NFTs - Page 14

BowlOfRed · 28th April 2022, 10:34 AM

Originally Posted by Mongrel

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.

SuburbanTurkey · 5th May 2022, 04:51 AM

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

EaglePuncher · 5th May 2022, 05:48 AM

Originally Posted by SuburbanTurkey

NFT sales volume is plummeting.

https://www.independent.co.uk/tech/n...box=1651671640

Looks like they all 'gambled and lost'

SuburbanTurkey · 5th May 2022, 05:51 AM

Originally Posted by EaglePuncher

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.

EaglePuncher · 5th May 2022, 06:03 AM

Originally Posted by SuburbanTurkey

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.

psionl0 · 5th May 2022, 09:00 AM

Originally Posted by EaglePuncher

A few asswipes getting rich off of gullible losers is the whole purpose of bitcoin and nfts.

No it isn't.

SuburbanTurkey · 5th May 2022, 09:02 AM

Originally Posted by psionl0

No it isn't.

I dunno, I imagine the asswipes getting rich probably think so.

psionl0 · 5th May 2022, 08:30 PM

Originally Posted by SuburbanTurkey

I dunno, I imagine the asswipes getting rich probably think so.

Wishful thinking. The only "asswipes" are the ones in your imagination.

SuburbanTurkey · 6th May 2022, 04:42 AM

Originally Posted by psionl0

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.

psionl0 · 6th May 2022, 06:02 AM

Originally Posted by SuburbanTurkey

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.

SuburbanTurkey · 6th May 2022, 06:04 AM

Originally Posted by psionl0

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.

psionl0 · 6th May 2022, 08:02 AM

Originally Posted by SuburbanTurkey

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.

Gord_in_Toronto · 6th May 2022, 08:49 AM

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?

EaglePuncher · 6th May 2022, 09:28 AM

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?

SuburbanTurkey · 6th May 2022, 09:32 AM

Originally Posted by EaglePuncher

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.

psionl0 · 6th May 2022, 09:46 AM

Originally Posted by SuburbanTurkey

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.

EaglePuncher · 12th May 2022, 02:15 AM

I can't stop laughing.

NSFW

mumblethrax · 12th May 2022, 04:50 AM

Originally Posted by psionl0

But it is experience that is worth having.

The real NFT was the friends we made along the way.

Gord_in_Toronto · 12th May 2022, 06:01 AM

Originally Posted by EaglePuncher

I can't stop laughing.

NSFW

Laff or cry? Otherwise, "Mostly harmless". Unless you buy in, I guess.

5th May 2022, 04:51 AM	#522
SuburbanTurkey Penultimate Amazing Join Date: Apr 2018 Location: Massachusetts, USA Posts: 15,066	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
	__________________ Gobble gobble

5th May 2022, 05:48 AM	#523
EaglePuncher Critical Thinker Join Date: Jan 2022 Posts: 382	Originally Posted by SuburbanTurkey NFT sales volume is plummeting. https://www.independent.co.uk/tech/n...box=1651671640 Looks like they all 'gambled and lost'
	__________________ You know you found a real "conservative" when they complain about virtue signalling while not realizing that they are virtue signalling.

5th May 2022, 05:51 AM	#524
SuburbanTurkey Penultimate Amazing Join Date: Apr 2018 Location: Massachusetts, USA Posts: 15,066	Originally Posted by EaglePuncher 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.
	__________________ Gobble gobble

5th May 2022, 06:03 AM	#525
EaglePuncher Critical Thinker Join Date: Jan 2022 Posts: 382	Originally Posted by SuburbanTurkey 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.
	__________________ You know you found a real "conservative" when they complain about virtue signalling while not realizing that they are virtue signalling.

5th May 2022, 09:00 AM	#526
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 18,722	Originally Posted by EaglePuncher A few asswipes getting rich off of gullible losers is the whole purpose of bitcoin and nfts. No it isn't.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

28th April 2022, 10:34 AM	#521
BowlOfRed Master Poster Join Date: Jul 2010 Location: Silicon Valley Posts: 2,105	Originally Posted by Mongrel 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.

5th May 2022, 09:02 AM	#527
SuburbanTurkey Penultimate Amazing Join Date: Apr 2018 Location: Massachusetts, USA Posts: 15,066	Originally Posted by psionl0 No it isn't. I dunno, I imagine the asswipes getting rich probably think so.
	__________________ Gobble gobble

5th May 2022, 08:30 PM	#528
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 18,722	Originally Posted by SuburbanTurkey I dunno, I imagine the asswipes getting rich probably think so. Wishful thinking. The only "asswipes" are the ones in your imagination.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

6th May 2022, 04:42 AM	#529
SuburbanTurkey Penultimate Amazing Join Date: Apr 2018 Location: Massachusetts, USA Posts: 15,066	Originally Posted by psionl0 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.
	__________________ Gobble gobble

6th May 2022, 06:02 AM	#530
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 18,722	Originally Posted by SuburbanTurkey 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.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

6th May 2022, 06:04 AM	#531
SuburbanTurkey Penultimate Amazing Join Date: Apr 2018 Location: Massachusetts, USA Posts: 15,066	Originally Posted by psionl0 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.
	__________________ Gobble gobble

6th May 2022, 08:02 AM	#532
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 18,722	Originally Posted by SuburbanTurkey 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.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

6th May 2022, 08:49 AM	#533
Gord_in_Toronto Penultimate Amazing Join Date: Jul 2006 Posts: 22,381	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?
	__________________ "Reality is what's left when you cease to believe." Philip K. Dick

6th May 2022, 09:28 AM	#534
EaglePuncher Critical Thinker Join Date: Jan 2022 Posts: 382	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?
	__________________ You know you found a real "conservative" when they complain about virtue signalling while not realizing that they are virtue signalling. Last edited by EaglePuncher; 6th May 2022 at 09:30 AM.

6th May 2022, 09:32 AM	#535
SuburbanTurkey Penultimate Amazing Join Date: Apr 2018 Location: Massachusetts, USA Posts: 15,066	Originally Posted by EaglePuncher 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.
	__________________ Gobble gobble

6th May 2022, 09:46 AM	#536
psionl0 Skeptical about skeptics Join Date: Sep 2010 Location: 31°57'S 115°57'E Posts: 18,722	Originally Posted by SuburbanTurkey 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.
	__________________ "The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

12th May 2022, 02:15 AM	#537
EaglePuncher Critical Thinker Join Date: Jan 2022 Posts: 382	I can't stop laughing. NSFW https://nypost.com/2022/05/11/madonn...of-her-vagina/
	__________________ You know you found a real "conservative" when they complain about virtue signalling while not realizing that they are virtue signalling. Last edited by EaglePuncher; 12th May 2022 at 02:17 AM.

12th May 2022, 04:50 AM	#538
mumblethrax Species traitor Join Date: Apr 2004 Posts: 3,091	Originally Posted by psionl0 But it is experience that is worth having. The real NFT was the friends we made along the way.

12th May 2022, 06:01 AM	#539
Gord_in_Toronto Penultimate Amazing Join Date: Jul 2006 Posts: 22,381	Originally Posted by EaglePuncher I can't stop laughing. NSFW https://nypost.com/2022/05/11/madonn...of-her-vagina/ Laff or cry? Otherwise, "Mostly harmless". Unless you buy in, I guess.
	__________________ "Reality is what's left when you cease to believe." Philip K. Dick