Magnum now selling NFTs

[MattKing]

I can buy a drink or a snack or a few quarts of gasoline with that $5 bill (but not a roll of film!). And I can be fined more of those dollars if I violate copyright law. If I hack into and steal someone's NFT, there are no consequences I know of.

That is because the level of consensus has not yet been reached - quite possibly may never be reached.
I was in a shopping mall today, and sitting side by side I saw what I would describe as a "standard" bank cash machine ("ATM") and a Bitcoin ATM.
That Bitcoin machine is evidence of an increase of consensus around that currency.

 

[pbromaghin]

You'll own nothing, but at least you'll be the only one who does.

 

[Alan Edward Klein]

That is because the level of consensus has not yet been reached - quite possibly may never be reached.
I was in a shopping mall today, and sitting side by side I saw what I would describe as a "standard" bank cash machine ("ATM") and a Bitcoin ATM.
That Bitcoin machine is evidence of an increase of consensus around that currency.

You can't eat, wear, decorate your wall, or drive a bitcoin. It has no intrinsic value like oil, tobacco, wheat, cotton, cloth, oranges, steel, negatives, or photo prints. NFTs aren't much better.

 

[Tel]

An NFT is first cousin to a WTF.

 

[Pieter12]

When you think of it, besides being purchased with bitcoin, NFTs are not that much different than movies. You can only enjoy them on a screen, there is really nothing of real value in the ownership of one that sits on a shelf or a hard drive somewhere.

 

[MattKing]

You can't eat, wear, decorate your wall, or drive a bitcoin. It has no intrinsic value like oil, tobacco, wheat, cotton, cloth, oranges, steel, negatives, or photo prints.

Same applies to a dollar bill .

 

[Alan Edward Klein]

Same applies to a dollar bill .

That's true. As we're seeing now due to inflation, it's buying less and less. It won't be the first currency to eventually become worthless. It's purchasing power is probably only 1% of what it was a hundred years ago. It used to be backed up by gold and silver. I remember as a kid there were Silver Certificate currencies. On the bill, it stated it was redeemable in silver, previously they were redeemable in gold. So at one time, they did have intrinsic value as gold or silver. Now it just says Federal Reserve Note at the top and can be used to pay all debts on the left side. See one of your own in your wallet to get the exact words.

 

[Sirius Glass]

Same applies to a dollar bill .

One can frame a dollar and hang it on the wall. Some do that with the first on they earned or if they have a silver certificate they got before they were withdrawn from circulation.

 

[MattKing]

Folks - discussions about money theory are inherently political in nature - so please refrain from continuing on that track.

 

[Alan Edward Klein]

I disagree it's political with what we're talking about. Understanding how money works ties into the reason NFTs have little or no value. You have to understand one, to understand the other. Money has inherent value., Currency does not necessarily. NFT's are similar to currency. Neither have inherent value. That's why we should be careful investing in NFTs rather than buying actual prints.

 

[MattKing]

I disagree it's political with what we're talking about. Understanding how money works ties into the reason NFTs have little or no value. You have to understand one, to understand the other. Money has inherent value., Currency does not necessarily. NFT's are similar to currency. Neither have inherent value. That's why we should be careful investing in NFTs rather than buying actual prints.

All of this is correct, and not political.
Inflation discussions are political.

 

[Alan Edward Klein]

You have a hard job separating economic from political. I'm not jealous of you as that's a difficult job. For example, how can we speak of rising costs for photography especially film without discussing inflation, distribution issues, import duties, etc? All those have political overtones. How do you talk about the discontinuance of Velvia without discussing government regulation of chemicals? Likewise, these have political overtones as well.

 

[MattKing]

You have a hard job separating economic from political. I'm not jealous of you as that's a difficult job. For example, how can we speak of rising costs for photography especially film without discussing inflation, distribution issues, import duties, etc? All those have political overtones. How do you talk about the discontinuance of Velvia without discussing government regulation of chemicals? Likewise, these have political overtones as well.

Not a problem - just don't discuss the overtones

 

[Alan Edward Klein]

Not a problem - just don't discuss the overtones

AH. That's the rub. We have to figure out which are the overtones you consider verboten..

 

[pentaxuser]

I found the whole concept incomprehensible as it seems do most of my fellow members. I read the concept of a NFT but trying to make sense of it was like trying to make sense of the "Hu's on first base" sketch. It seems so ridiculous that like the sketch I ended up laughing at the whole thing

It's a version of the "Emperor's Clothes" concept isn't it?

That apart I have to say that frankly I have seen better pics in our Photrio Gallery. The one labelled Paris,France, 2020 had me in tucks of laughter. It is one fist and wrist in the air between two sets of houses. It could be anywhere and anybody

The short description of what is taking place i.e. demonstrators raising their fists in the air against police violence is supposed to be conveyed by what we see?????? Maybe we are meant to use our imagination as is the case when admiring the Emperor's clothes

So if I paint a white line on top of my local hill and cycle across it, can I claim that I am the winner of the Alpe d'Huez?

I suppose it all fits in with the concept of NFT

pentaxuser

 

[faberryman]

So if I paint a white line on top of my local hill and cycle across it, can I claim that I am the winner of the Alpe d'Huez?

You can claim that you are the winner of the Alpe d"Huez without painting a white line on top of your local hill and cycling across it. Why make it more difficult than it needs to be?

 

[Sirius Glass]

I found the whole concept incomprehensible as it seems do most of my fellow members. I read the concept of a NFT but trying to make sense of it was like trying to make sense of the "Hu's on first base" sketch. It seems so ridiculous that like the sketch I ended up laughing at the whole thing

It's a version of the "Emperor's Clothes" concept isn't it?

That apart I have to say that frankly I have seen better pics in our Photrio Gallery. The one labelled Paris,France, 2020 had me in tucks of laughter. It is one fist and wrist in the air between two sets of houses. It could be anywhere and anybody

The short description of what is taking place i.e. demonstrators raising their fists in the air against police violence is supposed to be conveyed by what we see?????? Maybe we are meant to use our imagination as is the case when admiring the Emperor's clothes

So if I paint a white line on top of my local hill and cycle across it, can I claim that I am the winner of the Alpe d'Huez?

I suppose it all fits in with the concept of NFT

pentaxuser

"Who is on first?" is an Abbott and Costello routine. Hu's on first is a photograph of a LA Dodges' player.

 

[Alan Edward Klein]

"Who is on first?" is an Abbott and Costello routine. Hu's on first is a photograph of a LA Dodges' player.

Always funny.

 

[pentaxuser]

You can claim that you are the winner of the Alpe d"Huez without painting a white line on top of your local hill and cycling across it. Why make it more difficult than it needs to be?

Surely I'd have to take a picture of me on a bicycle crossing the white line on the top pf a hill to give a touch of authenticity at least?

I could claim to be Superman as well but I'd need to provide a photograph of me emerging from a telephone booth surely?
Me winning the Alpe d'Huez stage of the Tour might be the easier pic

pentaxuser

 

[Sirius Glass]

Surely I'd have to take a picture of me on a bicycle crossing the white line on the top pf a hill to give a touch of authenticity at least?

I could claim to be Superman as well but I'd need to provide a photograph of me emerging from a telephone booth surely?
Me winning the Alpe d'Huez stage of the Tour might be the easier pic

pentaxuser

I think that it would be better to have the photographer flying alone side you. More intimate and personal.

 

[Sirius Glass]

 

[logan2z]

View attachment 310659

 

[Tel]

Brilliant! Does this foretell the end of days?

 

[it's_hank_dude]

I'm confused by the intrinsic value conversation, can someone clear it up for me? (@Alan Edward Klein ?)

I understand that intrinsic means it's sort of "built-in" versus extrinsic which means we've applied value based on our desires. But can you say anything simply has intrinsic value? If I have a hammer in my hand, it only has intrinsic value if I'm looking at a half driven nail. I see intrisinc value more like kinetic energy and extrinsic more like potential. Okay, maybe that's a bad analogy but I hope the hammer example is clear.

So why does a print on "real" paper have supposed intrinsic value but an NFT on a "real" screen does not? It seems to me to be kind of silly to not think of humanity as moving towards a predominately "digital" lifestyle as surely as the industrial revolution put us mostly in weatherproof structures and gave us reliable plumbing and electricity. If I have an NFT hanging on the wall of my VR (edit: Virtual Reality) mansion, it would be no less real to me than some piece locked away in a vault here in space-time, never being looked at because it needs time to appreciate.

 

[Pieter12]

I think that it would be better to have the photographer flying alone side you. More intimate and personal.

There are drones that will follow you, taking video or stills as you go