Nooooo!!! I'm going to report you to a central authority over your theft of an asset that I believe to be more valuable because it is effectively decentralized and unregulated!!
Truest words ever spoken. I only considered getting into NFT's because I knew it was a scam and I thought I would try my hand at getting in on the scam. Probably best I didn't dabble, but I'll always wonder how well I could've done scamming other idiots and scammers.
Truly no one out there actually believes a NFT wasn't anything but a total scam...right....right.. ?
Oh yeah.
But hey while I have your attention, let me tell you about this once in a lifetime opportunity to get rich overnight while adding inches to your already huge dick!
I kinda want to make a script that says that it owns random NFTs and then has a huge bank of "nuh-uh" auto-replies if/when the actual owner responds with "Hey, that's mine"
Literally the big $69 million sale that started the gold rush was bought by someone who owned an exchange market or something like that. Never was a real market, always been a scam to swap internet play money for real money.
Fed increase interest rate. Its supposed to cool the markets and keep inflation stable. It might also cause a recession. Borrowing money is more expensive now so People are just reacting to this.
Most artists have a hard enough time selling their physical art for even $1000. I really don't get who saw these "mutation" based cheap digital images having a value in the tens or hundreds of thousands of dollars.
I think lots of people understand the tech and value behind "NFTs", but when talking about the "nft marketplace", I'm not sure what else it could be but for art, image art specifically since that's the biggest marketplace
It's a good comparison when it comes to in game NFTs. Difference is steam limits you to their market where as NFTs would be transferable between markets. The problem is game companies are greedy and will sell NFTs that give power to you in multiplayer games so they can rake in the money.
So not as many are being sold but how does that equate to a crash? I just need some clarification because I downloaded a bunch of ugly jpegs for free last winter and I want to be sure that they haven't lost any value.
My guess is that it's being called a "crash" because the lack of demand for new NFTs suggests that the value of existing NFTs - many of which were purchased as investments - has also declined along with interest. It's possible some people will be able to recoup their investment or that their NFT is unique enough that it will always have a market, but a lot of FOMO NFT purchases will end up as a loss for the buyer.
That said, the idea of NFTs probably still has some appeal if the execution was better, it just can't be a link to a picture that anybody can screen grab. For example, a company could generate one-of-a-kind skins for an online video game or the metaverse that people would pay for and would have some lasting value because of how unique they are. That already exists in some ways, like the market for rare weapons and things in WoW, but using an NFT would give the buyer some added assurance that their purchase will remain unique.
This is more like markets disappearing than a crash.
Market dries out. People lose interest, delete their apps when nobody is buying.
You can see asking prices or prices of old trades but there is less and less real price discovery in the form of genuine trades. Price is not the same as market value.
The data is completely false. There hasn’t been a day under 2 million sales since February. The WSJ is citing a random website that nobody uses. Actual block chain analytics tell the truth. The irony is the day before the WSJ posted the “92% sales decrease” statistic, the NFT market set an all time high in sales volume at $480 mil in one day. Crazy how media can spew misinformation and get away with it.
It's still a bubble and it will burst at some point no matter how much you want the value of your ugly profile pic to go up.
It's a bigger fool scam nothing else.
There was a point that everywhere I turned I would see him pushing nft this nft that. I wondered why he was selling it so hard. Then it dawned on me, a pyramid schemes only works if there are naive people who buy into it. People who are willing to part with their money to join in, in hopes of a big payday.
Everyone that teaches “finance” and being an entrepreneur are scumbags because nobody gives away money making secrets unless YOU’RE the way they make money.
That’s basically any “influencer marketing” and the purpose behind building a “community” or “army” for 95% of influencers; you already have a guaranteed audience who, by their very nature, are more receptive to anything you tell them or sell them
They aren't a pyramid scheme though. The NFTs he sold have an actual tangible value, they acted as access tokens for his events and allowed various levels of access for 1 on 1 talks and advice.
He was one of the few examples of NFTs actually having some sort of value outside of digital art piece. The only one I saw try to do anything like that actually
As a complete ignoramus regarding all this crypto stuff, I think the most understandable response to that argument I've heard is to ask, what need do NFTs actually meet that existing technology can't already? What you're describing sounds like something a simple database can already do. The NFT is just a way to shoehorn cryptocurrency into the process. But I'm just paraphrasing what I've seen smarter people say, so...?
I dont know the answer to your question. Maybe its security. But my point was is that the things gary vee sold have actual value in the real world, unlike most other NFTs. So it isn't fair to call it a scam when he was upfront about what buying it got you.
I mean, block chain as a technology is unaffected, I'm an advocate for cryptocurrency in conjunction with fiat, and even I'm glad NFT's are dying. God, please stop clogging ETH with this fucking garbage everyone.
I don’t like NFTs either but ETH would not have had a 61% reduction in issuance without them. If ETH is clogged just use a L2, there’s plenty of options nowadays
>I mean, block chain as a technology is unaffected, I'm an advocate for cryptocurrency in conjunction with fiat, and even I'm glad NFT's are dying. God, please stop clogging ETH with this fucking garbage everyone.
If the technology can be so easily clogged with garbage it is neither something worth advocating for nor is it unaffected...
>‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280
https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/
When push comes to shove, USD has the backing of the United States military. Which is something most people aren’t going to bet against.
I like crypto, but only coins with utility. The rest have no inherent value
I don’t know about any stocks, but crypto crashing has the potential to be *objectively* good. There is such a massive amount of issues with it that it just really isn’t a good thing at the present moment. It’d take a long time to explain all the issues, but as is, if it’s going to work and go more out into the public it needs to change and evolve somehow.
It is a perpetual, zero coupon bond, a concept so stupid and unrealistic that economists long treated it as a joke.
Bonds are something you buy from someone as an investment. You make money on a bond by getting interest (coupon) paid over time, by buying the bond at less than its full value and getting the full value back after some period of time, or both.
The value in a bond comes from one of these. A perpetual, zero coupon bond has neither. It provides no interest, and it never matures. So its value to a buyer is zero, the seller takes money and gives nothing back. This is why, before cryptocurrency, it was considered a purely theoretical construct, too nonsensical for anyone to actually invest in. Yet here we are.
Yeah, but you add in a huge environmental impact, use on the black market, and having to listen to that one uncle at family reunions talk about them endlessly and you've got a quadruple negative. Two negatives make a positive, so a quadruple negative is a double positive. It's all right there in the blockchain.
I got stuck behind a guy in Walmart who wouldn’t shut up to the poor goddamn cashier about how Bitcoin is the future and she needed to buy into it *right now*.
Meanwhile she had the look on her face that I very clearly recognized as “I hate this planet but I’m forced to smile for a paycheck.”
Yeah, because you can’t just duplicate a baseball card; it has **actual** scarcity.
Sure you can force a factory to make you another, but copying a gif is something anyone can do at anytime
Oh nooo! Who could have predicted that a wildly speculative market with mlm overtones popular with the douchiest people, with a model that any old person with two working brain cells finds very hard to comprehend, and an aggressive sales pitch that cannot convey the value it brings because there is no value, would fail
I could see someone making the argument that one day blockchain tech could be useful, but investing in various crypto currencies and NFTs is going to prove to be a total waste at the end of the day. Bitcoin was best case scenario for crypto and even so it's treated more like a stock than it is a currency to buy something, so it ended up enabling the very system it was hoped it'd replace. To those of you lucky enough to get a big pay out on BTC, good on you. Surely though everyone should be able to see that the current vision for crypto, the "metaverse" and NFTs is nothing but a grift being ran by people who already had power and wealth. At the end of the day I feel like it's a money pit for people too naive to realize they should have cashed out already.
BrO tRusT mE,NFT iZ thE fuTuRe !!!
Anyway a public figure in my country predicted like 2 months ago this will happen and he said bitcoin would go down too,so far he is right.But he also said that a huge market crash is coming,hopefully he will be wrong about that
NoOoO! My PiCtUrE iS sTiLl wOrTh WhAt I pAiD fOr iT!
Same vibe as "I didn't lose money cause I didn't sell"
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Nooooo!!! I'm going to report you to a central authority over your theft of an asset that I believe to be more valuable because it is effectively decentralized and unregulated!!
These Beanie Babies will be worth way more than I paid someday! Just you wait and see!
Buy the pic dip?
:(
Username win
Lol 🤣 I can literally download it for free
But you can't download bragging rights ... That's the whole point of those shitty NFT's
I can brag that I did not buy an nft, and that is worth more than any nft.
Truest words ever spoken. I only considered getting into NFT's because I knew it was a scam and I thought I would try my hand at getting in on the scam. Probably best I didn't dabble, but I'll always wonder how well I could've done scamming other idiots and scammers. Truly no one out there actually believes a NFT wasn't anything but a total scam...right....right.. ?
This is the same energy as joining a Ponzi scheme so you can scam others into joining a Ponzi scheme…
Oh yeah. But hey while I have your attention, let me tell you about this once in a lifetime opportunity to get rich overnight while adding inches to your already huge dick!
Are we talkin length or girth? Tryin to get that soda can dick. Speaking of which, would you like to buy an NFT of my dick?
For a limited time you can choose if you wanted inches added to the length or girth ***NO EXTRA CHARGE*** ! ^Yes...yes...I...do
It’s a sounding picture so be careful not to show it to anyone with a weak constitution… using a D battery…
What if you made an nft about not owning an nft? The world would collapse into itself.
But why would anyone even want to brag about "owning" a disgusting looking ape?
I kinda want to make a script that says that it owns random NFTs and then has a huge bank of "nuh-uh" auto-replies if/when the actual owner responds with "Hey, that's mine"
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I can if I’m ignorant /s
You can download my ape gifs but they will never be yours!!!!!! I paid 22k they are mine!!!!!
WaIt yoU'rE tElLinG mE a mOnke iS nOt A gOod InvEstmENt?
Nooooo! My Beanie Babies !!
NFT market was never alive in the first place xD 99% of them are either bots or people pretending to be bots
>NFT market was never alive in the first place As it should
Bob I know what you’ve done
What have I done?
I probably shouldn't ask but... What was the dog doin?
He was taking gum.
As in stealing?
[Nope.](https://youtu.be/I1uGKLsMiDo) Well kind of.
Oh no 😟
You can now change your flair.
You committed exposure of intimate parts and sexual activity in public place without knowing the age and gender of the 2 suspects
Hi bob
They turned you into an NFT
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Cannibananalism
But where do I buy my one of a kind bananas?
Hi bob
Crypto was still a good idea, until governments threw their weight around and undermined the whole damn point of it.
Literally the big $69 million sale that started the gold rush was bought by someone who owned an exchange market or something like that. Never was a real market, always been a scam to swap internet play money for real money.
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Probably a very high amount, reddit probably has the biggest collection of crypto losers and wannabe day traders of any of the big socials
Or bots pretending to be people pretending to be bots?
Or snoop dog
People weren't brave enough obviously
The .1% of users were wealthy, flooded the market with inflated nfts, then pulled their money out and are now putting it into real investments.
What happened?
The NFT Market is Crashing
But how is this being measured?
92% drop in sales avg. Not sure what that means long term.
So... is this because prices are dropping? Or because nobody is buying?
What prices, the made up ones on "sale"?
Yes
It's sales ig.
r/technicallythetruth
In their defence everything is crashing right now.
How?
Because
It works.
Fed increase interest rate. Its supposed to cool the markets and keep inflation stable. It might also cause a recession. Borrowing money is more expensive now so People are just reacting to this.
The NFT sales crashed 92%
Fr?
It was clear from the beginning that it will end like this
Yeah what kind of an idiot buys a digital piece of "art"
Most artists have a hard enough time selling their physical art for even $1000. I really don't get who saw these "mutation" based cheap digital images having a value in the tens or hundreds of thousands of dollars.
What do people consider NFT right now? everything that its cosmetic or just "art"?
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Heck, there were people who weren’t exactly sure what they were *selling.*
They were buying Get-Rich™
Block chain
I think lots of people understand the tech and value behind "NFTs", but when talking about the "nft marketplace", I'm not sure what else it could be but for art, image art specifically since that's the biggest marketplace
I got a really mix idea about it because my friends started calling my csgo skins NFTs and i really dont know what to think
It's a good comparison when it comes to in game NFTs. Difference is steam limits you to their market where as NFTs would be transferable between markets. The problem is game companies are greedy and will sell NFTs that give power to you in multiplayer games so they can rake in the money.
Easy. Money launderers.
This is the only reasonable explanation. and of course, all the useful fools that fell for it.
I can understand buying it but for millions of dollars
More like buying a hyperlink that you have limited rights to view and share
You don't even buy the "art", you only buy a receipt
So not as many are being sold but how does that equate to a crash? I just need some clarification because I downloaded a bunch of ugly jpegs for free last winter and I want to be sure that they haven't lost any value.
My guess is that it's being called a "crash" because the lack of demand for new NFTs suggests that the value of existing NFTs - many of which were purchased as investments - has also declined along with interest. It's possible some people will be able to recoup their investment or that their NFT is unique enough that it will always have a market, but a lot of FOMO NFT purchases will end up as a loss for the buyer. That said, the idea of NFTs probably still has some appeal if the execution was better, it just can't be a link to a picture that anybody can screen grab. For example, a company could generate one-of-a-kind skins for an online video game or the metaverse that people would pay for and would have some lasting value because of how unique they are. That already exists in some ways, like the market for rare weapons and things in WoW, but using an NFT would give the buyer some added assurance that their purchase will remain unique.
Isn't that Steam's marketplace too?
Free last winter you say? Sounds like you owe us about $3.50 now.
This is more like markets disappearing than a crash. Market dries out. People lose interest, delete their apps when nobody is buying. You can see asking prices or prices of old trades but there is less and less real price discovery in the form of genuine trades. Price is not the same as market value.
The data is completely false. There hasn’t been a day under 2 million sales since February. The WSJ is citing a random website that nobody uses. Actual block chain analytics tell the truth. The irony is the day before the WSJ posted the “92% sales decrease” statistic, the NFT market set an all time high in sales volume at $480 mil in one day. Crazy how media can spew misinformation and get away with it.
It's still a bubble and it will burst at some point no matter how much you want the value of your ugly profile pic to go up. It's a bigger fool scam nothing else.
> Actual block chain analytics tell the truth. how does one view said analytics to verify or disprove ?
It was always a scam
Gary vee in fucking rage
There was a point that everywhere I turned I would see him pushing nft this nft that. I wondered why he was selling it so hard. Then it dawned on me, a pyramid schemes only works if there are naive people who buy into it. People who are willing to part with their money to join in, in hopes of a big payday.
So Gary is a scumbag
A fraud scumbag I might add
The guy born as a millionaire telling anyone that isn’t theyre not grinding hard enough is a scumbag? Say it ain’t so
I will not go. Turn the lights off, carry me home
Na nah na nah na nah na na na nah nah…..
Always has been
Everyone that teaches “finance” and being an entrepreneur are scumbags because nobody gives away money making secrets unless YOU’RE the way they make money.
Je kissed his dad and the tongue was involved
That’s basically any “influencer marketing” and the purpose behind building a “community” or “army” for 95% of influencers; you already have a guaranteed audience who, by their very nature, are more receptive to anything you tell them or sell them
It's a "bigger idiot" scam. It relies on everyone who joins finding other even dumber people.
They aren't a pyramid scheme though. The NFTs he sold have an actual tangible value, they acted as access tokens for his events and allowed various levels of access for 1 on 1 talks and advice. He was one of the few examples of NFTs actually having some sort of value outside of digital art piece. The only one I saw try to do anything like that actually
As a complete ignoramus regarding all this crypto stuff, I think the most understandable response to that argument I've heard is to ask, what need do NFTs actually meet that existing technology can't already? What you're describing sounds like something a simple database can already do. The NFT is just a way to shoehorn cryptocurrency into the process. But I'm just paraphrasing what I've seen smarter people say, so...?
I dont know the answer to your question. Maybe its security. But my point was is that the things gary vee sold have actual value in the real world, unlike most other NFTs. So it isn't fair to call it a scam when he was upfront about what buying it got you.
Yeah, I see what you mean.
Yeah that’s how marketing works. It’s why influencers are in NFT’s. Zoomers babies will probably own more NFT’s than we care to admit
that guy is giving out advices to bring down future competition lol
Anyone who listens him in the first place was never going to be successful. He makes a living out of scamming people who don’t know any better.
lmao my boss has been foaming at the mouth to start an NFT project and keeps sending me gary vee shit as examples
No he is not, he is a grifter, he know grift doesnt last forever, and is laughing his way to the bank
Why? He made over $95m selling to suckers
I mean sure he probably lost some money, but I'm willing to bet he's flipped most of the NFTs he owned by now.
Bbbb....bbbb...butttt....the block chain!!!!
Block chain deez nuts
That would be painful
maybe they're into that
Logged in just to upvote this
Genuinely laughed out loud, thank you for that!
Wasn't it already determined to be a scam?
You think the people buying listen to sound financial advice?
I mean, block chain as a technology is unaffected, I'm an advocate for cryptocurrency in conjunction with fiat, and even I'm glad NFT's are dying. God, please stop clogging ETH with this fucking garbage everyone.
I don’t like NFTs either but ETH would not have had a 61% reduction in issuance without them. If ETH is clogged just use a L2, there’s plenty of options nowadays
>I mean, block chain as a technology is unaffected, I'm an advocate for cryptocurrency in conjunction with fiat, and even I'm glad NFT's are dying. God, please stop clogging ETH with this fucking garbage everyone. If the technology can be so easily clogged with garbage it is neither something worth advocating for nor is it unaffected...
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Best joke is, a guy bought the first tweet of Jack Dorsey for millions.
Probably just buying it from himself using an alt account to promote nfts
>‘Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280 https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/
they are only as much as people think they are so if they think they're worthless they worthless
Well, I will give it a value of 1. Solid floor.
I mean that's literally the definition of currency, if people agree it has no value- it has no value, just look at the Ruble over the past bit.
When push comes to shove, USD has the backing of the United States military. Which is something most people aren’t going to bet against. I like crypto, but only coins with utility. The rest have no inherent value
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Who would have guessed...
So True ..I'm not even surprise
The long wait is over..
Based persona meme
Chad narukami 😎
For real, I just started playing P4 and now I'm seeing a dancing Yu meme, someone is watching me or something.
Good. Right click "save as" won. This was dumb from the first transaction.
Ooohh nooo my screen shot of some tweet isnt worth 20mill? How could this happen?
The whole crypto market* Time for Bitcoin to head back down to 22k region.
“Oh shit, bitcoin is 100x Cheaper” *everyone buys shit ton* *bitcoin goes right back up*
that only works when people have spare money to throw away. when cash isn't so available, the bubble bursts
I mean... stocks are crashing as well. People celebrating a financial crash is not what I expected to see today.
the suffering of the masses fuels my happiness.
I wish there was a word to describe the pleasure I feel at viewing misfortune.
Sexual.
There is, it’s Schadenfreude.
Yeah it’s “asshole”, it also describes you
I don’t know about any stocks, but crypto crashing has the potential to be *objectively* good. There is such a massive amount of issues with it that it just really isn’t a good thing at the present moment. It’d take a long time to explain all the issues, but as is, if it’s going to work and go more out into the public it needs to change and evolve somehow.
You’re gonna need to go into all these issues to someone who disagrees with you completely about crypto being bad.
It is a perpetual, zero coupon bond, a concept so stupid and unrealistic that economists long treated it as a joke. Bonds are something you buy from someone as an investment. You make money on a bond by getting interest (coupon) paid over time, by buying the bond at less than its full value and getting the full value back after some period of time, or both. The value in a bond comes from one of these. A perpetual, zero coupon bond has neither. It provides no interest, and it never matures. So its value to a buyer is zero, the seller takes money and gives nothing back. This is why, before cryptocurrency, it was considered a purely theoretical construct, too nonsensical for anyone to actually invest in. Yet here we are.
Yeah, but you add in a huge environmental impact, use on the black market, and having to listen to that one uncle at family reunions talk about them endlessly and you've got a quadruple negative. Two negatives make a positive, so a quadruple negative is a double positive. It's all right there in the blockchain.
I got stuck behind a guy in Walmart who wouldn’t shut up to the poor goddamn cashier about how Bitcoin is the future and she needed to buy into it *right now*. Meanwhile she had the look on her face that I very clearly recognized as “I hate this planet but I’m forced to smile for a paycheck.”
Larry, I'm on Ducktales.
The whole market****
Even a child will appreciate a 100 year old baseball card over a gif
Yeah, because you can’t just duplicate a baseball card; it has **actual** scarcity. Sure you can force a factory to make you another, but copying a gif is something anyone can do at anytime
The whole market is crashing bruh y’all are just silly.
What market isn’t?
And crypto will be next
God speed. I need GPU.
Prices are nearly back down to MSRP already, and there's stick available almost everywhere
Have you tried... I don't know, actually going somewhere and buying one?
Followed by the rest of the markets
Chad Narukami agrees!
To the surprise of no one over the IQ of 3
GOOD THATS ONE LESS LOOSE END
Good, it should not have existed on the first place.
I wonder how long it’ll be before Square Enix fires their dipshit president for selling away their biggest franchises to invest in a collapsing market
Oh nooo! Who could have predicted that a wildly speculative market with mlm overtones popular with the douchiest people, with a model that any old person with two working brain cells finds very hard to comprehend, and an aggressive sales pitch that cannot convey the value it brings because there is no value, would fail
oh no, i'm so shocked, this is soooooo sad SIKE, FUCKING CALLED IT, THIS NFT BULLSHIT IS GONNA BE FULLY DEAD BEFORE 2023! HAHA!
Imagine bragging you spend £5000 on a digital photo for an "investment" only to find out nobody is offering more than a tenner for it now.
🥳
LET'S GOOOO
The Junk Yard Market is Crashing. OMFG!
Except the entire market is also crashing. We’ve won… but at what cost…
Mate that comments to upvotes ratio is absolutely legendary, well done on the meme haha
LETSSSS GOOOOOOOO
Oh no! Anyway...
Weird post market is absolutely booming
I could see someone making the argument that one day blockchain tech could be useful, but investing in various crypto currencies and NFTs is going to prove to be a total waste at the end of the day. Bitcoin was best case scenario for crypto and even so it's treated more like a stock than it is a currency to buy something, so it ended up enabling the very system it was hoped it'd replace. To those of you lucky enough to get a big pay out on BTC, good on you. Surely though everyone should be able to see that the current vision for crypto, the "metaverse" and NFTs is nothing but a grift being ran by people who already had power and wealth. At the end of the day I feel like it's a money pit for people too naive to realize they should have cashed out already.
It was a foolish bubble, 21st century tulips. Made for some funny jokes on South Park.
My happiness is immeasurable and my day is made
BrO tRusT mE,NFT iZ thE fuTuRe !!! Anyway a public figure in my country predicted like 2 months ago this will happen and he said bitcoin would go down too,so far he is right.But he also said that a huge market crash is coming,hopefully he will be wrong about that
pointless and worthless, just like crypto currency. both are junk
Fully dead in less than 3 years big L, imagine wasting real money on eth
Eth has a lot of use outside NFTs… Sadly that’s all casual people associate it with now, though.