Mind Matters Natural and Artificial Intelligence News and Analysis

TagBernard Fickser

concept-cryptographic-nft-blockchain-network-cryptographic-non-fungible-tokens-nft-with-a-network-and-a-growing-schedule-search-new-technologies-financial-schedule-future-concept-banknotes-stockpack-adobe-stock
Concept cryptographic NFT. Blockchain network, cryptographic non-fungible tokens. NFT with a network and a growing schedule, search. New technologies, financial schedule, future concept, banknotes

How Can Non-Fungible Tokens (NFTs) Be Made To Work Better?

Bernard Fickser offers twelve steps to handling NFTs in a way that dispenses with cryptocurrency-based blockchains and works in ordinary online marketplaces like eBay

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 7, we look at 12 steps to make NFTs economically viable without Ethereum. 7 A Protocol for Handling NFTs on eBay The best way to challenge an existing idea is to replace it with a better one. In this last section, I’m going to lay out a protocol for handling NFTs…

nft-non-fungible-tokens-or-nfts-are-unique-assets-that-cannot-be-replicated-underpinned-by-blockchain-technology-stockpack-adobe-stock
NFT Non-Fungible Tokens or NFTs are unique assets that cannot be replicated underpinned by blockchain technology

What Makes NFTs Valuable? What Does It Mean To Own One?

In the case of non-fungible tokens (NFTs) on the Ethereum blockchain, actual ownership with legal standing is never in fact transferred for the underlying digital file

Introduction: At Expensivity.com, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 5, we looked at how scarcity, central to the economic value of works of art, can be created in the digital world, where copying is generally quite easy. Now, we look at what makes NFTs valuable and what it means to own them: 6 Value and Ownership of NFTs In this…

cryptographic-nft-non-fungible-token-marketplace-cryptoart-and-blockchain-logo-on-the-screen-of-modern-mobile-phone-black-wallet-and-dollar-money-on-the-office-table-banner-top-view-photo-stockpack-adobe-stock
Cryptographic NFT non fungible token marketplace, cryptoart and blockchain logo on the screen of modern mobile phone, black wallet and dollar money on the office table, banner top view photo

In the Digital World, What Does “Scarcity” Mean?

For a digital artwork like Beeple’s Everydays, which sold for over $69 million, a number of methods are used to prevent copying, thus ensuring uniqueness

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 5, we look at how scarcity, central to the economic value of works of art, can be created in the digital world, where copying is generally quite easy: 5 Digital Scarcity When jumping into the world of NFTs, one finds a certain breathless awe in the face of blockchain technology. One…

crypto-art-non-fungible-token-nft-digital-art-stockpack-adobe-stock
Crypto Art Non-fungible token (NFT). Digital art

4 NFTs: You Bought One. But Do You Really Own It? Could You Ever?

Right now, the non-fungible tokens markets leave a lot to be desired as a business proposition, Bernard Fickser explains why

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 4, he looks at the question of what benefits NFTs, in their current state, really confer on you (or don’t): 4 What Just Happened? The creation and purchase of an NFT as described in the last section raises a lot of interesting — and troubling — questions. It’s easy enough to…

non-fungible-token-hologram-on-virtual-digital-screen-nft-with-network-circuit-and-globe-dark-background-concept-of-cryptoart-and-technology-stockpack-adobe-stock
Non-fungible token hologram on virtual digital screen, nft with network circuit and globe. Dark background. Concept of cryptoart and technology

How To Create Non-Fungible Tokens (NFTs), Simplified

While still deeply skeptical of what ownership of an NFT really means at present, Fickser decided to experiment with creating, buying, and selling NFTs

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 3, Fickser demonstrates the do-it-yourself minting of NFTs. 3 The Do-It-Yourself Minting of NFTs The process of creating NFTs, along with buying and selling them, is simple and straightforward. All that’s required is setting up a crypto wallet that handles Ethereum cryptocurrency (ETH), loading it with some of that currency, visiting…

man-at-work-signing-legal-contract-by-using-digital-signature-stockpack-adobe-stock
Man at work signing legal contract by using digital signature

Can Digital Signatures Protect NFTs in Digital Marketplaces?

The concept of owning an NFT on a blockchain is specific to the blockchain, with no legal force in society at large

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 2, we look at digital signatures 2 Digital signatures in digital marketplaces Of course, there’s more to the story. As already suggested, when someone buys a non-fungible token, they’re not simply buying a digital file of some collectible that can be readily copied. So what exactly are they buying? To understand…

abstract circuit networking blockchain concept background

Blockchains Have NFTs Unnecessarily Tied Down

New ideas propose severing the accidental relationship between NFTs and blockchains

Non-Fungible Tokens (NFTs), for those who haven’t been paying attention, are digital collectibles that have been gaining popularity. Essentially, they allow someone to “mark” their “ownership” of a piece of cyberspace.  Since their original inception in 2012, NFTs have invariably been tied to blockchain technology. However, a recent review of the technology by Bernard Fickser has shown that there is nothing inherently tying NFTs to blockchain. In fact, blockchains may be holding NFTs back considerably. (For those needing a refresher, a short guide to how the blockchain works can be found here.) In his article, Fickser notes several interesting discrepancies between NFTs and cryptocurrencies. First of all, there is a lot of technology built into cryptocurrencies to keep them anonymous, while the entire point of…

matching-keys-made-of-circuits-led-lights-encryption-crypto-stockpack-adobe-stock
matching keys made of circuits & led lights, encryption & crypto

Cryptography: Are Non-Fungible Tokens a Scam? Or Can They Work?

By Warren Buffett’s logic, if cryptocurrencies are rat poison squared, non-fungible tokens are rat poison to an infinite power. But is that all there is to be said about them?

Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 1, he looks at the problems with making NFTs work. 1 Non-Fungible Tokens: Rat Poison Raised to an Infinite Power? “Poised to radically reconfigure the crypto-asset market, non-fungible tokens, or NFTs, are revolutionizing our conception of money and value, creating not just entirely new markets but even new economies that are…

fast-food-stockpack-adobe-stock.jpg
fast food

What If Government Knows You Ate a Big Mac — and Doesn’t Approve?

One spur to the development of cryptocurrencies is a desire for privacy. And a growing number of citizens of societies dominated by Big Tech feel the need for privacy

That title question is not a crazy notion. It’s already happening in mostly cashless China. The Constitution and the law may not be the barrier that many suppose in America if your personal choices make it possible. We need to talk about the unpublicized implications of a cashless society. Bernard Fickser, whose work we profiled yesterday, thinks that surveillance creep is one of the factors driving the growing interest in cryptocurrencies like Bitcoin and Ethereum. Yesterday we talked about the increasing popularity of Modern Monetary Theory (MMT) — government should just print money to satisfy social demands and then raise taxes to pay for the choices made. A triumph of MMT would intensify the competition between government-issued currencies and cryptocurrencies…

concept-idea-of-fed-federal-reserve-system-is-the-central-banking-system-of-the-united-states-of-america-and-change-interest-rates-percentage-icon-and-arrow-symbol-on-wooden-cube-stockpack-adobe-stock.jpg
Concept idea of FED, federal reserve system is the central banking system of the united states of america and change interest rates. Percentage icon and arrow symbol on wooden cube

Central Banks vs. Cryptocurrencies: Why the Growing Tension?

Modern Monetary Theory (MMT), which is gaining ground, holds that government should just print as much money as it feels it needs and then raise taxes to cover shortfalls

On the way to explaining how a cryptocurrency system might work, financial analyst Bernard Fickser asks readers to think about the crucial difference between money, as held by a private bank — we’ll call it Merchant Navy Bank — and a central bank operated by a government, say the U.S. Federal Reserve System (the Fed). In his short online book, The Creation of Money, Fickser distinguishes between private banks and central government banks. Private banks start with money that already exists. The money that Merchant Navy Bank lends for mortgages, for example, is contributed by depositors who agree to tie up their money for several years in savings certificates. In return, they get a higher than average rate of interest.…

senior-woman-giving-credit-card-details-on-the-phone-stockpack-adobe-stock.jpg
Senior Woman Giving Credit Card Details On The Phone

How Do We Know Financial Transactions Are Honest?

Let’s look at the steps we can take to find out

Recently, we’ve been asking readers to think about Alice and Bob, the famous pair in physics used to demonstrate propositions, for example, as if as if they were running for office. At Expensivity, a blog about that expensive and unpleasant subject, money, Bernard Fickser asks about better ways of preventing financial fraud: We focus on financial Alice (the situation with financial Bob is parallel). Alice wants the record of deposits and disbursements in her ledger to reflect deposits that she has knowingly and willingly received as well as disbursements that she has authorized to go to the intended parties. If this is the case, the record of deposits and disbursements in her ledger as well as the running totals will…

vote

How Can Ballots Be Both Secret and Fair?

The secrecy of ballots would not be compromised if voters used some markers of their identity known only to themselves

In these times, that’s an important question. Last time, we asked readers to think about Alice and Bob, the famous pair in physics (used to demonstrate propositions) as if they were running for office. Bernard Fickser continues to think about that question at Expensivity: To the question “How did you vote?” a friend of mine used to quip “By secret ballot.” My friend’s quip underscores the fundamental difference between the financial and the electoral context. Money in a financial ledger always has an explicit provenance. There’s a source for the money and a tracking history of how it ended in, say, the ledger of financial Alice. This is not to say that Alice’s ledger is an open book for everyone…

european-union-parliament-election-concept-hand-putting-ballot-in-blue-election-box-stockpack-adobe-stock.jpg
european Union parliament election concept - hand putting ballot in blue election box

How Can We Prevent Financial or Election Fraud?

Both contexts come down to an accounting problem, keeping track of money or votes over time.

Here’s an idea from Expensivity, a blog about money and a lot of other things. Let’s take two people, the famous Alice and Bob, used to demonstrate many propositions in math and science: In an electoral context, we think of Alice and Bob as candidates running against each other for the same office. Alice’s ledger indicates votes that have been added or subtracted over time (with dates and times of the additions and subtractions), as well as her current vote total. Similarly for Bob. The vote total in each ledger starts at zero and can never drop below zero. If only legitimate votes are added to Alice’s ledger, there should be no need for votes ever to be subtracted from…