Quote from: Mek on Today at 08:19:22 AM

IMHO, NFTs are just another hype that comes and goes. People do all kinds of things that are not understandable, all the time.
Can you please elaborate on how exactly the current hype nudges people towards Monero, and not some other crypto or technology?

At lease SOME people will consider what "fungibility" is because of this.

The whole way NFTs work is we are creating something that is identifyably unique. This bored ape is provably different than THAT retarded frog. And only one person can own either one.

Non-fungibility in a nutshell is the idea that each unit is unique and discernibly different than the other. Then, of course, humans begin to assign values to each of these unique units. And some will be worth more than others because of the magic of markets.

Non-Fungible money does not work well. And as a generic store of value there are great arguments to be made for both something like an NFT (think rare art), or like an ounce of silver, with simply the mark of the company that cast the bar or round. In the latter case the fact it is from "Sunshine Mining" does not make the silver more valuable really, but generally trustworthy in that we know that mint has a history of being fair. An ounce of silver is MOSTLY fungible. We might assign a premium to one mint or another, and of course we can go all the over to non fungibility with RARE coins.

NFTs are more like collectible art. They are basically the mathematically abstracted version of that. A computer science and math based simulation of a collectable thing... art, a watch, a car... whatever. Do not get lost for now in arguing whether or not this really has any meaning or value.

Bitcoin is sort of like Gold or Silver, I think. Most of the value of a satoshi is based on the same minimum structure that all others share. But there are circumstances where Bitcoins fungibility can be challenged, similar to a minted silver round. If I could have 1 of the 50 bitcoin mined in Block 2, I would think I should be able to sell THAT BTC for WAY MORE than 43k. In fact I could imagine someone paying MILLIONS to own that. Likewise Bitcoin directly associated with a crime might be considered worth less.

Let's say we take that thought experiment about the Block 2 coin a ltitle farther. Let's say I actually discovered Satoshi! And he agreed with me to sell me exactly ONE of the 50 BTC sitting in block 2's coinbase. And futher lets assume that I am the only one who knows who Satoshi is, and no one else did. Well, after we did our deal, then Satoshi would sign a transaction with the private key corresponding with the coinbase address of block two and send me that 1 BTC I had bought from him.

What would happen? Yes. The entire Bitcoin market would almost immediately crash! Why? because it would be public knowledge that the owner of the private keys to block 2 just moved one of the coins. And was can also assume THAT person owns at least hundreds of thousands of Bitcoin, and just showed the world he was in a selling mood.

All because Bitcoins, are to a certain extent, non funfgible.

Monero on the other hand? Well I might just own one of the first Monero ever mined. But I do not know, and neither does anyone else without a large coordinated effort with various view keys. Practically impossible.

All because Monero has this property that is just about unique to only it. (and yes it's clones etc... but that is another discussion as to why XMR wins that battle too).

NFTs have opened peoples eyes to fungibility. Right now they are all distracted with pretending one retarded frog is worth more than another.

But eventually many of them will begin to understand the amazing value of a digital asset that CANNOT be distinguished from equal units of it's kind.

That is what I was saying... the long version. Wink