NFT (Non-Fungible Tokens) - Files as crypto currency

If I had to make a guess, the reason NFTs are worth anything has to do with the fact that most people who are presently crypto rich are pretty eccentric. Speaking as someone who's 'job' if you treat it as such is to deal with cryptocurrencies, the industry is a fucking madhouse right now, a coworker of a friend with a day job at a bank apparently lost 50k in an obvious scam. I even had to try and explain to someone why their retarded memecoin they conducted an illegal securities offering for was not useful.

Also my apologies if I sound as retarded as my 'job' right now. I have been basically up for 72 hours getting rid of most of the ridiculous crypto shit I own that is now worth serious money, while also trying to figure out how to do it in a way where the exchanges are verysmart. Almost everyone got into this stuff able to laugh at themselves, now what is considered funny is hugely tied to how invested you are in it. This is the part of the cycle where people decide they actually are smarter than everyone else, and that owning some retarded looking punk is better than owning the 'useless' dollar that you could use to chill for your whole life.
 
Last edited:
  • Thunk-Provoking
  • Like
  • Informative
Reactions: ABE LINN COHN, Blatant hypocrite, Five or Six Stores and 8 others
Loooooooooooooool.
So... an artist could theoretically sell a NFT for millions, replace the original image with a picture of goatse anal-voring George Floyd and there's fuckall the buyer could do about it.
Untitled.png
 
  • Informative
  • Like
  • Thunk-Provoking
Reactions: ABE LINN COHN, CashMoney!, Blatant hypocrite and 7 others
💗Bitchstopher Columbitch💗 said:
Loooooooooooooool.
So... an artist could theoretically sell a NFT for millions, replace the original image with a picture of goatse anal-voring George Floyd and there's fuckall the buyer could do about it.
View attachment 2069327
Click to expand...
This shit is incredible. Pay thousands for exclusive access to one instance of a JPEG of a piece of art, which can then be removed by the artist in the backend once you've paid for it, theoretically before you even get in to access it!

I'm amazed this isn't classed as fraud, do NFT contracts actually say that this can happen?
 
  • Like
Reactions: Kujo Jotaro
TheBeanz said:
This shit is incredible. Pay thousands for exclusive access to one instance of a JPEG of a piece of art, which can then be removed by the artist in the backend once you've paid for it, theoretically before you even get in to access it!

I'm amazed this isn't classed as fraud, do NFT contracts actually say that this can happen?
Click to expand...
NFTs are just code, no legal anything anywhere.
 
  • Agree
  • Informative
  • Like
Reactions: Five or Six Stores, TheBeanz, Marchesa of the Vast and 1 other person
TheBeanz said:
I'm amazed this isn't classed as fraud, do NFT contracts actually say that this can happen?
Click to expand...
All you're "buying" with an NFT is a hyperlink pointing to someone else's server. If that someone replaces the original content of that link with Goatse, you really should have seen that coming. It is, after all, the oldest trick in the book.
 
  • Agree
  • Like
Reactions: TheBeanz, melty and Marchesa of the Vast
somecryptoneet said:
If I had to make a guess, the reason NFTs are worth anything has to do with the fact that most people who are presently crypto rich are pretty eccentric. Speaking as someone who's 'job' if you treat it as such is to deal with cryptocurrencies, the industry is a fucking madhouse right now, a coworker of a friend with a day job at a bank apparently lost 50k in an obvious scam. I even had to try and explain to someone why their retarded memecoin they conducted an illegal securities offering for was not useful.
Click to expand...
What was the scam?
somecryptoneet said:
Also my apologies if I sound as retarded as my 'job' right now. I have been basically up for 72 hours getting rid of most of the ridiculous crypto shit I own
Click to expand...
Why? you think theres a crash coming?
Kosher Dill said:
All you're "buying" with an NFT is a hyperlink pointing to someone else's server. If that someone replaces the original content of that link with Goatse, you really should have seen that coming. It is, after all, the oldest trick in the book.
Click to expand...
I wonder if this shit could kill the momentum behind this
 
Cool Dog said:
I wonder if this shit could kill the momentum behind this
Click to expand...
Partially, no doubt. But there are actually ways around the impermanence problem, IPFS being the most popular at the moment.
To solve that problem, many NFTs turn to a system called IPFS, or InterPlanetary File System. Rather than identifying a specific file at a specific domain, IPFS addresses let you find a piece of content so long as someone somewhere on the IPFS network is hosting it. Grimes’ NFT uses this as a backup, and Beeple’s NFT uses this primarily. That means a multitude of hosts, rather than a single domain owner, could be ensuring these files remain online. This system also gives buyers control. They can pay to keep their NFT’s files online. They still have to remember to pay the hosting bill, but they can host it anywhere in the IPFS network.

Still, the system has flaws. The team behind Check My NFT has been looking inside of NFTs to see if their IPFS addresses actually work, and in several cases, they’ve found files that just won’t load. The team found artworks that were temporarily missing from major artists, including Grimes, deadmau5, and Steve Aoki. The files came back online eventually, but only after the team called attention to their absence. The files have to be actively available on the network for the system to work, and unlike with a domain owner, no host has a singular responsibility to do that for files on IPFS.

“One hard drive crashing could lead to permanent loss of the assets,” the Check My NFT team warned in a message to The Verge.
Click to expand...
 
  • Informative
Reactions: MidUSA
Cool Dog said:
What was the scam?
Click to expand...
I didn't get the full details, it was a project that rugpulled. One of the 'defi' tokens I think.
Cool Dog said:
Why? you think theres a crash coming?
Click to expand...
At some point. The main driver in the altcoin market is very permissive margin policies (exchanges let you deposit one coin and margin whichever one you want, FTX & Binance do this). This can create a huge risk if the market starts dropping. I am generally more interested in stockpicking at this moment than holding / trading crypto; the offshore margin exchanges are an absolute nightmare to deal with, and the onshore ones charge highway robbery fees.
Cool Dog said:
I wonder if this shit could kill the momentum behind this
Click to expand...
I think what will really do it is tax season. Most of the buyers are simply buying the NFTs with ETH purchased much lower than the current price. When they have to start getting their money to pay taxes, shit will hit the fan, as most NFTs are super illiquid.
 
  • Like
Reactions: Five or Six Stores
💗Bitchstopher Columbitch💗 said:
Partially, no doubt. But there are actually ways around the impermanence problem, IPFS being the most popular at the moment.
Click to expand...
That lack of redundancy sort of defeats the whole point of IPFS which was that your files would live forever in the blockchain and nothing can be deleted

Did we get bamboozled by the coinfags again?
Steely Dan said:
What does the "N" in NFT stand for? :thinking:
Click to expand...
Nigger, for Nigger Faggot Technologies
somecryptoneet said:
I didn't get the full details, it was a project that rugpulled. One of the 'defi' tokens I think.
Click to expand...
Got the name of the scam?
somecryptoneet said:
At some point. The main driver in the altcoin market is very permissive margin policies (exchanges let you deposit one coin and margin whichever one you want, FTX & Binance do this). This can create a huge risk if the market starts dropping. I am generally more interested in stockpicking at this moment than holding / trading crypto; the offshore margin exchanges are an absolute nightmare to deal with, and the onshore ones charge highway robbery fees.
Click to expand...
By offshore I guess you mean chinese ones? or the euro ones are shit too?
somecryptoneet said:
I think what will really do it is tax season. Most of the buyers are simply buying the NFTs with ETH purchased much lower than the current price. When they have to start getting their money to pay taxes, shit will hit the fan, as most NFTs are super illiquid.
Click to expand...
So theres gonna be an NFT firesale
 
Protip: don't invest in a NFT unless you're sure it's top L. From what I gather, those are the ones that are the most permanent. Don't buy from places like OpenSea.
Untitled.png

Kosher Dill said:
And how about the "T"?
Click to expand...
Trannies. NFT is short for niggos fuck trannies. It was named this way to make a stand against racism and transphobia.
 
Last edited:
  • Informative
Reactions: Kosher Dill
Large said:
L1 has to be very small because of ethereum limitations.
Click to expand...
Indeed. But the permanence should keep the price up. You can make itty bitty tiny art. Avastars look alright.🤔
avastars.png
Assuming I'm understanding this right and these things are, in fact, L1.
 
Last edited:
So where would do people go if they want to sell a meme NFT? I literally don't understand the difference between these platforms, they all seem kinda similar.
 
You must log in or register to reply here.
Back