Friday 27th of May 2022
Social Media Says
You made me learn class="u-nolinkc" href="https://worldnewsinpictures.com/a">a new word, and then burst out laughing, thank you.
Is that the opposite of an oxymoron?
Redundant. It means redundant.
What You Really Think
NFTs have a couple really slick, novel solutions _to problems that nobody has_ and can be solved much more effectively with non-blockchain tech. The rest of it is 100% pump and dump speculation, which is an excellent way to separate suckers from their money. Someone who's just tech-savvy enough to see the applications, just wealthy (and greedy) enough to jump on something hot and new, but not critical enough to dig deep and find the *emptyness* of it all... they make the perfect sucker.
Any idiot who hears "hey, you know the internet, where an infinite amount of anything can exist? Wouldn't it be awesome if we made *scarcity* a thing there?" And says yes should have their right to vote revoked. That level of stupidity shouldn't be allowed to affect the rest of us.
The only thing I'll ever like about NFTs is that digital artists can make a fuck ton of money on one art piece instead of selling prints for like 20$ a pop. However, that is easily overshadowed by all the morons stealing artists art and making money off of other people's work. I'm not defending NFTs in any way shape or form. They're fucking stupid, and if you buy into them you deserve to be scammed.
This. At least MLM pitch and snake oil actually sorta make sense. NFT's pitch doesn't even sound enticing.
Theyre bleeding to death tho. Trading volume of NFTs as a whole is down like 94% from its peak, because more and more people realise its all just a game of "whos left holding the bag".
NFTs have cool applications, even if 99% of them are used as pump and dump scams or pyramid schemes. The ability to give the artist a proportion of each sale, not just the first, or just to act as a digital signature has some use. Not worth the environmental cost at the minute of course, but hopefully once the scam bubble bursts there will be something of value left.
Does it? It's just a way for people to scam people. That's what 99% of crypto is - just people hyping others up trying to tell them "Woah man you can make so much money, be financially independent and rich!!!". Sound familiar to an MLM or pyramid scheme? It's the same shit. Get in early, pump it, sell, then leave people holding bags. Anyone trying to say NFTs are anything else are just people who got in early and are trying to make a buck.
At least for the artist side its a modern take on having a patron. These people are willing to fund the artist and also push the artists ego. I dont blame artist at all. Its another revenue source.
Blows my mind that last time I checked superstonk was celebrating the focus of gamestop on NFTs. But maybe I'm missing something there, haven't followed it that closely.
I used to look up Cyanide and Happiness every single day in high school. Seeing this just makes my soul so happy lmao.
I agree its funny if its tech bros buying them for profit but I do feel bad if it was someone who bought it because they wanted to support C&H.
I met those guys at a NY comic con about a decade ago. They were all wearing bowlers/top hats. I also was wearing a bowler. Weird happenstance.
This is pretty fucking funny. It's even funnier with the context that the entire movie is floating around as a hypercompressed gif on Tumblr.
The people doing this crypto shit do not have the capacity to not do this kind of thing. They will fall for the next scam, and the one after that...
There was a scam called Ciftlikbank (farm bank) in my country, which supposedly gave you real life money for the animals you own and the people you invite. My uncle got into it and lost all of his savings. One day, he went to Cyprus, and someone told him that he would be able to pay of all his debts if he gambled. He had to sell his house afterwards. He has now invested in cripto coins and offered my brother to make money with NFTs since he can draw. My brother declined and told him it was a scam, but if I know my uncle, he invested in it too. Some people just never learn.
LMAO, never thought of NFTs as male MLMs. Definitely using this in conversation with the two crypto-bros in my office!
I like to point out that when you buy an NFT, you're not buying an image, you're buying a pointer to an image. If hosting stops or someone moves that image, then you just have a very expensive null pointer. There has never been a strong case for buying NFTs at any price point.
NFTs are kind of fractally bad. The entire market exists largely to make money, but there's no actual value in the market. It's all about convincing someone else to buy your absurd, overpriced asset for more than you bought it, in the hopes that you're not holding the bag when the market crashes. It's all a massive scam, with lots of little sub-scams. Also, there's the environmental factors. The technology NFTs use is horrifically environmentally destructive. Ethereum uses more electricity for its handful of transactions per second than a medium-sized industrialized nation, and produces e-waste at a similar rate. And then there's the culture, which... Is a long story. If you're curious, I highly recommend "Line Goes Up" by Dan Olson, which is a deep dive into the subject presented in terms a lay audience can easily understand. Basically everything about this is dystopian and nightmarish, and the sooner it dies, the better.
>Did these bros who bought artwork NFTs do something that was morally wrong? Yes. They bought a receipt for a work of art from someone who had no right to sell that receipt using that artwork. >Or did they just spend their money on a jpeg willingly? You do not buy a jpeg. An NFT is a receipt for a transaction that states that you bought that very receipt. If you think that sounds fucking stupid, you are right.
ITT: Guy acts oblivious to why everyone thinks NFTs are a dumpster fire, then tries desperately to defend and shill for it.
The "fuck NFTs" crowd are at it again. Someone sold rat poison in aluminum can, therefore fuck aluminum cans *sips coke out of literal garbage*.
As someone who invest in crypto and nfts, we get a lot of hate from the general public. There are scam and people lose money. But its easy to avoid and a lot of people make a good living from it. You only hear the bad from the media.
> Did these bros who bought artwork NFTs do something that was morally wrong? Or did they just spend their money on a jpeg willingly? Everyone told them it was a scam. They still went through with it and then got scammed.
Id say its kinda funny. The NFT crowd wanna insist their NFTS are legitimate, valuable and actually denote ownership. Problems is the only way thats true is if people believe it, which for the most part they don't. Most NFTs are going to be worth fuck all soon enough as people jump off the band wagon. I've lost money in stupid ways before too, have to laugh a little.
Morally wrong? I'd argue yes. They were using a technology which is known to consume enormous amounts of energy, thus contributing greatly to the climate crisis. They did this for no reason other than personal enrichment. And they probably dragged a few others down with them (there will be a great many 'interesting' family thanksgiving dinners this year as a result of these fools convincing their families to part with their money to join a pyramid scheme).
> whats the point in being glad somebody lost money, all ethical dilemmas put aside, every instance of this happening is hopefully bringing us one step closer to everyone knowing how stupid the entire NFT scam is. That would be a reason to be glad about *someone* losing money.
Speaking from personal experience but, I made roughly PS12,000 just under a year from buying and selling NFTs (wouldve been higher but, due to how volatile the market is, I lost some money on the way). I would love to know your insights though. Do you have personal experience with NFTs?
Gary Vee has explicitly said on numerous occasions that 99% of NFT collections will fail in the long-run. He has always been upfront on that opinion.
Currently, yes. Even in this bear market, there are still plenty of degenerative NFTs which are making decent money, provided you be the first to mint or buy in at the right price and obviously sell at the right price. Everyone is just waiting for YugaLabs to announce what the ApeLand does, which might see a redemption on the marketplace - but as of right now everyone is eagerly waiting whilst watching the market collapse. Only time will tell :).
A pyramid scheme normally involves the active recruitment of others continuously. Its hard to compare the NFT market to a pyramid schemes recruitment process when, for example, I have never reached out to anyone and actively encouraged them to solely by my NFT.
Thats a widely absurd statement. Who said anyone who buys an NFT is outsmarting anyone? I made PS12,000 from NFTs just under a year part-time. That wouldve been higher but, due to inherent fud, rug pulls etc. it wouldve been higher. Theres opportunity in NFTs. You just hear people losing the loudest.
I agree with you on one hand, but to say NFTs are just stupid pictures would be incorrect. Initially - yes, NFTs had primarily been based around artwork. However, in a modern day setting, we see a lot of tokens acting as passes and entries to both technological and real-world settings. Software, restaurants, golf courses etc. Vitalik is also developing soul bound tokens for the likes of governments so those passes can be used as passes for things such as public transport, sales receipts and educational purposes.
When everybody has been saying NFTs are a scam and NFT bros have laughed and said lol stay poor (literal), then bought it, then complained they got scammed, I think its reasonable other people laughed at them.
I mean... there probably will be some use for them in the future. But this time, the early adopters are just getting screwed, or trying to screw others. And anyone praising shit to high heaven ought to be brought down a notch. Better yet if it is hilariously done.
The difference between empathy for everything else (for example a car crash victim) and an NFT bro. Is that the car crash victim does not insist that everyone else is stupid for not trying it. The NFT bros screech at everyone else to get scammed too. They don't just stupidly walk into the volcano, they try to convince as many people as possible to come with them.
I'd say it's redundant to use "NFT" and "scam" in a single sentence.