Drug dealers and pedophiles?
I kid, slightly, as I know some people saw it as an investment early, but there are almost certainly people from specific "industries" that embraced bitcoin early who got very, very rich.
The Alarm Is Sounding On NFTs
- Thread starter hanselthecaretaker
- Start date
I kid, slightly, as I know some people saw it as an investment early, but there are almost certainly people from specific "industries" that embraced bitcoin early who got very, very rich.
This is intentional. The only way to make money from NFTs is to convince other people that they'll be worth more in the future if they buy them from you at a price that you'll turn a profit from the sale. So anything that suggests that a procedurally generated image of an ape isn't a good investment medium is excised from the community so that the current batch of NFT holders can convince the next batch of future NFT holders more easily.
This is literally why so many of them are procedurally generated similar images that are created and minted on demand in a gacha-style system, it creates the illusion of rarity while also making the people buying in responsible for the minting fees. The minter of BoredApes (for example) only loses money on them if the cost of running the server scripts that generate them exceeds what he can make in new sales. Which means constantly onboarding new people who both are willing to trade for Apes other people have (to create the illusion of the Apes appreciating in value) and also willing to buy from the random generator. When the income drops below script hosting costs, he'll pull out and take his Ethereum with him, at which point everyone else who hasn't done so loses, as prices plummet to zero.
I mean, them too. Silk Road was a huge thing for a time, and those sort of sites still exist.
"This is not a pyramid scheme. Our sales model is based on a trapezoid."
In this case, I can't be angry at people for thinking with their dicks when it's obvious that those heads are the smarter ones.
At which point the schadenfreude displayed on the internet will break physics by being so large it produces detectable mass.
I wonder do they realise that their ape isn't going to go up in value forever? Because if so they realise SOMEONE has to lose money on it somewhere along the line. Do they just hope it isn't them? Or do they genuinely in infinite growth?
They believe in To The Moon amd that their finally gonna get one over on the banks (that are already heavily invested in the crypto space)
So what's the plan? Like if it's just a speculative asset then it is only valuable when they sell it. But if they believe it will always grow in value then selling it will always be a bad idea.
If they actually believe it is a replacement for currency but will always increase in value then using to buy things would be stupid. If you bought a brick of cocaine for 10 bitcoin on silk road you'd probably feel pretty stupid right now for not keeping it and having nearly half a million.
So the only way a holder of a crypto asset can win is if they unload it before it's value drops. Meaning they know someone has to be left holding the bag but they just hope it isn't them (in which case, have you tried poker?)
You got it. But that's why they keep being painfully positive about it, to keep the hype train going so they aren't the ones holding the bag.
I was thinking about this yesterday, about crypto in general, and the idea of a currency is to be a useful method of exchanging value, but speculative "investors" buying it all up actually makes crypto terribly un-useful for simple transactions. It's pretty self-defeating.
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- Whatever, just wash your hands.
Don't think of it as a currency, think of it as a commodity like gold or something. But, something with less use then a commodity, since most commodities have use outside of trading or selling which is why they are traded or sold in the first place, but is just as annoying to use for purchasing or trading.
... Is it racist that I knew he was Australian before I pressed play? Was it the shirt? Do all Australians look the same to me?
A 20-year-old crypto entrepreneur launched his first video game when he was 14. He jumped into NFTs and is now launching a play-to-earn game with the backing of 14,000 players
Evandro Rodrigues attributes his dive into NFTs to the Bored Ape Yacht Club collection, crypto influencer Gary Vee, and his pushy friends.
markets.businessinsider.com
Crypto currency and NFTs are basically playing Hot Potato with real-world, financial consequences. It'd almost make more sense if they sold them as high-stakes gambling instead of viable investments, like Squid Game, but with your life's savings.
Y'all wanna see some intense crypto/NFT related cringe? Pretty sure this is a war crime.
That's Mark Zuckerberg's sister btw. Also, it's both hilarious and horrifying how these douchy techbros (techsistas?) keep trying to paint themselves as avant-garde "power to the people" rebels while at the same time peddling the most shitty ultra-capitalist scams.
We're all gonna take it
YES! We're all gonna take it
We're all gonna rugpull
Then you mourn
That's Mark Zuckerberg's sister btw. Also, it's both hilarious and horrifying how these douchy techbros (techsistas?) keep trying to paint themselves as avant-garde "power to the people" rebels while at the same time peddling the most shitty ultra-capitalist scams.
We're all gonna take it
YES! We're all gonna take it
We're all gonna rugpull
Then you mourn
Okay, the Zuckerbergs can officially go die in a fire. Both of them.
But how you can say that? You can see from her avatar that she supports Ukraine!