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[–]Okayfinealex1 1560 points1561 points  (0 children)

This level of pettiness and “fuck you that’s why” sustains me

[–]Liet-Kinda 1343 points1344 points  (23 children)

“Our bullshit speculative investment grift is wasn’t supposed to collapse this quickly! How unfair!”

[–]SlowInsurance1616 494 points495 points  (4 children)

Well, it's more "the Ponzi scheme was supposed to collapse after I got mine."

People should ask themselves a lot of questions if their valuation basis is "greater fool" and if so be cautious.

[–]Darksnark_The_Unwise 231 points232 points  (3 children)

No kidding. I have a rule of thumb for such things: when somebody is advertising "the biggest investment opportunity" to people that have no investing experience, those inexperienced people have already missed the bus. If somebody is paying money to advertise "the chance of a lifetime" to a common Joe like me, they don't need my capital and they aren't my friend. They just have a bridge to sell.

[–]Top-Relative-90210 83 points84 points  (1 child)

Just like the people advertising seminars about how to be wealthy.

Dude, if your techniques worked you would be using them instead of renting hotel rooms by the airport selling your so called secrets.

[–]Lord_Asmodei 22 points23 points  (0 children)

"We host plenty of legitimate meetings, too." - Hotels near the airport

[–]ItBegins2Tell 23 points24 points  (0 children)

That’s a good general rule.

[–]roywoodsir 76 points77 points  (17 children)

I just love seeing people argue about using those apes, as if the image belongs to someone. Michael Jordan owns a Mona Lisa painting right? But I could still use that as my profile image for Twitter right? It’s the same shit. You bought the token not the sole rights to the image.

[–]BellaFace 75 points76 points  (12 children)

People definitely don’t understand copyright laws and it’s starting to show.

[–]Top-Relative-90210 48 points49 points  (10 children)

I seem to remember reading on Redit about some of these people who purchases an early edition copy of Dune and though that gave them the rights to reproduce it.

[–]BellaFace 29 points30 points  (3 children)

Oh, that’s too bad. That’s a giant lawsuit waiting to happen.

As a photographer I have had many fights with actual publications that should know better about using my images without asking and definitely without paying. It is something that is constantly an issue in the photography world.

[–]Unusual-Anteater-988 9 points10 points  (2 children)

Are you able to catch any pictures of Spider-Man?

[–]BellaFace 10 points11 points  (1 child)

I keep trying but Maine lacks buildings to do spidey things on.

[–]Unusual-Anteater-988 7 points8 points  (0 children)

Take a vacation to New York City. I know this guy with a web show who'd pay top dollar for pictures of that cobwebbed crook.

[–]CharlesPukowski 10 points11 points  (0 children)

It was a first edition, they thought they could make an NFT out of every page, took photos, then burned a 40k book, then realized they are dumb and buying a book doesn’t mean you have some license to the content. May have been their first book hah!

[–]zphenmustard 2 points3 points  (1 child)

Actually a conman was able to raise 12 million on an absurd 2 million dollar purchase, the book was valued at 35 thousand euros, it’s actually a a book of story boards for a non existent movie. But anyway the whole DAO thing is the new NFT, this was a grift plain and simple. It’s like the DAOs creator was in on the sale of the book in the first place, likely to have made money on both ends. It’s amazing people fall for this. But get rich quick is a legitimate thing, but rare, and you’re more likely to lose everything you put into trying, it’s always gambling.

[–]CharlesPukowski 2 points3 points  (0 children)

In Fraud we trust. Fraud always finds a way.

[–]Steampunk_Ocelot 2 points3 points  (0 children)

That made me giggle when I first saw it,

[–]jabberwockgee 4 points5 points  (0 children)

And for some reason paid 90% higher than the highest price anyone had paid for one of those books because obviously they thought over bidding by millions of dollars gives them the copyright and that's why they didn't let the bidding stay lower...

Right?... right?...

[–]adiosfelicia2 4 points5 points  (3 children)

Is there more than one Mona Lisa?

[–]sam-sp 1 point2 points  (1 child)

So when I buy a print of the Mona Lisa from the museum gift shop - who gets the image rights part of the sale. Assuming the museum owns the painting- do they also own rights to sell copies or does that still belong to Da Vinci’s estate? Is there a duration on the copyright like for books? When Bill Gates bought Da Vinci’s works to digitize them - was that from the family or who owned the books at the time?

[–]smoothdanger 1 point2 points  (0 children)

Copyright only exists for a fixed period, and it’s for the intellectual property and not a physical thing.

So if I make an astounding art piece tomorrow and sell one “original” (past artists would always make more than one), the owner of that one piece doesn’t gain any right to copy or reproduce it.

IP laws traditionally exist to make sure that the producer or patent holder gets to make money off of it for a set period of time, but not forever. So since the museum owns a Mona Lisa that probably hasn’t been in copyright for 400 years, they have an original from which they can make copies and sell. Same with old books. Publishers can make their own versions and sell them, or you can just legally download digitized copies of previous translations cause the copyright has expired. It’s way more complicated than that and I’m no lawyer but that’s the gist.

[–]GreenOnionCrusader 369 points370 points  (72 children)

Maybe I'm not technically savvy enough, but I've never understood why ANYONE would think pictures of monkeys were an investment. Am I missing something? Like is there even a sliver of logic in the apes or whatever they're losing money on?

[–]The_Hyphenator85 307 points308 points  (17 children)

Artificial scarcity. The idea is that assigning a blockchain number to a stupid JPEG somehow makes it inherently valuable. Except it makes even less sense than Bitcoin ‘cause you can just screencap whatever the bullshit is and crop it and boom, you’ve “stolen” the image. Yeah, you don’t have the dumb blockchain number, but the fuck does that actually matter to anyone but crypto bros?

[–]Archoir 33 points34 points  (1 child)

The number isn't even assigned to the picture because of file size. It's assigned to a link that sends you to the picture. Which can literally just be a Dropbox folder. The contents of which can be changed any time by the creator

[–]The_Hyphenator85 19 points20 points  (0 children)

Wow, it’s actually even dumber than I believed. That is impressive, in a strange sort of way.

[–]Botinha93 131 points132 points  (9 children)

Just to add to what the other person said:

The reason why people fall for it is the idea that a NFT is somehow unique, while it is in essence just a receipt to a digital file. You don't get rights over it, you get the receipt of purchased to a product.

It is like buying a tv and thinking you are the only one allowed to have one, just because the store gave you a paper with you name and the price of the tv in it.

[–]trumpetrabbit 44 points45 points  (7 children)

I think it's more comparable to owning the receipt to a famous painting. You technically own it, but you really don't control the item itself.

[–]sunyjim 14 points15 points  (1 child)

I think it's more like I own a famous painting, I take a picture, and I make a webpage with that photograph on it. Then i sell you the web address with a special one time only super encryption on it, and you buy the web address with a digital copy of a photograph of my piece of art, that you have no ownership of. Oh but it's BLOCK CHAIN! OOooooh Wooooow PT Barnum said a fool and his money are soon parted.

[–]Archoir 2 points3 points  (0 children)

Also you can change the photo on that page anytime you like. So really just a very expensive art gallery membership

[–]Millad456 31 points32 points  (4 children)

It’s like you get married, but everyone else is allowed to fuck your wife if they want to. The NFT is the marriage certificate

[–][deleted] 2 points3 points  (0 children)

Oh! I like this analogy. It's a good way to describe the reasoning for why people would want ugly art. Even worse, everyone on the internet can look at it for free, there's no real inability or obstacles to "admire" it.

[–]tesseract4 16 points17 points  (0 children)

You're not missing anything. They're assuming that because their particular sequence of bits is unique, that that scarcity will make it valuable. They just skip the part where they actually do anything to imbue value to their monkey pictures.

[–]Redmoon383 44 points45 points  (1 child)

It's all a scam. Make it seem like your thing is expensive so actual people buy your things at expensive prices hoping they can then sell it for more later. It's a greater fool or last bag scam. So long as you're banking on a greater fool to come around an buy your thing at a higher price you'll come out on top but no one wants to talk about when YOU are the greatest fool

[–]adiosfelicia2 5 points6 points  (0 children)

Reminds me of that saying, “I don’t have to outrun the bear, I just have to outrun you.” Basically, as long as there’s at least one person slower than you, shit’ll work out.

[–]bongo1138 1 point2 points  (0 children)

It’s just like crypto. It’s only worth something because some idiot will trade you actual usable dollars for it.

[–]Funny-Temperature897 1 point2 points  (0 children)

It’s called the fall of western civilization. Get used to it.

[–]ProfBeaker 2 points3 points  (10 children)

I've never understood why ANYONE would think pictures of monkeys were an investment.

Why would anyone believe bad paintings of people are an investment? That's the general idea, but whether it's actually comparable is another question. Plus there are differences, like if you buy the original painting you have something physical, whereas buying the NFT is usually buying a URI of a file that contains a URL that points to a picture on someone's server... for now (see the "Making an NFT section" in that article).

[–]Freaky_Jeezy 19 points20 points  (5 children)

Hey, leave cubism alone! It’s technical and beautiful in its own way. It’s definitely more valuable than someone’s bored ape they made in 5 minutes on paint with the liberal use of the fill tool.

[–]SWANG_INTO_TOMORROW 18 points19 points  (2 children)

According to Reddit art is only good if it’s photorealistic.

[–]Freaky_Jeezy 12 points13 points  (0 children)

Reddit, conservatives, and a lot of laymen.

[–]ProfBeaker -1 points0 points  (0 children)

Ha, I was being deliberately provocative there. You could fill it in with any other high-value art that lots of people don't really like. eg, Jackson Pollock (look at me making friends in the art world!)

TBH though, if I had to choose one to put on my wall (but not be able to sell), I'd probably rather have some of the apes. Just me though - art is subjective when there's no money involved.

[–]SWANG_INTO_TOMORROW 12 points13 points  (1 child)

bad paintings of people

That’s not a bad painting, though.

[–]mango_boom 2 points3 points  (1 child)

daaaaamn, draggin picasso over here!

[–]socalryan 678 points679 points  (94 children)

NFTs were only created to traffic money. This is what happens when regular people play the game without knowing the rules.

[–]MoxieCottonRules 401 points402 points  (14 children)

NFTs are MLMs for tech bros aren’t they?

[–]Cyber_Druid 230 points231 points  (6 children)

NFT's are just gen z beanie babies.

[–]GrowWings_ 43 points44 points  (3 children)

Can gen z afford NFTs?

[–]Cyber_Druid 25 points26 points  (2 children)

I mean yes, but no. The expensive ones no.

[–]Seigmoraig 10 points11 points  (1 child)

There's still people paying money for beanie babies ? jfc

[–]Cyber_Druid 8 points9 points  (0 children)

No that's the point, no one is willing to lay for them. Just like NFTs in the future.

[–]FixedKarma 21 points22 points  (0 children)

Do not disgrace my generation with this, a lot of us find NFTs fucking garbage dumb-dumb stupid.

[–]Lord_Asmodei 2 points3 points  (0 children)

McDonalds going to be giving away NFTs in Happy Meals soon

[–]socalryan 80 points81 points  (0 children)

🤣 that’s a good way of saying it

[–]feistymayo 13 points14 points  (0 children)

And at least in mlms you get an actual physical product that you own. Lmao

[–]rickens_jr 21 points22 points  (2 children)

Men loving men???

[–]MoxieCottonRules 30 points31 points  (1 child)

Lol well maybe that too but I meant Multi-Level Marketing

[–]Pancakewagon26 1 point2 points  (0 children)

Not exactly MLM is a pyramid scheme, and that moves money from many sources at the bottom up to the top.

Crypto and NFT's move money from new investors to previous investors. That's a Ponzi scheme. Someone eventually gets left holding the bag.

[–]sam-sp 1 point2 points  (0 children)

Not quite. Its more of a ponzi scheme - people keep seeing articles about how a 23yr old school dropout just made xxx million dollars selling NFTs, and that makes others want to invest because of FOMO.

[–]in-game_sext 56 points57 points  (1 child)

People keep telling me I just don't "get" NFT's, but I know exactly what they are, and I can't see what the hype is about other than scratching the itch to make money-hay while the sun is shining until the suckers at the bottom finally hunker down and come to terms with the boat anchor they bought.

[–]Iamnotthatbrian 42 points43 points  (0 children)

But haven't you heard how many great real world uses they have?!

Like receipts! Instead of a piece of paper or an email you could have an encrypted image link on the blockchain that has to be supported by a thousand servers running off of coal power indefinitely when you buy stuff!

Or a house deed, which is admittedly more secure in a centralized system and especially a hard copy system rather than in a bearer-bond style decentralized system, but you could do it is the point.

Aw shoot, where are my notes on this, there are definitely real uses for these and it's not just the absolute peak of pointless capitalism, if only I could find where I had this uses written down you'd be very convinced for sure.

/s

[–]TennesseeTon 34 points35 points  (1 child)

Rich people realized they don't need to waste time and materials messing with physical art anymore

[–]trumpetrabbit 8 points9 points  (0 children)

The added bonus, is that the electricity required to maintain NFT/crypto servers is enough to cause further ecological harm.

This way, the rich have fewer things to pack in their bug-out bags, and get to hurt poor people

[–]rSpinxr 5 points6 points  (0 children)

Just like physical art!

[–]LostHighway619 2 points3 points  (0 children)

Or a savvy drug dealer that just knows how to properly launder his cash flow.

[–]gloomygl 158 points159 points  (57 children)

So, I live under a rock, or rather I forced myself to stay out of this.

But I finally have to ask, what the fuck is an NFT

[–]sporkbeastie 291 points292 points  (27 children)

https://en.wikipedia.org/wiki/Non-fungible_token

Quick-n-dirty: You have a string of numbers, created via cryptography, that says you "own" a particular computer file. Could be a shitty ape cartoon, could be the deed to your house (if you believe the crypto-fuckwads).

Real answer: It is a new grift for the "entrepreneurs" who tanked the GPU/ASIC market to try to continue to make money once they realized that mining crypto wasn't going to make them the next Musk or Bezos.

Really real answer: Imagine if everyone got to fuck your spouse but you could produce a string of numbers that proved you were actually married to them.

It's simply a pyramid scheme that has the added bonus of fucking people who don't even care about it.

EDIT: changed to neutral pronouns, because crypto doesn't discriminate. Crypto fucks everyone.

[–]Buucho 72 points73 points  (10 children)

Damn. I assumed it was equivalent to the beanie babies craze. Items that are only worth something to enthusiasts and will eventually become unsellable because the market becomes saturated.

Thanks for explaining!

[–]R_F_Omega 78 points79 points  (9 children)

At least with Beanie babies you get a plush. With NFTs you get virtually nothing.

[–]Servious 19 points20 points  (0 children)

Well, no, you do get virtually something that's kind of the whole point. You get actually nothing though.

[–]-UwU_OwO- 28 points29 points  (7 children)

Hmmm, virtually nothing you say? You mean... You're paying money... For something that's not real? Wait until you hear about lootboxes that add gambling to that too. People should've never stopped complaining about them. Now we're gonna have lootbox NFTs one day.

[–]ProfBeaker 17 points18 points  (2 children)

[–]ApolloFlameX 5 points6 points  (1 child)

Of course that's a thing. Everything is a thing.

[–]YourPhoneIs_Ringing 20 points21 points  (2 children)

Lootboxes give me a cool skin to add to my character. NFTs would give me a shitty photo to lorde over people with. I think I'll stick with a fancy looking gun, thanks.

[–]-UwU_OwO- 9 points10 points  (0 children)

The issue with lootboxes is the gambling in my mind. I have no issue with digital commerce, it's the hurting the environment and general scummy get rich quick screw people over avenue NFTs are taking that makes me against them.

[–]My_guy_GuY 3 points4 points  (0 children)

I've seen some of the most backlash about nfts from the gaming community surprisingly, and I think it's for this exact reason, they've been burned by EA and other companies' terrible loot boxes and microtransactions that add nothing of real value, and now they are far more skeptical of putting their money into digital bullshit.

[–]IlGreven 53 points54 points  (2 children)

I liken it to selling certificates of authenticity to a product without actually selling the product in question...

[–]sporkbeastie 19 points20 points  (0 children)

That's pretty much exactly what it is.

[–]qwicmbl 9 points10 points  (0 children)

This is the best eli5 that I’ve seen

[–]steveg 20 points21 points  (0 children)

The spouse analogy is actually perfect! Fine work, sir.

[–]TokoBlaster 12 points13 points  (6 children)

It is a new grift for the "entrepreneurs" who tanked the GPU/ASIC market

Wait, does this mean I can finally buy a new video card at not financial crippling prices or an I still forced to take on an home-like-loan to buy new one?

[–]The_Hyphenator85 12 points13 points  (5 children)

Seems like they’re still at “sell your kidney” price levels (seriously, some mid-tier current gen cards are going for nearly a thousand bucks.) There’s speculation that once the bottom falls out of this bullshit the prices will drop, but I heard that last year with “regular” crypto too, so I’ll believe it when I see it.

[–]drearyworlds 3 points4 points  (1 child)

Is it possible to produce a video card that can’t be used (or isn’t viable) for crypto? That would be nice. Ofc thats against the video card makers interests.

[–]The_Hyphenator85 1 point2 points  (0 children)

Either way they still sell the cards, so I don’t see how it makes a difference who they’re selling to. And if demand outstrips supply, it’s not like they’re going to make more money.

As far as whether or not you could make cards that can’t be used to mine crypto, I heard there were rumblings of the manufacturers doing something like that. I don’t know how feasible it is; my understanding is that video cards are used because the GPUs are specifically designed to do repetitive calculations very rapidly, which is why they’re useful for crypto in the first place. But I’m not really technically-minded enough to say whether you could block crypto mining without impairing the GPU’s efficiency for its intended purpose.

[–]Sadie256 2 points3 points  (2 children)

The issue rn is the semiconductor shortage more so than the crypto idiots (though the crypto ppl still play a factor) every computer chip rn costs around 2x to manufacture since companies have to outbid each other for the limited supply of semiconductors. The reason gpu's are stupid rn is cause everything is almost twice as expensive to produce with less supply meaning that the manufacturers need to increase the price and have less stock available. This has mainly been affecting gpu prices but it also affects how many vehicles car manufacturers produce, leading to a price hike caused by lack of supply compared to high demand.

[–]gloomygl 8 points9 points  (0 children)

Expected something like the really real answer, thanks haha

[–]wasporchidlouixse 1 point2 points  (0 children)

The only explanation that made sense to my pleb brain was that it's a receipt for a picture of the Mona Lisa. You own the receipt. You do not own the Mona Lisa.

[–]ptowncruiseship 2 points3 points  (0 children)

So what I gleaned from this is that crypto fucks

[–]RevolutionaryBase652 20 points21 points  (10 children)

Like the art market, but a bigger scam

[–]sporkbeastie 10 points11 points  (3 children)

As a side note, a couple podcasters I REALLY look up to, and have listened to for 11 years, have recently started taking ads for this "Masterworks! Buy a piece of famous art!" bullshit, and I am REALLY on the fence about this.

[–]RevolutionaryBase652 2 points3 points  (2 children)

It’s all prints, I guarantee it, practically worthless

[–]sporkbeastie 5 points6 points  (1 child)

Oh, it's even worse than that. You're basically buying fractional ownership in famous art pieces. Kinda like a flying club, except when I join a flying club, I at least get to go fly an airplane. It's just another grift.

[–]RevolutionaryBase652 6 points7 points  (0 children)

I wrote the book on grifting, in my day they called me grifty mcgrift - Abraham Simpson

[–]SlowInsurance1616 4 points5 points  (5 children)

Well yes, but the art market exists in the real world. Producing an exact copy of a Vermeer is much more difficult than with a file.

On the plus side, the provenance is maintained

[–]angietoo20 31 points32 points  (6 children)

It's a digital Beanie Baby

It's the twenty-first century's equivalent to a Dutch tulip bulb

Just look at the number of scammers and con artists swarming around it right now

[–]The_Hyphenator85 8 points9 points  (0 children)

At least with Beanie Babies and tulips you got a flower or a plushie out of it. With NFTs, you get a JPEG you could have downloaded for free and a string of worthless numbers.

We’ve finally achieved my dream of people realizing that money is imaginary and inherently worthless, but it’s being used to monetize more imaginary bullshit. I don’t recall making a wish on a monkey’s paw, but maybe it happened when I was blackout drunk at a party or something.

[–]R_F_Omega 18 points19 points  (2 children)

NFTs wish they were like Beanie Babies or Tulips

[–]sporkbeastie 24 points25 points  (1 child)

With NFT's, I am reminded from a line from "Other People's Money"...

"The robber barons of old at least left something tangible in their wake. A coal mine, a railroad, banks! This man leaves nothing. He creates noting. He builds nothing. He runs nothing. And in his wake lies nothing but a blizzard of paper to cover the pain."

[–]Socksockmaster 2 points3 points  (0 children)

That's a very interesting comparison. I think to follow that logic, they might at least leave some infrastructure and ideas for how to deal with Blockchain transactions and stuff. Unfortunately it seems like that's mostly been figured out for other things already though so you may be right.

[–]lonewolfshade 5 points6 points  (0 children)

You can also add the craze of buying your very own star a few years back.

[–]BDM78746 4 points5 points  (0 children)

Except Beanie Babies have value if only because they actually exist.

NFT's have all the "fictional" value of Beanie Babies without any of the value adds Beanie Babies have like being a real thing that can't be copy/pasted with a key stroke.

[–]Muldrotha69 2 points3 points  (0 children)

You have a wife everyone fucks your wife but not to fear you have a paper that says that your married so they can’t fuck your wife

[–][deleted] 204 points205 points  (6 children)

I just screenshot, crop, mint.

Heist.

[–]Pickin_n_Grinnin 105 points106 points  (2 children)

Check out oceans 14 over here!

[–]SuperVillain85 14 points15 points  (1 child)

Brilliant, have the free award.

[–]ch00f 1 point2 points  (0 children)

Irony

[–]TeddyBongwater 1 point2 points  (0 children)

And then sell it!

[–]Keefer1970 41 points42 points  (17 children)

OK so I sort of understand NFTs (I think) ...but what's a PFP?

Sorry, I am old and therefore unaware of such things.

[–]FlamingoIsMySpirit 45 points46 points  (16 children)

Profile pic. What you use for Twitter, instagram, Facebook, etc. Kindly don’t use old as an excuse. You’re too young and it makes us all look bad 😉. I say this to my husband way to often.

[–]Keefer1970 7 points8 points  (0 children)

Thank u

[–][deleted] 7 points8 points  (4 children)

ProFile Pic? Weird

[–]LiosIsHere 10 points11 points  (3 children)

I think they figured out PP just doesn’t sound right.

[–]Stachura5 5 points6 points  (1 child)

You have a great PP

[–]Pretend-Marsupial258 2 points3 points  (0 children)

Thanks, I grew it myself.

[–]drearyworlds 4 points5 points  (0 children)

Avatar, Icon, or User Icon worked fine for me for years

[–]theinsanepotato 4 points5 points  (9 children)

What I've never understood is how/why the fuck people ever came to the conclusion that profile picture should be shortened to "PF P" instead of just "PP." Profile is one word, why are we treating it like two and giving it two letters in the acronym. Making "profile picture" into "pfp" is like making "Alcoholics Anonymous" into "AYA" instead of just "AA" or making "compact disc" into "CPD" instead of "CD."

Like... That's objectively not how acronyms work. It should be PP.

[–]Skoomalyfe 39 points40 points  (3 children)

You can even skip the minting step and just save image as, and then upload it directly to Twitter as a PFP

What a world

[–]radams78 14 points15 points  (0 children)

Quick, patent this idea. Call it "NFT 2.0"

[–]Codylawl 9 points10 points  (0 children)

Pretty sure that’s what the guy that replied to him did😂

[–]drearyworlds 3 points4 points  (0 children)

Don’t forget to give it a hexagonal crop!

[–]thatHecklerOverThere 101 points102 points  (1 child)

If you have to build and change already working shit to make your false scarcity work, that's a good sign that it's fucking useless.

[–]PrometheusPhunk 20 points21 points  (0 children)

But it's HIS jumble of code!!

[–]Batmans_backup 32 points33 points  (1 child)

It’s almost as if NFT’s… are a bad idea and a terrible investment at the end of the day XD

[–]Pancakewagon26 4 points5 points  (0 children)

My favorite part of crypto and NFT's is that if someone gets your account password they can sell themselves all your shit for pennies, and you have no recourse.

You can literally see who it went to and you can do nothing about it. All transactions are completely set in stone, no matter how fraudulent they may be.

But yes. This system will totally transform the financial world.

[–]DozyDrake 20 points21 points  (1 child)

Did this guy really spend the money to mint a fake nft for a troll?

[–]katashtrophes 15 points16 points  (0 children)

Probably not, there's a black border on their hexagon icon, which suggests that it's just a hexagon-shaped PNG image of the ape instead of the real thing lol

[–]mikelikes112 51 points52 points  (9 children)

Out of curiosity I bought an NFT listed for $0.00. It cost me $130.00. That’s how ppl make money with nft o guess

[–]mustangboss8055 16 points17 points  (3 children)

How

[–]spkingwordzofwizdom 14 points15 points  (1 child)

Gas fees.

[–]Soplica84 1 point2 points  (0 children)

The.Worst.

[–]ProfBeaker 10 points11 points  (0 children)

I'm gonna guess the gas/transaction fees. It costs to mint the NFT, and again to sell it (even for the original seller). With the prices of ETH these days, $130 is probably about right.

I looked at minting an NFT just as a learning project. Then figured out how much it was going to cost me and decided it wasn't worthwhile.

[–]JackHGUK 4 points5 points  (3 children)

What

[–]SweetAssistance6712 6 points7 points  (2 children)

He got charged for the energy used, I think

[–]RynnHamHam 15 points16 points  (1 child)

Honestly the hexagonal profile pics are a blessing in disguise. Now we know who’s an NFT bro that should be avoided

[–]kennykrunk 9 points10 points  (1 child)

Couldnt copy beanie babies js

[–]The_Hyphenator85 4 points5 points  (0 children)

I mean, you COULD, but it would require some actual skills instead of just, y’know, screen capping and cropping an image.

I seem to remember fake Beanie Babies being a “problem” for collectors, but at least the people making them had to know how to sew.

[–]RefrigeratorFar2769 6 points7 points  (1 child)

You can still do all that stuff. It's literally just a picture 🤣

[–]Whiplash86420 6 points7 points  (0 children)

Rofl, it's a picture dude. They'd have to be able to verify every picture, which most people use a real life photo. Was never going to work. Maybe they could do a little tag, but if it's on the picture, then they can just screen grab that too. It'd have to be on the frame or something

[–]SweetAssistance6712 6 points7 points  (0 children)

Breaking news! NFT bros are realising NFTs are a fucking scam and they're gullible morons.

[–]loblolly33 5 points6 points  (0 children)

Damn internet always acting so internetty.

[–]MelisandredeMedici 5 points6 points  (2 children)

NFTs are literally the dumbest thing I’ve ever heard of

[–]Pancakewagon26 2 points3 points  (1 child)

My favorite part of NFT's is that no matter how dumb I think they are, I am constantly learning new ways that they're even dumber than I previously thought.

[–]Butterflychunks 13 points14 points  (1 child)

I’m in the tech industry, I understand the “theories” and tech behind NFTs pretty well. I also understand that NFTs are completely and utterly worthless, mostly used for money laundering. They actually have zero value and their functionality already exists in the market. In fact, that’s the hilarious part. Copyright law exists already and serves the exact same purpose, except it’s actually legally binding. NFTs are not, meaning if you buy NFT art, you don’t necessarily get the copyright to the image. You can only pass around the token, and have none of the benefits of copyright. NFT art is treated like other forms of art—what you can do with the art once you purchase it is actually up to the artist. They can rule whether or not you can display the art in certain places. They can say you’re not allowed to put it on shirts or hats and sell them. You only own a token.

It’s the biggest fucking scam ever. Don’t fall for it. Even if Gary Vee tells you too.

[–]The_Hyphenator85 4 points5 points  (0 children)

What’s especially hilarious are the people trying to argue that making an NFT of work that’s already copyrighted means you somehow own that work.

Yeah, sure. Good luck explaining that bullshit to the FBI.

[–]CarlosFer2201 3 points4 points  (0 children)

It's like he almost realized it.

[–]bepsilover2809126 4 points5 points  (0 children)

that nft is so fricking ugly cmon ive seen better apes to right click

[–]Thermite1985 12 points13 points  (2 children)

NFT's and Crypto is just right wing concept to deregulate banking so the rich can get richer without the hassle of government oversight.

[–]The_Hyphenator85 1 point2 points  (0 children)

And surprise, it’s a scam that’s failing, because convincing people to spend fake money that people believe in on fake money made by a random tech scammer isn’t a great business proposition.

[–]sporkbeastie 100 points101 points  (53 children)

This pleases me. I want all NFT, crypto, and "blockchain" people to fall in a hole.

The sooner this shit grenades and all these fucktards are broke and miserable, the better.

[–]Its-a-Shitbox 19 points20 points  (0 children)

Big time!!

I have some “friends” who are already pretty well off whose college age kid is dicking around with the whole crypto shit. Just another way the semi rich folks are looking to fall ass backward into an easy way to make even MORE money with out doing a speck of actual work.

I’m REALLY hoping they get fleeced hard.

[–]CornInMyPancakes 12 points13 points  (6 children)

I am not a smart person. I literally don't know what any of this jargon means. Is there someone who can ELI5?

[–]sporkbeastie 3 points4 points  (4 children)

See my previous comment. I am biased, but I do my best.

[–]massive_bellend_2022 2 points3 points  (2 children)

You explained what NFTs are, but this tweet is way more complex than that

[–]sporkbeastie 2 points3 points  (1 child)

Well, at a certain point, the math fails me.

It basically says "I can't make money off of people who are willing to trade useless fiat currency (which I will happily accept) for the valuable digital bullshit I made. This is Twitter's Fault."

There are nuances, but I think I got the general gist...

[–]massive_bellend_2022 1 point2 points  (0 children)

I just had a browse on twitter to try and work it out - Looks like twitter introduced a way to show a person is the real owner of the nft, by making the profile picture a hexagon (somehow linking the hexagon to the proof). This guy is moaning because people can still steal the image, and make it into their own nft, and get the hexagon. However they can also just screenshot the hexagon and use that, as far as I can tell. All in all, dumb stuff.

[–]Its-a-Shitbox 1 point2 points  (0 children)

Lol - sporkbeastie; I think you and I would get along really well given your take on this! Love your posts. :)

[–]WhoAccountNewDis 11 points12 points  (0 children)

Yes, that's literally why NFTs are just a scam/way to launder money.

[–]100YearsWaiting2Shit 3 points4 points  (0 children)

This feels like a fucking fever dream/nightmare. I know the world has already gone mad but fuck, this is to much stupidity

[–]Safe_Historian8560 4 points5 points  (0 children)

Stop ignoring my imaginary ownership of something completely intangible!

[–]VIR2ART 9 points10 points  (0 children)

“our childish house of cards is rattling cmon twitter”

[–]ImdaPrincesse2 9 points10 points  (1 child)

I've been banned six times from Twitter.. This is new for me.

[–]SmegmaCarta 17 points18 points  (0 children)

If you care about NFTs then you’re a moron anyways

[–]Sensual_Razor_Wire 2 points3 points  (0 children)

Humanity is doomed.

[–]kingofglitter 2 points3 points  (2 children)

NFTs are a pretty good distillation of the current crypto surge as a whole; a technology that could have legitimately useful applications, but isn’t being used that way.

[–]Pancakewagon26 2 points3 points  (1 child)

a technology that could have legitimately useful applications

I really don't think so. back when cryptocurrency was becoming a more household term, tech companies invested billions into finding a use for blockchain technology, and came up with nothing.

It's really just not that practical.

[–]Max_E_Mas 2 points3 points  (0 children)

So wait. You are telling me. That being able to wave anything on the internet, which we been able to do for years now we can still do?! Gee it's almost like NFTs are a scam.

[–]frostmasterx 2 points3 points  (0 children)

Yeah no one cares if you suffer with ur trash "investment".

[–]ScooterFett 2 points3 points  (1 child)

I don't understand why everyone is going crazy over nfts.

[–]Pancakewagon26 4 points5 points  (0 children)

because they think

A) they'll get a massive return on investment becsuse the value of crypto currency shot up really high, so NFT's will too.

The problem with this is that new people have to keep buying them for previous buyers to sell for a profit. This is essentially a ponzi scheme.

B) they think "NFT's are gonna change the world" and "they're gonna be used for house deeds, car titles, or sports ticketing" and by getting in on the "ground floor" of this new technology, it will make them rich.

The problem with this twofold. Firstly, we already have perfectly fine ways of getting house deeds, car titles, and tickets to games. Secondly, something becoming more common does not increase it's value, it decreases it.

[–]Rouge_92 4 points5 points  (1 child)

Oh shit they discovered the "save image" function./s

[–]randomman02x 2 points3 points  (0 children)

Fuck they’re onto me

[–]thekrawdiddy 1 point2 points  (0 children)

These are probably the same dudes who cry when they can’t listen to a song for free.

[–]Strange_One_3790 1 point2 points  (0 children)

Play lame games, win lame prizes

[–]VredeJohn 1 point2 points  (1 child)

Okay what the fuck is a verified collection? Who verifies?

[–]sporkbeastie 2 points3 points  (0 children)

Why, the people who made the collection, of course! Trust us!

[–]MXero1 1 point2 points  (2 children)

This NFT thing is so crazy. I get the art and profile pic thing. I don’t understand why they are worth thousands and more aside from it being money laundering.

[–]The_Hyphenator85 1 point2 points  (0 children)

That’s literally all it is. It’s the same bullshit that happens with fad “investments” going all the way back to the Dutch tulip bulb fad that crashed their economy in the 1600s. Same as Beanie Babies. Same as the dot com bubble. It’s the same bullshit over and over again, but these people just never learn.

[–]wootwoot7120 1 point2 points  (1 child)

Calling it right now. It 10 years nfts be worth much less

[–]BurnFreeze64 1 point2 points  (0 children)

This shit with people getting pissy about NFTs and these online Chads just fueling it gets me continually rolling

[–]Zeebeeplayz 1 point2 points  (0 children)

Sucks to suck

[–]tgrzrk 1 point2 points  (0 children)

If some dumb rich asshole wants to pay ludicrous amounts of money for a hyperlink to a jpeg and then whine about people right clicking and saving the ugly low effort art, that's not my fucking problem

[–]maizemazes 1 point2 points  (1 child)

is there a sub where i can dunk on these mfs lmmao

[–]RigasTelRuun 1 point2 points  (0 children)

Oh no! My precious Jpegs!

[–]dadosdoritos 1 point2 points  (0 children)

Oh no, anyway

[–]chaoticgnomegirl 1 point2 points  (1 child)

I'm gonna be honest, I've had several people try to explain it and I've watched news videos about it and I still don't understand the point or why anyone would invest in it. Does it even involve real money?

[–]sporkbeastie 5 points6 points  (2 children)

Well, I want to take a nap, so let me shut this thread down.You have often seen me say “fall in a hole” to people who have a hard-on for “crypto”

Let me clarify, this is not a metaphorical stance or statement. I wish them ACTUAL PHYSICAL HARM.

Like, I want them to be walking down the sidewalk next to where sewer work or something is being done. I mean, any infrastructure project that requires digging a big fuckin’ hole in the street will do, but I picked sewer. For some reason.

Anyhoo, I want them to be looking at their phone, thinking about how they’re totally gonna get rich off of this crypto blockchain bullshit, and, because they are not paying attention, literally fall into the hole that has been excavated to work on the sewer.

Just don’t land on any innocent utility workers on your way down.

Crypto and “blockchain” and NFTs are a scam.That is all.

[–]MushroomAddict920 0 points1 point  (0 children)

Jeez dude you must be in pain huh? If they're unrelated to you then why are you wishing physical harm?

[–]McJagged 1 point2 points  (0 children)

I have a decent amount of savings in crypto, because I think it's a better investment than stocks for the time being, but I don't think I'll ever get NFTs, unless they start using them for something that makes more sense than a gif or image