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Old 28th April 2022, 10:34 AM   #521
BowlOfRed
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Originally Posted by Mongrel View Post
He also pops up in Legal Eagles take on the legality of NFTs (TL: DW - Yikes!)
I did watch that one. I was much less familiar with any of the legal aspects and how most of it ties back to contract law. I thought it was pretty interesting.
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Old 5th May 2022, 04:51 AM   #522
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NFT sales volume is plummeting.

Quote:
Sales of non-fungible tokens (NFTs) have fallen 92 per cent since September, according to new data.

Analysis by the website NonFungible, first cited by the Wall Street Journal, found that NFT sales fell to a daily average of 19,000 this week, compared to 225,000 seven months ago.

Active wallets, which are used to store NFTs, also dropped by 88 per cent. The article concluded: “The NFT market is collapsing.”
https://www.independent.co.uk/tech/n...box=1651671640
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Old 5th May 2022, 05:48 AM   #523
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Originally Posted by SuburbanTurkey View Post
Looks like they all 'gambled and lost'
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Old 5th May 2022, 05:51 AM   #524
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Originally Posted by EaglePuncher View Post
Looks like they all 'gambled and lost'
Not all. Many, but there's certainly a minority that made a killing during this nonsense. The promises of riches that drive these speculative bubbles aren't entirely a lie. There's always some winners at the casino, and a bunch of losers.
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Old 5th May 2022, 06:03 AM   #525
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Originally Posted by SuburbanTurkey View Post
Not all. Many, but there's certainly a minority that made a killing during this nonsense. The promises of riches that drive these speculative bubbles aren't entirely a lie. There's always some winners at the casino, and a bunch of losers.
A few asswipes getting rich off of gullible losers is the whole purpose of bitcoin and nfts.
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Old 5th May 2022, 09:00 AM   #526
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Originally Posted by EaglePuncher View Post
A few asswipes getting rich off of gullible losers is the whole purpose of bitcoin and nfts.
No it isn't.
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Old 5th May 2022, 09:02 AM   #527
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Originally Posted by psionl0 View Post
No it isn't.
I dunno, I imagine the asswipes getting rich probably think so.
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Old 5th May 2022, 08:30 PM   #528
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Originally Posted by SuburbanTurkey View Post
I dunno, I imagine the asswipes getting rich probably think so.
Wishful thinking. The only "asswipes" are the ones in your imagination.
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Old 6th May 2022, 04:42 AM   #529
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Originally Posted by psionl0 View Post
Wishful thinking. The only "asswipes" are the ones in your imagination.
I can understand thinking that NFTs have some legitimate usage, but outright denialism of the outright fraud and grifting that is constantly occurring in this space is certainly an absurd position.
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Old 6th May 2022, 06:02 AM   #530
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Originally Posted by SuburbanTurkey View Post
I can understand thinking that NFTs have some legitimate usage, but outright denialism of the outright fraud and grifting that is constantly occurring in this space is certainly an absurd position.
It is your apparent belief that anybody who makes any sort of profit out of this technology has automatically committed a fraud that I have a problem with.

It's the same principle whether it is cryptos, NFTs, stamps, gold etc. People buy them in the hopes that they will become more valuable as time passes. In the vast majority of cases, they are not looking for rubes that they can convince (lie to) to buy their wares at grossly inflated prices.
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Old 6th May 2022, 06:04 AM   #531
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Originally Posted by psionl0 View Post
It is your apparent belief that anybody who makes any sort of profit out of this technology has automatically committed a fraud that I have a problem with.

It's the same principle whether it is cryptos, NFTs, stamps, gold etc. People buy them in the hopes that they will become more valuable as time passes. In the vast majority of cases, they are not looking for rubes that they can convince (lie to) to buy their wares at grossly inflated prices.
Considering the multiple occasions of people being criminally charged with fraud in this space, I'm assuming your "there are no asswipes" comment was a rhetorical flourish.
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Old 6th May 2022, 08:02 AM   #532
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Originally Posted by SuburbanTurkey View Post
Considering the multiple occasions of people being criminally charged with fraud in this space, I'm assuming your "there are no asswipes" comment was a rhetorical flourish.
There are some "asswipes" in all walks of life. It has no special meaning within the context of cryptos or NFTs.
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Old 6th May 2022, 08:49 AM   #533
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Back on topic.

From 'rug pulls' to counterfeits, here are the biggest scams in the NFT space

https://www.cbc.ca/news/business/nft...iner-1.6435126

Quote:
But for now, NFTs remain highly speculative and there are signs the market is weakening significantly.

According to data resource website NonFungible, NFT sales volumes have plummeted 50 per cent in the first quarter of 2022. The average price of an NFT has also fallen to around $2,500 US, down from $6,800 in January. As a result of waning demand, many NFT owners are finding their prized works are now commanding significantly smaller price tags.
Not ready for prime time?
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Old 6th May 2022, 09:28 AM   #534
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Maybe it's time for a rebrand, since very soon they can't be exchanged for anything, maybe call em: Not at all fungible tokens?
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Old 6th May 2022, 09:32 AM   #535
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Originally Posted by EaglePuncher View Post
Maybe it's time for a rebrand, since very soon they can't be exchanged for anything, maybe call em: Not at all fungible tokens?
There's not even anything fun to get on the cheap as a keepsake from this idiotic venture.

I still have the 3 Iraqi Dinar I bought for dirt cheap on eBay as a piece of scamming history to keep. I imagine many of these NFT links are going to be dead in a few years after the bottom falls out on the value of these things. I guess you could make a few high-res prints of your apes before it's too late.

At least with beanie babies you still had a stuffed animal at the end.
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Old 6th May 2022, 09:46 AM   #536
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Originally Posted by SuburbanTurkey View Post
There's not even anything fun to get on the cheap as a keepsake from this idiotic venture.
Maybe, maybe not. But it is experience that is worth having. Most new enterprises fail in quick order and there is no reason why the NFT market should be any different.

Only time will tell if NFTs will still have a future but NFT "ownership" of digital assets in general doesn't seem to be an application for the future. However, there may be some classes of digital assets where an association with an NFT still makes sense.
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Old 12th May 2022, 02:15 AM   #537
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I can't stop laughing.

NSFW

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Old 12th May 2022, 04:50 AM   #538
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Originally Posted by psionl0 View Post
But it is experience that is worth having.
The real NFT was the friends we made along the way.
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Old 12th May 2022, 06:01 AM   #539
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Originally Posted by EaglePuncher View Post
Laff or cry? Otherwise, "Mostly harmless". Unless you buy in, I guess.
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