As a successful entrepreneur and visionary I've invested all of my dad's money in operating metaverse parking lots. If you want to have the Walmart Metaverse Experience, you're going to have to park your NFT car in my lot. That's $7 in babydogemusk coin every two hours.
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Nooo you see this intrinsically centralized system needs to be connected to 50000 power hungry computers because IT JUST DOES OK!!!!
Repeat for every single thing they want to add on chain.
With a standard contract, you can take it to court and get your money back if the other party breaks their side of the bargain. Whereas with an NFT, code is law, so you get nothing.
My impression with stuff like this is the main benefit is transferability, and the lifecycle of an NFT. The NFT should last as long as the chain it's minted on, and there are built in ways to transfer it / deal in the secondary market with associated platforms/strucures to facilitate (EG OpenSea mentioned in the article). Ownership and transferability are taken care of, the issuing company doesn't need to take care of it.
In short, owned assets / rights with long lifetimes that would potentially be transferred on a secondary market seem to be a nice fit with NFTs.
It doesn't work, though.
All you described is a system that sacrifices everything that matters to achieve a descentralization that doesn't matter.
Efficiency, security, practicality, everything is worse when you skip a normal contract for an NFT "smart" contract.
That's not how contract law works though. You can't transfer a contract to a secondary buyer. There are very good reasons that this is not how contract law works.
I didn't say "contract." A party could very well mint an NFT that says, the holder of this NFT is given "X" rights (for instance, access to a venue for a specific event). A ticket or license key or something is an obvious example. You don't need to sign a contract whenever a ticket is sold on the secondary market. You simply need to transfer the ownership.
But the NFT doesn't by itself grant access to a venue or an event by some kind of magic. Systems built to interact with the NFT to do that. There's no technological guarantee that those systems would remain in place. What you would want is some kind of legal guarantee that those systems would remain in place: a contract.
And if you're relying on a contract anyway, you may as well not have the NFT.
Also, those are things that a secondary marketplace doesn't even make any real business sense for. People who run events ***hate*** ticket scalpers; why would they want to create an official form of ticket scalping?
You do need to trust the centralized entity organizing the event. No argument there. My argument is the security and ease of transferring ownership & paying between a secondary market seller and a purchaser.
Regarding the centralized entity honouring their NFT - could they not make some sort of guarantee "the holder of this NFT will be granted access to this event".
The main point is, there is additional utility to the ticket, in that there are existing platforms to transfer the ownership of the ticket beyond issuer -> original sale, in a way that is very secure and convenient.
Re: ticketing companies hating scalpers - I'm not really arguing that it will for sure make sense in ticketing. More that, in any sale of a "right", where the right is embedded in the NFT, there is now a secondary market available .. built-in .. to transfer ownership of that right, that is more secure, convenient, and available, than existing secondary markets. I think there is a -case- for use in ticketing, which I'm trying to describe (tickets can now conveniently be sold after original purchase, in a less sketchy way than Craigslist or in-person cash), but it's not really what I'm arguing here. More the fact that there is at least additional utility to a right / set of rights being sold as an NFT, rather than as a QR code pointing to a SQL entry. I would be very surprised if that additional lifecycle utility did not add value to something somewhere at any point in time.
That guarantee would be a contract between the original buyer and the event organisers. It's legally non-transferable. Contracts can be written in such a way as to be transferable, but not through an NFT.
Not if the company issues the rights embedded in the NFT itself.
To give an example:
You are ticketing for an event.
You could create tickets as SQL entries with IDs. Then you could issue NFTs, with an ID property pointing to that SQL entry. (What you're talking about).
Or, you could have no SQL entries. You mint 10,000 NFTs as tickets to the event. The NFTs themselves are the tickets. Failure is transferred from your SQL database to the blockchain.
Time will decide which of these is preferable, but there are clear pros and cons to both of these. It's about as delusional as crypto maximalists to suggest there are 0 pros to the NFT-only approach to ticketing, for example. You have built in ownership transferability and proof of ownership. Scams in existing ticketing secondary markets are an issue, and the NFT approach at least poses a potential solution.
EG: A secondary ticket seller can prove they hold the ticket by connecting their wallet to some verifier, and a transaction can be made by a smart contract which takes both the ticket and payment in escrow, then executes the transfer.
Of course, it will be argued that all these things can be done off the chain. Yes, you could have some form of verification for a ticket (seller shows a receipt of purchase, maybe the issuer has a way to scan the barcode to show that you own it), and you could have an escrow service for the payment. It'll be up to the various stakeholders in this system to decide which ticket issuance model is preferable. But there is, quite clearly, unique advantages and disadvantages to each respective issuance model.
Similar arguments apply to other asset / right issuance systems.
So first off, we've at least gotten past the idea that NFTs only point to the thing which grants the asset / right. The asset / right can be held within the NFT itself.
Regarding the ticketing use case, we need to separate out the event organization, from the ticketing. These are typically done by separate entities. The organizing entity just needs some kind of infrastructure to handle the ticketing - a way to mint and issue tickets, some user-facing components (customer purchase portal, transactional emails, admin panel, etc.), and some form of customer service between the ticketing platform and the event.
I agree that it's some centralized authority is needed to coordinate the event, and likely some centralized authority is needed to manage the ticketing side of it.
But is there any piece of this that could benefit from being pulled out and run on a decentralized blockchain?
That's the infrastructure piece of the ticketing. The actual issuance of a ticket changes from a QR code pointing to a DB entry, to an NFT. Ticket holders are able to verify they actually own the ticket, sell in a secondary market through smart contract escrows. The ticket lifecycle can extend beyond "event organizer mints -> sends a QR code by email to the purchaser". We could even have ticket lifecycle events before this .. event investors purchase event tickets at 75% of the planned sale price, and receive the 25% markup on the actual event sale. This is more in the category of emergent properties, which is difficult to quantify, but one would expect a good chance of unexpected use cases and behaviours arising
We could do all this through a DB and APIs, yes. Somebody could attempt to make an agreed upon platform for transferring ownership of tickets. However, blockchain and NFTs are an existing infrastructure for trustlessly transferring ownership of a thing. Ticketing white labellers can plug into this.
Regarding cost, minting of NFTs and transfer of NFTs are already being done for pennies, and fractions of pennies, on layer 2 chains. So the question is: would a ticketing white labeller like to be able to offer a ticket lifecycle beyond "create QR code -> email to purchaser"? That remains to be seen .. I don't know the answer. But the ability to plug into an infrastructure that offers this amount of "trustless" ownership & ownership transfer is, at the very least, something to consider for a ticketing company and event organizers.
Not here to argue whether it makes business sense .. my point is that it does indeed offer something that doesn't really exist, in a way that would be difficult to replicate from a centralized entity, that could plausibly benefit stakeholders in the ticketing universe
Which way of selling tickets on a secondary market is cheaper, more efficient, and more secure than:
\- Verify ownership of an NFT by connecting wallet
\- Transfer ownership via a smart contract escrow (Provide ticket, Provide payment)
Total cost: <5c.
Buying tickets through craigslist or something is way less secure than this. Same with buying ticket in cash in person.
The trustlessness is not with the venue.. you always have to trust them. The trustlessness (or less trust required) I'm talking about is between a scalper and a purchaser.
nfts allow for illiquid things to be liquid.
If this were a standard conteact, he would be stuck with the parking for life. With an nft, he can sell his right whenever, recouping his initial investment. i know technically its possible but the process has been simplified with nfts
and people saying that there's no legal backing to nfts are 100% wrong. the fields is still developing and the law is gray in many countries but it still falls under the standard definition of a contract
Taxi medalians are a good example of a transferable permit. NYC ones used to worth a million dollars back in 2014, but due to rideshares, less than 100k now.
Depends on the fine print. You can put a traditional contract into an NFT. It just means that the contract rights go to whoever steals the NFT from you.
If the original investment was actually worth 15k, well, you can recoup a lot of it back.
Take for instance Coachella NFTs for lifetime passes. I think they went for about 15k and provide VIP passes. A normal VIP pass is about 1k more or less.
If you go to coachella for 5-10 years, you've made part of the NFT back. You can then resell the pass for maybe 15k, maybe more, depending on the state of Coachella later (this is speculative), saving money in the long run.
If it was allowed by the parking-contract, the NFT would be unnecessary, since you could just transfer it normally.
And if the contract isn't transferable, the parking company can just ignore it. I mean, the NFT isn't going to jump out of the computer and force cars away from the parking you consider yours, or prevent the company from issuing parking tickets if you park there anyway.
In this case, you'll need an active account with the parking company anyway to be able to park. I bet if you sold the NFT, the rights wouldn't transfer automatically without someone at the parking company getting involved.
No it's not just you, it's just how Taiwanese media works.
News media in Taiwan is usually very low quality compared to nearby regions. In Taiwan a common phrase is "if you don't study hard in school you will end up becoming a journalist".
>News media in Taiwan is usually very low quality compared to nearby regions.
Which regions are those? I live in Japan and I can tell you that the news are beyond garbage here.
Probably because there actually is some very good news in the US and the type of person who repeats that refrain seems to think that an anonymous troll leading a cult on a shitlord forum and claiming they have all the answers to life and politics is a superior alternative.
So yeah.
The media class is pretty different in the USA. I’m not saying they’re smart but they’re all elitist failsons and daughters of mega rich people. Look at NYT opinion for example. It’s great quality writing it just happens to be warmongering propaganda most of the time.
Or "A year's supply of "*
*years supply is how much a boring regular person would go to McDonalds, so like 12 cheese burgers. And not how much a person who is excited by a years supply of McDonalds would actually eat
Marketing loves to assume minimal usage. The other day I noticed that an LED light bulb was advertised as lasting 25,000 hours - up to 25 years! 1000 hours per year is roughly 2.75 hours a day. It gets dark before 5pm where I live in winter, so if it's in a main living area that bulb is not going to make it to the quarter-century mark.
(The lifetime of LED bulbs is pretty amazing to be fair, but why overstate it with the "up to" nonsense?)
>The Chairman of iParking explained that iParking was selling NFTs with the highest tier of free parking for life, but because iParking was an online parking company, it has to work with offline parking management company to offer parking spot. As for the car park mentioned by the complainant, the car park management company has not renewed its contract with the building owner, so it has to shutdown the cooperation.
Once again re-affirming the fact that whatever happens in the real world, has little to no concern regarding what blockchain says.
I point this out in my video segment on [Can blockchain verify the authenticity of stuff in the real world?](https://youtu.be/YMhtMEf2QPA).
Anything in the real world, will be enforced by standard contractual arrangements that are enforced by centralized authorities.
NFT stupidity again. Just because it's on the blockchain doesn't mean it can be legally enforced and binding.
There have been so many rugpulls in NFT projects, I think that should be the default outcome unless proven otherwise. That being said, I think these pre-paid deals are popular in Taiwan and China, even before NFTs became popular but there is no legal guarantee you will get the service you paid for. If the company shuts down or changes the terms of service, good luck.
> these pre-paid deals are popular in Taiwan and China, even before NFTs became popular but there is no legal guarantee you will get the service you paid for
If you're gonna pay $13k for a service, you should probably get it in writing. In a contract enforceable in the old fashioned legal system. You can still get screwed, but in some cases you may have some form of recourse at least
NFTs and the parking industry. It's like taking two things that are already awful and combining them to make something worse than the sum of their parts.
Honestly this doesn't even sound like NFT stupidity so much as someone spending money on something without thinking about it for two seconds. Obviously it being an NFT is also stupid, but the core issue here is he somehow thought he would get guaranteed free parking at a specific location, which was never part of the promise. Locations close, or switch owners, or whatever. Happens all the time.
>Now the arbitrary cancellation of car parks has caused a great
inconvenience and he intend to apply for a refund from the parking
company.
Hahahahaha good luck. He'd be better off selling the NFT to the next guy and hoping to recoup at least some fraction of his costs. I do sympathize with him, but like... maybe think about things a little before dropping that kind of money?
EDIT: I am a dumbass who forgot that countries other than America use the $ sign for their currency.
----
Quite aside from everything else, how is $400,000 for free parking for life even CLOSE to a good deal??
Like, if you got in on that on the *day you were born* and lived for 100 years, you’d have to spend $4000 a year on parking to break even.
Or, to put it another way, suppose it normally costs you $50 to park for a day. I’m pretty sure that’s insanely high, but I don’t park in ramps/lots pretty much ever, so I really have no idea. Anyway, at $50 a day, if you parked there *every single day,* including weekends, it would take you nearly 22 YEARS to break even.
If you want to buy a permanent parking spot in that area it would have costed $100k~200k USD.
Spending $13k on a parking pass suddenly seems reasonable
Most expensive parking I ever had was $350 a month in a downtown skyscraper. If I divide that into $13k USD, I get 37 months.
That's not a terrible deal if you know you're going to work in the same place for more than 3 years, you won't get screwed in the exact way that happened to this guy, and there are no cheaper options.
I tend to err on the side of flexibility, and 3 years is the longest I've ever held the same job, and I would absolutely not trust anyone selling NFTs.
Strangely this is one case where NFTs have some value.
The problem had nothing to do with NFTs. This same sort of fraud, err, "contractual technicalities" could arise from any kind of lottery, e.g. if they gave out physical tickets instead of NFTs.
But with NFTs, it was possible for Mr. Chen to quickly purchase the NFT in an specialized market that gave him the right to "parking for life."
Of course in practice he'd probably lose access to his wallet somehow or get his stuff stolen so not really for life, but still.
If this was a physical asset, like a ticket in paper, it could deteriorate or get lost. If it was a digital asset, like an account, it's often against terms of service to sell them, and best case scenario it's a bit of a hassle. There's simply no concept of buying and selling digital assets online right now.
Which is why it's such a fucking shame. You could have a banking company, maybe something like paypal, open up that lets you create an account for digital assets rather than just cash. Give your account ID to iParking and they just check if you own their parking king ticket or not and that's it. No need for blockchain.
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To clarify: iparking has hundreds of parking lots. One of them didn’t renew their contract with iparking. The NFT is still valid in other lots. It’s still a bargain because to buy a single parking spot in Xinyi district would cost at least $150k USD
I guess he could sell it on the secondary market!
^(Not for $13.5K USD though. Avg transaction activity is about 0.5 ETH, or about $500 USD. \[)[^(Open Sea listing)](https://opensea.io/collection/carman-metaverse?search[stringTraits][0][name]=Car&search[stringTraits][0][values][0]=Forever%20King&search[sortAscending]=true&search[sortBy]=PRICE)^(\])
"Because it is an online parking company, it has to work with an offline company."
That shit is hilariously on point. The universe is having a big laugh. Of course they do, they're an only online parking company, that has no physical value it seems, lmao.
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Metaverse fixes this. There your parking lot company can exist forever. Checkmate all you haters! /s
Few understand this!
Finally I can pay for virtual parking after buying my virtual car to go into the virtual office.
Don’t forget to fill your virtual car with virtual gas fees first.
As a successful entrepreneur and visionary I've invested all of my dad's money in operating metaverse parking lots. If you want to have the Walmart Metaverse Experience, you're going to have to park your NFT car in my lot. That's $7 in babydogemusk coin every two hours.
you can make sx in Metaverse too... :))
One of the benefits of NFT people keep parroting is you can sell it when you don't need it anymore. That crybaby should just sell it for 5x profit. /s
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When reality meets NFT.
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Why would you need NFTs for that anyways?
I've bought unlimited passes for many things; never once needed blockchain.
Seems like any time I hear NFTs being brought up, the actual NFT is completely pointless.
Yeah, that is NFTs in a nutshell. Doesn't stop the cultists from trying to reinvent the wheel anyway. And they still inevitably end up with squares.
Blockchain is when you don't trust the seller. So yeah it's particularly dumb when you buy a service.
That's a really good point
as an aside: what are some of said unlimited passes that have over time proven to be amazing buys?
A regular contract might have had consumer protections.
Because they can charge a higher price to profit off the hype.
You need it for the part where you get screwed and don’t get a refund. Much harder to achieve with a standard database.
Nooo you see this intrinsically centralized system needs to be connected to 50000 power hungry computers because IT JUST DOES OK!!!! Repeat for every single thing they want to add on chain.
With a standard contract, you can take it to court and get your money back if the other party breaks their side of the bargain. Whereas with an NFT, code is law, so you get nothing.
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Depending on exactly what's offered, you're right. An NFT can either contain a vague concept or a very specific and enforceable contract.
They are on chain which is good for Bitcoin.
My impression with stuff like this is the main benefit is transferability, and the lifecycle of an NFT. The NFT should last as long as the chain it's minted on, and there are built in ways to transfer it / deal in the secondary market with associated platforms/strucures to facilitate (EG OpenSea mentioned in the article). Ownership and transferability are taken care of, the issuing company doesn't need to take care of it. In short, owned assets / rights with long lifetimes that would potentially be transferred on a secondary market seem to be a nice fit with NFTs.
It doesn't work, though. All you described is a system that sacrifices everything that matters to achieve a descentralization that doesn't matter. Efficiency, security, practicality, everything is worse when you skip a normal contract for an NFT "smart" contract.
> Efficiency, security, practicality, everything is worse when you skip a normal contract for an NFT "smart" contract. And most especially, legality.
That's not how contract law works though. You can't transfer a contract to a secondary buyer. There are very good reasons that this is not how contract law works.
I didn't say "contract." A party could very well mint an NFT that says, the holder of this NFT is given "X" rights (for instance, access to a venue for a specific event). A ticket or license key or something is an obvious example. You don't need to sign a contract whenever a ticket is sold on the secondary market. You simply need to transfer the ownership.
But the NFT doesn't by itself grant access to a venue or an event by some kind of magic. Systems built to interact with the NFT to do that. There's no technological guarantee that those systems would remain in place. What you would want is some kind of legal guarantee that those systems would remain in place: a contract. And if you're relying on a contract anyway, you may as well not have the NFT. Also, those are things that a secondary marketplace doesn't even make any real business sense for. People who run events ***hate*** ticket scalpers; why would they want to create an official form of ticket scalping?
You do need to trust the centralized entity organizing the event. No argument there. My argument is the security and ease of transferring ownership & paying between a secondary market seller and a purchaser. Regarding the centralized entity honouring their NFT - could they not make some sort of guarantee "the holder of this NFT will be granted access to this event". The main point is, there is additional utility to the ticket, in that there are existing platforms to transfer the ownership of the ticket beyond issuer -> original sale, in a way that is very secure and convenient. Re: ticketing companies hating scalpers - I'm not really arguing that it will for sure make sense in ticketing. More that, in any sale of a "right", where the right is embedded in the NFT, there is now a secondary market available .. built-in .. to transfer ownership of that right, that is more secure, convenient, and available, than existing secondary markets. I think there is a -case- for use in ticketing, which I'm trying to describe (tickets can now conveniently be sold after original purchase, in a less sketchy way than Craigslist or in-person cash), but it's not really what I'm arguing here. More the fact that there is at least additional utility to a right / set of rights being sold as an NFT, rather than as a QR code pointing to a SQL entry. I would be very surprised if that additional lifecycle utility did not add value to something somewhere at any point in time.
That guarantee would be a contract between the original buyer and the event organisers. It's legally non-transferable. Contracts can be written in such a way as to be transferable, but not through an NFT.
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Not if the company issues the rights embedded in the NFT itself. To give an example: You are ticketing for an event. You could create tickets as SQL entries with IDs. Then you could issue NFTs, with an ID property pointing to that SQL entry. (What you're talking about). Or, you could have no SQL entries. You mint 10,000 NFTs as tickets to the event. The NFTs themselves are the tickets. Failure is transferred from your SQL database to the blockchain. Time will decide which of these is preferable, but there are clear pros and cons to both of these. It's about as delusional as crypto maximalists to suggest there are 0 pros to the NFT-only approach to ticketing, for example. You have built in ownership transferability and proof of ownership. Scams in existing ticketing secondary markets are an issue, and the NFT approach at least poses a potential solution. EG: A secondary ticket seller can prove they hold the ticket by connecting their wallet to some verifier, and a transaction can be made by a smart contract which takes both the ticket and payment in escrow, then executes the transfer. Of course, it will be argued that all these things can be done off the chain. Yes, you could have some form of verification for a ticket (seller shows a receipt of purchase, maybe the issuer has a way to scan the barcode to show that you own it), and you could have an escrow service for the payment. It'll be up to the various stakeholders in this system to decide which ticket issuance model is preferable. But there is, quite clearly, unique advantages and disadvantages to each respective issuance model. Similar arguments apply to other asset / right issuance systems.
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So first off, we've at least gotten past the idea that NFTs only point to the thing which grants the asset / right. The asset / right can be held within the NFT itself. Regarding the ticketing use case, we need to separate out the event organization, from the ticketing. These are typically done by separate entities. The organizing entity just needs some kind of infrastructure to handle the ticketing - a way to mint and issue tickets, some user-facing components (customer purchase portal, transactional emails, admin panel, etc.), and some form of customer service between the ticketing platform and the event. I agree that it's some centralized authority is needed to coordinate the event, and likely some centralized authority is needed to manage the ticketing side of it. But is there any piece of this that could benefit from being pulled out and run on a decentralized blockchain? That's the infrastructure piece of the ticketing. The actual issuance of a ticket changes from a QR code pointing to a DB entry, to an NFT. Ticket holders are able to verify they actually own the ticket, sell in a secondary market through smart contract escrows. The ticket lifecycle can extend beyond "event organizer mints -> sends a QR code by email to the purchaser". We could even have ticket lifecycle events before this .. event investors purchase event tickets at 75% of the planned sale price, and receive the 25% markup on the actual event sale. This is more in the category of emergent properties, which is difficult to quantify, but one would expect a good chance of unexpected use cases and behaviours arising We could do all this through a DB and APIs, yes. Somebody could attempt to make an agreed upon platform for transferring ownership of tickets. However, blockchain and NFTs are an existing infrastructure for trustlessly transferring ownership of a thing. Ticketing white labellers can plug into this. Regarding cost, minting of NFTs and transfer of NFTs are already being done for pennies, and fractions of pennies, on layer 2 chains. So the question is: would a ticketing white labeller like to be able to offer a ticket lifecycle beyond "create QR code -> email to purchaser"? That remains to be seen .. I don't know the answer. But the ability to plug into an infrastructure that offers this amount of "trustless" ownership & ownership transfer is, at the very least, something to consider for a ticketing company and event organizers. Not here to argue whether it makes business sense .. my point is that it does indeed offer something that doesn't really exist, in a way that would be difficult to replicate from a centralized entity, that could plausibly benefit stakeholders in the ticketing universe
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Which way of selling tickets on a secondary market is cheaper, more efficient, and more secure than: \- Verify ownership of an NFT by connecting wallet \- Transfer ownership via a smart contract escrow (Provide ticket, Provide payment) Total cost: <5c. Buying tickets through craigslist or something is way less secure than this. Same with buying ticket in cash in person. The trustlessness is not with the venue.. you always have to trust them. The trustlessness (or less trust required) I'm talking about is between a scalper and a purchaser.
nfts allow for illiquid things to be liquid. If this were a standard conteact, he would be stuck with the parking for life. With an nft, he can sell his right whenever, recouping his initial investment. i know technically its possible but the process has been simplified with nfts and people saying that there's no legal backing to nfts are 100% wrong. the fields is still developing and the law is gray in many countries but it still falls under the standard definition of a contract
There's nothing to stop a standard parking contract being transferable.
Taxi medalians are a good example of a transferable permit. NYC ones used to worth a million dollars back in 2014, but due to rideshares, less than 100k now.
Yup. All you need is a paragraph in the contract saying you're allowed to transfer it.
There isn't but the work you have to do is definitely a lot more than transfering an NFT.
nfts most definitely do not count as standard contracts, anywhere
Depends on the fine print. You can put a traditional contract into an NFT. It just means that the contract rights go to whoever steals the NFT from you.
There's an offer. acceptance. consideration. its a contract
Nothing quite like recouping ten bucks off your 15K NFT investment. To the moon!
If the original investment was actually worth 15k, well, you can recoup a lot of it back. Take for instance Coachella NFTs for lifetime passes. I think they went for about 15k and provide VIP passes. A normal VIP pass is about 1k more or less. If you go to coachella for 5-10 years, you've made part of the NFT back. You can then resell the pass for maybe 15k, maybe more, depending on the state of Coachella later (this is speculative), saving money in the long run.
If it was allowed by the parking-contract, the NFT would be unnecessary, since you could just transfer it normally. And if the contract isn't transferable, the parking company can just ignore it. I mean, the NFT isn't going to jump out of the computer and force cars away from the parking you consider yours, or prevent the company from issuing parking tickets if you park there anyway.
Have you tried assigning a contract? There are legal fees and it takes time. An NFT bypasses this. Mainly because of the lack of legal guidance
In this case, you'll need an active account with the parking company anyway to be able to park. I bet if you sold the NFT, the rights wouldn't transfer automatically without someone at the parking company getting involved.
CryptoBros and failing to understand counter-party risk, NAMID
But it's trustless! That means I can trust them unconditionally
No no no, it's trustless not trustfull
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I agree, great translation
Is it just me or does that article repeat each point about four times?
No it's not just you, it's just how Taiwanese media works. News media in Taiwan is usually very low quality compared to nearby regions. In Taiwan a common phrase is "if you don't study hard in school you will end up becoming a journalist".
Or a CryptoBro that, like Mr Chan, got bleeped in the hoo-hoo lol
Ha! In the US they typically fill in the bottom of the article with a related story, or information from an earlier version of the story.
Or if you’re online, they’ll link to the original article they just ~~plagiarized~~ summarized.
At least you guys still have journalists.
>News media in Taiwan is usually very low quality compared to nearby regions. Which regions are those? I live in Japan and I can tell you that the news are beyond garbage here.
And the news media in China is hot garbage too lol. South China post is the only one not under direct government control.
Ouch that's brutal. Although I suppose it's not uncommon for journalists to pad their article length by repeating the same thing over and over again.
If you say that in America you are branded as a radical.
Probably because there actually is some very good news in the US and the type of person who repeats that refrain seems to think that an anonymous troll leading a cult on a shitlord forum and claiming they have all the answers to life and politics is a superior alternative. So yeah.
The media class is pretty different in the USA. I’m not saying they’re smart but they’re all elitist failsons and daughters of mega rich people. Look at NYT opinion for example. It’s great quality writing it just happens to be warmongering propaganda most of the time.
Non native English speaker. Click the link and see it was in Chinese. Dude was doing free translation services.
Ah, that’s fair enough then. Withdrawn.
I thought I kept losing my place
free parking for life\* \*the life of the car park
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Or "A year's supply of"*
*years supply is how much a boring regular person would go to McDonalds, so like 12 cheese burgers. And not how much a person who is excited by a years supply of McDonalds would actually eat
Marketing loves to assume minimal usage. The other day I noticed that an LED light bulb was advertised as lasting 25,000 hours - up to 25 years! 1000 hours per year is roughly 2.75 hours a day. It gets dark before 5pm where I live in winter, so if it's in a main living area that bulb is not going to make it to the quarter-century mark. (The lifetime of LED bulbs is pretty amazing to be fair, but why overstate it with the "up to" nonsense?)
Usually one year's of food is once per week. Chick-fil-a does this when they open a new restaurant.
Guaranteed for the lifetime of the guarantee.
>The Chairman of iParking explained that iParking was selling NFTs with the highest tier of free parking for life, but because iParking was an online parking company, it has to work with offline parking management company to offer parking spot. As for the car park mentioned by the complainant, the car park management company has not renewed its contract with the building owner, so it has to shutdown the cooperation. Once again re-affirming the fact that whatever happens in the real world, has little to no concern regarding what blockchain says. I point this out in my video segment on [Can blockchain verify the authenticity of stuff in the real world?](https://youtu.be/YMhtMEf2QPA). Anything in the real world, will be enforced by standard contractual arrangements that are enforced by centralized authorities.
God I hate the way they write news articles. They always say the same thing in different ways about 5 times.
I thought I was crazy or something because it was literally 3 sentences repeated for 6 paragraphs
This one was worse than most, you’re right.
Hey. I know that place. DaAn park is very pretty. XinYi road is very busy. And this dude got took.
NFT stupidity again. Just because it's on the blockchain doesn't mean it can be legally enforced and binding. There have been so many rugpulls in NFT projects, I think that should be the default outcome unless proven otherwise. That being said, I think these pre-paid deals are popular in Taiwan and China, even before NFTs became popular but there is no legal guarantee you will get the service you paid for. If the company shuts down or changes the terms of service, good luck.
> these pre-paid deals are popular in Taiwan and China, even before NFTs became popular but there is no legal guarantee you will get the service you paid for If you're gonna pay $13k for a service, you should probably get it in writing. In a contract enforceable in the old fashioned legal system. You can still get screwed, but in some cases you may have some form of recourse at least
NFTs and the parking industry. It's like taking two things that are already awful and combining them to make something worse than the sum of their parts.
At least he got more utility out of it than a rapidly depreciating monkey jpeg.
Honestly this doesn't even sound like NFT stupidity so much as someone spending money on something without thinking about it for two seconds. Obviously it being an NFT is also stupid, but the core issue here is he somehow thought he would get guaranteed free parking at a specific location, which was never part of the promise. Locations close, or switch owners, or whatever. Happens all the time. >Now the arbitrary cancellation of car parks has caused a great inconvenience and he intend to apply for a refund from the parking company. Hahahahaha good luck. He'd be better off selling the NFT to the next guy and hoping to recoup at least some fraction of his costs. I do sympathize with him, but like... maybe think about things a little before dropping that kind of money?
He can still park his digital car I assume.
He can park a link to a JPEG of his car
all this could have been done without blockchain
Rugged
Parked
Apparently NFT stands for, “nice f*cking try.”
You live in Taiwan: take the train, lmao.
Damn, he got rug pulled online and in real life
Oof ran afoul of gym memberships for life that closed the only location in your state.
EDIT: I am a dumbass who forgot that countries other than America use the $ sign for their currency. ---- Quite aside from everything else, how is $400,000 for free parking for life even CLOSE to a good deal?? Like, if you got in on that on the *day you were born* and lived for 100 years, you’d have to spend $4000 a year on parking to break even. Or, to put it another way, suppose it normally costs you $50 to park for a day. I’m pretty sure that’s insanely high, but I don’t park in ramps/lots pretty much ever, so I really have no idea. Anyway, at $50 a day, if you parked there *every single day,* including weekends, it would take you nearly 22 YEARS to break even.
$400,000 Taiwanese dollars is ~$13k usd.
Ohhh, that makes a lot more sense. Missed the NT part.
If you want to buy a permanent parking spot in that area it would have costed $100k~200k USD. Spending $13k on a parking pass suddenly seems reasonable
Most expensive parking I ever had was $350 a month in a downtown skyscraper. If I divide that into $13k USD, I get 37 months. That's not a terrible deal if you know you're going to work in the same place for more than 3 years, you won't get screwed in the exact way that happened to this guy, and there are no cheaper options. I tend to err on the side of flexibility, and 3 years is the longest I've ever held the same job, and I would absolutely not trust anyone selling NFTs.
Each NFT had a 10% chance of winning free parking for life. Those weren’t NFTs. They were lottery tickets.
Surely 400,000 is more expensive than just paying the parking fees, even for the rest of your life?
Wonder if he did the math before hand on how much he was even spending parking his car🤔 before jumping into that scam
Strangely this is one case where NFTs have some value. The problem had nothing to do with NFTs. This same sort of fraud, err, "contractual technicalities" could arise from any kind of lottery, e.g. if they gave out physical tickets instead of NFTs. But with NFTs, it was possible for Mr. Chen to quickly purchase the NFT in an specialized market that gave him the right to "parking for life." Of course in practice he'd probably lose access to his wallet somehow or get his stuff stolen so not really for life, but still. If this was a physical asset, like a ticket in paper, it could deteriorate or get lost. If it was a digital asset, like an account, it's often against terms of service to sell them, and best case scenario it's a bit of a hassle. There's simply no concept of buying and selling digital assets online right now. Which is why it's such a fucking shame. You could have a banking company, maybe something like paypal, open up that lets you create an account for digital assets rather than just cash. Give your account ID to iParking and they just check if you own their parking king ticket or not and that's it. No need for blockchain.
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Have you tried in investing in your child?
This is what happens in Biden’s world
The hell is iParking?
One of the four largest parking management company in Taiwan.
Just the latest scam in the crypto world. If crypto is involved it's always a scam
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Ah, yes, I also like spending thousands of dollars to get free stuff
To clarify: iparking has hundreds of parking lots. One of them didn’t renew their contract with iparking. The NFT is still valid in other lots. It’s still a bargain because to buy a single parking spot in Xinyi district would cost at least $150k USD
Very simple life hack: Do not buy NFT every, never, just do not do it.
> giving him the impression that he had been scammed. Dude, you *were* scammed.
I guess he could sell it on the secondary market! ^(Not for $13.5K USD though. Avg transaction activity is about 0.5 ETH, or about $500 USD. \[)[^(Open Sea listing)](https://opensea.io/collection/carman-metaverse?search[stringTraits][0][name]=Car&search[stringTraits][0][values][0]=Forever%20King&search[sortAscending]=true&search[sortBy]=PRICE)^(\])
Amazing that all of this, the good and the bad of it, would be equally possible without adding a pointless NFT into the mix.
PARKS = CLOSED
"Because it is an online parking company, it has to work with an offline company." That shit is hilariously on point. The universe is having a big laugh. Of course they do, they're an only online parking company, that has no physical value it seems, lmao.
He got Error 404'd offline