Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

  • LexiMax@lemmy.blahaj.zone
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    1 year ago

    If I buy a lot of baseball cards for 1 cent, at least they don’t suffer from the oracle paradox.

    NFT’s were nakedly a solution in search of a problem that weren’t even a very good solution to the problem they were purporting to solve. That’s what pisses people off.

    • Syrc@lemmy.world
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      1 year ago

      Sorry, I tried to understand this Oracle Paradox you’re talking about but every explanation I found had so much jargon that it fried my brain at the third line. Do you know where can I find an ELI5?

      And yes, I get why people dislike the concept of NFTs, but mocking their value (or lack thereof) seems dumb when it’s “obtained” the same way as pretty much every other collectible.

      • Honytawk@lemmy.zip
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        1 year ago

        https://en.wikipedia.org/wiki/I_know_that_I_know_nothing

        This saying is connected with the answer to a question Socrates is said to have posed to the Pythia, the Oracle of Delphi, in which the oracle stated something to the effect of “Socrates is the wisest person in Athens.”[3]

        Socrates, believing the oracle but also completely convinced that he knew nothing, was said to have concluded that nobody knew anything, and that he was only wiser than others because he was the only person who recognised his own ignorance.