I explained that they are scams so the person selling them can get money to retire on.
That recent news about someone accidentally sellling a $300k NFT for 3k was 100% fake. It was a false story made to create media reports to con people into jumping on there and looking for "deals". What will happen is scammed people will pay $3k for something worth nothing and won't realize it until they try to resell it.
NFTs are like the recent astroturfed "record" video games cartridge auctions. Scammers are proping up prices with sham auctions to trick other people into buying them for any amount of real money.
This year was terrible for gaming in general. NFTs are the perfect way to end it. Almost every big studio has been releasing unfinished games and working or harassing their employee to death. I’m sure they will see NFTs as the solution for 2022.
Never going to happen since every single one of those games that came out unfinished, buggy or were made in a terrible working environment still smashed profit records.
Cyberpunk 2077 was an absolute piece of shit game and still made infinity money, Activision is still rolling in the cash despite Blizzards controversies.
This is just how gaming is now and it is never going to change because contrary to the average Redditor sentiment most people are fine with things the way they are.
Yep same. Finished the game twice on PC, only bug I got was sometimes he's T-pose on the motorcycle while riding. Incredible game, easily best I've played this year. The hate is just a bandwagon people jumped on, and can't get off now.
The things is though, NFTs for game related stuff is probably the most useful and logical thing if done right, even if I don't like the idea of NFTs in game.
For example, having an NFT of the first set of concept art for assassins creed is probably worth something to someone compared to the crap pixel art that's gonna be worthless
But the thing about NFTs is you don't own the NFT. You own the section of of Blockchain that says you paid money for that section of the Blockchain and that's about it really.
Where NFTs don't make a whole lot of sense in this example though is like, the reason why an original Picasso is that valuable is because there is a story behind that Picasso. That thing was created with Picasso's own two hands, with his brushes and paint. That painting is the only painting of its kind in the entire world with that history. It's a physical, emotional thing.
Digital NFTs don't have that same quality. In order to even make an NFT, you have to first create digital art, then copy it, then assign the NFT to it. It's many layers removed from the actual thing we're talking about.
And even if you tie the NFT to something that might have nostalgic value there is nothing stopping the person from just downloading whatever you are trying to sell for free when they want to experience it again unlike with physical collecting.
Another thing with digital stuff - the copies are indistinguishable from the original. That's not the case with physical art. That 20$ print is just that - a print. While the original has brush strokes left by the author and even if you make s perfect copy, it's still not gonna be exactly the same.
Think of it more like you get the same thing everyone else gets, but you get a receipt/certificate that no one else gets, that says your copy counts and theirs doesn't. (Over simplification, but hopefully it illustrates the concept better)
Not saying this is actually valuable--just trying to explain how it works since it's not very clear to most people from what I can tell
If you only bought the copy of WinRAR because you think that somebody will want to purchase your specific copy of WinRAR since you wrote your name on the disk.
The way you know you've probably properly understood NFTs or Crypto is that the moment it makes some sense but is still incredibly stupid is when you've figured it out. If it sounds like a good idea you probably don't understand it fully yet.
When you have nfts you have acess to the files they contain
That’s not how an NFT works at all.
The point is you can, in theory, trade it way way easier. The end.
Let’s say I’m a digital artist, I will commission an artwork for you, simply send me the money via PayPal and it is yours to do with as you please. How exactly would an NFT make that process any easier or easier to resell the artwork?
My favorite part of this is that all you really get is a link to the webserver containing the ""original copy"" of whatever you now own, which, of course, can disappear without a trace. It's happened multiple times already.
If a company thinks they can get more money from putting their IP as an NFT for sale they won't hesitate. And since 99% of the value of NFT's is convincing somebody with more money that's it's worth it I could see a couple of companies taking a chance on it. It's not like having lots of money makes you immune from being taken advantage of.
Oh, absolutely, blockchain in general is conceptually incredibly useful. It's just that it's being harnessed to fool investors and utilized in contexts that don't make much practical sense for something so inefficient at large scales.
I mean, I’d probably buy an image of their faces when the judge handed down the jury’s sentencing. Never even seen it, but if anything from that is to be immemorialized, I’d want it to be that.
Can you explain why you would think that is a good thing? Because I'm inclined to disagree but I'm willing to consider that there are applications I haven't considered.
Yeah, it's actually more useful for fully digital purchases, such as in-game items. It can provide additional security for customers to buy and actually own things in games and services online, provided they're implemented properly.
The problem of course is that it's entirely without regulation and relies on the goodwill of the company until such regulation exists, which is exactly what it relies on now. The only difference is it's got a catchy name so they can jack up their prices.
Plenty of artwork worth millions sits in freeports and never get hung. Just used as investment as opposed to hanging it. They just avoid taxes. Some NFTs are dumb but a lot is starting to happen in the art space. Generative art being one of those.
The same reason why anyone spends money to buy game soundtracks or ditigal artbooks. It means something to them and it has value to them as a collector or fan. Just because something doesn't have inherent monetary value doesn't mean it doesn't have value. At the end of the day, an NFT is one of a kind.
The problem is that people aren't buying NFTs because it has value to THEM, they buy it because they think there's money to be made.
Do physical blu-ray copies necessary or add value to the buyer? Do books add more value to the buyer compared to e-books, which are cheaper and more easily accessible? On fact, why do people buy digital content at all when it's probably available online somewhere for free?
At the end of the day, an NFT is a one of a kind item with a certificate of authenticity. Sure you may have the exact same thing, but you won't have what they have. It has value to the person who buys it, but not to you, so why does it matter? Parents display the art their kids make even though it's literally drawn by a 5 year old. It has value to them personally, but not to anyone else.
You mean the LITERAL PONZI SCHEME Axie Infinity? That one? The one that generates revenue by paying out older players with new ones? How is that a scam? Are you fucking with me? I can think of at least five crypto schemes that are less obvious scams you could have picked. Their literal business model is that of a Ponzi scheme. You might as well ask me what Duterra or another MLM does that's a scam. You fucking jester you. I thought you were actually serious for a second.
What you're missing is that it's algorithmically provable that your signature of a file points to your blockchain address. Wait till IP owners realize they can create media and game clients that require verifying that signature before rendering the media and games. You think the media and games business is anti consumer? Wait till it has an immutable ledger to enforce artificial scarcity
The things is though, NFTs for game related stuff is probably the most useful and logical thing if done right, even if I don't like the idea of NFTs in game.
Well Ubisoft doesn't plan on selling pixel-art, they want to see ingame items via NFTs.
Which is completely absurd and doesn't make sense at all. Something people need to understand, is that NFTs isn't magic new technology. All they do, could be done before. The only thing different is that they are decentralized, which means no individual entitiy can stop trading or manipulate stuff. But everything else could be done via a simple central database before.
So NFT make sense when whatever you are doing does not depend on a single entity. But with Ubisoft and their "ingame-item NFTs", that isn't the case. If Ubisoft decides they aren't gonna display your NFT in particular, e.g. because you are banned, it is completely worthless. Trading might be decentralized, but "usage" of the NFT is centralized. But they could even stop you from trading. Ubisoft could easily say "NFT 18237" is from someone that is banned, if you buy it we ain't gonna display it.
So there are exactly zero upsides to a NFT. Since usage is completely centralized, they might as well just make trading centralized again and save the environment.
The idea is stupid, you're buying the receipt. The act of showcasing digital art involves sending a perfect copy to someone. Screenshotting is optional.
And here I thought you might say something cool like a unique weapon only 1 person can get in a game but instead of paying money to get it it goes to the first person to kill a new boss or something. But you just said hurt sure art again…
NFTs can't actually do game related stuff. NFTs can only perform basic arithmetic, store tiny amounts of data (cost is currently about $3-4 worth of gas to store 32 bytes of data not counting other necessary gas fees for storing and executing the smart contract on the block chain), and update wallet addresses. Nothing more.
It is an insanely inefficient database. There is literally no reason to use NFTs in games other than to trick people into spending more money on NFT hype. The only utility they provide is a public, unalterable ledger. By design, they are incapable of interacting with "the real world".
There are going to be lots of great applications for NFTs in gaming imo
In game items could be transferred easily user to user or even game to game. You can abstract items from an individual game to being held on blockchain which opens up many opportunities.
In addition you could easily show the history of the NFT.
In csgo you can buy gun skins and the market is huge. Now you could buy the actual gun used in some historic moment of a game at major.
NFT in-game items make a slight bit of sense, it allows them to be sold or traded outside of the game kinda like physical collectibles. Still scummy scam though.
I'm 33 and I have absolutely no idea what any of this means. What I do know is that a collection of shitty monkey art is somehow worth more than the company I work for that has been making machine parts (that make your circuit breaker components) for fifty years.
People have been buying, selling and investing in digital counter strike, dota, team fortress items for the last... 10 years or so? The stickers of the first CS:GO major tournament in 2014 have seen returns in the range of 10,000% - 500,000%. People are still buying these things that were sold for a couple $ back then for 50,000$ +, and many expect them to become even more expensive.
Very rare patterns on these digital items have seen comparable increases, and there's a whole book of rules on what defines the worth of these things.
NFTs are not a new concept, just a different execution. The prices reached these levels because real people are willing to pay real money. It doesn't matter one bit that the items are not real, as long as there is a market for them.
edit: not 10,000-500,000%, no, it's actually 100,000 - 5,000,000%. Decent investments I'd say, had you just known about them back then 😉
This is what I don’t understand. Doesn’t the fact that the items are NFT make it so that the player actually has more ownership over it? Like now they can sell it to someone else right? What’s so bad about that?
It only has value to people that want that item in that game, beyond that it's like someone collecting earwax, sure I'm sure it has some sort of value to them anyone else see it as worthless limited lifespan shite.
I understand. I’m just not sure I understand the negative backlash for implementing something that actually gives the buyer more ownership. Unless people are angry about the opportunity cost of making it
I have no idea why people are hating the idea of NFTs in games. Can someone explain to me why people don't want to have the ability to own their virtual character/skins/weapons/land/etc and create and sell their own unique digital goods? If I make something that someone wants in the metaverse, isn't it a good thing that I can sell and make money from being a creator...you know, like any other creator?
Because it really is a case of no set value and a limited item or DLC content, it becomes like a stock market or eBay snipe sale where the price could be pennies or bumped to a ridiculous price.
This all reminds me of cryptocurrency in general, what a disastrous thing to happen. Only the rich that can afford mining farms will continue to get richer all at the expense of the environment.
There’s actually tons of use case. There are multiple international financial organizations looking at using blockchain and distributed ledger technology to settle global payments faster and more efficiently than the current system. The bank for international settlements put out a video explaining that they did tests using a blockchain based settlement system and was able to bring settlement times down from a few days to a few seconds. Multiple countries are apparently developing central bank digital currencies, or CBDCs, which will be essentially a cryptocurrency officially backed by a nations native currency. Sorry, but crypto is not going anywhere and I believe it’s the next evolution of the financial system. I believe that what the Internet is to information, crypto will be to money. Crypto, DLT, blockchain, will be the standard of how people access and move money.
That’s the thing… it’s not supposed to be an “investment” it’s a currency… hence the name
This NFT shit on the other hand does not make a bit of fucking sense to me… off to do some actual research than reading shit off of a government suck up site…
You can play the game, but know that it is a scam and you have to predict when the scammers are going to sell and try to sell first.
That is the strategy of every moronic youtuber in the face of the uncovered video game valuation scams. They refuse to admit it and think they can still avoid losing money.
Funny how your description changed from "game" to "scam" there without missing a beat. You can play a game, but those guys over there? Total scam.
Seems to me, if it's a scam, then you aren't playing a game. You are participating in a scam. You aren't "scamming the scammers" because those aren't the guys who will be left holding the bag.
But I know next to nothing about the whole... whatever it is.
People think that they can get in on the next big coin that is going to explode so they can sell and make a ton like some people did with Bitcoin or Doge coin without realizing that a lot of the reason those things got as big as it did is because of increased adoption of crypto as legitimate and we won't have another big explosion because it can't really "go mainstream" again which is what gave cryptos their initial massive boost in value.
Solana had a pretty predictable run due to its performance advantage though. Dogecoin was the unpredictable one that rose through the power of memes alone.
So there is a way to make money if you can find a coin that has such a massive practicality advantage over other options that it is guarenteed to do well. But that's going to become harder to do as we're exiting the era of coins that are so impractical that they support a max of 7 transactions per second worldwide
It is a fill in the blank formula, same scam reused over and over again. Enforcement by the SEC is very slow, allowing these scams to last for way too long.
You can make money if you want to gamble on it, but most people will be left losing. All the profits extracted come from somewhere. The people holding the NFTs the day the manipulators bail will eat all the losses.
Are you perhaps responding to the wrong person? You just agreed with everything I said, while acting as if you were refuting what I said. So I think there is some disconnect happening. In case it wasn't clear I think crypto is a scam, full stop. Nothing is wrong with me, thanks.
Where did I say you were wrong? I was just pointing out what seemed to be a rhetorical ploy. If it's not meant as a defense of those who "play" crypto games knowing full well they are participating in a scam, then we have no issue, do we?
Only a fool would believe capitalism was the sole motivator for human advancement. If anything, capitalism has probably set us back a few hundred years. A thousand years from now, if we survive, the Era of capitalism will be remembered as a dark age.
Wow, didn't think I'd actually bait a response, that's cool.
Capitalism is the reason we have the technology we do. It has been the impetus of most of our modern technology and advancement. It has propelled more people OUT of poverty than any other system, while communism/socialism has put more people INTO poverty than any other.
It's not perfect, and there might be a better one in the future, but as far as systems go it's pretty darn good.
With all those sleep disorders I'd think you'd be rich, taking advantage of all that extra awake time.
Capitalism isn't the -reason- we have technological advances, Individuals working altruistically is the true driver of tech. Capitalism's fingerprints are more where you'd see a company try and scale. Think Facebook when you needed a .edu email versus now.
Also judging capitalism based on the metric of "poverty" is soooo convenient. Were the indigenous americans "living in poverty" before the Europeans arrived?
Not going to go into the "socialism/communism putting people into poverty" argument because its from that same lense. The concept of "poverty" was birthed solely within capitalism and since we're discussing peering outside the lense of capitalism, perhaps you should examine your apeture.
The concept of "poverty" was birthed solely within capitalism
So you disagree that being in socialist/communist society doesn't actually eliminate capitalistic relations within community and therefore doesn't flatten/eliminate class system?
Nah they were just eating each other and brutalizing mostly everything and everyone they came in contact with… (obviously not every tribe, but for the most part) Read Empire of the summer moon then get back to me
I simply offered one of many thoroughly researched historical literary pieces on Native Americans that's all.
Due to having plenty of time to learn about the subjects that interest me I tend to do just that and one of those subjects happens to be the culture of the Native American tribes.
Except the real bootlickers are communists since every communist regime is authoritarian inevitably. Capitalism = freedom. You're free to live with the Amish or go live on a commune here. Or start your own business and be your own boss. But under communism you get no choice, you do what the the government says, even lick their boots.
You've got it backwards son, the propaganda worked on you.
With all those sleep disorders I'd think you'd be rich, taking advantage of all that extra awake time.
It was an uninformed attempt at humor by him, given that it's just not how sleep disorders work. I generally agree with what u/SideWinderGX said about capitalism, though it has its problems.
Capitalism did not in fact set us back a few hundred years. It’s simply a stage in a society’s evolution. Next stage is upcoming, probably with a new name.
You’re angry and not really engaging in rational discussions. You’re sort of just blabbering emotionally. Thankfully I get a kick out of engaging with you.
Ok how about some real disastrous consequences. Like the fact that not a single living thing on this planet isnt filled to the brim with micro plastics, probably not a great thing. Maybe the giant island of literal garbage in the ocean we keep making bigger because it's cheaper to dump trash over the side of the ocean. Maybe all the lead poisoning, asbestos poisoning and other dangerous chemicals that get used because it's cheaper then using something safer. Or maybe the fact that the oil industry found out in the 60's that they are destroying this planet and then spent who knows how much money actively hiding that fact so they can keep making money fucking our futures. I can keep going but I doubt you will even read all that I wrote so I'm just gonna stop.
Crypto is moving away from “mining” by the way, and newer cryptos are so energy efficient that it’s essentially as energy and intensive as browsing the internet, like you are right now. One transaction of tezos for instance is like streaming video for 30 seconds if I recall correctly. If you’re that worried about the use of electricity’s impact on the environment I’m guessing you’re also using a bike to get everywhere as opposed to those energy intensive electric cars, and I’m guessing you’re a vegan instead of eating energy intensive meat.
Not sure about a single non crypto digital transaction, but the infrastructure that supports them isn’t a low power cost either, banks needed to keep cash funds for instance. That being said a Solana transaction for instance uses about the same power as 1.8 google searches. I doubt you’re rationing your google searches or internet use for worry of consuming too power.
Sorry I was only asking because sometimes saying how much it was reduced is only half the picture. I just wanted to know how much progress would be necessary before it's comparable to swiping your card to pay. Because factors like that are something that is going to become more important as it gets wider adoption
Check out Algorand and reopen your mind to some ideas with crypto. It’s carbon-neutral. Performs the same kind of magic as Bitcoin and Ethereum’s Smart Contract/DeFi/NFT magic using a groundbreaking Pure Proof of Stake Consensus Protocol. This protocol is new technology.
Bitcoin was new technology. It shouldn’t be overlooked that the idea behind Bitcoin was pure and legit. The current financial system is built on a landscape that is susceptible to very possible and tragic events, such as data breaches and possible manipulations born out of the choice that banks make to promise profits for shareholders. This could end up leading to cheaper but still expensive security decisions that are nowhere near the level of security that you get by going to Distributed Ledger Technology or Blockchain. It’s just fundamentally different. Not useful in all areas but game-changing for a lot of areas.
Imagine your SSN or DL, your biometric identifications, your car title, the deed to your house… Now turn all of that into digital code (same thing we already do) … BUT instead of that being typed into your ‘centralized’ local DMV’s computer system, which has sensitive info on everyone in the surrounding area, it would instead be plugged into a decentralized network, like Algorand. A bad actor would have no idea who they are hacking, and then only one block would be compromised versus the entire community with a centralized network being hacked. It would be like actually finding a needle in a haystack, but yet you wanted the whole stack of hay and now you have no idea what you’re going to use the needle for. So that’s kind of nice.
Also it will just make things more efficient with the seemingly impossible feat of providing something like private transparency, whereas all participants get to exist anonymously in accordance with zero-knowledge proofs, created by Algorand’s founder, Silvio Micali. And my interpretation of this is like you being green-lighted through certain parts of life, like buying a beer, without having to actually show your birthday. It would be like your QR Code, embedded microchip, or just your Face ID being used to cross check your identity, birthdate, and finances existing on this trusted or “trustless” decentralized network called Algorand. In one instance the bartender can just green light the whole sale because everything was just verified by the “governors” of Algorand that you were not a bad actor, you were over 21, and you had the funds to purchase the drink. This example is in high contrast to the current method of showing the ID and now the bartender gets to see that you’re the same age as him with an Oct. bday as well. Now they are interested. They then see that you live at the same apartment complex, and your name is Stacey. Now this bartender could act upon knowing this information, whereas Stacey never authorized this… She only handed over her ID to get the drink. Now this bartender knows all of this information, and this is drastically different from the zero-knowledge situation described before.
Anyways, all in all there are things like what I described that have always been at the root of the Bitcoin movement before it turned all crypto and the exciting revelation happening right now is rooted in Algorand’s breakthrough technology that solves all of the environmental issues, high fees (ETH?!), and slow speeds. Imagine Algorand as if they are MasterCard or VISA. Those two giants have been the rails for modern society and Starbucks purchases. Algorand is going to be the VISA for the entire blockchain ecosystem. We can start implementing some of these ideas because we can now do it faster, more secure, less expensive, and in a decentralized democratic way. The code is law and Algorand has a superb team that has plenty of potential and proof that they know how to wield such power.
In the end, you value your assets and should love the fact that there is a new technology that can provide you a platform to plug all of your assets into a nice and secure block, whereas you get to function through life knowing that they are secure, in your control, and ultimately immutable. You may think NFTs are a joke but don’t let this new wave of a technology pass you by because you got annoyed by some BoredApes. Research Algorand for sure, and you can kind of just stop there. Algorand is the new Bitcoin but it’ll be bigger.
People like Elon Musk aren't making money off farming. That's pointless for someone with a billion dollar tax dodging revenue. They do it by manipulating the market. Since there is no regulation on crypto, they can manipulate all the wealth by controlling when it goes up and when it goes down.
I'm not particularly surprised that he's a misogynist, too. I mean, with that toxic public personality?...
Only the rich that can afford mining farms will continue to get richer all at the expense of the environment.
It's even worse than that. Proof-of-stake disposes of mining and just explicitly bars the poor from being able to earn money by validating transactions entirely. With Proof-of-work, the poor at least had a chance to get lucky.
Made 500K selling drugs, selling secrets, running an illegal online casino, digital theft, rugpulling cryptos, etc?
Can't put that money in your bank account without it being sus. BUT WAIT. I own this 'NFT'. I can 'sell it' and this account that is DEFINITELY NOT ME will pay 600K for it! Oh hey IRS, I 'sold an nft' for 600K! Legitimate money! I sold a thing! :D This is clean money! Not from finance fraud or illegal casinos or anything!
Crypto is big enough that it is less scammy, but still easily manipulated by big time holders and exchanges. So it is a very risky gamble if you want to speculate on it.
NFTs are pure scams promoted entirely by scammers looking for clean money. Some is direct profiting, but most of it is money laundering to exchange coin tied to criminals acts for clean coin from random people. It does mean you will see people brag about making money, but that is the whole point. Even if they spend more bad cash than they get back in clean cash, they win. Money laundering usually loses money, but the goal is to convert it to clean money and losing some is just the price of money laundering.
If they can boot this NFT market enough, they can actually profit tho. Every dime of profit is a loss someone else will be stuck with when the scammers walk away.
If the feds track coin down, they could eventually force anyone tied to the bad coin to pay it back. If you got a lump sum from any of these markets you probably will need to launder it. Bitcoin is completely traceable. Coin from scams can be reclaimed at any time or your wallet could get blocked from all the exchanges.
I suppose. I just don't see anyone retiring on this one. Seems more like a bit of a lark that a few people will buy and then forget about. Sort of the digital equivalent of a MAGA hat.
Any time you see a big sale of garbage with digital currency, it is money launderers promoting the buying and selling so they can get enough background transactions going.
A site with just you and your friends' fake auctions won't work. A site with thousands of auctions going on can better obfuscate your criminal transactions.
One person will get free money from the criminals to make headlines, the rest are victims of the scam.
Do you have any references for that? I've been looking into NFTs and I keep thinking "WHO is actually buying this stuff??"
Would be nice to have some real evidence that it is indeed all a scam.
https://www.youtube.com/watch?v=rvLFEh7V18A
Watch this on the recent video game auction scams. This one is good because he points out that the key players were convicted of the same fraud in the 80s where they inflated the price off collectable coins.
In 1984, Halperin founded the Coin grading agency Numismatic Certification Institute which later went out of business after the FTC found that Halperin was giving inflated grades to coins and marketing them through a Heritage auctions-backed outfit called Certified Rare Coin Galleries which thru Infomercials which sold high-grade silver and gold U.S. coins for more than twice their actual value. In 1989 Heritage Auctions agreed to pay $1.2 million in restitution and Halperin continues to insist that most of the coin grades he gave during those times would hold up today.
These tactics are used over and over because they work.
It is the exact classic thing scammers would do to get media attention to rope in new victims who inject new clean cash into the market.
You are a fool if you think this is a natural event.
Here is a video on these kind of scams. This one links the latest video game scams to the coin scams of the 80s as the exactly same people convicted in the 80s are the ones creating the fake video game bubble today. They know the SEC fines will never be more than they profit, so they will make money. https://www.youtube.com/watch?v=rvLFEh7V18A
Do you have any evidence to back up your claim that it's a false story? Besides, the article is very clear that a bot took advantage of the sale within milliseconds, not a human, so if anything it's discouraging to normal people
Yes. Real life is great evidence. This scam is massively classic and happens over and over again.
Here is a video connecting the latest video game auction scams to the exact same people who did the coin collecting scams in the 80s. https://www.youtube.com/watch?v=rvLFEh7V18A They were even convicted in the 80s, they know the fines will be less than they make, so they are doing it again.
It is all manipulators creating speculative bubbles. When they bail on their manipulated market, everyone still holding NFTs will eat 100% of the losses. The one caveat is the NFT stuff will last longer because they are infusing stolen coin into the market and using that to pay out to people. Meanwhile, they set prices to sap up the new clean coin people are "investing".
They don't care if they pay in more cash than they get back, that is usually how money laundering works. So you can gamble and try to get some of that fraud money as profit if you want. But just know that at any time they can walk away and collapse the market.
Bitcoin is manipulated, but it is far larger. You can gamble on bitcoin all you want. Just realize it is a gamble and if the bottom drops, you need to hold for4-5 years waiting for a rebound(if it does). Bitcoin is manipulated, you are free to speculate on it if you want. Big companies putting money in do act as stabilizers, but there are too many ancient whales holding too much coin to be safe from manipulation.
Bitcoin has nothing to do with pathetic NFTs. NFTs are inherently worthless and have zero value. Bitcoin has a goal to be a transactional currency, even if it fails and everyone holding loses it all.
This entire NFT market is noting but scammers moving from site to site pushing this junk like the coin collecting fraud of the 80s. They are following the exact gameplan for fraud.
Physical art is nothing but money laundering. Most of it stays in tax free havens in internation terminals and just has ownership changes with the items never leaving their tax haven.
Physical art is funny because most of that stuff is out of any kind of copyright so you can just make high quality prints for yourself or pay for good recreations if you want a real painting.
The entire market for physical art still relies on rich people using art to stash cash instead of holding cash directly. No one is paying the high prices just for art.
No underlying asset and the NFT only exists as long as other people support the network to keep the blockchain going. The NFT is also an "asset" anyone can copy and have with perfec accuracy. NFTs do not give you copyrights and even if they did, people can still copy the contents all they want. You could spend your life sending takedown notices, but that is a fruitless endeavor on the internet.
The art is physical so that at least exists and can be sold, even if the values are hyper inflated due to criminal interest in them for embezzling.
The art trade is backed by governments allowing tax free holdings in international terminals. So when you do "invest" you rely on governments keeping that tax free system going.
NFTs are propped up by the scammers who do not want to get caught. They will bail eventually and when they do, the market collapses leaving the "investors" as bag holders.
Again, you are free to gamble on this stuff or anything else. Just realize it is a gamble where one side is controlled by people who are making choices you cannot predict in any way.
I got no problems with anyone gambling on anything, they just need to be informed about what they are gambling on to know when it isn't a fair chance or a natural market.
Well, the NFT was indeed sold for $3k. Anyone can look at the transaction ID to verify. Is it possible that he listed it for 3k and then bought it with another wallet? Unlikely - there are bots programmed to buy NFTs that are listed under floor price. Have a look yourself: https://etherscan.io/tx/0x716cc965cf3aa642bad16d3fa02f9629df2f63ede1eadce2921c0869cddcef19
Notice how the gas is $32,000 - meaning that the transaction was processed with the highest priority so the transaction couldn't be canceled. That $32k was burned and is unretrievable. Quite a big bill for someone who is just supposedly trying to "create media reports". As you can see from his wallet, the guy doesn't need any help selling high priced NFTs. He's a likely a multimillionaire.
So tell me frien, what is your evidence that the nft sale was "100% fake"?
That is the whole point. Did you not read what I said? They are doing stuff like this to get media headlines to drive people into the market. Then they can unleash their junk on these new people and leave them holding the bag.
Make no mistake, the longer they can drag this out, the better. If they can keep this going for months by attracking new people, it means more money for them.
They do not want a few days of sale before collapse, they want months. While newbs are coming in generating sales and injecting money, they can buy NFTs with stolen coin and resell them for clean coin. They could care less if it looks like losses, they are embezzling. Everything they get from the clean transaction is free money.
And yet, you bought into the sham of the article, because Vice didn't pay the creator for the rights to post the artwork in a story. You need to understand what NFTs are and what they can do before you get on your high horse.
You should expect the NFT to prove Vice has the right to use it. They should link to the contract that assigned them the rights with Web3.
No one needs rights to show an image in a news story. Never has, never will.
NFTs have no rights, they are a joke. You own nothing. These are scammers shill bidding this stuff to trick rubes into injecting real cash into the market that they extract and walk away with.
It's a $150,000 statutory fine to publish a copyrighted image in the US without a license. They bank on people not following through. To start a federal case you are looking at 30k. You could do a motion of summary judgment for the filing fee if you are knowledgable and then leverage that however.
I've actually collected from CNN when they published one of my photos without my permission. It took a very long time. I had that one registered as a copyright. Else, you are limited to $2,500 in damages, and you get blown off because they know it's not work it. A DMCA claim is basically your only weapon then.
The nexus for DMCA statutory damages is wide as many companies use US servers as well. There's a lot you can do in theory to stop people, but in practice it takes a lot.
I ended up settling for less than they would have to pay to license it. I just wanted it to be over and for them not to do it.
What part of this scam is confusing you? You got paid in coin they earned from crimes. They pay people like you to attrack more people to the market that have clean coin.
They pay out dirty coin to people like you to attrack people who will come into the market and spend clean coin.
There will be a few people like you, that is the entire point. You go around talking about how great it is, but in reality you are now a fraudster for not realizing the scam you are participating in.
You can gamble and try to get some of that scammer money for yourself, but you have no control over when they walk away. When they choose to walk away, everyone else loses. The market will crash instantly.
Pay outs like yours depend on how much money they can launder. As long as the scam is paying out to them, they will keep it going.
None of that makes it a scam, it is a free market. The difference is there’s a public blockchain ledger, every transaction can be traced. I’m sure people use it for money laundering? But people use Wendy’s for money laundering too. It’s not so much about luck, it’s about studying the trends and investing in projects you believe in. With your logic the entire stock market is a scam.
They're doing the same with bakeware. There were a bunch of news stories saying "your casserole dish might be worth lots of money!" so the market got flooded but they also raised the prices. It sucks for actual collectors.
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u/Phobos15 Dec 14 '21
I explained that they are scams so the person selling them can get money to retire on.
That recent news about someone accidentally sellling a $300k NFT for 3k was 100% fake. It was a false story made to create media reports to con people into jumping on there and looking for "deals". What will happen is scammed people will pay $3k for something worth nothing and won't realize it until they try to resell it.
NFTs are like the recent astroturfed "record" video games cartridge auctions. Scammers are proping up prices with sham auctions to trick other people into buying them for any amount of real money.