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JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace


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Everyone should watch this:

 

 

 

By Dan Olson, so well worth the time.

 

tl;dr: NFTs and cryptocurrency are MLMs to prey on socially isolated guys online while also wrecking the environment and solving none of the problems they set out to (and in fact introducing new problems that are even more difficult to solve), and are dominated by existing capital.

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Everything crypto had a huge sell off over the last 24 hours, down 10-15%. I anticipate this trend continuing for a while as money moves out of volatile asset classes and into more stable ones. Even if you hate crypto, if BTC goes below $20k, I think it’s actually a decent gamble that it will go way back over $50k in the subsequent 18-24 months. There will come a time when the big boys want to play around with stupidly risky assets again.

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If it loses another 3,000 or so, Bitcoin will be negative over the past full year.

 

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Get the latest Bitcoin (BTC / USD) real-time quote, historical performance, charts, and other cryptocurrency information to help you make more informed trading and investment decisions.

 

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I think this is perhaps the best example of the problems with both "smart contracts" and centralizing the decentralized that I've seen yet. Apparently when you want to list an  NFT at a new price, you need to pay a gas fee in order to cancel the old smart contract. However, people found that if they transferred an NFT between wallets, OpenSea would only show the new contract. So OpenSea would show that you've listed your dumb ape for $200k, but on the blockchain there was still an old contract listing it for $5k. Some guys figured this out, bought out a bunch of NFTs at the old, very low, contract price, and then sold them at something closer, but far below what it was previously listed at. At least $1.1 million worth of NFTs were sold this month through this method.

 

Like I said, it's a great example of both the failures of centralizing a platform that is decentralized is a problem, as Moxie noted. If OpenSea wasn't so synonymous with NFTs, it's possible that people would have understood what was actually happening with their smart contracts.

 

It's also a problem with smart contracts in general, especially when you're dealing with lots of money. If I was selling a car and accidentally left four zeros off the price, basically no one would legitimately expect to still receive that car. We see it happen periodically with online goods and accidental listings that get canceled. With "smart" contacts, theoretically, you shouldn't have to worry about people taking advantage of anything, but any small issue in the code or your understanding of the code, and suddenly a small loophole can mean you're out a lot of money, and there's nothing you can do about it.

 

Now, I'd feel really bad for these folks if they were losing their house over something like this, but since it's all still stupid pictures of apes that they're still free to look at, I don't feel too bad about it.

 

 

 

On 1/21/2022 at 2:31 PM, sblfilms said:

Everything crypto had a huge sell off over the last 24 hours, down 10-15%. I anticipate this trend continuing for a while as money moves out of volatile asset classes and into more stable ones. Even if you hate crypto, if BTC goes below $20k, I think it’s actually a decent gamble that it will go way back over $50k in the subsequent 18-24 months. There will come a time when the big boys want to play around with stupidly risky assets again.

 

This is my consistent conundrum. I don't believe in the vision of cypto as I simply don't see the utility catching up to the money anytime soon. However, I do believe that there are still a number of years left where people will continue valuing crypto very highly. So yeah, I see a dip like this and think it's probably a reasonable investment and that people will end up making a bunch of money, even if the crypto hype is largely insane.

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blockverse.png
WEB3ISGOINGGREAT.COM

Blockverse, a project that promised to build a play-to-earn game on top of Minecraft, rug pulled two days after launch. The initial NFT collection sold out in only eight minutes, even though the project creators hadn't even begun to develop the game they were promising. The creators rugpulled two days later, taking the 500 ETH ($1.2 million) and deleting the project website and Discord server.

 

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On 1/25/2022 at 11:33 AM, TwinIon said:

It's also a problem with smart contracts in general, especially when you're dealing with lots of money. If I was selling a car and accidentally left four zeros off the price, basically no one would legitimately expect to still receive that car. We see it happen periodically with online goods and accidental listings that get canceled. With "smart" contacts, theoretically, you shouldn't have to worry about people taking advantage of anything, but any small issue in the code or your understanding of the code, and suddenly a small loophole can mean you're out a lot of money, and there's nothing you can do about it.

 

A lot of this reminds me of when I sold my condo and the contract was drawn up in a way that added a zero, nobody caught it until it was signed, and the guy was supposedly on the hook to pay me $5M+.

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37 minutes ago, finaljedi said:
blockverse.png
WEB3ISGOINGGREAT.COM

Blockverse, a project that promised to build a play-to-earn game on top of Minecraft, rug pulled two days after launch. The initial NFT collection sold out in only eight minutes, even though the project creators hadn't even begun to develop the game they were promising. The creators rugpulled two days later, taking the 500 ETH ($1.2 million) and deleting the project website and Discord server.

 

 

That was a pro grift.

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17 minutes ago, Kal-El814 said:

 

A lot of this reminds me of when I sold my condo and the contract was drawn up in a way that added a zero, nobody caught it until it was signed, and the guy was supposedly on the hook to pay me $5M+.

 

So what did you do with your extra $4.5 million?

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14 minutes ago, Jason said:

You'll never be richer than Bezos with those sort of cuck moves. :nottalking:

 

I’m a pretty calm and even keeled person, if I had anywhere near that level of wealth I’d never be able to sleep for fear of not doing enough to help people. I don’t think I’d last a year without going absolutely insane.

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3 hours ago, Kal-El814 said:

 

I’m a pretty calm and even keeled person, if I had anywhere near that level of wealth I’d never be able to sleep for fear of not doing enough to help people. I don’t think I’d last a year without going absolutely insane.

That's why you'll never be Jeff Bezos. He doesn't have those qualms. 

 

Have enough money to last 100 lifetimes? Doesn't matter, exploit workers.

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5 hours ago, Kal-El814 said:

 

I’m a pretty calm and even keeled person, if I had anywhere near that level of wealth I’d never be able to sleep for fear of not doing enough to help people. I don’t think I’d last a year without going absolutely insane.

 

I'd probably just build an organization and hire people to figure it out for me :p 

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6 minutes ago, legend said:

 

I'd probably just build an organization and hire people to figure it out for me :p 


I think I’m inherently distrustful of billionaire philanthropy that I wouldn’t trust myself or anyone I’d hire that we were doing enough. 
 

This is not a problem I’m going to have ever, so it’s fine. :p

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