yesmanDec 17, 2023

Hackers steal NFTs worth millions. In other news, NFTs worth millions.

https://lemmy.world/post/9675964

Hackers steal NFTs worth millions. In other news, NFTs worth millions. - Lemmy.World

The way I read the article, the “worth millions” is the sum of the ransom demand. The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches?

Show thread🐑🇸 🇭 🇪 🇪 🇵 🇱 🇪🐑Dec 17, 2023
No one is gonna buy any NFTs for millions lmao
Show threadshortwavesurferDec 17, 2023
As crazy as it sounds, some people do.
Show threadAbidanYreDec 17, 2023
They did. For like a week last year. Then everyone realized it was a scam.
Show threadshortwavesurferDec 17, 2023
I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.
Show threadsilverbaxDec 17, 2023
Tickets, yes, door keys, no.
Show threadshortwavesurferDec 17, 2023
Besides the obvious of your door lock needing to be connected to the internet, and that could be a problem, what else do you see as being an issue with using it for door keys?
Show threadbahbah23Dec 17, 2023
How exactly would that work? Keep in mind that the blockchain is by necessity not secret.
Show threadshortwavesurferDec 17, 2023
Right, but all the lock is doing is checking whether you own the NFT or not. If your house was in NFT, people could see that you bought a house, but not where it was as long as it was generic like house #40000
Show threadTar_AlcaranDec 17, 2023

all the lock is doing is checking whether you own the NFT or not.

So, you’d need a method to verify who “you” are. And once again we’ve come up with a way to use NFTs that actually works better without NFTs.

Show threadshortwavesurferDec 17, 2023
Fair enough. I will say that I am not well enough versed in the topic to discuss it in depth.
Show threadTar_Alcaran

No offense, but this is literally the problem with almost everyone who says they have a perfect usecase for NFTs. I also don’t know everything about everything either, but I know do know that we don’t tend to make existing systems complex just for fun.

Every time someone wants to fix something with NFTs, they’re either slapping an NFT on top of the existing system, making it more complicated, OR they want to start a new solution from the ground up, throwing out decades or centuries of experience and edge-case solutions to replace them with nothing, leading to major problems.

This post is about the second thing happening, your example is the first.

NFTs are a solution looking for a problem. But all the problems have already been solved without NFTs.

Dec 17, 2023 at 5:14pmWeb
Show threadmercDec 18, 2023
Blockchain in general is a solution looking for a problem. Blockchain is just a terrible database that burns mountains of coal. In almost every case when someone suggests using blockchain for something, the simpler solution is to just use a standard database.