How I grifted $50K from my Twitter followers by selling them an imaginary product. This is morally wrong.
Just like how pokemon cards are morally wrong (!)
I made $50K in three days with NFTs
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Re: I made $50K in three days with NFTs
#42Why do people keep acting like this phenomenon is confusing? Like gee maybe people are really into mini Jpegs now. Or wow I guess if people really like spending buy-a-house money on a Twitter avatar this will be a thriving sector of the economy. I mean people really like gambling. Actually they fucking love it. Like they’ll build an entire city in the middle of an uninhabitable desert just to do it. They’ll give up t…
Your comment reminded me of this excellent post, best read with its fun accompanying illustrations, "How Money Forever Changed Us": https://moretothat.com/how-money-forever-changed-us/ Specifically, the discussion of the "pogs" craze in elementary schools in the US in the 90s. "Basically, a nice little gambling ring was growing amongst us starry-eyed 2nd graders." The OP would certainly read differently if he wrote,…
> Money itself isn’t lost or made, it’s simply transferred –- from one perception to another. ... I create nothing. I own
That’s profound, thanks for the link
Re: I made $50K in three days with NFTs
#43Why do people keep acting like this phenomenon is confusing? Like gee maybe people are really into mini Jpegs now. Or wow I guess if people really like spending buy-a-house money on a Twitter avatar this will be a thriving sector of the economy. I mean people really like gambling. Actually they fucking love it. Like they’ll build an entire city in the middle of an uninhabitable desert just to do it. They’ll give up t…
> NFT’s are a gambling fad, an extension of the more general crypto gambling fad.
I agree with you to the fullest, very well summarized.
The issue around crypto at the moment is that because it is poorly understood by both the masses and the evngelists (the tech, the economics, and often both) you have a lot of people who don't want to be left out of the "next big thing" and so they've pivoted their careers to convincing people that crypto and related assets are part of a healthy portfolio. This may or may not be true in the long run, but nobody walks around thinking scratchoffs are part of a good portfolio allocation. The same is not true for these other assets, and we've seen in each cycle when people get hosed and lose it all, they are genuinely shocked because they don't view it as gambling.
Re: I made $50K in three days with NFTs
#44 As they started to sell I noticed people quickly listing
theirs for sale at much higher prices so I experimented
with increasing my prices.
Re: I made $50K in three days with NFTs
#45I just think it’s a way for people to show off their wealth. An NFT is pretty much a joke, “here’s the original” doesn’t really mean shit when I can quite literally have an exact and indistinguishable copy of the work. It honestly feels like insanity to me. Like, I can right now go set my avatar to the exact same Ape picture Curry purchased. It’s not even a replica, or recreation, it is literally the same exact image…
Selling nearly exact copy of same art multiple times already happens, think of prints and etchings and so on. Though I don't think they will ever reach value of single art pieces, but there just being multiple copies does not make them not valuable.
Overall this might even be preferable to unique art works. Lowers the barrier of access for one.
Re: I made $50K in three days with NFTs
#46Earlier quoted context omitted.
Although you may be right, OpenSea (the NFT Marketplace used in the article) does lazy minting. Of course, one can still not make any money if no one buys the NFT. The author writes about it here: > There's a bit of nuance to how OpenSea does things. They do so-called lazy minting. While you may need to pay an initial gas fee to list a new collection, each NFT listing does not require any fees. This works because the…
Why is it called "gas" fees?
> Gas is essential to the Ethereum network. It is the fuel that allows it to operate, in the same way that a car needs gasoline to run.
Re: I made $50K in three days with NFTs
#47Earlier quoted context omitted.
Although you may be right, OpenSea (the NFT Marketplace used in the article) does lazy minting. Of course, one can still not make any money if no one buys the NFT. The author writes about it here: > There's a bit of nuance to how OpenSea does things. They do so-called lazy minting. While you may need to pay an initial gas fee to list a new collection, each NFT listing does not require any fees. This works because the…
Why is it called "gas" fees?
Smart contracts get compiled into byte code that get run on the blockchain. Each instruction costs a certain amount of money. This fee is called a “gas” fee, because you need to put in enough money to execute your entire contract, which varies by how complex it is, similar to how you need enough gas in your car to drive a certain distance.
Re: I made $50K in three days with NFTs
#48sometimes i like to blow my own mind by considering the fact that nfts and cryptocurrency are really just open source and decentralized drm in its purest form.
And then further blow my mind that they don't actually do any actual rights management...
Re: I made $50K in three days with NFTs
#49How I grifted $50K from my Twitter followers by selling them an imaginary product. This is morally wrong.
Is it really that wrong? Buyers know exactly what they get for their money. I'm not a fan of NFT stuff and think it's a giant pile of bullshit, but people know in advance they they are spending money for something that is pretty meaningless.
Re: I made $50K in three days with NFTs
#50I’d… still prefer just to have a signed original work vetted by an expert, sorry.
Why do you need an expert to vet something when you buy it from the artist that made it? And in turn, when the artist put a piece on a blockchain you can trace it back to the artist. That's the point of NFTs kind of. But if you mean you'd rather have a physical original of an artwork than a digital representation of the thing, I see what you mean I guess.