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At the Bored Ape restaurant, your ApeCoin is no good now

latimes.com

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Re: At the Bored Ape restaurant, your ApeCoin is no good now

#31

Post by jameshart »

raylad wrote: post #16
choward wrote: post #15

> Perhaps that was what Nguyen was thinking when he spent more than $330,000 on the various ape NFTs on display at his restaurant. Wow. I can't imagine what anyone is thinking when they pay that much to brag about some random blockchain that says they own an arbitrary URL that may or may not link to an image.

That actually doesn't apply to Bored Apes. With those NFTs you get copyright ownership of the image.

Are you sure?

Certainly the first person to buy a bored ape from BAYC, they definitely entered into a legal contract with BAYC that granted them a copyright license.

But if you bought a Bored Ape NFT from someone else, did the sale contract you made with them definitely include another copyright license transfer? Or did you just buy an NFT?

What if the previous owner of your Bored Ape, while they held the copyright, took it upon themselves to separately sell the copyright to someone else, so by the time you bought the NFT, they didn't even have the copyright any more?

What if the previous owner of the Ape, as its copyright holder, and perhaps unknown to you, chose to release it to the public domain?

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#32

Post by nikanj »

rejor121 wrote: post #22

Nobody could see this coming! Lol Seriously, crypto has yet to solve any real world problems I’ve faced. And NFTs are just the worst. Money laundering schemes at best. If I can’t buy an apple easily with crypto, it’s useless.

Fully anonymous global ransomware would be really hard without cryptos.

Monetizing hacked boxes would be much tougher if you could not turn them into Monero miners.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#34

Post by rglover »

mojomark wrote: post #5
rvz wrote: post #2

> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…

> That is a complete failure and it just took one crypto crash. Disclosure: I hold virtually no crypto (a few thousand XRP) As I watch this show from the sidelines, I wonder if the latest crash (and no doubt future crashes) isn't exactly the force needed to distribute crypto more widely into more hands, normalizing to some roughly steady state value. After several swings of the pendulum, you end up at some more or le…

> exactly the force needed to distribute crypto more widely into more hands

Yes, but not "crypto." Bitcoin. The entire crash was due to VCs and hedge funds overleveraging into shitcoins [1]. It started with Luna and that created a domino effect for the rest of it. Sprinkle on the panic typical to all markets and kablamo.

In essence, that's good (albeit painful to some degree) because it's a truly free market. Bad players got washed out and there's more to come as far as I can tell. Fairly excited as, like you suggest, it means people have a chance to acquire more Bitcoin while they still can.

[1] https://twitter.com/DylanLeClair_/status/1524377921338724354

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#35

Post by jameshart »

remram wrote: post #25
raylad wrote: post #16

Earlier quoted context omitted.

That actually doesn't apply to Bored Apes. With those NFTs you get copyright ownership of the image.

You get copyright on a software-generated image? What's the point?

Good point - the individual ape may not even be a copyrightable image.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#36

Post by dhosek »

eknkc wrote: post #7
rvz wrote: post #2

> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…

Why would anyone want to buy food with crypto anyway? Can’t understand that. It is not faster. It is not cheaper to transfer. It is not even as anonymous as cash I’d say. I can see why would someone buy stuff online using crypto but this does not make much sense.

But that was the original promise of crypto currency, that it would replace cash and checks and credit cards for all transactions. It was based on a lot of ignorance about how money actually works, but that was the claim way back when. I had a manager back in 2007–8 whose wife had a bakery that accepted Bitcoin as payment and he was a big crypto advocate. I could tell back then that all the claims made no sense. What amazes me is that crypto still hasn’t gone to zero a decade and a half later. Although as John Maynard Keynes said: “Markets can stay irrational longer than you can stay solvent."

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#37

Post by nikanj »

eknkc wrote: post #7
rvz wrote: post #2

> “Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff … but as far as buying food and all that, maybe not,” one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. “People want to hold onto their ethereum. They’re not gonna want to use it.” Then what is the point then? Apecoin and Ethereum certainly cannot be used for payments and…

Why would anyone want to buy food with crypto anyway? Can’t understand that. It is not faster. It is not cheaper to transfer. It is not even as anonymous as cash I’d say. I can see why would someone buy stuff online using crypto but this does not make much sense.

If you got cryptos from selling contraband, and would rather not pay taxes/leave a paper trail from converting to fiat

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#38

Post by dhosek »

fortzi wrote: post #13
BoorishBears wrote: post #3

Earlier quoted context omitted.

It didn't take a crypto crash, crypto has been a failed currency since BTC hit a dollar... Extreme deflation is arguably more deadly than hyperinflation. If you know that by holding a dollar today, you can get 2 dollars worth of goods tomorrow, why are you going to spend a dollar? Likewise, once Bitcoin went from fractions of a penny to a dollar, what incentive was left to spend it? You could argue an ideological wan…

BTC is an official currency in San Salvador, which is arguably indeed a failed state. I’d argue, though, that it’s just another symptom of the reasons which made it a failed state in the first place (populism, corruption, etc.)

San Salvador is a different country from El Salvador, just for the record.

Re: At the Bored Ape restaurant, your ApeCoin is no good now

#39

Post by Avshalom »

gkoberger wrote: post #23

I dislike crypto, especially NFTs. But here's my best attempt at understanding. BAYC transfers ownership of IP for the ape you've bought. It's not just a picture of the ape on OpenSean; you can use it. There's something really fascinating about this. It's one character, but it's also broadly part of the larger ecosystem. We're so used to, say, Disney owning IP. But what if you could spend $300k and have a restaurant…

among a lot of other things:

> It's one character

no, it's one picture. some one else might own the rights to functionally the same character but with a smile instead of a frown or even just a different background color.

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