The way I read the article, the “worth millions” is the sum of the ransom demand.
The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.
No one is gonna buy any NFTs for millions lmao
First, DO people buy them for millions, in the present tense? I know that people did in the past, but I thought the price on most of these took a huge hit.
Second: do people BUY them for millions, in the sense that they trade things of well-measured value (like fiat currency or gold) for coins to buy these? Or do they buy them for millions of dollars in equivalent coins that they already have, and don’t want to actually sell for real goods or money because they’d realized huge losses if they actually cashed out, so they have to keep them circulating within the blockchain to maintain a hope that they’ll return anywhere near their previous value? Because if you have 10 million dollars worth of etherium that you bought at 20 million and an NFT of questionable value, can’t you just buy and sell it to a few wallets you own to make it look like it’s recently been purchased for a few million to create the illusion of value without actually ever giving or receiving anything?
This seems like kind of a meaningless distinction when the comment was speaking about the relative value of these. How some pays is irrelevant.
This feels like you’re trying to shit on them so just refuse to believe that the concept of value has any meaning. Things are worth whatever someone will pay for them.
That doesn’t make the people willing to pay for it smart.
They did. For like a week last year. Then everyone realized it was a scam.
Im sure you dont keep up, but NFT market cap still pretty big rn at 5.5bn
Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return.
I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.
Better than the current money laundering techniques? Using art appraisals to inflate assets and move dirty money, or straight up using banks like Deutsche or Credit Suisse (RIP) to move dirty money?
Mmm, considering NFTs are all on transparent blockchains, I don’t know that I would choose that particular method to accomplish that.
