cryptocurrency-related stuff question
what exactly is a "smart contract"
-F
re: cryptocurrency-related stuff question
@Felthry There's some kind of tiny scripting language for Ethereum and the like that's run by the cryptocurrency-mining computers while they're mining cryptocurrency. It doesn't do much, but it's treated as absolute magic because crypto cult.
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re: cryptocurrency-related stuff question
@Felthry Wikipedia says it's, like, investors buying into companies early gambling on them becoming super lucrative later, which sounds about right? VC firms tend to go heavily into monetization at some point
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re: cryptocurrency-related stuff question
@packbat @Felthry yeah, basically they provide some services at a huge deficit in order to gather and lock folks in before price gouging and ruining whatever services they were originally providing in an attempt to make all the money back plus tons of profit for the executives and investors
a lot of those startups get bought out so the executives can get out with a big payday before the whole thing collapses in on itself
-- demon dog 🤍
cryptocurrency-related stuff question
@Felthry my understanding is that it’s an embedded application that can interact with other things on the chain
for most NFTs, that might be “display this linked JPG”
you could embed game logic (e.g. a chess piece could define the way it moves and relations to other pieces), but this is an extremely bad idea unless the code is flawless and never needs to change because it can’t be updated easily
cryptocurrency-related stuff question
@Felthry but also you have malicious ones, “if someone views, deletes, or in any way interacts with this token, transfer everything in their wallet to this wallet”
(also remember that anyone can send anything to your wallet at any time, so one of these can just appear in there)
less computing power than the cheapest raspberry pi for thousands times the cost with no focus on security or ease of updates
re: cryptocurrency-related stuff question
also what exactly is 'venture capital'
-F