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The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

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    1. Pinboard‏ @Pinboard May 31

      The thing I really enjoy about non-fungible tokens (NFTs) and "smart contracts" more broadly is that there's no way to get them to point to information or objects outside the blockchain without introducing a trusted third party, the whole thing you set up a blockchain to avoid.

      25 replies 134 retweets 763 likes
      Show this thread
    2. Andrey‏ @flpvsk May 31
      Replying to @Pinboard

      They can point to a hash/torrent/ipfs node, no?

      2 replies 0 retweets 1 like
    3. kornel@mastodon.social‏ @kornelski May 31
      Replying to @flpvsk @Pinboard

      Sure, but anyone can put a hash of a photo of Mona Lisa in a text file, burn a forest, and claim that it makes them the owner now. Bits on a blockchain won’t influence anything in the real world without someone to physically enforce them, and that’s where ‘authorities’ come in.

      1 reply 0 retweets 1 like
    4. Andrey‏ @flpvsk May 31
      Replying to @kornelski @Pinboard

      Well, that's a different argument, which is valid, but also has its counterarguments (e.g. anyone can print a photo of a famous photographer, it won't cost as much as the original "signed" copy). I was responding to the "trusted third-party" argument though.

      1 reply 0 retweets 0 likes
    5. kornel@mastodon.social‏ @kornelski May 31
      Replying to @flpvsk @Pinboard

      The example he gave was about a soccer game score. Where do you get the score from? It's not a hash, not an IPFS node. The game hasn't happened on the blockchain. There's no algorithm to verify the score is true. The system has no choice but to trust some external input.

      1 reply 0 retweets 0 likes
    6. Andrey‏ @flpvsk May 31
      Replying to @kornelski @Pinboard

      Of course there is. As long as you have a public key of an "authority" (e.g. FIFA). You can verify that the score is correct (according to that authority) at all times. Without trusting a third party. See PGP, Dat etc.

      2 replies 0 retweets 0 likes
    7. kornel@mastodon.social‏ @kornelski May 31
      Replying to @flpvsk @Pinboard

      Here FIFA is the trusted 3rd party (the first two parties are the people making a bet via smart contract). Once you've tied the result to a single trusted authority that decides the result of the transaction, your decentralized trustless blockchain is merely a very slow computer.

      2 replies 0 retweets 1 like
    8. Andrey‏ @flpvsk May 31
      Replying to @kornelski @Pinboard

      Yeah but FIFA is a trusted third party anyway :) We trust them to keep the score, preserve rules etc.. So. I doubt anyone that doesn't trust FIFA would bet on a match. With or without blockchain.

      1 reply 0 retweets 0 likes
      Pinboard‏ @Pinboard May 31
      Replying to @flpvsk @kornelski

      You can extend that argument to other institutions (like the banking system, which is a hell of a lot more honest than FIFA) and you soon run out of places you need a blockchain

      11:29 AM - 31 May 2021
      1 reply 0 retweets 0 likes
        1. Andrey‏ @flpvsk May 31
          Replying to @Pinboard @kornelski

          Totally. "If only we could transact with strangers without having to trust them" narrative is a lie.

          0 replies 0 retweets 0 likes
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