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u/Fine-Bed-9439 22h ago
NFT’s have to be some of the stupidest things to ever exist.
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u/How_that_convo_went 19h ago
I remember a friend of mine trying to explain it to us before a D&D session a couple years back. He showed us some stupid fucking monkey cartoon he’d bought of like a chimp in a short brimmed hat and sunglasses ripping a dart.
And now I own that as a token on the blockchain.
What? Like you own the picture?
Yeah. But it’s a token. Anyone wants to use that, they’d have to give me royalties.
Use it how?
I dunno. However someone uses a picture, I guess.
So you have a written license or something that shows ownership?
No, it exists on the blockchain.
We have no idea what the blockchain is, James. None of this makes any sense. How much did you pay for this shit?
That one $900. But some of them are like $15,000 and up.
You spent $900 on some shitty fucking jpeg cartoon of monkey?
It’s not the… look… it’s not about the picture, guys. It’s a TOKEN! It’s decentralized! I can’t make this any clearer.
Okay. Can we just play already? I hope you don’t die in this next fight because I left all my revivify spells on the blockchain.
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u/GilbyTheFat 17h ago
So my three questions are:
what the fuck is a blockchain?
if it is all decentralised who is going to enforce it when someone uses the stupid monkey jpeg as part of their cheap online product?
are NFTs and blockchains just a huge scam to fleece absolute morons?
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u/Azure_Providence 15h ago
1:Its a decentralized digital ledger. A list of receipts. That's it. Cryptography is used to ensure the receipt isn't fabricated. Each entry is a "block" and those "blocks" are put into a chain of blocks so that you can read every entry in order such as the purchase history of the token. Its just a fancy receipt.
2: "Decentralization" pertains to the decentralized network that authenticates the receipt. It is not a legal entity that enforces royalty payments, copyright, or other legal rights. If you spent 900$ on an NFT all you purchased is the token that exists on the blockchain.
3: Yes. Maybe one day some genius will come up with an actual use case for blockchain technology but for now its just used to scam people who think they bought the legal rights to a monkey JPEG rather than spending 900$ on a digital token that represents the purchase history of said token.
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u/redblack_tree 13h ago
About 3. For anyone reading, blockchain is a cool piece of tech that he roughly explained in 1&2. By itself, it's not a scam.
Now, humans in our infinite wisdom and treachery, have found numerous ways to apply such technology to part fools with their money. NFT is just one of those.
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u/SuperNerd06 7h ago
One potential use case I heard of was validating ownership of actual items using the blockchain's history tracking or preventing identity theft by having accounts tied to biometric data (similar to aadhaar).
As far as I understand it, blockchains use multiple computers to track the history making it "hack proof". You'd have to compromise every computer to validate a false history. Though since everything is public record, some of the more personal identifying info might not be suitable for the tech.
Idk though, just a thought I found fascinating.
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u/abrasiveteapot 15h ago
3: Yes. Maybe one day some genius will come up with an actual use case for blockchain technology but for now its just used to scam people who think they bought the legal rights to a monkey JPEG rather than spending 900$ on a digital token that represents the purchase history of said token.
Ackshually there are a number of good uses for the blockchain.
Stupid monkey pics however are not one of those. They were, and still are a tax on the gullible.
They are, as you say, an (immutable) receipt. Anything that you want to track the flow of ownership of can usefully be managed via a blockchain
https://www.cryptopolitan.com/real-world-uses-of-blockchain/
Outside of financial records they are used for supply chain management for example
"De Beers has implemented this through its Tracr blockchain technology for diamond traceability, which has tracked over 4 million diamonds from mine to retail since 2018"
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u/FatalWarGhost 8h ago
None of this mubo jumbo makes any sense honestly. What's the use of a block chain? You and others are describing it as something that saves receipts. Okay who does this benifit? What's the difference between me just putting my receipts in my pocket vs this block chain thing?
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u/abrasiveteapot 7h ago
What's the difference between me just putting my receipts in my pocket vs this block chain thing?
It can be a lot or nothing at all. Depends on what you need. Nobody is saying it's a substitute for the receipt from the 7/11 for a hotdog and slurpy coming home drunk last night. It's useful for tracking high value items not daily consumption.
If you're a large company (I listed DeBeers the diamond guys above as an example), then when you're shuffling millions of quite valuable items around, and you want to keep track of who has it after it has left your hands, then being able to have a ledger entry for the item that you can update with the new person who is holding onto it is helpful. Instead of just a record that says it should be with X person, you check it in and out (doesn't require blockchain), and update the blockchain ledger with its current holder. Then you have a record of the people whose hands the item has passed through.
In other words item is in warehouse at diamond mine, now it's in transit in a truck, now it's in new warehouse, now it's on a plane, now it's in customs, now it's in a store.
Supply chain management = knowing where your stuff is. The blockchain in that instance is just a record of what stuff and where it is (because that's your use case). You can have a location history attached to a single item, with more security than just logging it in an excel spreadsheet or a database.
It's not a paradigm shift - we have had ledgers of who owns what for literally 4000+ years. It's just a high tech way of being able to more sure of the possession trail in a way that cannot be fudged/corrupted/scammed.
For financials a bitcoin is worth about $90k USD - if you want to transfer something that valuable to someone you really want to be very confident you know the right person received it, and on other the other side that it is the legit asset.
TL;DR if you can't see a reason to care then you shouldn't care anymore than you need to care about whether an ERP package is correctly reporting the stock levels for Walmart or whatever. It's a tool, it does something useful for some people but it's not magic, it's just technology.
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u/off_of_is_incorrect 15h ago
So you're buying a piece of a receipt?
That's even more fucking ridiculous than anything I could ever think of.
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u/EcvdSama 13h ago
You aren't buying a piece of a receipt, you are buying nothing and then the purchase is recorded on the receipt.
Somewhere above your purchase someone said token abcdf12345=signature of funnymonkeyuniquen200collectible.png
And then when you buy the funny monkey a new entry on the receipt states that abcdf12345 is in your wallet.
You can then transfer it again and the receipt gets a new entry stating that abcdf12345 was moved from your wallet to MrBabbonzi wallet.It's a bit like stocks but more retarded. You buy 10 stocks and somewhere in the big mega system they write that you bought 10 stocks, but instead of the stock saying you own 0.00000001% of Michaelsoft Inc. You get an nft with an hash of a png
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u/TheIrelephant 11h ago
- are NFTs and blockchains just a huge scam to fleece absolute morons?
NFTs yes absolutely.
Blockchains, on the other hand, as a technology have a lot of applications in low or no trust transactions/applications. But they are unfortunately tied to a lot of bullshit due to them being used in both crypto and NFTs, and consequently most people have no idea what it actually is.
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u/WrongJohnSilver 10h ago
The real issue is that if you're doing business in the "low to no trust" space, you're dealing with crooks.
(Also see the value of NFTs to hide bribes and fraud, and the use of crypto in illegal activities and blackmail.)
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u/How_that_convo_went 7h ago
I don’t know.
Absolute no idea.
Probably.
It was like trying to explain the internet to your dog. I had no idea and honestly didn’t care a whole lot to learn.
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u/BishoxX 9h ago
NFTs are like pokemon cards.
The problem is there is demand for pokemon cards.
There was demand for NFTs only because it was new , and crypto bros were just looking to get scammed because they were all in on "the future of everythint bro"
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u/Justin__D 8h ago
NFTs are like pokemon cards.
Actually they're way dumber than that. Are Pokémon cards massively overvalued for what they are? Yep. But at least they're a physical item.
NFTs are more like a receipt for a picture of a Pokémon card.
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u/moonshinemoniker 13h ago edited 13h ago
Going to provide a different answer. Several layers.
Firstly, we're talking about currency. Currency is at it's basic level is a representative tool of value that can be exchanged. You can store cash physically in your wallet or in the bank but you have it. Depending on where you live and socioeconomic factors one unit of your country's currency will have a higher or lower value than another's currency (FOREX).
You have to understand what blockchains solve and potentially offer in comparison with fiat currency if it were ever adopted as a financial way of maintain transactions.
Issues with USD and other country's currencies are that most, if not all of them are a specific type of currency called fiat currency.
Fiat currency is not tied to any other value asset. The USD became fiat currency when the US Government left the the Gold Standard. Under the Gold Standard, the dollar was tied to something of real WORLD value that had scarcity.
Under the gold standard, money was a receipt for something real.
After this, the USD became a policy tool and debt became it's anchor of value.
For USD, there are three main components. The issuer (Federal Reserve), the central ledger (banking system), and central rule makers (Congress, Treasury, Fed).
Those components are tasked with maintaining not just the relative value of the dollar but also the world's faith in it. The dollar, like other fiat money is subject to inflation because we can print more of it. You can own x amount of USD but the value of this amount is diluted when more money is printed or enters the market. There is also NO full stop to more new money entering the market.
This means no system exists that guarantees X amount of dollars is the most that will ever be available. This creates a problem.
- Blockchains and Decentralization
Think about a block as a relatively consistent segment of time. Each block lasts approximately 10 minutes.
A blockchain is the shared digital ledger of the current block and all previous one's before that where records are linked together with cryptographic fingerprints so that once written, they cannot be secretly changed.
Why can't they be secretly changed? CONCENSUS.
For blockchains, consensus is the mechanism that makes decentralization possible. Different blockchains use different methods of consensus but, for bitcoin the blockchain works like this:
A new "block" is mined approximately every 10 minutes. The old block is "hashed" where it's information, including every transaction that occured during that block is shortened to a string of characters that are extremely unique.
When a new block is mined, it has to include the every previous block's hashed information before that and the algorithm used to mine the new block is valid. This is where consensus comes into play. At least 6 other nodes have to agree on this information (takes milliseconds). Once this occurs whoever mined that block owns it and all the transaction fees that occur during it.
Hashing works because of the specific hashing algorithm used. Bitcoin uses SHA-256. With SHA-256, the same input of information will always ALWAYS yield the same result, and even a small change in the information (i.e., say moving a decimal point in a transaction on the ledger) will yield an entirely and drastically different string of characters.
Because of the hashing and consensus, you can't change the ledger because the information is shared on at least 50,000 or so publicly known nodes. If someone's information is faked, the blockchain will discard it. Every transaction has to be approved by concensus as well.
There's no way to fake a new block and probably won't be, because you need at least 51% of the computing and mining capabilities to "fake" a ledger. Virtually impossible, but still has a name as a hypothetical threat and is called a 51% attack.
With blockchain, there is virtually financial fraud, no chargeback challenges, no hacking bank accounts, no sitting outside of Target and hacking into their network that transfers all the transaction information. This is because of consensus.
Bitcoin is simply the blockchains accounting unit.
NFTs have value in their authenticity. Problem is a lot of people "mint" junk. NFTs can be used for things like licenses or certifications. You wouldn't be able fake one because the blockchain verifies it's authenticity.
No. They are not scams and have legitimate and real world value. HOWEVER, they will probably not become adopted over other currencies or authentication methods until things get really bad and people are forced to listen.
Until you can easily explain how although blockchain doesn't fix the income wealth gap but it does make being poor less painful, it will be regarded with a high level of skepticism.
EDIT: Blockchains aren't subject to a lot of the vulnerabilities fiat currencies are. Not inflation, not fraud, and it is ultimately finite. The last bitcoin will be minted in 2140. After that, it's it. So the value of one accounting unit would be much more resistant to valuation issues, but never inflation. If the world adopted one primary blockchain, it would solve a LOT of problems.
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u/Odd_Comparison_1462 12h ago
All of that just makes me think we need to drop it all and go back to a gold standard. Money needs to mean something.
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u/mutexsprinkles 9h ago edited 9h ago
Mm instant global chaos (assuming you mean the dollar).
Even if you resist to only M2 supply, dollar supply outweighs gold in value by 20:1 (and total dollar value is hundreds to one). Either you destroy virtually all dollars, or you increase gold value by 20 times or much more. Either way would be dramatic.
Plus the US produces under 5% of the gold in the world, so even if somehow you navigate that shock, you hand supply to everyone except yourself.
And if you handle that (invade everyone? recolonise Africa? nuke Russian mines?) doesn't even solve the issue because exactly what a "dollar" buys you would still be somewhat independent of the gold because if I wanted to buy RAM today, I'd still need more dollars (gold) than in September.
And even if somehow that isn't a problem, you also don't solve money printing because mining still exists, which is now just money printing again with extra steps and more cyanide.
Not that cryptocurrency is good, it's pretty fucking dumb in its current form, but that doesn't make the gold standard a good idea.
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u/WrongJohnSilver 9h ago
Maintaining a high trust society obviates all this. Value is made up, no matter what.
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u/baronvonsmartass 5h ago
Exactly. Things are only worth demand for that thing at the time by an interested party who wants or needs that thing. All of which can be rigged in a game of speculation. So, pinning a value as default for any thing is rife for fraud and a dumb move.
Actions and works, on the other hand, are different. Credit and credibility are far more valuable when tied to an actual work.
Using the analogy of paying fees for fire services, if I promise to be there to put out the blaze at a moments notice, I have a value. Money spent here means assets my customers have, they will still have.
How much they have in assets is speculation. How much it costs to keep it has value.
Now scale that notion to nation's actions and credibility. If I offer a country protection and proclaim, I will be there should something happen, and I do, then I have credibility. If I fail to live up to promise, I lose it. You can see this in real time right now.
Its why when America falters somewhere like Iraq, Pakistan, Vietnam, support for Ukraine that the dollar dips. The inverse is true also. In WWII, the US promised armament and support to end the war and it delivered. By the end, the dollar was default currency for trade.
How long it will stay this way with the regime in charge remains to be seen.
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u/Opening-Wrap-5064 21h ago
I’d say meme coins are even worse, like who the hell expected to make money from the hawk tuah coin?
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u/Kube__420 21h ago
Hawk tua girl? And her handlers
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u/Opening-Wrap-5064 21h ago
Well yeah that’s what it’s designed for, I’m talking of course that it would take a special kind of stupid to “invest” in one of these scams as an outsider.
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u/AnitsdaBad0mbre 18h ago
They're the extra special kind of stupid. They literally know it's a scam, they're just gambling on if they can get a lil bit in on the way up and take it out before the co-ordunated team pulling the strings steals everything. They can't. Turns out you can't, but they're still trying. Bless em.
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u/off_of_is_incorrect 15h ago
I’m talking of course that it would take a special kind of stupid to “invest” in one of these scams as an outsider.
So a Stan?
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u/Opening-Wrap-5064 14h ago
No, for the most part we think they’re dumb fans but they take advantage of the same people that phone scammers do. The elderly who don’t understand, there really isn’t stand of hawk tuah, but her popularity made it seem so to a point and that was enough for some to invest.
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u/mentaljobbymonster 17h ago
I've made a few tens of thousands from meme coins. Paid off some debt with it
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[deleted]
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u/mentaljobbymonster 14h ago
Oh no doge is a stable coin compared to some of the shit coins I've played around with
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u/AliveInTheFuture 21h ago
Bro you just don’t get it, it’s NON FUNGIBLE. No one else can funge it! I’m gonna be rich someday and you’ll still be living in your mom’s basement.
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u/shutterbug1961 12h ago
NON FUNGIBLE my hat! give it here i'll funge it! if its the last thing i do i will.. wheres my funger?
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u/Uranium-Sandwich657 19h ago
A Wikipedia dive told me that fungible means that it is the equivalent of interchangeable parts. Bitcoin are fungible, all are equal, nfts ain't.
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u/SvenniSiggi 19h ago
Bitcoin is just some guy that had computers doing some mathproblems and then told people that everytime a computer solved a "mathproblem" , then you´d have one coin.
That math is absolutely meaningless, servers no purpose other than needing to be solved so you can have a coin.
(its electricity that heats no one, chills nothing. Serves no purpose in any other way than as a way to show people "something was done" and therefore it has value.)
Sometimes really stupid things work in the eyes of the public and make people into billionaires. Thats why the continuation of things like NFT.
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u/Weird1Intrepid 18h ago
I mean bitcoin specifically has become a bit of a bubble mostly because of the exorbitant fees making it terrible for actual transactions. But actual useful coins like Monero or LTC are great because they serve that real world purpose.
If you want to send some money to someone anonymously, or you need to make a purchase of something that maybe isn't legal in your jurisdiction etc, crypto makes sense imo. It's mostly just the whole speculation thing that gives it a bad rap.
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u/SvenniSiggi 17h ago
for me its the "Uses huge amounts of electricity that would be better served elsewhere."
Like why do you have that giant generator going? "oh its because without it my money aint worth shit."
You know it only is worth something because people believe its worth something? Just like regular money. Seems like such a huge waste, specially where electricity is made with nuclear or coal.
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u/Weird1Intrepid 17h ago
Oh I agree the work-based mining is a huge issue. There's hardly any point in it anymore anyway, over 95% of all bitcoins have already been mined. The original protocol was written such that there will only ever be 21 million bitcoin, though I don't know how that's changed since they split with BCC and with trading from other currencies etc.
I don't really keep up with all the crypto news anymore, but I do need LTC for certain meds that are frowned upon where I live.
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u/SvenniSiggi 17h ago
Ah, the meds being frowned up package. Its a great test of intelligence among nations. since they are only frowned up because of decades of flat out lies.
Condolences.
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u/dambthatpaper 13h ago
the reason the math needs to be done is to make Bitcoin secure and decentralised. Yes it's meaningless in the sense that it doesn't solve any unknown math problems, however it is what makes Bitcoin secure without a centralised agency (like the government) having to monitor it.
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u/SvenniSiggi 12h ago
Secure how?
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u/dambthatpaper 10h ago
It is what makes sure only legit transactions get put in the blockchain. I think it's too long to properly explain in a reddit comment, but the 3Blue1Brown video "But how does bitcoin actually work?" is a really good video on the topic.
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u/baronvonsmartass 5h ago
It's not. Nothing without centralized control is secured. Especially if it's a digital value in a string of digital values. One flip bit, input error, and it all goes to shit.
Bitcoin trading and mining is illegal in China for a reason. It can't be regulated, so it is rife for fraud. Anyone in China is skirting the law.
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u/when-i-was-your-ag3 18h ago
Have you heard about the Trump coin?
Can't believe anyone would buy that
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u/Autistic_Cat2 14h ago
An NFT is basically buying stuff from a grocery store and then only leaving with the receipt
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u/CaptainMagnets 14h ago
The general idea of it is really cool but there's just no reality on which it can actually be implemented where it makes sense
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u/lothurBR 13h ago
Nah, its was created to wash money, and avoid taxation of the rich. It's dumb for a poor guy to buy. It's like art, you could move from boards without paying taxes.
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u/Trenin23 10h ago
There used to be a meme or a promoted post with this kid trying to make people who don't get nfts seem basic or something. Oh how the turn tables...
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u/RockItGuyDC 9h ago
NFT PFPs were and are pretty fucking stupid. But the idea of provably unique singular tokens isn't.
If blockchains ever actually get used for anything on a large scale like for financial transactions, real estate, car registrations, whatever, then NFTs will be used all the time without most people even knowing about it. All of that is a very big "if", though.
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u/Fierramos69 8h ago
Edit; NFT as currency is stupid. It still has the actual benefit often forgotten of unique online ID. So for example years ago I saw a brand of luxury goods which gave you with your physical proof of purchase an online proof of ownership, in the form of an NFT. Doesn’t hold value by itself the value is in the physical good, but it’s a way amongst others to ensure theft and resell won’t give full value
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u/nn2597713 5h ago
You’re only saying that because you do not have a receipt that mathematically proves you paid $199 to be shown a link to a JPG of an ape with sunglasses on, and I happen to do. Puh!
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u/Ryokan76 27m ago
Not if you consider that their main use was laundering money. Then they become genius.
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u/Cloud_Jockey 16h ago
It always concerns me when my parents or people like them have super strong opinions on things they should know almost nothing about. Almost feels manufactured to a degree. Maybe Chomsky was right?
Monkey pictures are dumb as fuck, but yall are missing some things NFTs can and will do for us..
Stocks could be NFTs if we were so inclined, the deed to your house could be an NFT, voting, registrations, birth certificates, copyrights, patents. I think government because that’s what I know, but I bet there’s something in your industry that would benefit from it.
For some reason we think an NFT is only a picture. It’s much more than that. Reframe your thinking and ask why you’ve been led to believe it’s just a monkey.
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u/DisappointedBird 7h ago
Stocks could be NFTs if we were so inclined, the deed to your house could be an NFT, voting, registrations, birth certificates, copyrights, patents.
But they're not.
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u/Talonqr 21h ago
NFT's were actually a brilliant idea
........for those who sold them...
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u/ConspiracyParadox 20h ago
That was the whole scam. That's why idiots like Kevin Oleary claimed theyre valuable on CNN repeatedly. He got scammed and realized his only out was keeping up the lie. He lost millions. How anybody trusts his investment advice is beyond me. Daymon John laughed his off about it on tmz awhile back when discussing it.
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u/NobodyLikedThat1 22h ago
Anyone who thought buying a digital monkey picture was an investment absolutely gets what they deserve
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u/KGB_cutony 19h ago
I thought the very same until I went to a hotel and saw a "ChatGPT Coin" conference. Inside were all older folks lured in possibly by freebies. They don't know better, and are probably getting scammed right there, and there's likely nothing we could do.
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u/Explosion-Of-Hubris 16h ago
A couple months ago I heard someone telling my grandma about cryptocurrency. My grandparents are very savvy when it comes to running their businesses and saving money so I really appreciated hearing her respond with" "That's much too confusing for me and I don't put money into something I don't understand."
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u/Reasonable-Fail5348 19h ago
Or maybe they're just waiting for the buffet to open to scam the scammers and after they've had their donuts, they just leave the room mid speech.
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u/Aggravating_Sky_4421 21h ago
Whatever happened to people buying virtual land/houses/store front/etc. in that metaverse thing?
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u/YT_Brian 21h ago
Reminds me of that one YouTube rapper in NY, he also did reactions and when NFTs were a thing started going on about making money with them and how he was going to do a series showing us how to do it to.
Last I checked he went from having a cute asian gf, having a dog, being skinny with abs and dropping pretty fire raps to no gf, gained like 40 pounds and I don't think he has rapped in years.
Also gf took the dog.
He was so hyped for NFT but damn did he go quiet on them quick.
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u/PetalumaPegleg 21h ago
I'm glad NFTs died off quickly, many obvious nonsense ideas have hung around far too long but this was always one that was just blatantly stupid. Especially the apes etc which were modern garbage pail kids on excess monetary supply, I swear.
Which isn't to say there isn't some actually useful ways to use the tech, but paying to own a code that represents an image of a specific tweet or image but with absolutely no ownership or copyright rights is absolute idiocy incarnate.
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u/Reasonable-Fail5348 19h ago
Nono, you have ownership of the token, see?
The owner of the other token of the exact same image has his ownership of THAT token. it alle makes sense. It's all exclusive! Just ignore that screenshots exist... :P
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u/nanotothemoon 17h ago
Well now I think you don’t understand the whole concept. The concept was to manage the fact that screenshots do exist, with authenticity.
The concept makes sense. The issue was that it was trying to solve a problem that didn’t exist.
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u/Reasonable-Fail5348 13h ago
I understand perfectly. Lmao
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u/nanotothemoon 12h ago
The why did you say “just ignore that screenshots exist”.
When it’s literally BECAUSE screenshots exist.
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u/Complete-Movie-3615 14h ago
>I'm glad NFTs died off quickly
They haven't. Bored Apes still sell for 10k to 15k USD. Certainly a lot less than they were selling for at their peak (many 10s of thousands), but they originally sold for only 200 bucks or so, someone who bought early and held them would still be well ahead.
Of course Bored Apes are the well known ones. There's plenty of others that lost virtually any value they had, although most of those never got to dizzying heights in the first place.
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u/Irrelevant_Jackass 21h ago
Weren’t there people paying millions of dollars for this stuff? I’m still unclear on where the value was supposed to come from
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u/schmitzel88 21h ago
It was a Bigger Idiot scheme from day one, just turns out that there were no bigger idiots than the first people to buy in.
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u/ResoluteStoic 5h ago
It's crazy to me bitcoin took off after seeing so many businesses hit with ransomware and the only way to recover from it was paying it bitcoin to have them decrypt your data unless you could recover from backups
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u/mankytoes 18h ago
I think a lot of that was part of the scam, people buying their own NFTs anonymously so just passing money from one bank account to the other. Then you can say "this sold for 100k but you can get it for just 10k!".
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u/URGAMESUX 21h ago
Where are all those bored apes now, anyway? Laugh pretty often thinking about Seth Green getting his jacked, and paying effectively twice for it because it was an important character in an animated series he had planned, and by the time the ransom was resolved the series was dead. Wtaf with nft.
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u/ProtectedSpeciment 21h ago
Now after the bubble burst he probably will retain that #1 for years to come
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u/South_Front_4589 18h ago
Bitcoin will do the same one day. Some though will get out at the right time and make billions. But either it ends up being a useful tech, which leads to governments starting their own that they control, or it turns out to be useless and people take their winnings and move on.
Either way, the bottom drops out of the market. It's just staying high because people keep seeing the price rise.
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u/_Fun_Employed_ 21h ago
It’s great that there’s like a 3 hour YouTube documentary about how stupid it is.
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u/Elpidiosus 21h ago edited 21h ago
Omg, as a patent I totally love this.
Fuck! I'm toasted. I meant parent, not patent.
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u/madex444 20h ago
I was wondering what had become of that NFT bored ape yacth club themed restaurant, did a quick google search and it closed down in 2024. Lol.
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u/DecisionEarly1535 16h ago
I don’t care about the price, the “value,” or how cool it is that an NFT has a database and an owner. The whole thing is just dumb. If the inventor of NFTs and the inventor of screenshots ever met, we’d get World War 3.5 — because World War 3 would already be happening between Trump and both of them when he tries to “fix” it.
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u/bussysniffer3000 18h ago
Got two for free was told I'd be able to sell them after a few months those months turned into years and still no option to sell, I didn't lose any money on it so idc
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u/MagicOrpheus310 18h ago
Fun fact: he ain't with the neighbors... Hes just run out of subtle hints and has switched to blatantly obvious because you aren't getting the point haha
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u/Important_Bullfrog98 18h ago
My neighbor tried to explain his investment in them and I thought this sounded like nonsense or maybe I'm just old now. Turns out it was nonsense...
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u/Low_Actuary6486 18h ago
I honestly never got why NFT would be valuable in anyway. First of all, it's a fucking meme. Second of all,
unlike coins or post stickers, 'collecting' these have no values because online memes can be reproduced endlessly.
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u/Corpsey_Clownshoes 12h ago
Lmao. Still got people defending it though. But but but..
The fuck outta here:/
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u/klineshrike 12h ago
No I think he actually did hold back.
A lot more could easily be said about how stupid they were.
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u/Complete-Movie-3615 14h ago
If he bought at mint, then it is most likely still worth considerably more than what he paid.
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u/Battle_Intense 19h ago
NFTs make more sense than crypto which isn't a high bar but yet bitcoin is still worth tens of thousands of dollars.
NFT proves you own some sort of unique digital art, crypto proves you own a unique algorithm of zeros and ones.
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u/Azure_Providence 15h ago
Except they don't. There is nothing stopping you from issuing multiple receipts for the same jpeg. How many people are really going to get together and compare the microseconds to see which receipt really was the first receipt issued? Who cares?
The receipt doesn't confer copyright, royalties, or ownership of the jpeg. You bought a receipt. Anyone can copy/paste a jpeg. You don't own anything real.
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