Lotus NFTs Anyone?

[Captain.Kirk]

Anyone into NFTs? If so are you interested in the Lotus NFTs which are supposed to have their first drop this month. Lotus collectables, an interesting offshoot in the Lotus world.

Check it out here: https://nft.lotuscars.com/

 

[digilotus]

Gosh no. What a waste of money.

 

[VL3X]

Gosh no. What a waste of money.

Right? I just want my car... and maybe a scale model.

 

[Captain.Kirk]

Gosh no. What a waste of money.

They’re not for everyone. Keep your money for the real deal.

 

[Captain.Kirk]

Right? I just want my car... and maybe a scale model.

Probably a scale model first based on the intel we have so far.

 

[Lowtush]

Let's see if Lotus do something cool or just charge a silly amount for the rights to a boring an uninspired photo.

 

[Captain.Kirk]

Let's see if Lotus do something cool or just charge a silly amount for the rights to a boring an uninspired photo.

Ya, the jury is out on this. Mercedes did some a while ago that did very well. Lotus is trying to be a whole new company.

 

[Porter]

You may be interested in the spicy takes I had on this topic earlier in the year.

A Lotus Cars NFT marketplace??? JFC

This is a very, very bad sign about what is going on within Lotus. https://nft.lotuscars.com/terms-of-use I mean, what in the actual *F* is going on inside that company that someone thought an "NFT marketplace" was a good idea? Is Lotus suddenly being run by a bunch of alt-right libertarian...

www.emiraforum.com

 

[Captain.Kirk]

You may be interested in the spicy takes I had on this topic earlier in the year.

A Lotus Cars NFT marketplace??? JFC

This is a very, very bad sign about what is going on within Lotus. https://nft.lotuscars.com/terms-of-use I mean, what in the actual *F* is going on inside that company that someone thought an "NFT marketplace" was a good idea? Is Lotus suddenly being run by a bunch of alt-right libertarian...

www.emiraforum.com

So there’s the old guard that don’t get NFTs and there’s the new guard that do. Lotus isn’t the first automotive company and won’t be the last to get into this market. Mercedes has already been in this world and done well. I currently have 7 NFTs in my collection and have sold one already for over 1000% over my purchase price. It’s like the stock market in that you need to do some research and know when to get in and when to get out. When I end up paying for my Emira with NFT proceeds maybe naysayers will then take notice.

 

[Porter]

It's not an old guard / new guard thing. I guess good for you that you were able to soak a mark? Not sure I'd brag about that, but you do you.

NFTs are not mysterious. They are a simple crypto asset tied to... nothing. Sometimes they are connected with an image, but they don't even meaningful assert ownership over that image, only of the NFT that describes the image. They aren't trying to be a currency, and they aren't trying to have meaningful inherent utility. That's why the concept has been compared to art, or to baseball cards, because it's a value-attached intangible with a limited market that is almost totally unregulated. The risk profile for such markets is very high, far higher than any of the commonly-understood assumptions about how stock markets work. Reducing risk is not about "doing some research" but rather about understanding the particular incentives at play within that market that are materially different from traditionally regulated marketplaces.

The practical "utility" of NFTs in the world seems to be attached to the ease of transaction, enabling trading entities to move large amounts of money around while producing a legally verifiable sale and transfer record that can be defended in court as theoretically reasonable, despite the complete intangibility of the "asset" being bought and sold. That utility is directly related to the realizable trading value of the asset, which is a fundamental inversion of the concept of market value as an expression of the perceived value of the asset itself.

I'm not sure how you don't see that this is tailor-made for enabling criminality? Cryptocurrencies got regulated pretty aggressively so that funds transfers could be tracked, so NFTs became a thing... "asset" transactions that function as variable-value currency analogs but without the regulatory framework to provide visibility or oversight into end-state funds disposition.

 

[Shyatic]

NFTs and crypto are the next generation of ponzi schemes, and companies are just trying to cash in. Both provide almost no utility that isn't better done in a centralized manner.

 

[Captain.Kirk]

It's not an old guard / new guard thing. I guess good for you that you were able to soak a mark? Not sure I'd brag about that, but you do you.

NFTs are not mysterious. They are a simple crypto asset tied to... nothing. Sometimes they are connected with an image, but they don't even meaningful assert ownership over that image, only of the NFT that describes the image. They aren't trying to be a currency, and they aren't trying to have meaningful inherent utility. That's why the concept has been compared to art, or to baseball cards, because it's a value-attached intangible with a limited market that is almost totally unregulated. The risk profile for such markets is very high, far higher than any of the commonly-understood assumptions about how stock markets work. Reducing risk is not about "doing some research" but rather about understanding the particular incentives at play within that market that are materially different from traditionally regulated marketplaces.

The practical "utility" of NFTs in the world seems to be attached to the ease of transaction, enabling trading entities to move large amounts of money around while producing a legally verifiable sale and transfer record that can be defended in court as theoretically reasonable, despite the complete intangibility of the "asset" being bought and sold. That utility is directly related to the realizable trading value of the asset, which is a fundamental inversion of the concept of market value as an expression of the perceived value of the asset itself.

I'm not sure how you don't see that this is tailor-made for enabling criminality? Cryptocurrencies got regulated pretty aggressively so that funds transfers could be tracked, so NFTs became a thing... "asset" transactions that function as variable-value currency analogs but without the regulatory framework to provide visibility or oversight into end-state funds disposition.

Like a lot of financial based systems it will have its boom and bust just like the dot.com era. I’ve been lucky with it but it’s not for everyone and probably not for me for long. It is an interesting concept and also a sign of the times. Thank you for your thoughtful opinions.

 

[Johnson]

I wish I could unfollow/hide this thread.

 

[eriegz]

So there’s the old guard that don’t get NFTs and there’s the new guard that do. Lotus isn’t the first automotive company and won’t be the last to get into this market. Mercedes has already been in this world and done well. I currently have 7 NFTs in my collection and have sold one already for over 1000% over my purchase price. It’s like the stock market in that you need to do some research and know when to get in and when to get out. When I end up paying for my Emira with NFT proceeds maybe naysayers will then take notice.

I was going to stay out of this, but man... I just cannot tolerate the "If you have anything negative to say about crypto / NFTs / web3, then you're obviously just a tech-illiterate boomer / part of 'the old guard' / aren't a brilliant investor like I am " attitude. This is pure religious cult thinking, and I will call it out wherever I see it.

I'm a millennial, and I work in tech. Crypto / NFTs are garbage.

Just because someone purchased a URL off you for more money than you paid for it, that doesn't mean that crypto / NFTs / web3 aren't garbage. The forum page that @Porter linked to also contains some choice words from me on the subject, and I've reproduced them again below for posterity:

This is how I used to view NFTs too, right up until early 2022, when I finally learned more about the tech and the industry / marketplace.

Basically, the tech itself is garbage. The NFT assets themselves aren't even stored in / on the block chain (because the storage costs would be astronomical); they're stored on some other third-party server, just like any image on the internet. So you're literally just paying for a URL to that asset, and / or a certificate saying you own that asset, and that's it.

And then I won't even get into the myriad pump-and-dump / rug pull schemes that are running rampant, or the way that NFTs are integrated into "play to earn" schemes to take advantage of people in developing countries (its own rabbit hole).

And I'm not just someone who's prejudiced against NFTs or crypto, either. In fact, my buddy and I first got into Bitcoin mining together back in 2012, and last summer I was even one interview stage away from getting a job with a Vancouver-based NFT company (of course, that was before I learned all of the sordid details I mentioned above)!

I'm a tech person to my core, but I'm rooting for crypto & NFTs to die.

 

[Shyatic]

I was going to stay out of this, but man... I just cannot tolerate the "If you have anything negative to say about crypto / NFTs / web3, then you're obviously just a tech-illiterate boomer / part of 'the old guard' / aren't a brilliant investor like I am " attitude. This is pure religious cult thinking, and I will call it out wherever I see it.

I'm a millennial, and I work in tech. Crypto / NFTs are garbage.

Just because someone purchased a URL off you for more money than you paid for it, that doesn't mean that crypto / NFTs / web3 aren't garbage. The forum page that @Porter linked to also contains some choice words from me on the subject, and I've reproduced them again below for posterity:

This person may as well have said "wait until you see me pay for my car with gambling money!"

I am also in tech, the only thing the "new guard" can say is that blockchain is new tech -- it's not, it's based on 30 year old+ technology called Merkle Trees, which sucked *then* and didn't get used for anything other than aggregating log files (because it made sense for that).

The only thing that really separates people on crypto is their lack of understanding and lack of technical ability to understand. They believe in the buzzwords, they believe in "getting off the dollar!" or some other purely ridiculous statements that make zero economic sense "Get off the gold standard!" or "the lightning network will replace the dollar and all our transactions!"

No it won't. Bitcoin is slower than shit, has no inherent value (gold does, look at the chips your Emira is made of), and so is every other crypto chain out there. They are *all* universally trash technology and worthless. The fact you made some money because a bunch of idiots jumped on a hype train and rode up the price of a worthless asset doesn't make you smart, it makes you lucky. Use that luck to buy yourself a clue, please. Because every software engineer worth their salt that understands the underpinnings of how "blockchain" works laughs their ass off that people make the claims they do about it.

Just remember, beanie babies were worth a lot of money once too, for exactly the same reasons Bitcoin or ETH were worth something. Just hype. Because the tech sucks.

That said, I'll leave you with the best video on the subject I've seen:

 

[Rainier]

So there’s the old guard that don’t get NFTs and there’s the new guard that do. Lotus isn’t the first automotive company and won’t be the last to get into this market. Mercedes has already been in this world and done well. I currently have 7 NFTs in my collection and have sold one already for over 1000% over my purchase price. It’s like the stock market in that you need to do some research and know when to get in and when to get out. When I end up paying for my Emira with NFT proceeds maybe naysayers will then take notice.

@Captain.Kirk

Lotus Flower Bulb (LFB) prices are also set to rise 1000% soon.

LFB's will also generate attractive collectable accessories once the flowers have bloomed.

I have a limited supply of LFB's available for investment.

The initial round of investment is only open to astute new guard investors like yourself who really get it.

PM me for payment details and hurry, now is the right time to get in before the old guard catch on...

 

[eriegz]

This person may as well have said "wait until you see me pay for my car with gambling money!"

I am also in tech, the only thing the "new guard" can say is that blockchain is new tech -- it's not, it's based on 30 year old+ technology called Merkle Trees, which sucked *then* and didn't get used for anything other than aggregating log files (because it made sense for that).

The only thing that really separates people on crypto is their lack of understanding and lack of technical ability to understand. They believe in the buzzwords, they believe in "getting off the dollar!" or some other purely ridiculous statements that make zero economic sense "Get off the gold standard!" or "the lightning network will replace the dollar and all our transactions!"

No it won't. Bitcoin is slower than shit, has no inherent value (gold does, look at the chips your Emira is made of), and so is every other crypto chain out there. They are *all* universally trash technology and worthless. The fact you made some money because a bunch of idiots jumped on a hype train and rode up the price of a worthless asset doesn't make you smart, it makes you lucky. Use that luck to buy yourself a clue, please. Because every software engineer worth their salt that understands the underpinnings of how "blockchain" works laughs their ass off that people make the claims they do about it.

Just remember, beanie babies were worth a lot of money once too, for exactly the same reasons Bitcoin or ETH were worth something. Just hype. Because the tech sucks.

That said, I'll leave you with the best video on the subject I've seen:

"Line Goes Up" was a fantastic expose (documentary?) into all of the problems surrounding NFTs. I'm glad that it's gotten so many views since then.

Below is another great lecture that I watched on the topic of cryptocurrencies, where I learned such interesting facts as:

• By design, Bitcoin can only process 3–7 transactions per second, worldwide
• And to achieve this measly throughput, Bitcoin consumes more power than 1/3rd of all data centres worldwide (i.e.: Google, Facebook, Amazon, etc., combined)
• All Bitcoin transactions today could be processed by 10 Raspberry Pis consuming a sum total of 100W of power, or 9 orders of magnitude less power than Bitcoin today

 

[Shyatic]

"Line Goes Up" was a fantastic expose (documentary?) into all of the problems surrounding NFTs. I'm glad that it's gotten so many views since then.

Below is another great lecture that I watched on the topic of cryptocurrencies, where I learned such interesting facts as:

• By design, Bitcoin can only process 3–7 transactions per second, worldwide
• And to achieve this measly throughput, Bitcoin consumes more power than 1/3rd of all data centres worldwide (i.e.: Google, Facebook, Amazon, etc., combined)
• All Bitcoin transactions today could be processed by 10 Raspberry Pis consuming a sum total of 100W of power, or 9 orders of magnitude less power than Bitcoin today

Nick Weaver is great — a few others are Molly White, Kelsey Hightower (one of the founders of Kubernetes), Stephen Diehl and a few others.

 

[Wolfram]

This person may as well have said "wait until you see me pay for my car with gambling money!"

I am also in tech, the only thing the "new guard" can say is that blockchain is new tech -- it's not, it's based on 30 year old+ technology called Merkle Trees, which sucked *then* and didn't get used for anything other than aggregating log files (because it made sense for that).

The only thing that really separates people on crypto is their lack of understanding and lack of technical ability to understand. They believe in the buzzwords, they believe in "getting off the dollar!" or some other purely ridiculous statements that make zero economic sense "Get off the gold standard!" or "the lightning network will replace the dollar and all our transactions!"

No it won't. Bitcoin is slower than shit, has no inherent value (gold does, look at the chips your Emira is made of), and so is every other crypto chain out there. They are *all* universally trash technology and worthless. The fact you made some money because a bunch of idiots jumped on a hype train and rode up the price of a worthless asset doesn't make you smart, it makes you lucky. Use that luck to buy yourself a clue, please. Because every software engineer worth their salt that understands the underpinnings of how "blockchain" works laughs their ass off that people make the claims they do about it.

Just remember, beanie babies were worth a lot of money once too, for exactly the same reasons Bitcoin or ETH were worth something. Just hype. Because the tech sucks.

That said, I'll leave you with the best video on the subject I've seen:

Merkle Trees are widely used in software applications where data is stored and transferred between multiple computers, because they work and are efficient. For example, Git, which is used by over 40% of all professional software developers to collaborate and share source code, is based on Merkle Trees.

An NFT (non-fungible token) is simply a token that represents something unique. A £10 note is fungible: one note has exactly the same functionality as any other £10 note. A one of a kind trading card or a Rolex watch's certificate of authenticity, however, is non-fungible: it is unique and is not equivalent to any other. Personally I don't 'get' most crypto NFTs. But then I don't 'get' trading cards either. But using an NFT instead of a piece of paper for a certificate of authenticity, which can be cryptographically assured as unique and ownership securely transferred, makes perfect sense to me.

Over 18,000 developers are actively working on crypto projects (not the blockchains themselves, I mean people who are building applications and services that run on blockchains) ... not sure they're all laughing their asses off. That's where the inherent value comes/will come from: the ecosystems and applications that are being built on blockchain. The Internet was entirely worthless until people started putting services and applications on it. Crypto blockchains are no different.

It's early days for blockchains, just like the early days of the Internet when simply adding ".com" to a company name would double the share price. But far too early to dismiss as just hype.

 

[Shyatic]

Merkle Trees are widely used in software applications where data is stored and transferred between multiple computers, because they work and are efficient. For example, Git, which is used by over 40% of all professional software developers to collaborate and share source code, is based on Merkle Trees.

An NFT (non-fungible token) is simply a token that represents something unique. A £10 note is fungible: one note has exactly the same functionality as any other £10 note. A one of a kind trading card or a Rolex watch's certificate of authenticity, however, is non-fungible: it is unique and is not equivalent to any other. Personally I don't 'get' most crypto NFTs. But then I don't 'get' trading cards either. But using an NFT instead of a piece of paper for a certificate of authenticity, which can be cryptographically assured as unique and ownership securely transferred, makes perfect sense to me.

Over 18,000 developers are actively working on crypto projects (not the blockchains themselves, I mean people who are building applications and services that run on blockchains) ... not sure they're all laughing their asses off. That's where the inherent value comes/will come from: the ecosystems and applications that are being built on blockchain. The Internet was entirely worthless until people started putting services and applications on it. Crypto blockchains are no different.

It's early days for blockchains, just like the early days of the Internet when simply adding ".com" to a company name would double the share price. But far too early to dismiss as just hype.

You named the one tech — Git — whose most efficient use case is in GitHub , a centralized store of a merkle tree, because it isn’t efficient to store in a distributed way.

You just made my point for me.