BC CRYPTO
Saved by @Shubham51ngh

Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

 Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file
Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX
THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"
Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF
So, well done for referring to IPFS - it references the specific file rather than a URL that might break!

...however the metadata links to "https://t.co/RzXLzsqegH"

This is an IPFS gateway run by https://t.co/yR25JR9mkk, the NFT-minting startup.

Who will go bust one day
You might say "Just refer to the IPFS hash in _both_ places!"

Well ...no. IPFS only serves files as long as a node in the IPFS network _intentionally_ keeps hosting it.

Which means when the startup who sold you the NFT goes bust, the files will probably vanish from IPFS too
In fact, this is already happening: https://t.co/UdUfMuyurw
In short: Right now NFT's are built on an absolute house of cards constructed by the people selling them.

It is likely that _every_ NFT sold so far will be broken within a decade.

Will that make them worthless? Hard to say
"NFT startups are long-game blackmailers" is an entertaining concept

https://t.co/Jtu2e1Q9Em
Eagerly awaiting the day when I can buy the bankrupt startup domains and start charging NFT owners to serve their files
"WELL ACTUALLY you just pin the file to your own IPFS node":

You absolutely can! But the metadata file generally points to a specific HTTP IPFS gateway URL - NOT the IPFS hash.

This means when the gateway operator goes bust I can buy the domain and start serving cat pictures
So @CheckMyNFT has been tracking NFTs created on Nifty, and apparently most of them are already broken 😬

https://t.co/7zvXpQNC2N
I can't believe I have to say this but: Not ALL NFTs

Yes I know there are plenty of NFTs that do not suffer from these problems. I was just covering the mainstream ones that have been hitting the news.

Next time I promise to inject the words "most" and "many" in every sentence
Honestly I'm not just making this up
https://t.co/S3nzWBKXqg
Apparently it isn't clear and some people are very angry, so:

This thread is specifically criticising the vendors currently selling fragile NFTs, not the concept of NFTs in general. Ok?

Ok.

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Once upon a time there was a genius called Satoshi, this anonymous character laid down a block, it was called the Genius Block, but we we spell it wrong to this day.


Then along came your standard noob who believed in freedom, we know this because he went by the name NewLibertyStandard.

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On his site, he priced Bitcoin on electricity.

The price went up, the price went down.


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But let me bring you to the year 2017 and save you lots of reading...
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1/ Welcome to #DeFi Wednesday.

Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.

Enter the thread

👇👇👇


2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.

Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.


3/ Less chad and more things that actually matter:

My incomplete theory of interest-bearing cash is also available also as a blog post:

https://t.co/uiG0fZiVyu

It is 15 pages. Pick your slow poison or die fast by continue reading here.

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Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.

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I'm sure someone else has explained this, but it is just so cool and I want to explain how this works.


So Curve is awesome for swaps between similar assets, right? The fact that they trade very close to each other is a key part about how Curve works, using it's custom swap invariant function.

That's step 1

Step 2 is that Synthetix is awesome for creating "synthetic assets" (aka synths) which are assets that trade like other assets, that are backed by another, entirely different asset. Basically, a plastic banana that I can buy and sell like a real banana.

Synthetix has a feature that lets you swap between any two synths with zero slippage and a flat fee. That's because it is simply converting the sythentic asset into another synthetic asset, the backing for the synth doesn't change it just uses a different price oracle now.

This is important. Absolutely no slippage, at any size

Swap $1m sUSD for $1m sBTC? flat 0.3% fee

Swap $10m sUSD for $10m sBTC? flat 0.3% fee

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NFT Crypto Guide 101 📚

🔹What are Non-Fungible-Tokens?
🔹What are NFTs used for?
🔹What do I expect for the NFT space in 2021?
🔹What NFTs do i hold?
🔹Where do I buy NFTs?

I will go through all of these questions.

Thread below 👇

🔹What are Non-Fungible-Tokens (NFTs)?

NFTs are crypto tokens that represent something unique. They are not mutually interchangeable.

This means that one NFT is not the same as the other.

Unlike for example Bitcoin, where each satoshi is exactly the same as the other.

These NFTs exist on the Ethereum Blockchain. Instead of ERC-20 tokens, we call these NFTs: ERC-721 or ERC-1155 tokens.


Each of these NFTs have an unique ID that seperates them.

For example, The Hashmask with ID #6718 is completely different than the Hashmask with ID #9939.

Different visually as well as the ID on the blockchain.


🔹What are NFTs used for?

NFTs are used to create verifiable digital scarcity and digital ownership.

The main applications we see today are:

🔹Digital Art
🔹Collectibles
🔹Games
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