Can somebody explain why this is better using ETH vs the same idea but with SQL and USD?https://twitter.com/WilliamShatner/status/1126698809566744577 …
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Replying to @tylertringas
I'm not super familiar with the collectibles world, but my guess is this: there's not a big difference in the initial sale, but it's about later sales. The transaction on Ethereum becomes part of what you're buying
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Replying to @benedictfritz @tylertringas
You buy a legit item with a Eth verification. You could create a fake and and sell it, but if you pass the Eth key along with the fake, the legit item becomes worthless in a sense. Because even if you wait 30 years, and then try to sell it people know you already "sold" it before
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Replying to @benedictfritz @tylertringas
This of course relies on the Eth key becoming viewed as legit, important, and something that people insist on being present in a transaction. Also very implementation-reliant in that sense. I think that's the value of having the top-down sign-off of the people making collectibles
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Replying to @benedictfritz @tylertringas
You could recreate this system centrally with SQL and USD but it'd involve a lot of back and forth with a central authority e.g. "I want to buy this, let me check the website to see if the current owner is assigned correctly, let me submit a request for the transfer of ownership"
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Replying to @benedictfritz @tylertringas
etc. so it'd probably become prohibitively expensive to maintain that central authority except for the most high value objects.
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I'm not totally sold on it, and I may be wrong, but that's my current understanding of it. I could see a version of this working well, but I think it has to be smooth, easy, and understandable enough that people are incentivized to maintain the ledger
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