It's the wild west in crypto. I doubt anyone is surprised that these things will happen. After all, there is no verification required to create NFTs and then sell them. By the time the big companies can do anything, the NFT has probably exchanged hands multiple times.
The one thing I don't want to see (which I likely will) Is that scenarios like this used as a pretext to demonize crypto.
Thank goodness for decentralization. Now I see the wisdom of Satoshi in keeping his identity secret with the creation of Bitcoin.
Reminds me when Phil Zimmerman, the inventor of Pretty Good Privacy (PGP), had to risk an upload of the program and source code in order to avoid US export restrictions. Once it was out in the wild, there was nothing they could do.
Strong crypto software was seen as a munition, and back then publishing it was seens as a violation of the Arms Export Control Act. Can you imagine? Thankfully, we've come a long way since then.
It's the wild west in crypto. I doubt anyone is surprised that these things will happen. After all, there is no verification required to create NFTs and then sell them. By the time the big companies can do anything, the NFT has probably exchanged hands multiple times.
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And if it is being swapped on decentralized systems, or in a peer-to-peer manner, there is nothing that can be done legally.
It just shows how the laws that are in place potentially have no impact upon what is going on within crypto.
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It is going to be one of the major issues going forward. IP and copyright are going to come under attack.
If something is decentralized, people are going to realize there is no recourse. The laws cannot cover something like that.
Hence why communities can completely hijack a brand of a major corporation. It will be really interesting when this happens.
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The one thing I don't want to see (which I likely will) Is that scenarios like this used as a pretext to demonize crypto.
Thank goodness for decentralization. Now I see the wisdom of Satoshi in keeping his identity secret with the creation of Bitcoin.
Reminds me when Phil Zimmerman, the inventor of Pretty Good Privacy (PGP), had to risk an upload of the program and source code in order to avoid US export restrictions. Once it was out in the wild, there was nothing they could do.
Strong crypto software was seen as a munition, and back then publishing it was seens as a violation of the Arms Export Control Act. Can you imagine? Thankfully, we've come a long way since then.
Posted Using LeoFinance Beta