An NFT Conversation for Indie Hackers with Hiten Shah and Mubashar Iqbal
published December 8, 2021Episode #235
I'm finally doing it. I'm doing an episode on cryptocurrencies--specifically, NFTs. I have been a huge skeptic of this space, but a few weeks ago I started looking deeper. I even bought my first NFT. In this episode, I invited two friends, Hiten Shah and Mubashar Iqbal, to talk about what I've realized about this space and what indie hackers can do today to get something out of it.
• Sign up with Coinbase: https://www.coinbase.com/dashboard
• Follow Mubs on Twitter: https://twitter.com/mubashariqbal
• Follow Hiten on Twitter: https://twitter.com/hnshah
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Courtland : Request : Can you do a podcast with Balaji Srinivasan ? It would be awesome to hear what direction Balaji can give us Indie Hackers to work on Web3 problems.
https://www.youtube.com/watch?v=k_2BXwGXFbo&t=334s
In the above mentioned YouTube video he talks about going Indie and NomadList. So it would be really great to hear his thoughts on putting Web3 + Indie Hackers together.
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So much of what Hiten is saying here is big on hype and has very little substance. The part about Mark Cuban left me really confused.
Hiten: My best example of that is Mark Cuban is totally on top of this... Accepting dogecoin and just like - getting on it. And he's a big crypto junkie from what I can tell if you follow his wallets around and stuff. Not that I do, but other people do, and then I see the tweets. He's - him and his team - it's not just him; it's his team - are heavy into this. I wouldn't say that they understand everything because I've spent some time with some people that have spent time with them. But they're trying really hard to figure this stuff out. And more importantly, he's pushing it forward with things he can control. Not just like going and investing. He's trying to make everything crypto-friendly, eventually crypto-first.
Hiten says multiple times per episode that the way people should learn about NFTs is to just blindly buy Bitcoin and Ethereum. That's terrible advice, and it's the kind of thing you tell people if you're trying to inflate your own wealth at their expense.
I really liked Courtland's explanation of fungibility.
Courtland: If you go to the bank and deposit $100, they don't care which $100 you deposited, they just care that you deposited $100. When you withdraw that $100, they're not going to give you back the exact bills you deposited because you don't care. They're fungible. A non-fungible token is different. Non-fungible means each individual one is its own distinct thing, and it matters. For example, if you drop your kids at daycare, you don't just say, "Hey, I dropped off three kids. Give me any three kids back." You want your exact kids. Your kids are non-fungible. They matter. It matters which kids you get back from the daycare center.
Great to hear from Mubs again on the podcast. I'd been sort of ignoring DeSo because it seemed more focused on the money aspect of social, which isn't that interesting to me. But seeing that Mubs is interested in it more for the community side piques my curiosity.
