9 days
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- timroerstroem@feddit.dkEnglish9 days
That’s easy to say with the benefit of hindsight in 2026. However, back in 2021, it was easy to say without the benefit of hindsight.
- cecilkorik@piefed.caEnglish9 days
I think it was even easier to say in 2021, because more people knew about it and the scam was even more obvious. Now, in 2026, most people’s hindsight doesn’t go back that far, it was quickly forgotten as it should be, and people are like “huh? NFT?”
- Grandwolf319@sh.itjust.worksEnglish9 days
The only good thing out of NFTs was that I learned what fungible means.
- 9 days
Nah, A large portion of it was idiots attempting to lose money as quickly as possible.
8 daysWalking up to a game of Three Card Monte and saying “It’s pretty obvious he’s palmed the Queen” mostly just gets you heckled and chased away.
Part of the problem with digital spaces is that you’ve got your person setting up the scam, and then you’ve got your layer of people marketing the scam, and then you’ve got your first layer of suckers who think they are coming out ahead on the scam, and then you’ve got the second layer of suckers who all know a tier-one sucker who just got rich. And then you’ve got the bots and the ideologues and the contrarians and the know-it-alls, all repeating the line that the person who set up the scam encourages them to say.
And it’s over all that cacophony that you announce “It’s obviously a scam”. Then Reddit boots you for violating terms and conditions of the platform.
- ExLisper@lemmy.curiana.netEnglish9 days
Everyone comment how much did they lose on NFTs.
I will start: $0.
- BassTurd@lemmy.worldEnglish9 days
I found value in shitting on people buying them. $0 monetary gain, but at least $10 in schadenfreude.
- Wilco@lemmy.zipEnglish9 days
I trolled people by setting their NFT as my avatar in the chat rooms they were in. Im going to value that at $100.
- 9 days
I’ve been watching a lot of Antiques Roadshow clips and I imagined one of the appraisers doing a valuation of your shenanigans.
“You bought this magnificent piece sillyness when and for how much?”
“oh I just copypasted it to my profile for no money at all”
“Well that was very good deal indeed, because on in todays money the entertainment value alone is in the hundreds of pounds.”
- 9 days
Putting a dollar figure on your schadenfreude? Do you want a block chain based “prediction market” for schadenfreude? That’s how you get a block chain based “prediction market” for schadenfreude.
- BassTurd@lemmy.worldEnglish9 days
Yes, as long as I’m on the receiving end of the pump and dump. In the end, I’ll only be taking money from people that clearly have too much. I’ll donate some to some good charity so it’s not a bad thing
- 9 days
I actually got a free NFT in some kind of sweepstakes. It’s probably worth negative money now.
It did get me 3 free drinks at a music festival so there’s like +50 bucks in value right there.
- Aceticon@lemmy.dbzer0.comEnglish9 days
I actually made money from NOT putting any of my investment money in NFTs and instead putting it somewhere else.
Then again, from the very start the NFT mania looked like a more obvious and dumb version of the Tulip Bulb mania, so I can hardly claim great wisdom from not having put a cent in it.
Under a grand. Is there anyone really stupid enough to think this is still worth anything at all?
- WhatAmLemmy@lemmy.worldEnglish9 days
I would actually pay like $100 to say I own the EFT some moron paid millions of dollars for. I’ve bought dumber things. I paid real money for a 100 trillion dollar zimbabwe bill that is completely worthless. Great for cocaine! I’ve also paid hundreds of dollars for 1 night of cocaine, dozens of times, and have nothing to show for any of them.
- WhatAmLemmy@lemmy.worldEnglish9 days
Great advice, but I’ve been doing cocaine rarely for decades. Think I’ll be right thanks.
- leoj@piefed.zipEnglish9 days
Yeah i was thinking that the other day when they were talking about an 11 million dollar EFT now valued at 100 USD.
I was like, shit, I’d pay 100 USD for that one.
- prettybunnys@piefed.socialEnglish9 days
Plus imagine if another bubble came and some donkey was willing to pay a ton for it again for some dumb reason.
A 100 dollar meme like that would be worth it IMO.
- leoj@piefed.zipEnglish9 days
feels akin to my GME shares, I just wanted to be included in the fun LOL.
BRB gonna go buy all the rump coins from the bag holders.
- Buddahriffic@lemmy.worldEnglish9 days
T’would be funny if this kind of demand drove the prices back up. Not to money laundering levels, but like to like $180 or something.
You can just say you did that without having to pay the money, the only thing you’d be missing is a website (that probably won’t be around much longer) confirming you did that. That’s kinda why NFTs didn’t work.
- 9 days
The existence of people stupid enough to pay for them is what makes NFTs worth something in the first place
What? You mean digital art that infinitely reproducible, can’t actually be owned, WASN’T the next big thing? Oh jeez. I hope the metaverse succeeds and if not then AI surely will RIGHT?!?!
- WhatAmLemmy@lemmy.worldEnglish9 days
Hey but this cryptographic key says that I own it because I paid made up currency units for it or something
Hey but that made up currency I worked for by burning electricity, I mean MINING it.
Hey, but the recent changes means I earned that made up currency by proving I own more than you!
OH! It’s an epeen thing! Got you! All the rich win. Congrats to them.
- criss_cross@lemmy.worldEnglish9 days
My favorite thing is there are certain NFTs that are viruses that as soon as you do ANYTHING with them, they go and transfer all of the contents of your wallet to another wallet. Even deleting them triggers this action. So if you have unknown NFTs in your wallet you can’t touch them lest they trigger this virus.
How could this not be the future of commerce?
- criss_cross@lemmy.worldEnglish9 days
I got it from a Folding Ideas video (the problem with nfts one)
But here’s a link actually detailing it https://www.gate.com/learn/articles/beware-of-unexpected-nfts-and-assets-in-your-wallet-they-could-steal-all-your-funds/7682
Edit: for those that haven’t seen the video it’s worth the 2 hour watch https://www.youtube.com/watch?v=YQ_xWvX1n9g
Hey! You be fair to the NFT owners.
They never owned digital art, just a link to a specific instance of one!
- expatriado@lemmy.worldEnglish9 days
but for a brief period of time, some people made some money, while most participants lost
edit: do AI next
- BarneyPiccolo@lemmy.todayEnglish9 days
If you weren’t using them to launder money for a criminal enterprise, then you were doing them wrong.
- NoiseColor @lemmy.worldEnglish9 days
I think most people don’t understand cryptocurrencies. On one side it’s all hyperbolic about being your own bank and financial freedom and new tech, on the other side it’s hyperbolic about how there is no underlying value, it’s all going to 0, scams, drugs, terrorism, money laundering,…
But the fact is that crypto does have an underlying value. It’s gambling. Gambling is a huge industry.
- leoj@piefed.zipEnglish9 days
Also drugs.
I always said as long as crypto can be used to buy drugs, it will have value.
When everything we know in the world is gone and we’re using rocks to make spears again, people will still want drugs, the value is eternal.
I mean it’s also really really good at money laundering and other financial securities scams that are otherwise illegal in real currency. IDK why OP is being so dismissive of that.
As long as the gov refuses to regulate it, it’s going to be useful for crimes. On the off chance we ever get a government willing to actually do anything but war crimes and graft, regulating it would destroy a lot of its utility and value.
- NoiseColor @lemmy.worldEnglish9 days
I think it’s an exaggeration of its crime utility. Normal money is king for crime.
Normal money can get you a visit from the SEC when you do securities fraud with it. Has that ever happened with a crypto pump and dump?
SBF wasn’t doing securities fraud with only crypto, if that’s what you’re thinking of. Also it was a pyramid scheme and not a pump and dump.
- frongt@lemmy.zipEnglish9 days
Congrats, now you understand fiat currency. It only has value because we agree on it.
- NoiseColor @lemmy.worldEnglish9 days
No. I mean you can get all philosophical and say that everything has value only because that’s a human concept, but thats not really something I would answer to.
Fiat has value because it’s enforced. Because we have institutions that enforce it and because all of our lives are intertwined with it. We buy food with it and we are paid with it. It’s everywhere. It doesn’t make it immune to manipulation and fraud and crime, but we can take legal action because law is also intertwined with the same system.
Crypto is , with a couple of exceptions, a really terrible casino.
- ZoteTheMighty@lemmy.zipEnglish9 days
As opposed to the USD, which is backed by nothing, and therefore has no underlying value, but is not gambling for some reason?
- 9 days
The USD is backed by a state who demands their taxes be paid in their currency, ensuring there will always be demand for said currency.
This is also why people who complain about how “our tax dollars” are spent are missing the point. Their tax dollars don’t fund the government or any of its activities. Taxes are just an inflationary control measure; money is created when the government spends it.
This was never anything aside from a scam designed to separate the tech illiterate from their money.
- 8 days
I need to come up with my own scam to rinse rich idiots.
- BioDriver@lemmy.worldEnglish8 days
High Fi audio is actually legit to a point. Over $300 (well, $400 now with tariffs) is when the scam begins
- REDACTED@infosec.pubEnglish8 days
Not necessarily. For headphones it can go higher. I’m currently looking at hifiman unveiled.
- CaptSneeze@lemmy.worldEnglish8 days
This sequence of comments has me cracking up.
“I need a thing to make suckers out of morons”
…
“You should sell them audiophile shit”
…
“Well… some audiophile shit is ok… up to point… then you become a sucker.”
…
“Actually… you’re not a sucker at all if you spend a bunch of money on this shit. Here, take my money!”
- REDACTED@infosec.pubEnglish8 days
I get what you’re saying, but there are basically only 3 companies whose headphones are worth 300-600€. Said companies took decades, mountain of innovations and patents to get where they are now.
If you can actually get that kind of immersion and quality cheaper - I’m all ears. Literally
- 8 days
If you’re talking about the Susvara unveiled or whatever they’re currently 15k aud. That is fucking wild.
- REDACTED@infosec.pubEnglish8 days
Lol no, that is entirely different category, those are essentially limited edition engineering pieces. The consumer one is Ananda unveiled, which in my local shop goes for €460.
- captainlezbian@lemmy.worldEnglish8 days
A good scam is all about finding a way to bypass bs detectors. Appealing to greed or fear while adding a sense of urgency are the classic ones for good reason. But you’ve got others like appealing to in group/out group dynamics, distrust of institutions, ego, desired self image, laziness, carelessness so much more. You’ve also got those selecting to trigger anyone with a bs detector to only spend time on those without one.
- Agent641@lemmy.worldEnglish8 days
I’m working on the grift of all gifts, if you want in, you can buy shares of my grift for $100 each.
- Atropos@lemmy.worldEnglish8 days
And if you don’t trust this guy, I offer grift insurance for only 15% of expected value!
- entropiclyclaude@lemmy.wtfEnglish8 days
Ok - hear me out.
We get idk 1000 of us poors to buy some cheap land in the Midwest. Up in Appalachia.
We sell “Rapture Survival Communities”
They’re $999/month and you’ll get a hidden bungalow community complete with bunker. We’ll fill it with doctors and pastors and birthing women.
BUT YOU CANT KNOW THE LOCATION UNTIL THE RAPTURE HAPPENS. You don’t want any pesky liberals finding it and gaying up the place with their liberal demonic child sacrifice transness.
We will deliver coordinates via analog radio and Morse code once the rapture has started.
By business plan makes Sam Altman hard in his butt:
- Collect money
- Don’t build anything.
- repeat
When they come screaming for proof and receipts and refunds… Just gaslight them and buy a politician.
- utopiah@lemmy.worldEnglish8 days
Unfortunately for you you don’t have what it takes. You need to be a proper psychopath to scam others.
- tio_bira@lemmy.worldEnglish8 days
Sometimes i observe so many ways to get easy money and don’t have to hard work, than i remember than my parents raised my scruples and moral… Would be so easy if i wasn’t
- vane@lemmy.worldEnglish8 days
Add “AI Agent” to something everyone’s doing like “Tooth brushing AI Agent.”
- fierysparrow89@lemmy.worldEnglish9 days
As with everything crypto this was a huge scam. Besides the obvious profiting from gullable idiots, the other use case is to illegally funnel money.
Not absolutely everything in crypto is a scam, though 99% of it is, and I will definitely agree with you there. But there is 1% that is actually trying to do something useful, and you’ve got to be able to find that 1% and not throw it out with the bath water.
- traxex@lemmy.dbzer0.comEnglish9 days
I’d wager even the 1% is the stereotypical “solution in search of a problem”. Seems to be a reoccurring theme as of late in the tech industry.
- Abyssian@lemmy.worldEnglish9 days
Having a currency not backed by a government or different currency is actually something the world could benefit from. Iranian currency was backed by USD, the US caused a shortage of USD there, and their currency value dropped to under 3% of it’s former value. 90 Million people.
That said, I think most of us have only ever used crypto to buy drugs off the internet.
- ℍ𝕂-𝟞𝟝@sopuli.xyzEnglish8 days
Yeah, but a currency practically needs a military and an economy to back it.
Who is going to stop me from fucking with the bitcoin supply if I own the US economy?
That’s the point of crypto - unless you can alter 51% of the blockchain, you can’t.
- ℍ𝕂-𝟞𝟝@sopuli.xyzEnglish8 days
You misunderstand, if I own the GDP of a world power, what’s preventing me from buying a ton of Bitcoin and fucking with the supply that way?
Crypto nowadays looks like a pump and dump free for all.
How is buying the asset fucking with the supply?
If you mean hoarding it, that’s pretty much all Bitcoin is good for.
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
In case anybody sees this and doesn’t know the context, this is the note that was published in the Genesis block of the Bitcoin blockchain, Satoshi wanted to engrave forever the fact that at this time the chancellor was on the brink of second bailout for banks. It was a call-out against the fiat system, and it’s one of the best call-outs in history. and will be there forever more.
If you happen to have an original copy of this newspaper, it is a genuine artifact, and you can make absolute tons of money on it. No bullshit.
Based on this headline and the fact that Satoshi mentioned digital cash in the white paper as much as he did, you can clearly tell that he was frustrated with the fiat system and all the excesses that came with it and wanted to create a whole different system that was out of the hands of governments and corporations. He came close to succeeding but didn’t quite finish the job because he couldn’t figure out a way to add privacy into his ledger, which makes the entire thing completely transparent to law enforcement and government crooks.
However, on April 13th, 2014, the final puzzle piece was added with the launch of Monero, which has a fully private blockchain that does not have sender, receiver, or amounts being shown.
If you ever happen to read this comment, Satoshi, thank you for your great work. We will be forever in debt to you.
- phutatorius@lemmy.zipEnglish8 days
The fact that there is corruption in the financial system doesn’t automatically mean that every other system is honest.
the 1% is the one the people who say “well, sure, 99% is a scam, but theres a legit 1% thats totally real!”
- Sunflier@lemmy.worldEnglish9 days
Ethereum has the potential to carry real world assets on its chain. Why does an share of stock have to go through a clearing house when it could be an L2 on ethereum? A company having a total of 1 million shares is no different from a L2 coin having a total number of 1 million coins. They can even be fractional too.
Literally every cryptocurrency supports this. But if the real world assets can be seized with a court order, then what’s the point of a blockchain and not just a legally compliant database?
but like, man, like… its totally new, like, and like, totally amazing man. you just, like, cant comprehend, man!
- captainlezbian@lemmy.worldEnglish8 days
It’s like, the public record, but without the government to enact or enforce and on your computer
- phutatorius@lemmy.zipEnglish8 days
Blcokchains aren’t even worth a shit as implementations of a distributed ledger.
- Sunflier@lemmy.worldEnglish9 days
Bitcoin doesn’t support this. It’s what is being mirrored, yes. But, Ethereum is kinda like the distributed operating system/network that could/would allow 24 hour trading without having a clearing-house middleman.
You’re talking about real-world assets carried on-chain, right? Bitcoin has supported this for a very very long time.
The true libertarians and anarchists in the room would call out the fact that they are attempting to build a world where governments don’t run courts because governments don’t exist and that all courts would be arbitration courts and decentralized and run by the community. If I have a problem with you, I tell my arbitrator about it, and my arbitrator tells you that I have a problem with you. If you don’t like my arbitrator, then you choose your own arbitrator, and if I don’t like the arbitrator you choose, then the arbitrators choose a third party arbitrator that they both agree on, and we agree to be bound by what that arbitrator says.
Edit: If you are willing to watch a 22 minute video, this might be of interest to you.
- phutatorius@lemmy.zipEnglish8 days
What’s the point of an arbirator when there’s no means to enforce compliance with their decision? And what could that system actually be? Functionally, it’d be identical to a government.
I’m assuming you didn’t watch the video, because it did discuss that.
Alice, who is a subscriber of Dawn Defense, was murdered by Bill, who is a subscriber of Tanner Justice. Dawn Defense is pro-death penalty for murderers and Tanner Justice is not. Therefore, each company does a calculation to figure out how many users and how much revenue they will lose if their side is not upheld and the side that is likely to lose more pays the other side to stand down. In the case of the video, the assumption is that if Dawn Defense loses, they will lose one million currency units worth of customers, where if Tanner Justice loses, they will lose 500,000 currency units. So, Dawn Defense pays Tanner Justice 800,000 currency units to stand down, which is more than the 500,000 they would have lost, and less than the 1 million that Dawn would lose if they weren’t able to enforce the death penalty on Bill.
These stand-down arrangements would be known beforehand, and therefore, when Bill subscribes to Tanner Justice, he would be informed that if he murders a client of dawn defense, that he will not be protected from the death penalty.
If your organization is decentralized, then its assets can’t be seized by a court order. For example, darknet market admins (arbitrators) and their drug dealers don’t even know who each other are. They’ve had a polycentric legal system for years.
But corporate stock remains centralized. They have a known headquarters with a known board of trustees. Their assets aren’t carried on-chain; only some guy’s promise to those assets.
My point is that an anarchist economy needs to be built from the ground up, circumventing the state’s legal system. Slapping a blockchain on top of an already centralized system won’t make it decentralized and thus provides no benefit.
- captainlezbian@lemmy.worldEnglish8 days
Yeah, blockchain adds nothing to an existing economy. It could be useful as a means of distributed public records between anarchist communities, but it is documentation, not ownership. Ownership is an extension of political power and grows from the same barrel of a gun
Oh, absolutely. But that’s because the way we’ve always done the stock market is through centralized systems. If a company were to be formed today and only ever issue their stock tokens on a decentralized system such as Ethereum, then the Ethereum system would be the final arbiter of who does and does not have shares in that company.
- phutatorius@lemmy.zipEnglish8 days
There is no provable way to show that any claim of ownership on Ethereum is legitimate, unless that person has some real-world proof of ownership, in which case the Ethereum link adds no value. It’s just another step with another middleman.
In today’s world, we are moving from analog systems to digital systems, and therefore, physical proof of ownership supersedes electronic proof of ownership.
If a company is digital native and issues their shares on a blockchain without ever issuing any kind of analog shares, then the electronic proof would supersede the physical proof, no matter what happened.
Say Alice has a hair salon that’s called Alice’s hair salon, and she issues one million tokens on the Ethereum blockchain, and each token represents one one millionth of the company, Alice’s hair salon. Well, since she never issued any stock on the analog systems, the Ethereum system would be the final arbiter of who does and does not own any of those Alice’s hair salon tokens.
- fierysparrow89@lemmy.worldEnglish9 days
The silver lining is that after the obligatory exploitation by grifters, every new technology of this caliber finally gets a more positive use in our lifes. Maybe somewhat naive, but I think we (ie. our societies) have payed ~50% of the tuition fee as far as crypto is concerned. So hopefully we’ll be able to absorb the tech in our collective lives soon.
Ps: Different topic, but using the same metaphor for AI, I’m afraid we’re just at the begin of its initial fallout.
I think the rise of Monero over Bitcoin is a very positive sign. Since it has privacy, the government absolutely cannot stand the fact that it exists, and therefore, institutions don’t want to touch it. This means the “number go up”, “to the moon”, and “compliance”, shmucks are all driven away in horror and you are left with the real core who want to see a better money in a digital world. If that sounds interesting, you might want to listen to “darknet Market Maximalism” a manifesto by xenu. You can listen to the audio version of it on YouTube.
- phutatorius@lemmy.zipEnglish8 days
every new technology of this caliber finally gets a more positive use in our lifes
Yeah, sure, that’s why we’re all riding Segways.
The reality is that quite a lot of new technologies have no significant real-life use case and vanish without a trace.
- fierysparrow89@lemmy.worldEnglish8 days
I tried to make clear that I’m talking about tech with potentially significant impact, case in point: blockchain. Are you suggesting that a quirqy twowheeler is somehow on the same level?
Unless trolling is all you’re about, I can recommend refraining from such offhand dismissive remarks. Sarcasm has its use, but rin an anonymous online discussion it is easy to misunderstand. It does not contribute to a meaningful exchange of ideas.
yeah, the cryptoleftists community has found some decent actual use
- NewNewAugustEast@lemmy.zipEnglish8 days
There are great uses for crypto, just like there were great uses for Ithica_hours. A place holder for goods and services without physical constraint is a useful idea.
But it wont work. Because people want to leverage that to make fiat. They don’t care about usefulness, actually earning it, or trading for it.
They want to get some, hold it, and sell it back for their fiat. Because of that exchanges came into being so they could capture some of the wealth in the process. And from then on it was never going to be useful. Just a way to hope the next sucker would buy what you had.
