Midjich ꙮ҄Dec 8, 2022
    @rysiek I wish they would stop using words like "minted" when it's just an API and a fucking database. schmucks.
    Show threadJamey KirbyDec 8, 2022
    @rysiek This is why we can't have nice things. W3 is about decentralization. FTX was about greed and control. Put your damn NFT metadata on IPFS!
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 9, 2022
    @knightstalker web3 is about monetization of all human interactions on-line, not about decentralization:
    https://strangematters.coop/web3-vs-fediverse-decentralized-internet/
    Who Is “Web3” For? - Strange Matters

    Strange Matters Magazine

    Strange Matters - Strange Matters Magazine
    Show threadJamey KirbyDec 9, 2022
    @rysiek That's a good read. Ethereum has its coin (ETH) to give financial incentives to node runners. It is a viable model. Couldn't federated social nodes also run on a coin to give incentives to node runners? And don't discount the sheer badassness of EVM. Filecoin now has a VM (FVM). These are some very cool emerging technologies. Every time I hear folks crap on crypto, I have to step back and realize their perception is that of a Tulip Mania driven by unsophisticate media.
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 9, 2022

    @knightstalker well, my point that I was making in the article was that web3 is basically a bunch of scams in a trench coat, and all that blockchain crap is there to extract money from the gullible.

    Clearly I failed in making this point clearly enough. 🤷‍♀️ How very unsophisticated of me.

    Here, this video (not mine) makes this point way more clearly and with many more examples:
    https://www.youtube.com/watch?v=YQ_xWvX1n9g

    Line Goes Up – The Problem With NFTs

    If someone pitches you on a "great" Web3 project, ask them if it requires buying or selling crypto to do what they say it does.Sources and Further Readinghtt...

    YouTube
    Show threadJamey KirbyDec 9, 2022
    @rysiek I'm a little over sixteen minutes into the video. I want to comment on the power usage issue he is discussing. A recent study showed that conventional banking uses 56 times more energy than Bitcoin. Here is the research: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4125499
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 10, 2022
    @knightstalker it's also several orders of magnitude more performant. With Bitcoin I get 7 transactions per second, globally. That's not even funny.
    Show threadJamey KirbyDec 10, 2022
    @rysiek lightning males BTC usable
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 10, 2022

    @knightstalker a hack upon a hack.

    Anyway, as I said many a time before: web3 is to decentralization what radioactive toothpaste was to dental hygiene. It's the wrong tool for the job, used only because of hype, and it will cause (and in fact already has caused) immense harm to loads of people.

    You are free to disagree. But I will count you among cryptobros and move on, as I don't have time for people who sound like they're pushing a Ponzi scheme they invested in.

    Show threadJamey KirbyDec 10, 2022
    @rysiek not a crypto bro. I am a software engineer and founder with 30 years of experience. I see the intrinsic value.
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 10, 2022

    @knightstalker cool. I never asked for your resume.

    What I see is loads and loads of concrete proof of scams (and the broader scene being vaguely okay with them happening), along with so far zero concrete proof of usefulness.

    Anyway, fun talking to you, but I don't think anyone here is going to convince the other. Have a good weekend.

    Show threadJamey KirbyDec 10, 2022
    @rysiek Madoff didn't use crypto. You're gonna have scammers in every walk of life. Do we poo poo fiat because of the Madoffs of the world?
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 10, 2022

    @knightstalker I assume you wanted to say "Madoff didn't use crypto". See, I am at least *trying* to be generous with my reading.

    Are you going "few bad apples" on me right now, combining it with a nice dose of whataboutism? Definitely a winning move. 🙄

    You're basically saying "I don't care if there are scammers absolutely rampant in my community as long as I can show a different community that also has a few scammers".

    Classy.

    Also, which part of "have a good weekend" happens to elude you?

    Show threadJamey KirbyDec 10, 2022
    @rysiek no. I'm saying these are the things we d we deal with in the regular course of our lives, and we can't let those people ruin it for the rest of us. The long term advantages outweigh the roadblocks to get there. Does that make sense? I'm no prophet, just an observer.
    Show threadJamey KirbyDec 10, 2022
    @rysiek And read the paper I sent you. In the long term, BTC is far more efficient than the global banking system we have now could ever be. It is a natural progression. Are there issues? Yes. Paper money has major issues with counterfeiting, so we improved the technology. Cash poses problems for crime and tax avoidance, so we're trying to move people away from cash and towards using bank cards. I mean, heck, I know many places that simply don't take cash.
    Show threadJamey KirbyDec 10, 2022
    @rysiek Try to stay at a hotel using cash... I think you make valid points when you look at the FOMO or as I like to say "Tulip Maniacal" aspects. I made something like $8,000 in six months on a $120 investment in DOGE. I could afford $120 so I was playing around and didn't expect to make eight grand, but I did. But that's all just the early stages of new technology. What is it they say (paraphrased): "The first adopters of new technology are the stupid-rich." The masses will follow.
    Show threadJamey KirbyDec 10, 2022
    @rysiek I do care that there are scammers. Something like 40,000 people die each year from car accidents. Getting rid of cars would eliminate those deaths. But the cost-benefit analysis says it is okay to let 40,000 people die each year because cars provide a huge value to society. Does it make me apathetic to ride in a car?
    Show threadJamey KirbyDec 10, 2022
    @rysiek I'm not trying to be mean. I do have strong feelings toward distributed ledger technology and tokenization. It has a place. Once the dust clears, the true value will emerge. At least I am banking on it.
    Show threadJamey KirbyDec 10, 2022
    @rysiek I finished the video. It was an informative perspective. Thanks for sharing.
    Show threadWin Cowger, PhDDec 8, 2022
    @rysiek so then the nft actually isn't even the object in this case image your you're purchasing, it's literally just the transaction that lives forever.
    Show threadMichał "rysiek" Woźniak · 🇺🇦Dec 9, 2022
    @wincowger correct. You pay for a receipt that references the artwork… somehow. But NFTs are not artworks, and they do not carry any legal significance unless there is a separate contract or specific laws get passed about it.
    Show threadRoxy Dec 8, 2022
    @rysiek
    Show threadTaylor ParizoDec 8, 2022
    @rysiek "Yo bro check out this sick S3 object URL I bought for 4 ETH."
    That's all it is.
    Show threadJust an old goatDec 8, 2022
    @rysiek If only there was some way they could have seen this coming!
    Show threadChairman BoredDec 8, 2022
    @rysiek so NFT is now "no fuckin' token' :D
    Show threadJim JonesDec 8, 2022
    @rysiek This stuff gets funnier all the time.
    Show threadAlisonW ♿🏳️‍🌈♾️Dec 8, 2022
    @rysiek
    Presumably someone knowing the original target IP address could just put a key in their local HOSTS file though.
    Show threadRevK Dec 8, 2022
    @AlisonW @rysiek unless it is an https link