NFT for actual classic cars

Could this be the silver bullet to eliminate theft, vin swaps, re-bodies etc ? For those unaware your cars ID would be held on the blockchain under your own password, if you sell the car you transfer it to the new owner, ideally proof of this would have to be shown for new owner to register the car. Still early but holds serious promise.

https://youtu.be/uxcjhu2lQxU?t=2500


And what the blockchain is, how it works

Basically, instead of running a CarFax or contacting Galen, you’ll check the authenticity on an App, on your phone. Sounds plausible.

Just like anything, garbage in, garbage out.

What's to say the NFT is correct?

I thought this thread was about having No F'n Time for one's nicest stuff....

IMO only thing that will verify 100% that a car is authentic is having a knowledgeable person roll up their sleeves and look at the car in person before the purchase.

Anything, yes ANYTHING else can be faked, changed, or be missing information. Whether on paper, or 0's and 1's in the "blockchain"--as was said already garbage in, garbage out.

My guess is it would be photo collage of the car, all VIN's and some etching somewhere on the car added by the current owner. Once that goes on the chain it cannot be duplicated and I pity the guy that tries

Keep in mind it only assures that car/VIN can't be duplicated, as for authenticity it likely be handled by a company. If it happens for watches you can bet the farm its coming for cars.

Actual collector cars.......As in our 50 year old Mopar muscle cars and the like? No way will that fly.

Just more computer BS. It is all too obvious that anything can be hacked. And look at what Wikipedia has become. Even it's originator says it has gone sideways. We buy and sell a lot of late model cars but do not use any of the Carfax type sites. The amount of info that may not be included is enough to make them more of a risk than an asset when reviewing a used car. And that is without the other 40+ years of 'experience' that some of the collector cars may have.

I don't doubt that someone will try this and that some poor souls will break out the checkbook while relying on the 'report' that they get. I wish them all the best of luck.

As for me and my Cuda............we're out.

NFTs are a scam to get people to buy cryptocurrency (another scam).

I actually watched some of that Youtube video. Here's the summary for those who didn't click on it:

First 5 seconds: "I'm going to explain in very basic terms."
The rest of the video": 8 minutes of dazzling pseudo-technobabble designed to suck you in.

You say bitcoin is a scam? How about the USD that has lost 99.5% of its value in the last 80 years - that is the scam my friend. Bitcoin is trading at around $45K per coin right now and in coming weeks will be given the green light by regulators and then every Tom, Dick and Harry will be buying it. Every bank, fund, investment group, country, it'll be in the S&P 500. We'll see what you think of it then when it hits 1 million and beyond per coin. Quote me on that.

Every Ponzi scheme in history was "valuable" and "popular" at some point, too. That's how they work. Until the wheels fall off.

Popularity and selling price doesn't mean it's not a scam.

I love how one of the main selling points is that it is "decentralized" and not regulated by "authoritative dictatorships." Then all the fraud comes to light and the NFT fanboys say "the problem is that it's not regulated enough."

If this all started today with a car built today, would work. Trying to "import" data from 50+ year old cars would be near impossible to validate data is correct and not already corrupted.
So start it now and when the 2022 Hellcats become classic status, everything is good.

I do not own any NFT's and wouldn't buy any of the current pictures they are selling, but as stated it has potential to grow as a technology and will. Blockchain will too, it will be used for voting one day etc. Bitcoin is already unstoppable but right now banks/investment funds are not allowed to buy it and it needs regulation (which will be very weak, it's just going to be a green light) then its going nuclear. Why sit on cash that we've sat here and watched get devalued by inflation when you could swap it for a currency going up in value that cannot be printed and has a limited supply. O'leary in the video is right, this is all software, but far bigger than apple or microsoft.

"Full faith and credit". When your imaginary currency has that, get back to me. Until then, you can ride the lightning if you want.

As to your assertion that the dollar has lost 80% of it's value, how about some supporting documents to that? I can tell you this; most working people have a far more comfortable life style and far more possessions now than they did 80 years ago. And during that same 80 years, the United States currency has become the envy and the standard currency of the entire world.

No one truly knows what the future holds economically. If you are so smart on it, why the heck are you on this board? You should be in high finance. Or lounging on your yacht. But you aren't, are you? You're on here, pontificating.

I am not on my yacht because I also called this stuff a scam when it was $10. The USD is headed for the toilet, the money printing, the Russia thing, it is no longer the world standard. Soon a new Ram will be $150,000 because the dollar is worthless, You do you bud.

So, you couldn't see the future in 2009 when bitcoin was introduced, but you can now? Right!

And how about backing up your assertion that the U.S. dollar has lost 99.5% of it's value since 1942? If you are not living better today than your grandparents or great grandparents were in 1942, then you sure as heck shouldn't be on here pontificating about financial matters.

Agreed

NFT = scam.

Suckers are born every millisecond.

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