The suspected-bot buyer also paid very high "gas" fees - which determine how quickly the Ethereum network processes a transaction - of 8 ETH ($32,000), to ensure the sale went through almost instantly.
Imagine if money charged you $32k on a $3k purchase to process that sale "almost instantly". NFTs should be an opt-in card for organ donation.
In traditional banking transactions, such errors are usually reversed easily if the bank facilitating them is told about the mistake quickly.
But in the unregulated crypto-trading market, there is usually no way to reverse such a sale.
:yea:
that's an insane gas fee though. Dumbass bot
Not really a robbery he did put it up for sale at a crazy low price
Let's make money but without any of the safeguards against fraud normally controlled by regulatory state and financial institutions because I really need my monkey jpg
Wait... is it really 300k for a horrible image of a monkey?
Please, don't tell me this is real.
Not 300K. 75 ETH. Pretend money pedophiles made out of thin air, which powerful idiots now say somehow converts to money.
All of this a game of hot potato and ultimately it’s gonna be your old friend with a slight gambling addiction left holding the bag.
Of course not.
The people who own the NFTs don't actually own the images lol
NFT of the first tweet sold for $3 million. I wouldn't buy that shit for $3. This is just bullshit
Not necessarily.
Some of the horrible jpegs of monkey's cost millions of dollars.
...yall are aware that it is very rarely about "owning" an image, correct? Nobody cares about "owning" an image lol. the whole thing is basically capitalist secret santa. you buy shit that you think other people want and try to make money.
its all pump and dump except with a usually (not always, but nearly 100% lmao) bad aesthetics. right now shit that is just an image aint even the "in" thing. everyone wants functionality out of these things so its a huge scramble to see who makes the first "metaverse" game where shit can be used. Its like buying MTX for a video game, except instead of 20$ its 350$ and you can sell it to other people for any price they want to pay, which turns out is A LOT if they think they can flip it for more.
I sincerely doubt its going to keep holding up, but some mfers are gonna make a lot of money on people torching their own.
anyway i just think context is needed around it, even if it doesnt exactly help its cause lol. but yeah, it isnt about just owning an image. nobody gives a shit about that unless ur a very rich freak
Yeah, unfortunately the real aim is to recreate Valve's MTX scam, where people pay a lot of money for digital things in the mistaken belief they can just sell them for more later.
basically yes, with the added concept of like...a digital space. like buying a "spot" in a metaverse game. I'm sure you know what i mean, i dont have the words for it lol. I havent read up on a ton of what the fabo "metaverse" actually is, but i am assuming its going to be a space that has a limiting factor of some kind leading to digital real estate. essentially trying to take the next step of the internet, and form a space for it in 3d/VR as opposed to a 2d screen version.
and it being owned privately which is frankly the most horrifying part of it all lol. NFTs are a drop in the bucket if the next mode of communication is privately owned by a mega corp
See, I think that it's just going to eat complete shit in a way that's extremely funny, but that crypto may actually get adopted specifically to justify higher prices for digital goods even though nobody will actually be buying the secondhand stuff. No public ledgers, just an easier way to keep track of shit like Valve does to siphon off money from other people. It seems like it could be an extension of the "neofuedal" model used by Uber and such where a capitalist literally just makes "the platform" and taxes the lumpenproles trying to earn a living through it, selling a myth that you can get rich.
To be fair you can still keep your stupid monkey PFP after it tanks too.
If it makes you feel better, the horrible image of a monkey is also generated by a computer script.
Don't most currencies gain legitimacy from government state power? I still don't understand how cryptocurrency can be truly decentralized when the government could just ban all companies from using crypto?
the government could just ban all companies
That's the elephant in the room. NTFs are a Ponzi scheme that will end once governments say "Enough of this shit" and ban them. I used "will" because I think it's only a matter of time.
Unsophisticated and small investors will get fucked.
In finance, the greater fool theory suggest that one could sometimes make money from buying overvalued assets, whose price drastically exceeds its intrinsic value, if they could later be sold at an even higher price.
Wouldn't that require some kind of functional state tho? I don't think the USA can do anything like that but maybe other places could.
China has already banned them, but Venezuela has actually created their own in order to skirt sanctions (they can't use international banking because of the embargo). And shipments of cash are difficult to get past a blockade without the US stealing it.
So there are legitimate, anti-imperialist uses for crypto. It's just that the majority of the use right now is literally money laundering for international crime syndicates, billionaires, and cartels.
Crypto owners can trade among themselves and then eventually you use an exchange to convert it to real money. You can definitely try to ban all business from accepting crypto which means it is very hard for it to become mainstream, but it is much harder to stop crypto transactions over the internet because not every country will ban crypto, you could say it would be almost impossible to ban crypto worldwide.
But in general yes the whole idea of decentralized currency is fundamentally at odds with a central government with the power to enforce(at whatever cost) a ban on crypto use within the real economy. Usualy they argue something something the internet but then that is conceding that the average person would never use crypto regularly.
As long as one computer is running the Bitcoin code, the Bitcoin network can keep processing transactions. There's already a decent size OTC market for tax dodgers and criminals and there's always the old "lost it in a boating accident" trick.
Post Malone uses a Bored Ape NFT for his Twitter PFP? Christ, what an asshole.
Ewww fuck. He appears to be a spokesperson for some crypto app, hopefully he isn't a true believer. But still
fat fingered
Haha - they have no procedures (and apps) to double and triple check this shit. It's a clown show.
the "professional" scammers aren't much better:
- In 2001, UBS sold 610,000 Dentsu-shares at ¥6, instead of 6 Dentsu-shares at ¥610,000. Even though the error was spotted immediately, the Tokyo Stock Exchange did not cancel the trades and UBS had to buy back the shares at market-value which caused them a loss of US$100m.
- In 2006, a fat-finger error by a trader at Mizuho Securities in Japan caused the firm to short sell a stock in an error that cost the firm ¥40 billion to unwind.
- In 2014, a Japanese broker erroneously placed orders for more than US$600bn (£370bn) of stock in leading Japanese companies, including Nomura, Toyota Motors, and Honda, which were subsequently cancelled.
- In 2015, a junior employee at Deutsche Bank whose superior was on vacation confused gross and net amounts while processing a trade, causing a payment to a US hedge fund of US$6bn, orders of magnitude higher than the correct amount. The bank reported the error to the British Financial Conduct Authority, the European Central Bank and the US Federal Reserve Bank, and retrieved the money on the following day.
- In 2015, the Investor Armin S. bought certificates from BNP Paribas at a price of €108 instead of €54,400 each. This caused a loss of €160m for BNP. The error was not detected because BNP failed to book more than 8000 trades for a whole week.
- In 2016, it was believed a fat-finger error caused the British pound to drop 6% in just a few minutes to US$1.1841, its lowest value for 31 years. A report by the Bank for International Settlements later concluded that the drop was not caused by a single factor.
- In 2018, Deutsche Bank mistakenly transferred 28 billion euros to one of its outside accounts, more than the bank's market value.
That BNP quip is amazing. WTF...
The error was not detected because BNP failed to book more than 8000 trades for a whole week.
It sure made Armin S. 's day - "Hey, honey - guess what. You'll never guess! I made about 160 million euros today..."
In 2015, the Investor Armin S. bought certificates from BNP Paribas at a price of €108 instead of €54,400 each. This caused a loss of €160m for BNP.
I'm assuming every single one of those instances had at least some protocol for reversing or mitigating the mistake/scam. Crypto has literally nothing and it's a feature, not a bug. Not to give praise to investment bankers or government financial agencies, mind you.
If I cared about the legitimacy of crypto, I would simply use it for something other than money laundering.
Honestly, I want to imagine that most people fucking with NFT/ etherium basically have a bunch of it due to whatever, and also can’t cash out safely, due to how they got the money or whatever. So it’s just a game to them because this shit isn’t real.
The people who are turning USD or any actual currency / buying in are actually idiots.
That's where all the real value comes from. Mainly cartels. There are thousands of people who have like 100 eth they got for $100 to buy drugs years ago that have been "investing" their earnings on that and are worth "millons" now, but they can't actually pull it out.
I definitely think the whole ecosystem is basically a ledger for large scale drug and arms transactions at this point.
Imagine if money charged you $32k on a $3k purchase to process that sale “almost instantly”. NFTs should be an opt-in card for organ donation.
That is the main grift of crypto-whatever. Very high fees for buying/selling (with $) crypto and switching between different cryptos. The smart people here are the ones being the bank/exchange, not the ones actually holding crypto. Especially stuff like Tether is just insane.
There are 3500 apes and they are worth 300,000 USD each. That's 1 billion dollars. We need to re-normalize beating up nerds and taking their money before it's too late.
