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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

#51

Post by heyitsguay »

labrador wrote: post #45

Crypto, web3 and NFTs are social movements. They are the crowd that knows things. As the hippies used to say about LSD and counterculture, "You're either on the bus, or off the bus." Crypto, web3 and NFTs are spiritual tech that is throwing off the shackles of corporate control and making a new society. It's an identity. It's a brand. It's a community. If I was in my 30's I'd probably be into it. I would know damn we…

Yeah but the hippie movement was about realizing the untapped potential for social freedoms locked away behind a repressive and outdated society. (Before it burned out and dissipated)

Crypto is about shallowly co-opting the patterns of discourse of genuine social movements to try and get rich quickly.

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

#52

Post by rglover »

kevingadd wrote: post #9
mojomark wrote: post #5

Earlier quoted context omitted.

> 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…

How is a crash going to distribute eth or btc into more hands? A bunch of people losing their shirts doesn't seem like it's going to motivate more people to buy in, and individual investors may panic sell before prices go down further.

> A bunch of people losing their shirts doesn't seem like it's going to motivate more people to buy in

It will if they're smart enough to ask "why" people lost their shirts and take the POV of someone like John Templeton. The best time to buy is when everyone else is panicking or ignoring an asset you view as undervalued.

Just like the stock market, though, that's not likely to happen. Most people are controlled by emotions, not logic, and so miss out on many opportunities.

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

#53

Post by jboggan »

Reminds me of a time that I played a Bitcoin poker game at some Google VP's place up in the hills with Charlie Lee and a few other early crypto luminaries in 2014. It took us over an hour to figure out sending BTC to the "buy-in" pot because most of us had 2FA enabled on our Coinbase accounts and the cell reception was so bad at that we couldn't get our confirmation texts. We ended up writing IOUs on a sheet of paper.

I thought, "if the people in the vanguard of this movement can't figure this out, maybe it isn't all that it's cracked up to be".

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

#54

Post by throw_nbvc1234 »

jameshart wrote: post #31
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.

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,…

I don't think they're transferring the copyright but granting IP and commercial rights to the NFT holder. As many of the other commenters are pointing out, this isn't the typical way NFT's work but some are like this. Just like some NFT's don't point to a url but either are stored on chain (cryptopunks) or via content-based addressing (IPFS hash).

https://www.businesswire.com/news/home/20220311005470/en/Yug...

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

#55

Post by emilsedgh »

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.

Crypto does solve a few real world issues (fast, global, cheap, secure, anonymized transfer of value).

But it seems that some people thought it fixes the "i want to get rich fast" problem, and was bloated as a result. It was never meant for that problem.

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

#56

Post by Uptrenda »

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.

It works fine with actual art but I've yet to see an NFT comparable to say: the Mona Lisa. When I got into the blockchain space ~9 years ago I would have never imagined years later people would be going crazy over pictures of jpegs. People used to discuss amazingly cool tech stuff: like SSL oracles or privacy-preserving payment protocols. Now it's all about what the price is and moronic NFTs. It's embarrassing.

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

#57

Post by rscnt »

grey-area wrote: post #11
djbusby wrote: post #6

Earlier quoted context omitted.

BTC is official in El Salvador.

https://www.amnesty.org/en/latest/news/2022/06/el-salvador-p... https://www.cato.org/commentary/el-salvadors-road-currency-c... https://www.reuters.com/markets/europe/crypto-crash-leaves-e... President Bukele’s government declared a state of emergency on 27 March, following a spike in homicides allegedly committed by gangs, which has since been extended twice....Despite a drop in the homicide rate in recent years, El…

The president doesn't care about the issues that concern his position.

There was an intiative by the treasury to try and have people use a single document to deal with taxes, where we previously used two, this is something important for most people, the guy hasn't even mentioned on his social networks.

They also build a public vet that was supposedly financed with the earnings of BTC - when the price dropped the president mentioned that he hasn't sold any meaning all the money spent to promoto chivo or crypto has come from our tax dollars.

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

#58

Post by chaostheory »

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.

Are we sure that those weren’t wash trades?

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

#59

Post by clpm4j »

rglover wrote: post #47
clpm4j wrote: post #8

Earlier quoted context omitted.

Who does the distribution? The vast majority of people in the world can't afford to buy crypto. The people who hold most of the BTC, ETH, SOL, and whatever other major coins were already rich before they got into it. Maybe single digit thousands of people went from non-rich to rich through buying and holding crypto, but that's a tiny fraction.

> The vast majority of people in the world can't afford to buy crypto. You can buy fractions of it, meaning the affordability is relative to the individual and what they can spend.

That just means poor people are dividing their already limited resources to buy a fraction of something that they can't use to pay for rent, food, and clothing. If you can only afford to buy a fraction of something, then you can't afford it.

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

#60

Post by mediumdeviation »

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…

But you can already license your IP using a contract or a license, and that contract can be inked in paper or done digitally. You can even give exclusive license or transfer your rights. The only difference using the blockchain is, well, the blockchain.

This is an even less interesting use of the blockchain than Bitcoin - at least with Bitcoin there is no longer a central authority needed to prevent double spending. Here the blockchain is facilitating a transaction that can already be done without some authority to recognize it.

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