BC CRYPTO
Saved by @Shubham51ngh

Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

 Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file
Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX
THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"
Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF
So, well done for referring to IPFS - it references the specific file rather than a URL that might break!

...however the metadata links to "https://t.co/RzXLzsqegH"

This is an IPFS gateway run by https://t.co/yR25JR9mkk, the NFT-minting startup.

Who will go bust one day
You might say "Just refer to the IPFS hash in _both_ places!"

Well ...no. IPFS only serves files as long as a node in the IPFS network _intentionally_ keeps hosting it.

Which means when the startup who sold you the NFT goes bust, the files will probably vanish from IPFS too
In fact, this is already happening: https://t.co/UdUfMuyurw
In short: Right now NFT's are built on an absolute house of cards constructed by the people selling them.

It is likely that _every_ NFT sold so far will be broken within a decade.

Will that make them worthless? Hard to say
"NFT startups are long-game blackmailers" is an entertaining concept

https://t.co/Jtu2e1Q9Em
Eagerly awaiting the day when I can buy the bankrupt startup domains and start charging NFT owners to serve their files
"WELL ACTUALLY you just pin the file to your own IPFS node":

You absolutely can! But the metadata file generally points to a specific HTTP IPFS gateway URL - NOT the IPFS hash.

This means when the gateway operator goes bust I can buy the domain and start serving cat pictures
So @CheckMyNFT has been tracking NFTs created on Nifty, and apparently most of them are already broken 😬

https://t.co/7zvXpQNC2N
I can't believe I have to say this but: Not ALL NFTs

Yes I know there are plenty of NFTs that do not suffer from these problems. I was just covering the mainstream ones that have been hitting the news.

Next time I promise to inject the words "most" and "many" in every sentence
Honestly I'm not just making this up
https://t.co/S3nzWBKXqg
Apparently it isn't clear and some people are very angry, so:

This thread is specifically criticising the vendors currently selling fragile NFTs, not the concept of NFTs in general. Ok?

Ok.

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1. Ultimate blockchain, NFT and crypto learning thread 👇

(warning 100's of hrs of content)

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Think crypto is confusing?

You're right.

Let's make it easier.

Here's Crypto Terminology 101: 🧵

Altcoin:

Any coin that's not #Bitcoin

Ether (#ETH) is the second most popular coin overall and the most well-known Altcoin.

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Go to 1-4 hour chart.

Use the following EMAs.
13,21,50,180.

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13>21>50>180.

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Jurrien Timmer
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@TimmerFidelity
As a “lifelong” technician, I am finding that bitcoin lends itself well to technical analysis. Here is my take on the recent price action. (THREAD)

Elliott Wave Theory: Looking at the chart pattern since the recent high of 64,870, I can't help but notice that a textbook 5-wave decline may be unfolding. According to EWT, primary trends move in 5 waves and corrections are 3 waves. /2

The typical progression is that wave 1 is generally dismissed as noise, then wave 2 is a sharp and deep retracement of wave 1 (at least 62% but sometimes 75% or more), which creates the false comfort that it was indeed just a minor correction. /3

Then wave 3 comes & that's the big one. It's called the recognition wave & is typically the longest & most impulsive wave (usually 1.618x wave 1). /4

After the wave 3 low, the 4th wave is often a triangle or "zigzag" (a triangle pattern that retraces much less of wave 3 than wave 2 did of wave 1). A rule of thumb is 38%. Finally we get wave 5, which is often equal to wave 1, but often also less (0.618x). /5
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Emin G\xfcn Sirer
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@el33th4xor
Back with another #FreeLoveFriday. Last time, we covered how Mastercoin/@Omni_Layer pioneered digital asset issuance on blockchains. Today, let’s discuss @Chainlink and the vital role it plays in connecting blockchains to the real world.


I have said repeatedly that digital asset issuance is the killer application for blockchains. The next frontier is bringing real world assets to networks like @AvalancheAVAX, but we often face a significant problem:

Namely, how do you get data from the real world onto blockchains and into applications running on them? More critically, how do you achieve that securely and transparently in real-time? Smart contracts are tamper-proof, but they're only as reliable as their input data.

Enter ChainLink in September 2017, with a whitepaper outlining a vision for a decentralized network of “oracles,” entities that inject facts from the external world into blockchains in a suitable format for smart contracts.

Until ChainLink, oracles were trusted and centralized. This is a huge problem for high-value assets and smart contracts. High value projects, such as @CelsiusNetwork, @synthetix_io, @Aaveaave and others depend critically on oracle data.
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