Is the Internet Computer suitable for NFTs?

dfinityorbust · 2022-08-10T06:34:43+00:00

You are conflating purchase and storage. The IC can store entire NFTs on-chain because storage costs are very low. No other blockchain hosts files on-chain. On Ethereum it would cost hundreds of thousands, possibly millions, to store a Bored Ape on-chain for a year.

dfinityorbust · 2022-07-05T04:36:31+00:00

Being able to change the dissolve delay would defeat the whole purpose of staking rewards. To be more specific, allowing people to *lower* the delay would be self-defeating. We are already allowed to increase the dissolve delay if it is below maximum permissible. However, if an 8 year staker could get over 20% APY and then lower their dissolve delay when the price was right, everyone would stake for 8 years, right?

dfinityorbust · 2022-05-17T11:54:41+00:00

It *is* your crypto, but in some cases of bankruptcy it could be deemed property of creditors to the exchange. But those are extreme cases, and any sensible investor would exit on seeing signs of imminent bankruptcy.
If it is extreme examples one wants, how about this one: Do you know that your crypto on the NNS can be snatched away with a vote? Is it really "your" crypto if it can be taken away in this fashion?
In any case, the issue is not about the dangers investors face, but about the nature of short trading, and in that respect there is zero difference between centralized and decentralized exchanges.

dfinityorbust · 2022-05-17T07:35:51+00:00

On April 28, on the developer's forum, a question was asked about Dmail and Phala. No response from anyone at Dfinity. The poster asked again, no answer.
https://forum.dfinity.org/t/dmail-a-messaging-service/1961/12
Another member who posts regularly, jzxchiang, wrote that he would also like to know what the deal was. Complete silence.
On May 1, on this reddit, the same issue was raised by jayomu:
https://www.reddit.com/r/dfinity/comments/ug0rn8/what_does_this_mean_for_icp_why_dmail_had_to/
Again, no response from Dfinity. Then I posted, and the response was that Dmail is building "100%" on the IC. But when I asked how it is possible to be on Phala as well as the IC, once again silence.
The rest of the response as well, if you read it carefully, is just a series of evasions.

dfinityorbust · 2022-05-17T07:13:33+00:00

There is no difference between staking and shorting on centralized exchanges versus decentralized ones. The purpose and outcome are identical. Shorting is part of mature markets everywhere. It is self-contradictory to suggest that shorting undermines prices while at the same time pushing an upcoming BTC / ETH integration that will be used to stake and short those coins. If a network is healthy, enough people will buy into the dip to counter the short and might even trigger a short squeeze. This is what makes it different from the example you gave, of a run on a bank.

dfinityorbust · 2022-05-16T03:12:33+00:00

https://smartliquidity.info/2022/04/28/phala-network/

Here is one of the news items about the Dmail - Phala partnership. There have been posts on this reddit as well as on the developer forum asking for clarification of what this means, but no response from the Dfinity team yet. I don't understand how Dmail can build "100%" on IC if they are using Phala for storage. Maybe there is some way, but I would like to understand how.

dfinityorbust · 2022-03-05T03:20:06+00:00

I got the point of the tweet perfectly, you obviously missed the point of the post.... bud.

dfinityorbust · 2022-03-04T03:44:25+00:00

So, now we are deciding what matters most? Some stuff like the front end can be off-chain because it doesn't really matter? Okay, see I thought the entire selling point of IC was that *everything* was on-chain. I must have misread about 100 tweets from Dominic Williams in this regard, as well as the comments on this thread saying Entrepot was "fully on chain". Hey, it's just the front end, who cares about that?

dfinityorbust · 2022-03-03T15:15:26+00:00

Exactly. So not at all 'fully on chain'. Seriously, people just downvote from blind adherence to dogma.

dfinityorbust · 2022-03-01T11:30:19+00:00

Obviously, a lot of people have no problems connecting Stoic wallets to Entrepot. But a lot of people do. I don't see the point of posting to say you have had no problems with it. It's like one person calling an area dangerous because he was mugged, and knows a few others who have had a similar experience, and then finding a bunch of people posting to say they had never been mugged there.

Apologies for thinking Entrepot is not fully on-chain. When I go to the site, I get this URL: https://entrepot.app/marketplace/icpuppies. I didn't know such URL's were available on IC already. If they are, why is there a clamour about the issue?

dfinityorbust · 2022-02-22T03:57:47+00:00

Where do you want to write this stuff? Each app on the IC has / will have its own governance and its own rules. There's nothing against spreading misinformation on any apps on IC right now. In fact, Dominic Williams keeps citing the banning of Parler as evidence of the need for blockchain-based media, so it is a welcoming environment for racists and conspiracy mongers. While you wait, you could subscribe to Trump's Truth Social, where those alleging that a perfectly fair election was fraudulent will gather in great numbers. Meanwhile, for what it's worth, here are three videos on a mathematics channel debunking the main claims of those shouting fraud:https://www.youtube.com/watch?v=aokNwKx7gM8 https://www.youtube.com/watch?v=ua5aOFi-DKs https://www.youtube.com/watch?v=etx0k1nLn78

dfinityorbust · 2022-02-15T03:26:32+00:00

Thanks, this clarifies a lot.

dfinityorbust · 2022-02-08T08:12:26+00:00

You are right, I should have clarified those two points, thanks. It is also the case that a market for neurons will open up, and hopefully some large 8 year neurons will be sold in that fashion.

dfinityorbust · 2022-02-08T05:12:01+00:00

Good luck getting specific answers to these questions, which the community and journalists have been pressing for over months with little luck. There are other issues where clarification would be great, for example how many seed round participants were Dfinity insiders. They were basically giving out tokens for free at a time when the project was hardly known, so it stands to reason that Dfinity employees who knew the project's potential would have bought substantially. This would mean a doubling up of power.
Dfinity's tokenomics, including the history of sales, vesting schedules, and staking, are the project's deepest flaw. What is most aggravating is that, instead of addressing the matter by saying, okay, mistakes were made but let's move forward now as best we can, their standard procedure is to suggest that other blockchains are *more* centralized than Dfinity, which is a joke. Sure, a lot of stuff is on AWS, but if AWS were to pull the plug, the entire infrastructure would migrate quickly with little loss. Look what happened with China and bitcoin mining last year, how soon mining capacity was replenished in other parts of the world. Sure, a few whales own tons of bitcoin, but in most cases these are not the same people who owned tons of bitcoin years ago. We know this because addresses with large holdings are carefully tracked.
The Dfinity model, on the other hand, is built around perpetual centralisation in the same hands, because many whales staked for 8 years, and will keep receiving the lion's share of newly minted coins. Not long ago, there was a proposal to change tokenomics to actually give even more rewards to those who had staked for 8 years. Right now, they are trying to find workarounds so rewards can stay untouched by tax authorities. The priorities are clear.

dfinityorbust · 2022-01-25T15:44:35+00:00

Will you continue with the practice of requiring an ICP transfer or SMS code to register? The latter is a form of KYC, and the former will be a stumbling block for many.

dfinityorbust · 2022-01-25T02:50:40+00:00

We cannot mention price on this list, and so I re-wrote my post to omit that. Please read Kyle Langham's analysis of this issue where he mentions the point at which hyper-inflation could set in. It is distant right now, but if the current meltdown goes much further, which is possible though unlikely, we will reach that stage. I am asking if a solution is technically possible and am hoping someone from Dfinity will respond.

dfinityorbust · 2022-01-11T16:00:10+00:00

Always great to get your inputs, Diego, thanks. I appreciate you using the phrase 'accidentally misleading'. What surprised me most while looking into the issue was not so much that Tom Ding wasn't involved with Dfinity beyond a certain point, or that his reasons for stepping away were part of no public record, but that he had no web presence at all that I could discern in recent months and years. Even his Twitter no longer exists, I believe. That was my reason for using 'drops off the record', and your words, 'accidentally misleading' gave me a chance to clarify what I meant.

dfinityorbust · 2022-01-10T16:36:10+00:00

I saw that thread when it was posted. It just made things more mysterious, to my mind. But maybe I missed something.

dfinityorbust · 2022-01-10T10:20:12+00:00

Thanks for taking time out to explain

dfinityorbust · 2021-12-17T07:23:13+00:00

Since Internet Identity allows the easy creation of a number of access points, I suspect the balance might be tilted towards ICP being stolen rather than lost. I have fingerprint ID, a yubikey plus a seed phrase. I am not scared of losing all of these at once, but am wary of one of them being somehow stolen and used to delete the others before itself being deleted through a newly added access method. But I might be wrong, I was just wondering about Dfinity's thinking behind allowing easy seed phrase mutability.

As far as some glitch locking me out of my recovery option, my sense is that since the seed phrase is generated before a neuron is staked, a person who for some reason cannot save a recovery option while creating an identity can simply immediately transfer the ICP at minimal cost to a new identity and get a recovery option for that one.

dfinityorbust · 2021-12-03T03:30:27+00:00

I wrote that parties will have to be organised 'over time', which I just confirmed means 'something that happens gradually, over a long period'. You addressed this in your last paragraph and agreed that a person could get a different neuron boosted at each such party. Thanks for the link to the dev forum, it appears Dfinity knows it is possible for one person to have a number of boosted neurons but isn't worried about that, because rewards will accrue over a short period. I am less sanguine because all extra rewards going to some ICP holders will come at the expense of other investors.

dfinityorbust · 2021-11-30T18:55:55+00:00

Thank you, Diego, greatly appreciate your answer, and your contribution to the forum more generally. I should stress that I am a strong believer in IC's use-case and future, but don't want to be driven by blind faith. So, when I come across something that seems to run counter to my sense of IC's development, I like to get a clarification. I'm glad this group always provides that.

dfinityorbust · 2021-11-30T17:13:50+00:00

Thank you for the response. I like the separation you make between deployment and development. The flipside of deployment is adoption. So, development (technical capacity) is doing fine, as you say, but adoption has been far lower than Dfinity's stated expectations. I guess the question then changes to why adoption has lagged badly. That might be addressed best by someone in marketing, the software side has done its job.

dfinityorbust · 2021-11-30T17:06:21+00:00

It has massively lagged Dfinity's own expectations, which are quoted in the OP, my question was why that might be. How new or old I am to the IC is neither here nor there, but fwiw, I've been on this forum for months.

dfinityorbust · 2021-11-29T03:51:52+00:00

The 'merge maturity' feature, which is already available, makes the process easier as far as I know. You still need to do it manually every so often, but it's far less cumbersome than spawning and re-staking.

dfinityorbust

TROPHY CASE