This is so funny. The entire point of cryptocurrency was to be an irreversible, untraceable currency. Now these dipshits are sueing over losses? I don’t know if they are severely mistaken or severely angry. You are not getting that back. Neither do you deserve to. You knew what you were doing.
The first step is “Fuck the government!” The second step is always “Help me, Obi Wan Government, you’re my only hope!”
I deserve help from the government as I’ve done everything right and just been unfortunate. Its everyone else who have got into trouble entirely through their own doing that don’t deserve help.
When was cryptocurrency meant to be untraceable? It literally had the complete ledger out in the public.
That was true back in the days when you could mine your own coins and hold them in your own wallet, but with all the KYC requirements these days, it’s pretty hard to get, say, BTC that’s not traceable to you.
It’s not impossible, but it’s certainly not as easy as cash.
Pseudo-anonymous. “Anonymous” until you use it in any transaction that can be traced to you, then the anonymity of that account is gone forever and every transaction you’ve ever made can be public knowledge.
I don’t really agree with this sentiment.
Are they dipshits?
Yes
Should Sothebys lose all credibility and be fined for faking an auction?
Also yes.
Should Bored Ape owners get any of their money back?
Naaaaaaaaaaaw
This crosses certain lines that are beyond just: huuuur crypto dumb
It’s hard to feel sorry for anyone who fell for a very obvious art grift. Even harder to be sorry for those caught grifting.
Even a cursory understanding of value would have told these people that pretty looking receipts are a piss poor investment, but no, they were convinced that NFT’s (a tech they obviously knew nothing about) held intrinsic value despite having nothing of value backing them.
Everyone caught up in the NFT art grift did so because they thought they could make a quick buck being ahead of the wave of the next big pump and dump like crypto and got fucked by their hubris. The grifter’s meanwhile were out here selling them graffiti’d up CVS receipts and saying they were worth the Mona Lisa.
The result? A perfectly valid and valuable technology has been completely disregarded by the public because 90% of people were too stupid to think before they bought into a tech they didn’t understand and they all lost money to grifters. Worlds most widespread art grift and everyone was played a fool, and a valuable tech has been discredited, misunderstood, and shunned.
A perfectly valid and valuable technology has been completely disregarded by the public
Damn, you were so close! Just expand what you said about NFTs to the whole crypto bullshit and you got it.
The one example I’ve heard that makes sense are NFTs to represent a purchase of digital games. This then allows the selling of digital keys second hand.
Other than that it all sounds like a scam.
There’s no point in using NFT for that.
What assets are games going to allow you to import? Just anything?
Or only from authorized issuers (like the original game dev and authorized artists)? If so then you have no real place for NFT, you already have Steam marketplace and equivalent where the game dev sets up or integrates with an online marketplace.
Want transparency in the marketplace? Use transparency logs, not blockchains.
If you’re allowing literally any NFT then this is no different from allowing people to import arbitrary assets, with the sole difference that some have a digital receipt attached.
Blockchains are really only useful for certain coordination problems among mutually untrusting parties who can’t find a common trusted 3rd party. For most game devs that trusted 3rd party is Steam marketplace. It’s really only if you want to share assets in both directions between specific games from specific other developers AND want to make them exclusive / player owned AND don’t trust marketplaces like Steam, that it MIGHT be relevant to investigate if a blockchain solution fits.
There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it outside crypto yet.
There is value in a fully distributed append-only database system that can run on nodes that don’t trust each other. We just haven’t found any valid use of it
outside cryptoyet.
FTFY
NFTs do have value in narrow use cases. For instance Domain names are NFTs and incredibly important to the way humans interact with the internet.
Lmao, have you ever a bought a domain name. Its not an NFT, lmao you don’t even own one permanently after buying u. You basically license one from a registrar and that expires after a set interval. There’s no NFTs involved.
Edit: I may have misunderstood and the person I’m replying to agreed with my assertation that the tech has been disregarded and that it expands to crypto as well. I expected that assumption was obvious and didn’t need to be stated directly and thought the poster was being disingenuous. Leaving my comment up for posterity.
Don’t conflate your ignorance with other people’s knowledge, go develop a better understanding of the tech rather than assuming it has no value because you’re too ignorant to learn about it.
Even crypto has a place, doesn’t mean it’s being used correctly by the majority of people.
I equate the public engaging in crypto and NFT’s to tribal folks who accidentally pick up a discarded radioactive canister, what they have is valuable in the right hands, dangerous to themselves.
Your original comment addressed exactly what I meant: not NFTs are the ponzi scheme but all crypto tokens are.
Nothing “perfectly valid and valuable” about blockchain - there are zero legit use cases that can’t be far more efficiently solved by conventional database tech (yes, also proof of stakes).
The reason is simple: the basis for the whole thing is trustlessness which does not exist - even in the crypto token world. You need trust to entry and to use it and I prefer a lawyer/notary over trusting some dev not putting bugs into my “smart” contract. I don’t trust the notary because of their fancy diploma either but because there’s a state that forces him to do right or lose his license/end up in prison. Nothing like that in your blockchain “trustless” environment.
Why do you think blockchain tech is as old as Android and has produced nothing but carbon dioxide and tears from “I’m gonna get rich quick” morons?
The result? A perfectly valid and valuable technology has been completely disregarded by the public
No. Stop. If blockchain, nfts, etc. had actual merit over what we already have rn, they would be used everywhere. But ever since the inception of the og blockchain, they do not. Because there is not a single actual use case of them that isn’t already done (and done better) by other tech.
So stop this “oh it was good, just misunderstood” nonsense. It was never good, and never will be.
Neither side of this looks good for crypto bros.
One side says, “This was a ripoff; you knew it was a ripoff when you sold it to us.”
The other side says, “This was a stunt; you knew it was a stunt when you bought in.”
"Yes your Honour, I knew it was a pyramid scheme. But I never thought I would be the last buyer. I always thought there would be another dumbass to buy it from me at a higher price, otherwise I wouldn’t have bought it in the first place. I’m not stupid, unlike those last buyers!
Moreover, your Honour, on a technical note, this is not a monkey. You see, a monkey is different from a monke, and both…"
Sure, but when the very existence of the market depends on idiots losing money, we call that “fraud”.
The amended lawsuit alleges that “Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.” After the sale, a Sotheby’s representative described the winning bidder during a Twitter Spaces event as a “traditional” collector, the lawsuit said.
The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges. Ethereum blockchain transaction data shows that after the auction, “Sotheby’s transferred the lot of BAYC NFTs to wallet address 0xf8e0C93Fd48B4C34A4194d3AF436b13032E641F3,77 which, upon information and belief, is owned/controlled by FTX,” the complaint said. Speculation that FTX was the buyer had been percolating since at least January 2023.
So basically, they’re alleging Sotheby’s, Yuga, and FTX staged the auction to pump the price. Bold claim, curious how this will play out.
The amended lawsuit alleges that “Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.” After the sale, a Sotheby’s representative described the winning bidder during a Twitter Spaces event as a “traditional” collector, the lawsuit said.
The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges.
I don’t think it’s fair to pin this all on people who got duped. Calling FTX, a company now known for throwing around large sums of stolen money to pump up the brand, bribe government officials, and fix prices, a “traditional collector”, is beyond misleading.
