Wile E. Coyote could relate: \\ __(o) ___ / /\/ ___ /\ `/_/\__, ___ \_/ \ | / ____________ \ ____/ _/ ___/ /
Wow, amazing ASCII art! Are you selling an NFT of it?
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Jack Dorsey’s $2.9M NFT dropped 99% in value
81–90 of 262 posts
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#82Earlier quoted context omitted.
Sure. But bundle them into CDOs, give them the AAA rating, start selling options on them and suddenly that's a legit business. NFTs are missing this thick layer of complexity that obfuscates the nature of the core financial "product".
CDOs are groups of bonds. Bonds are debts, so they produce real value in the form of interest. If the debtors stop paying, the CDO can recover value in bankruptcy court. CDOs may misrepresent the risk of the underlying assets, but those assets are still there. An NFT is more akin to a baseball card - it’s value might go up, but that would just be because someone wants to buy it. It’s not producing any income on its o…
It was a tongue cheek quote from The Big Short… can’t wait for synthetic NFTs.
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#83I feel like for NFT's like these, it's all pure hype on potential future value. Take a Bored Ape NFT, a bored ape is pleasant to look at, you can set it as your profile picture or hang up on the wall as digital art. That's why I think that BAYC was so successful, you had the NFT hype combined with actually good looking art. Now this on the other hand, you won't really want to set it as your profile picture and hangin…
> a bored ape is pleasant to look at
Subjective of course, but couldn't disagree more. These things are hideous and frankly epitomize, to me, that hype and not artistic value is driving value here
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#84Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#85Earlier quoted context omitted.
Hindsight is 20/20, which is why you never see the crystal ball flying at your head until it's too late -- also Peter Thiel, probably.
A lot of people had the foresight to see that an NFT of an old tweet was a bad investment at the time.
The grift could have gone on for much longer.
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#86From another article on the same topic https://www.theguardian.com/technology/2022/apr/14/twitter-n... : > Man who paid $2.9m for NFT of Jack Dorsey’s first tweet set to lose almost $2.9m > ‘This is the Mona Lisa of the digital world’, says crypto entrepreneur Sina Estavi who bought the NFT in March 2021 This is a good example of why so many people don't take cryptocurrency seriously. It full of hype men who spout tr…
This is a genuine question - should anyone take cryptocurrency seriously? To me, the only purpose of it is to make money. It's the stock market, but with less rules, and it's 24/7. People will say that crypto is important because it's decentralized and non-fiat or whatever, with the implication being that it's not controlled by a government. But we have seen time and time again that that isn't true, and if a governme…
> But we have seen time and time again that that isn't true, and if a government wants to freeze your crypto assets, they can do so easily.
We have seen no such thing. The claim is not that the government can't put your wallet on a blacklist in an attempt to ban local companies from serving you. Nor is the claim that the government can't come to your home and arrest you, nor that they can't have your server taken down where you store your private keys.
These things happen, but it is unreasonable to ask cryptocurrencies to protect you from real world violence, anymore than encryption is useless because someone can use a hammer.
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#87Pardon me. I never understood NFTs and never planned to be on board. But from my nascent understanding of what NFTs comprise, I couldn't understand why first tweet ever is a real NFT. The tweet is publicly available so there is no exclusivity. Anyone can look far enough & find it. The second being ownership. The tweet was always time stamped & in Jack Dorsey's name. Buying it as NFT will not really change its attribu…
It's actually an NFT of a screenshot of the first tweet. Note that for space reasons, NFTs do not generally "contain" their payload. The actual contents of the blockchain is just a URL of the screenshot. The URL points to a centralized server, and the screenshot is publicly accessible. But yes, the Tweet itself remains under Twitter's purview, i.e. centralized. An NFT can only contain authority or ownership recognize…
SO it's totally possible for the server hosting the image URL to be gone after many years?
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#88I feel like the general response to things like this in the recent past were "A fool and his money are soon parted". What happened to make this particular method of losing money or making a bad investment get regarded as such an evil?
I've seen a lot of people give actual death threats and are angry whenever NFTs are brought up. It find it kind of baffling how this sentiment came to be so quickly. What happened?
Re: Jack Dorsey’s $2.9M NFT dropped 99% in value
#89Earlier quoted context omitted.
There’s an active market, but it’s mostly winner takes all and ones that establish a brand/community (helped by the tokens gating access to merchandise or events). Also good when token includes IP. BAYC/MAYC is the biggest, milady seems to be getting traction (not sure why). These specific ones are also easy to liquidate for now because of opensea bots willing to sell ~10% below “floor” so they can flip later. I made…
What are the best gated communities you have found?
I’m biased because I work at Tlon, but I think using low, but non-zero cost IDs for urbit auth is a really good way to do it and makes handling spam easy. For what it’s worth, I joined Tlon because of conviction in what is being built (not the other way around).
So it’s not “gated” in the sense of excluding people - it’s more about the minimum cost required to eliminate spam. It solves the issue of ID at the OS level and works well for building networked apps on top of it.