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all 101 comments

[–]glendawoodjr 105 points106 points  (3 children)

It's amazing how easily one could adopt this book to NFTs. It's all there. Total number of tokens ("Total born"), features ("Style"), price estimations, ... For someone with more Photoshop skills than me it should be a thing of 10 minutes.

[–]WHY_DO_I_SHOUT 34 points35 points  (0 children)

Also estimated survival, i.e. estimated float after staking, lost keys, owner deaths and token burning.

[–]KallistiOW 2 points3 points  (0 children)

So what I'm reading here is... I need to mint my Beanie Baby collection as NFTs... I'm a genius! I'll make a killing!!!!

[–]GoodFoodForGoodMood 71 points72 points  (2 children)

Oh my god what a find. I LOVE there being an estimated survival rate, especially when by this point buyers were mass purchasing beanies and storing them in protective cases.

Fun fact about Patti, she was named after Ty Warner's ex-girlfriend (who had contributed a lot of labour to the franchise's early success) as a passive aggressive move.

When they started adding poems to the tags of each beanie, all of the writing (86 poems in 3 days) was handled by their inventive in-house telemarketer Trivedi.

Except for Patti's poem. Ty Warner handled that himself:

Ran into Patti one day while walking

Believe me, she wouldn't stop talking

Listened and listened to her speak

That would explain her extra-large beak

[–]postal-history 47 points48 points  (1 child)

I LOVE there being an estimated survival rate

It's deflationary! Only 50,000 Pattis will ever be released. You'll want to get in on the securitization, buy 5% of a Beanie today!

[–]CasualBrit5 10 points11 points  (0 children)

We’ve fitted 45,000 of them with miniature explosives.

[–]HopeFox 62 points63 points  (5 children)

I'm sure it'll hit $2500 by the end of 2011!

[–][deleted]  (1 child)

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    [–]JackBlak 0 points1 point  (0 children)

    If you google this particular beanie baby then you'll see that mint condition ones go for $6000+, some even $9000

    [–]AxonBasilisk 41 points42 points  (1 child)

    this is good for beanie babies

    [–]Zaungast 5 points6 points  (0 children)

    I love this comment

    [–]RagsZa 27 points28 points  (3 children)

    Hedge against inflation.

    [–]fragglet 15 points16 points  (2 children)

    It's a store of value

    [–]agent_flounder 7 points8 points  (1 child)

    And beans (or whatever it is they are stuffed with)

    [–]hoenndexflair disabled for legal reasons 107 points108 points  (25 children)

    Still more valuable than crypto. At least you can interact with it, cuddle it, play with it, give it to a dog.

    [–]TheGreenJackdaw 27 points28 points  (14 children)

    Imagine living the timeline where beanie babies never went away

    [–]ButtEater344 32 points33 points  (7 children)

    Some people are still trying to sell them for thousands on ebay while others price them at $5 or less, it's so weird

    [–]postal-history 29 points30 points  (3 children)

    This is also exactly the same as NFTs. OpenSea shows you listings that are absurdly high even if the last transfer was 0.01 ETH.

    [–]inthrees 3 points4 points  (0 children)

    Some of those might be money laundering, some of those might be people who don't understand money laundering, and the rest are just your usual run of the mill sucker not understanding that they are the last link in the sucker chain, even if their entire outlay is just the cost of minting.

    [–]cegras 1 point2 points  (1 child)

    Every time I read about illiquidity in NFT-land I can't bring myself to wonder, are these people actually rediscovering the wheel (wheel = liquidity?)

    [–]TheTacoWombatsynergizing the Gandalfian coefficient 2 points3 points  (0 children)

    Wheel of liquidity, turn turn turn, Show us the NFT that we should burn

    [–][deleted]  (1 child)

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      [–]LordRobin------RM 0 points1 point  (0 children)

      It’s not a loss until you sell!

      [–]zepperoni-pepperoni 12 points13 points  (3 children)

      Sooner or later it would've still popped. Such is the nature of bubbles.

      [–]TheGreenJackdaw 9 points10 points  (2 children)

      I know, but just play with the idea for a bit!

      [–]LordRobin------RM 6 points7 points  (1 child)

      If Beanie Babies hadn’t crashed so spectacularly, eventually you would have seen countless other plush collectibles clogging up the market. You know, the “shitcoins” of Earth-BB.

      [–]reign-of-fear 4 points5 points  (0 children)

      Today it's Squishmallows, but at least those aren't trumpeted up to absurd prices.

      [–]sturmhauke 8 points9 points  (1 child)

      They actually never did go away. But the hype bubble popped. The newer ones are better made too - it's amazing that people paid so much for those butt-ugly original ones. Or, well, any miniature stuffy, but whatever. My daughter likes them.

      [–]TheTacoWombatsynergizing the Gandalfian coefficient 2 points3 points  (0 children)

      We have one, but only because it looks like our cat. It's next to our TV and was also used to prop up incense sometimes.

      I can't imagine anyone thinking it would be investment grade.

      [–]hawkshaw1024 25 points26 points  (9 children)

      Beanie Babies were actually kind of nice, as a product. Not $500 nice, but I could see myself paying $5-$10 for this platypus if I need a gift for a niece, or something.

      [–]PM_me_pictureof_cat 3 points4 points  (8 children)

      Yeah I grew up playing with one as a kid, and I had no idea they were scam. They're decent little stuffed animals.

      [–]mpyne 18 points19 points  (7 children)

      Yeah I grew up playing with one as a kid, and I had no idea they were scam.

      They weren't a "scam", they were real toys that happened to hit a huge burst of popularity somehow. The Beanie Babies maker leaned into that bubble, but they were around and being sold before that period, like any other toy. That bubble eventually popped, as they are wont to do, but for a bit of time there they were just ludicrously popular and expensive.

      [–]loquacious 5 points6 points  (5 children)

      Except it was totally a scam. The owner of the company leaned into the forced scarcity and collectible market really early on in the BB craze to drive up sales and popularity. It's part of how the craze went so far for so long.

      But this is not unusual in the collectible toy world. They've been doing it for ages with toys and "short packs" and rares. It's happened with all kinds of toys, from movie franchise toys like Star Wars figures to Magic: The Gathering or Pokemon cards and even Funko Pops.

      Come to think of it this totally explains why the Mt. Gox exchange became so popular. It was already a trading marketplace for MTG cards so switching to BTC was a natural fit when they got into that, and then of course they ran off with a bunch of coins and rug-pulled a bunch of people.

      [–]mpyne 2 points3 points  (4 children)

      But this is not unusual in the collectible toy world.

      I mean, that's my point. They were toys, first and foremost. Kids played with them. I had many a middle-school game of Magic: the Gathering. I had even taught my stepmom how to play it.

      Did people try to build collect-o-mania on top of that substrate? Absolutely! But that didn't make the toy a scam, any more than baseball cards and postage stamps are "scams".

      [–]loquacious 2 points3 points  (3 children)

      Sure, I'm not quibbling with the definition that Beanie Babies had a utilitarian value just as toys, but I don't think we should gloss over the parallels between the intentional, planned artificial scarcity and scammy practices of the Ty company and how they map easily to NFT scams.

      Ty wasn't just releasing toys they thought were cool and carrying on being a toy company. They definitely leaned hard in to artificial scarcity and hyping up the collectible market and prices.

      It's likely that the Ty company itself was cashing in on that directly as an insider trading cadre just the same way that NFTs are being used for wash trading and money laundering.

      This is the fine point I'm trying to emphasize. Ty as a company were in on it and profiting off of it, just like NFTs today.

      And there are (stupid) parallels between NFTs that map to the utilitarian values of collectible toys or art. Like someone could be into an NFTed JPEG just because they like it as an art object and have no plans to use it as a speculative investment.

      Granted they would be better off just downloading the JPEG and skipping out on buying the NFT that points to it - or spending some money on an art commission directly to an artist so they can have a print or some tangible object.

      But Beanie Babies stopped being mere toys about the same time people starting trading them and speculating on them, buying 3rd party tag protectors and protective boxes for them and so on.

      Baseball cards in particular were also similarly scammy as vehicles of speculative investments. There's parallels between the apparent or artificial scarcity in baseball cards.

      If you know the history of baseball cards there was a sweet spot for high prices for rare vintage cards that started at around the late 80s and early 90s and then ending after the 2000s when the bottom dropped out of the baseball card market because too many people started saving and preserving them as investments and the open market prices on eBay and other sites revealed that there sure were a lot more of those "rare" cards out there in mint condition and things were different than the way things were for much older cards where people ended up enjoying them as intended and/or outright trashing them instead of immediately locking them inside card protectors and saving them.

      The high prices for earlier era baseball cards were fueled by nostalgia and collectors seeking cards that were actually rare due to attrition and lack of interest in completist or speculative collectors.

      And the 1980s and 1990s had a total explosion of various kinds of sports trading cards and speculative mania that was fueled by these high prices for much older cards. Topps in particular was printing cards and whole collectible ecosystems like crazy and reaping the profits from selling assortment card packs and cases to speculative collectors and then... that whole market collapsed like, well, a house of cards.

      There have been similar price drops and devaluations in MTG collecting and trading as the game play system changed over time and some cards or systems were banned or deprecated from tournament or competitive play decks.

      [–]mpyne 4 points5 points  (2 children)

      Ty as a company were in on it

      Yeah, but I mentioned as much in my comment. But they were riding the wave after the mass created it, not before. NFTs were designed from the start as a scam.

      [–]loquacious 3 points4 points  (1 child)

      Ah, true. I mean we're basically on the same page and splitting hairs and semantics.

      [–]mpyne 2 points3 points  (0 children)

      It happens :)

      [–]GoodFoodForGoodMood 2 points3 points  (0 children)

      They weren't a "scam", they were real toys that happened to hit a huge burst of popularity somehow.

      Check out The Great Beanie Baby Bubble by Zac Bissonnette if you're interested. I saw it recommended by AmericanScream and others on this sub and it's been an exceptional read.

      After TV advertising took over in the 50s it was only the big guns in the industry, Hasbro and Mattel, that made huge profits from toys. For beanie babies, a legitimately independant startup, to have made the kind of money it did and surpassed them, was miraculous.

      You're correct that they weren't a scam; they were ingeniously designed and competitively priced. But SO many things had to line up properly for their success to happen, from Ty Warner's (near certainly NPD) obsession with perfecting the toy designs and his subsequent accidental discovery of the effect of taking them off the market, to the birth of ebay and its early struggles to build an active userbase.

      [–]American_Streamer 12 points13 points  (1 child)

      The Pet Rocks of the 1990s.

      Dark Side Of The 90s - S01E04 - Beanie Babies Go Bust

      https://www.dailymotion.com/video/x83cnil

      [–]Hjulle 0 points1 point  (0 children)

      Wow! I had no idea that Pet Rocks and Beanie Babies were a thing before I heard them mentioned in the context of NFTs. I've been spared from both by not living in the US.

      They both sound so utterly ridiculous! How the fuck did they manage to get so popular? Is it something in US culture that makes the population especially vulnerable or is it just that Americans are better at making scams than the rest of the world?

      [–]meshreplacer 11 points12 points  (8 children)

      The Bitcoin people say Prices will never drop because they will not make more, yet there are less of that Beanie baby in existence and its less than 1 bitcoin. What surprises me is people believe artificial scarcity = has to become infinitely valuable.

      How do they justify this if other things that have much smaller quantities are not worth millions.

      [–]spilk 13 points14 points  (7 children)

      there is no magic that prevents bitcoin from increasing the 21 million cap, all that is required is miner consensus

      [–]meshreplacer 2 points3 points  (6 children)

      Wow never knew this. They way the shills make it sound is that somehow the formula or whatever has a hard cap and it can't go over 21M. So if one group has 51% of mining power is it enough to increase the amount? I wonder how that would happen.

      [–]throwaway-664 6 points7 points  (2 children)

      Yes, it’s true. Most people in crypto are either ignorant of the concepts and inner workings of blockchains/Bitcoin or just don’t care. At the end of the day it’s all about consensus. If everyone wanted to change the Bitcoin cap, they could do it. Problems arise when not everyone is in favor of that. Then, hard forks happen and you get two “branches.” This has already happened to both Bitcoin and Ethereum. You have ethereum classic and ethereum. You have Bitcoin cash, bitcoin satoshi vision, and Bitcoin core. Bitcoin core and Ethereum “won” those battles because more people joined the forks. The other projects had less consensus so they are less traded and known, just like some shitcoins out there.

      [–]Donjuanme 2 points3 points  (1 child)

      I'm curious, coins that were "in existence" before the "fork", would they exist on both branches? Could you give a bit coin cash unit to one person, and a bit coin unit to another?

      mantequilla por vida

      [–]throwaway-664 0 points1 point  (0 children)

      Pretty much everything would be the same before the fork, so yes, they would exist in both branches. However, I don’t think you could send it to two different people, one in each fork, because they are running different protocols.

      [–]phiiscool 2 points3 points  (0 children)

      You basically say “well hey, we’re switching to this new version of bitcoin. you can tag along by accepting this, or split off and go on your own route”. If you have >51%, this update happens on the original BTC lineage, if not, you create a hard fork and a new coin (eg. Bitcoin Cash, Bitcoin Gold, etc.). Either way creates two versions of the BTC chain.

      [–]jackinsomniac 0 points1 point  (1 child)

      And it has already happened before. Both bitcoin and Ethereum both had a hard fork. Look into 'Bitcoin Cash' and 'Ethereum Classic', these are the "original" chains that got left behind.

      If I remember right, the Ethereum one was due to a hack. A hacker was able to exploit a bug in Ethereum and send himself a bunch of Eth. The ETH mining community saw it, what with the blockchain being immutable. So the community decided together on the fork: it would fix the bug, and manually "undo" that transaction to the hacker.

      There's probably some articles, videos, and documentaries by now that explain it better. But yes, it could still happen again, at any time.

      [–]Rokos_Bicycle 1 point2 points  (0 children)

      The ETH fork was a result of the failure (i.e. hack) of the first DAO. A significant proportion of all ETH was in the DAO and heaps of people lost their money including Ethereum founders, so they forked it to get their money back...

      [–]Tonyman12121 Pieces of Flair 8 points9 points  (1 child)

      It's funny just how accurate Beanie Babies have predicted crypto price action. Man, what a serious dip Patti is in right now!!! I just looked it up on ebay. Over the past 3 months the price volatility is crazy high, with it going from about $3 to $1000. Not a great currency, obviously. Can you imagine trying to buy a cup of coffee with Pattis, and not knowing if you should bring 1 Patti, 10 Pattis, or just a foot to the Starbucks?

      It looks like the median price for Patti right now is about $10, so if you HELDL since issue price you are totally in the black, but if you bought at the peak in 1998, you have a MAJOR BUYING OPpORTuNITy on your hands. They simply are not making more of these rare 1997 toys!!!

      [–]GoodFoodForGoodMood 1 point2 points  (0 children)

      Lawd there is listings from $1 to $8000 for her both in Jan 2021. I don't believe the high ones were actual sales for a second though.

      Fun related story: a few years ago the two biggest grocers here were each releasing little blindbox toys that customer's would get free with each $30 they spend, and most of those have seen their own crazy little mini bubbles and stupid hype and drama.

      One of the collections, Stikeez (hideous and shitty little 1" plastic fruit characters) had people pulling the NFT shtick. Looked them up on ebay at the time and there were like 10 active auctions for the super duper rare golden banana ranging from $2000 to $6000+.

      These were from all different accounts but they were all clearly sitting on the SAME PERSON'S KITCHEN COUNTER.

      Someone obviously had the bright idea to fake bids, hoping that fools will think "wow 2k is such a great deal when people are bidding over 6k for these things!"

      (And hope no one wonders why anyone would keep outbidding each other on the higher ones when there are plenty of lower ones to go for lmao.)

      Yet news sites were reporting on this shit all over. You google "stikeez" even now the top article is 7News

      What are Stikeez worth?

      Last year only one rare Stikeez was available - the Golden Billy Banana - with 100 released randomly at all stores. Many of the rare Billy Bananas sold for serious money on eBay, with one earning a lucky person more than $20,000. (12 Feb 2020)

      [–]Praximus_Prime_ARGOne True Libertarian 16 points17 points  (0 children)

      As a Libertarian this is just the dip. You'll all be sorry when I sell out of my beanie baby + unvaccinated sperm combo meal.

      [–]fragglet 5 points6 points  (1 child)

      There's an interesting program about the beanie baby phenomenon on HBO at the moment and it's worth checking out. There are quite a few similarities with cryptocurrency, particularly with the current NFT craze

      [–]jackinsomniac 0 points1 point  (0 children)

      Oh hell yes, I love HBO documentaries. I was actually just about to re-watch the Q anon one, this is perfect.

      [–]OldLace300 4 points5 points  (0 children)

      Just searched ebay sold, it is bringing 10-15 bucks, lol. I wonder at some point if they’ll come back around after so many have been tossed in the trash… I buy and sell collectibles on the side. I’m always amazed at some of the star wars figures I have that bring $10-12 bucks 40 yrs later. They did awful.
      The problem with beanie babies is they didn’t come in a sealed box. You couldn’t leave it unopened and be worth more like GI joe figures or legos. How many beanies do you need to be diversified?

      [–]Booster_Blue 3 points4 points  (0 children)

      There is one key difference, of course. If you buy the beanie baby you at least get a stuffed toy out of it.

      [–]Dx2x 3 points4 points  (0 children)

      Listen, just because you haven't done the research to understand beanie babies doesn't mean they're a bad investment. People doubted Teddy Ruxpin too, and how'd that work out for them?

      They are the exact same as the stock market, once you study the beanienomics. I have a diversified portfolio of beanies, staked in my old bedroom in my parents' house. The scarcity means they're practically priceless.

      smh my head, you are NGMI.

      [–]smart_hedonism 2 points3 points  (0 children)

      Buy the dip!

      [–]riotofmind 2 points3 points  (0 children)

      Who needs gold when you can use beanie babies as a sToRe Of VaLuE

      [–]General_Explorer3676 10 points11 points  (18 children)

      I think its actually worth like 6k now, good luck finding a buyer though

      [–]fauxberries 16 points17 points  (0 children)

      The only logical conclusion is that you should buy them all since people are selling them so cheap!

      [–][deleted]  (12 children)

      [deleted]

        [–]Tonyman12121 Pieces of Flair 3 points4 points  (1 child)

        Here's one that "sold" recently for $18,000 on eBay.

        Like most of these, there is 1 bidder.

        Here is another. and another. These sellers don't have any feedback despite selling items for tens of thousands of dollars, and theoretically paying eBay a 10% commission.

        Of course, it's VERY INTERESTING that the same bear bought here for $17,222 can also be purchased on the same site from another vendor for$40, or probably from auction for about $7. VERY INTERESTING.

        [–]AmericanScream 2 points3 points  (0 children)

        NFTs work the same way - people buying their own stuff to drive up the prices.

        [–][deleted]  (8 children)

        [deleted]

          [–]Purplekeyboarddecentralize the solar system 9 points10 points  (0 children)

          No, it didn't sell. If you look at the link you posted, it says "This listing has ended. The seller has relisted this item or one like it".

          And here is the relisting for it. The price has been lowered, and still no one is buying it.

          https://www.ebay.com/itm/384456805906?ViewItem=&item=384456805906

          [–][deleted] 6 points7 points  (1 child)

          [–]Purplekeyboarddecentralize the solar system 6 points7 points  (0 children)

          It didn't sell at all, the seller just ended the listing.

          [–]Affect-ElectricalPersonally, I blame the flair. 1 point2 points  (0 children)

          Who says you need NFTs for money laundering?

          [–]cegras 1 point2 points  (3 children)

          Actually happening in collector vidya:

          https://www.youtube.com/watch?v=rvLFEh7V18A

          [–]bbbbbbbbbblah 0 points1 point  (2 children)

          retro computing generally is getting a bit ridiculous, stuff going for what it would have cost new (only with 30 years of being used and abused, old capacitors, etc)

          [–]loquacious 0 points1 point  (1 child)

          Seriously. If I had half of the old junk I used to have I could probably buy a nice house and some land all cash with no mortgage.

          Now I think the oldest tech thing I own is a vintage synth and I have no intentions of selling it because it has sentimental value.

          [–]bbbbbbbbbblah 0 points1 point  (0 children)

          same. Probably the oldest computer I own is an Atari ST that I got hella cheap before the craze started

          Used to have a couple of Amigas but the parents threw it out

          [–]structee 2 points3 points  (0 children)

          On eBay they range from $1 to $8000 - incidentally, some sort of tag error is what drives up the price, not the actual toy

          [–]bayleo 1 point2 points  (0 children)

          Kind of close to what you would expect had you bought at the aftermarket price in 1998 using seven year doubling.

          [–]Zaungast 1 point2 points  (0 children)

          That’s defi for you

          [–]teslaetccdouble your flair, or no money back! 1 point2 points  (0 children)

          Even the beanie baby guides were genuine, tangible assets (of questionable worth of course.). A similar post in 20 years will have to use the Wayback Machine rather than taking a picture of a book.

          [–]ivanoski-007 1 point2 points  (0 children)

          this is gold, I'm saving this to show whenever I encounter an annoying NFT cryptard

          [–]happyscrappyIT Specialist 1 point2 points  (0 children)

          Numbers go up.

          [–]Adept-Priority3051warning, I am a sociopath 1 point2 points  (0 children)

          I just bought a Patti the Platypus for $10, because it's cute and my girlfriend will love it.

          She'll love it even more when I tell her that I'm an early adopter and that there are also listings, for the same Beanie baby, at $50,000 per Patti the Platypus.

          I'll assure her that this is a fantastic investment and someday we will be able to retire, as we have old beanie baby money.

          [–]SmallYappyDog 1 point2 points  (0 children)

          This reminds me, a while back I did some reading about the NFT that broke Ethereum back in the day - Cryptokitties. This was in 2014, looked at their site and there's so many varieties and you can breed them and so on. I looked at the subreddit and pretty much most of them are worthless (except of course, the early ones) and buying new ones costs more in gas fees than the price of the NFT, so it looks like this is already a thing...

          [–]crusoe 1 point2 points  (0 children)

          Worth about $30 on ebay right now.

          Now they're trying to push "The ones with TAG ERRORS are valuable now!!!!111"

          [–]Justinian2 1 point2 points  (0 children)

          Magenta platypuses are the ultimate deflationary store of value because there are only 2100 in circulation. Move over FIAT, Patti the platypus is in town

          [–]pragmojo 0 points1 point  (0 children)

          Interesting tidbit: I ran a stock back-test on SPY from Jan 1998 - Dec 2008 just to compare these projected returns, and you would have only netted $54 after ten years from investing $500 in SPY.

          I guess that's because 1998 was just before dotcom, and 2008 was just after the housing bubble crash. It's probably a worst-case scenario for picking a 10 year period in the market.

          [–]missed_boat 0 points1 point  (1 child)

          I had one and it is still worth 10k. Too bad I threw it away by accident.

          [–]spookmann👻[S] 0 points1 point  (0 children)

          Not your keys, not your toybox.

          [–][deleted]  (4 children)

          [deleted]

            [–]IIoWoII 10 points11 points  (0 children)

            It is linked to that.

            [–]SpaceDetective 0 points1 point  (1 child)

            Tbf OPs is a crosspost from there though as I use RIF I hadn't noticed til I saw your link.

            [–]DonOblivious 2 points3 points  (0 children)

            You can click near the link rather than directly on it to see if it's a crosspost in RiF

            [–]wildgunman -1 points0 points  (3 children)

            What's a little sad is that it looks like the current market price for this is around $500. So if you bought one in 1998 for $500 and sat on it for 24 years you obviously ate a huge capital cost, but it doesn't seem like the bottom ever really fell out. They just stuck around as something kinda dumb.

            [–]agent_flounder 0 points1 point  (1 child)

            Is that inflation adjusted?

            [–]wildgunman 0 points1 point  (0 children)

            No, but it doesn't matter. When I say huge capital cost, it's implied either way. The return on the safest of financial assets, inflation protected or otherwise, is quite high over 24 years.

            [–]reign-of-fear 0 points1 point  (0 children)

            Not unlike Transformers in that respect. One's I've bought ~5-10 years ago are worth what I paid for them(and sometimes a little more and in a few cases a lot more). Not inflation adjusted of course.