Author Topic: NFT WTF  (Read 745 times)

  • Offline neXus

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NFT WTF
on: April 12, 2021, 04:38:19 AM
Pretty much as the title.


NFT was originally conceived as a means to use blockchain to digital mark a digital artists work so you knew who made it and the ability to add worth and authenticity to their artwork just a physical version would. As things go though it has gone into a crazy town make something valuable / use it to launder money and just down right scammy/sleazy affair.


First up is the NBA selling clips / digital cards and other companies... OK, card collecting is a thing and I guess in principle it is OK but the pricing stuff has gone nuts. The 1 pixel colour block selling for a crazy amount was just nuts and all the other stuff in between. This just needs to die and go away as it is all just bad and dodgy!


Thoughts?

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  • Offline Clock'd 0Ne

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Re: NFT WTF
Reply #1 on: April 12, 2021, 07:28:04 AM
Its bollocks and anyone that buys an NFT is a tool with too much money.

  • Offline neXus

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Re: NFT WTF
Reply #2 on: April 12, 2021, 08:14:37 AM
Its bollocks and anyone that buys an NFT is a tool with too much money.
Or doing it for dodgy reasons like laundering money. One guy has spent over 40 million on the NBA stuff for example. Can not think that down the line it will be worth even more considering thousands of people have the same things and any of us can get the EXACT SAME clips for free if we wanted too.

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  • Offline Clock'd 0Ne

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Re: NFT WTF
Reply #3 on: April 12, 2021, 08:50:05 AM
You're right, though I think a lot of crypto generally is used for laundering anyway.

  • Offline neXus

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Re: NFT WTF
Reply #4 on: May 31, 2021, 03:47:56 AM
BBC has a great article:
https://www.bbc.com/news/technology-57273904


And I think we are also hitting this peak stupid already.
Someone bought a virtual NFT handbag that they can do nothing with and it was more than the actual 2k bag in real life! I think like 4k something!


If you have the money to spend on these things - All for you, but I can not believe that they will hold value in 10 years or a 100. I may be wrong there but with evolving software and tech these will be out dated and may not even be comptabile and viewable in 20 years.


If you buying more than the physical object you have to be avoiding taxes or laundering money or some form of investment scam.


Cryptocurrency has hit rock bottom in terms of credibility in my eyes as well recently.
You can have one person tweet they support it one minute to buy cars, accept payments and then a few weeks later pull it. The same person or other people tweeting to inflate one crypto over another and so on.


Now the new thing is "Oh yeah, it is killing power" and a few countries are taking measures in that regard and new ones popping up that are "Echo friendly" to try to be the next big one.
SSD's are already going up in price because of the China one that uses SSD and hard drive space and not churning numbers.

  • Offline neXus

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Re: NFT WTF
Reply #5 on: May 31, 2021, 05:08:14 AM
I forgot to hit post from the above post the other day.
And today articles from music artists who are livid who, outside the big names are struggling to take off under Spotify, Apple and digital music sales to see videos of pink cats making millions!

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  • Offline Clock'd 0Ne

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Re: NFT WTF
Reply #6 on: November 19, 2021, 17:22:14 PM
https://kotaku.com/someone-right-clicked-every-nft-in-the-heist-of-the-cen-1848084379

About time something like this happened and NFTs were shown up for the utter exploitative bollocks they are.

  • Offline neXus

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Re: NFT WTF
Reply #7 on: November 22, 2021, 23:43:22 PM
https://kotaku.com/someone-right-clicked-every-nft-in-the-heist-of-the-cen-1848084379

About time something like this happened and NFTs were shown up for the utter exploitative bollocks they are.


There are a lot of people paying crazy money and buying and selling them right now that you could get into and making money off for sure but this is all a scam.
While they are the images only and no digital signature I do not think it will be long before someone works out how to replicate that from the blockchain and attach it so it is meaningless.


All the reasons why that exists and what it could mean have hardly even been applied yet.


The idea that not only do you own the original but it allows you access to certain things or do other stuff I get but you do not have any means to use most of them yet and people just literally not even saving it locally and just seeing they own it on websites that could be gone in a year.
Also with some stuff on the news just seems another means as a tax write off for many and money laundering as well.

  • Offline Serious

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Re: NFT WTF
Reply #8 on: November 25, 2021, 11:01:10 AM
A huge amount of crypto is being used to defraud people who have no idea what it is. Even more is being used to cover crime, such as drug trafficking and illegal porn up.

Really there is very little reason for it in normal life and trade where you cannot use something else.

  • Offline neXus

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Re: NFT WTF
Reply #9 on: November 29, 2021, 03:32:01 AM
A huge amount of crypto is being used to defraud people who have no idea what it is. Even more is being used to cover crime, such as drug trafficking and illegal porn up.

Really there is very little reason for it in normal life and trade where you cannot use something else.


It is really annoying for me. I could go in and make money from these things but you literally have people with a lot of follows on social media telling people what the next big crypto is and people buying and selling and it dying and you know people are setting these up to make money and then when they die off do not care.
Governments are just not doing anything in these areas and while YOU may make some money at risk there are people saying they are rich from crypto as if it was genuine but know its just all dark now and not what the original creator envisioned for all this.

  • Offline matt5cott

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Re: NFT WTF
Reply #10 on: November 29, 2021, 16:17:05 PM
Its bollocks and anyone that buys an NFT is a tool with too much money.

Agree, flip side is we're all old and if a bunch of kids collect and attach value to what we consider technically worthless jpegs then christ knows what's going to happen.

To be clear I own zero and have no intention of buying NFTs.

A huge amount of crypto is being used to defraud people who have no idea what it is. Even more is being used to cover crime, such as drug trafficking and illegal porn up.

Really there is very little reason for it in normal life and trade where you cannot use something else.

It is really annoying for me. I could go in and make money from these things but you literally have people with a lot of follows on social media telling people what the next big crypto is and people buying and selling and it dying and you know people are setting these up to make money and then when they die off do not care.
Governments are just not doing anything in these areas and while YOU may make some money at risk there are people saying they are rich from crypto as if it was genuine but know its just all dark now and not what the original creator envisioned for all this.

There's a whole sh*tcoin and NFT ecosystem, Governments shouldn't be doing sh*t, what do you expect them to do? "HELP I BOUGHT 10,000 PINK PISSY COINS AND 50 PICTURES OF ROCKS AND OMG THEY WERE BOTH A SCAM PLZ HELP"  :lol: :lol: :lol: :lol:
Last Edit: November 29, 2021, 16:20:40 PM by matt5cott #187;

  • Offline neXus

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Re: NFT WTF
Reply #11 on: November 30, 2021, 01:26:38 AM
Its bollocks and anyone that buys an NFT is a tool with too much money.

Agree, flip side is we're all old and if a bunch of kids collect and attach value to what we consider technically worthless jpegs then christ knows what's going to happen.

To be clear I own zero and have no intention of buying NFTs.

A huge amount of crypto is being used to defraud people who have no idea what it is. Even more is being used to cover crime, such as drug trafficking and illegal porn up.

Really there is very little reason for it in normal life and trade where you cannot use something else.

It is really annoying for me. I could go in and make money from these things but you literally have people with a lot of follows on social media telling people what the next big crypto is and people buying and selling and it dying and you know people are setting these up to make money and then when they die off do not care.
Governments are just not doing anything in these areas and while YOU may make some money at risk there are people saying they are rich from crypto as if it was genuine but know its just all dark now and not what the original creator envisioned for all this.

There's a whole sh*tcoin and NFT ecosystem, Governments shouldn't be doing sh*t, what do you expect them to do? "HELP I BOUGHT 10,000 PINK PISSY COINS AND 50 PICTURES OF ROCKS AND OMG THEY WERE BOTH A SCAM PLZ HELP"  :lol: :lol: :lol: :lol:

An NFT they can not do much but you need a crypto currency to make one to get it on the blockchain and most are bought with Crypto as well.


Crypto is currency and traded by people within a country and cross country so they need to regulate it properly.
Heaven knows how much is going through digitally now for drugs and other criminal business the governments are missing now.
Plus literally every day people are breaking what would be law by artificially inflating or deflating currency. Elon Musk has been so much dodgy crap in that area alone.

  • Offline matt5cott

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Re: NFT WTF
Reply #12 on: December 01, 2021, 11:12:34 AM
Well governments manage to miss all the regular dollar/euro/pound etc fraud as it is, their track record is laughably poo, but if you think they should try and regulate "crypto" Fair enough, I don't agree, but no doubt they will try,

I agree with you 100% on Musk though, some seriously shady behaviour yet people still worship the guy :dunno: I've never been a fan of him.

  • Offline Serious

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Re: NFT WTF
Reply #13 on: December 01, 2021, 12:14:08 PM
That Musk is *RICH* is good enough for many. Beyond that he is willing to push things and take risks that others would never contemplate. He's taken a route that has so far been successful for him and his backers.

His space enterprise is certainly the best option out there for the future. The established American companies are still way behind.

He is doing what was needed, shaking things up and improving them.

Do I trust him, not a lot. He still seems in it for himself. BUT there are a lot of worse people on earth.

  • Offline neXus

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Re: NFT WTF
Reply #14 on: December 02, 2021, 00:29:29 AM
Well governments manage to miss all the regular dollar/euro/pound etc fraud as it is, their track record is laughably poo, but if you think they should try and regulate "crypto" Fair enough, I don't agree, but no doubt they will try,

I agree with you 100% on Musk though, some seriously shady behaviour yet people still worship the guy :dunno: I've never been a fan of him.


He can act dumb but like Besos they are 100% smart as f***.
Besos in a lot of marketing, selling and business strategy which is all dodgy and shady as sh*t but all about maxim profit and low yield so its nasty, bad for staff etc but respect for doing it and getting away with it knowing the legals.


Musk setup paypal and spent hours and hours and lived like crap to achieve all of it. Him and his mate found a loop whole that big banks had and allowed something that would work globally that the Banks hated and tried to shut down but could not that made them heaps and then sold to eBay for heaps.
With that capital then going on to do what he is doing and just making more and being smart on those topics - Respect.


But like many. - The shady stuff as well on top - Nah!

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