A "fat fingered" typing error seems to have cost an NFT dealer more than $250,000.

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.

  • inshallah2 [none/use name]
    ·
    3 years ago

    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.

    Greater fool theory

    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.

    • grey_wolf_whenever [he/him]
      ·
      3 years ago

      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.

      • invalidusernamelol [he/him]
        ·
        3 years ago

        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.