The way I read the article, the “worth millions” is the sum of the ransom demand.
The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.
No one is gonna buy any NFTs for millions lmao
They’re priced like police drug busts.
As crazy as it sounds, some people do.
Those who buy art and pack it in a safe until it’s worth more?
Im glad that doesn’t work as well in digital.
*did
It’s a great way to launder money.
Seth Green has entered the chat
People buy them for millions or their value would not be in the millions
First, DO people buy them for millions, in the present tense? I know that people did in the past, but I thought the price on most of these took a huge hit.
Second: do people BUY them for millions, in the sense that they trade things of well-measured value (like fiat currency or gold) for coins to buy these? Or do they buy them for millions of dollars in equivalent coins that they already have, and don’t want to actually sell for real goods or money because they’d realized huge losses if they actually cashed out, so they have to keep them circulating within the blockchain to maintain a hope that they’ll return anywhere near their previous value? Because if you have 10 million dollars worth of etherium that you bought at 20 million and an NFT of questionable value, can’t you just buy and sell it to a few wallets you own to make it look like it’s recently been purchased for a few million to create the illusion of value without actually ever giving or receiving anything?
I’ll get my friend to buy it from me for millions, then he can give the money back to me and when it sells again, we can split the profit. It’s win-win!
This seems like kind of a meaningless distinction when the comment was speaking about the relative value of these. How some pays is irrelevant.
This feels like you’re trying to shit on them so just refuse to believe that the concept of value has any meaning. Things are worth whatever someone will pay for them.
That doesn’t make the people willing to pay for it smart.
I’m sorry it feels that way, that’s not my intention.
I think it’s a meaningful distinction because my understanding is that many large matter holders are early adopters who acquired coins at at basement prices that them became highly valued when crypto took off. These people, as I understand it, have a different spending pattern than we associate with conventional wealth. They may shuffle their coins between digital assets with limited conversion into real world good and services, because inside the block chain they’re billionaires, but if they tried to buy a house or a vacation they’re forced to find buyers at prices that are reflective of the value among crypto holders, but not nearly as high to those outside the system who they’d need to complete cash transactions.
The distinction isn’t meaningless, it’s actually vitally important. The thing is, we’ve been here before, hundreds if not thousands of times, with the stock market and other speculative bubbles. Once a big enough entity decides to cut their losses and bail with whatever they can get, all that “value” disappears and there’s no inherent value of the asset itself to fall back on. So it has been with other crypto crashes in the past few years.
Granted, this is generally true of fiat as well, we just have a lot more people and hopefully some safeguards and, vitally, an active economy holding up that value.
All art is inherently without value, and it’s value is entirely speculative.
I think NFTs are dumb as fuck, but they’re worth what people will pay for them. Same shit with tulips in Denmark famously spiking - bubble or not, things are literally worth what someone will pay
No
That is literally what the concept of value is.
No, and that is exactly the problem.
They artificially inflate the price to make it seem more worth than it actually is.
It is a type of fraud
Things are worth what people will pay. People pay out the nose for diamonds and they are just shiny rocks and not particularly rare.
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Sounds like a great way to make an insurance claim on a bunch of NFTs worth “millions” that you could not convince anyone to buy.
What insurance company is dumb enough to insure NFTs?
Ones that think they can’t be stolen
You can in fact insure things that it is possible to steal. Cars, bikes, household posessions, you name it. It’s quite common.
If the insurance company thinks the nft can’t be stolen, it’s money for no risk. That’s why they would easily accept insuring an nft.
I think you misunderstood my comment.
In a highly simplified way: total risk of insuring from theft is roughly other-risks * theft-risk, so if theft risk is 0, it means that other risks, such as insanelly high risks in asset valuation are irrelevant to the total risk which will always end up as 0.
So it makes sense that being paid to insure that which cannot be stollen against theft is risk-free money quite independently of all else. (Of curse, if something has a non-zero probability - even if tiny - of being stolen none of that holds)
I think that’s the whole humourous point the previous poster was making: that which NFT promoters kept on telling us guarantees unique ownership which cannot be taken by others (and hence cannot be stollen) turns out that it can.
Ones that understand the Internet and/or technology. And believe the “secure” hype.
I’d say more likely to be able to declare a capital loss on taxes.
Can I carry that loss over for the next… 100 years or so?
Accurate headline:
Millions of dollars lost as NFTs worth a total of $0 stolen
Let me get this straight, you can steal an nft but you can’t own an nft?
You wouldn’t download an NFT…
right clicks
No! I forbid it!
Then what would you do with it? Is it purely for clout? “Hey guys, look, I got an image of this monkey.” Yes monkeys are amazing, but you don’t even own the picture, so what’s the point?
I mean low key it’s supposed to be a receipt that can’t be copied. The receipt being slapped onto an image is what most associated with NFTs but it’s more just like a code that provides proof of purchase/ownership because you can trace the history on the block chain
It’s a receipt with a link to an image. The image is entirely unrelated to the NFT outside of the link that’s embedded into the NFT. It’s kinda like how you can embed an image from one website onto another separate unrelated website
Except more like a star registry because there’s nothing to say you actually own the image. Other people on other blockchains might also claim that they own the image. Other people on the same blockchain might also claim the exact same image, just at a different URL.
The rub here being that you really only own the receipt, it doesn’t confer any legal rights or ensure exclusivity of the content it’s attached to. I get why people uninterested in being part of a PNG are excited about them, but I haven’t personally seen a use case for them that isn’t exploitable or already solved by current technology.
Back with GameStop the hope was the ability to sell/trade digital content like games. Because you actually own the digital content and the proof of purchase, closest to digital ownership I’ve seen.
PlayStation out here taking games after people bought them and shit is a strong reason for NFTs imo
How would NFTs make any difference for Sony losing rights to a game and removing it from their servers? They still know who purchased it from their own records but still removed access entirely.
That’s not what’s being said here. Not Sony losing rights to a game, just entirely being unable to provide proof of ownership on digital content.
I’ve had Microsoft do this to me for Minecraft during their transition to owning it where they claimed I didn’t own the game. I had to legitimately email them a picture of a receipt I owned to get my account back. Had I not had that receipt I’d not have the game.
I’ve never had Sony do this but I hear they’ve done this exact thing to people in other ways usually DLCs.
With NFTs there’s a third party undeniable proof of purchase and ownership. It takes that whole side away from the distributor giving power to the consumer.
In a better world I could then sell that NFT and proof of purchase and the company would honor it for the person I sold it to allowing for the resale of digital content.
You very much do own an NFT you purchase, what you don’t own is the asset the NFT represents (the shitty RNG generated monkey for example).
I never had a jpeg stolen from me.
What a time to be alive.
No no, they stole the link to a jpeg, careful you will make them angry
Here, take my link to get a feeling
That’s not just a feeling, that’s something more.
You better quit yapping before I steal more of your bytes pal, it’ll be the biggest regret of your life
Another interpretation is that it’s all an insurance scam were something worthless is “stolen by hackers” and then claimed to be worth millions for the insurance claim.
But surely nobody in the “well known as impeccably honest” NFT world would ever do something like that!
What insurance company would be braindead enough to insure NFTs?
It wouldn’t be the first time that somebody who should’ve known better gets taken in by hype.
That said, I agree it’s unlikely.
“If some idiot wants to pay for it…”
I guess the millions are in the transaction fees
Think of it like this, when people make drug busts and they find huge amounts of cocaine or whatever and they say oh this is 300 something mod a million is worth of stuff. No it’s not. It’s maybe like not even half that not even a quarter of that, they just make it up just to make their bust even bigger
I remember it used to be calculated on the lowest value extrapolated out so a gram of smoke was 20/25 bucks so a kilo of smoke “had a street value of 20,000 - 25,000.”
Not to mention they usually count the weight of whatever they’re in too. See a big news story about the cops seizing tons of product at a port? Well they’re including the shipping container weight.
I also like the “10 Kilos of product was taken off of the street” which means like 12 grams of weed was turned into brownies
4,000 pounds of weed removed from a single basement greenhouse
“Potential losses”. I get the feeling that NFT owners got bit by the same bug that bit RIAA executives.
ITT: a handful of people starting to sweat about their NFT retirement strategy
How do you steal a hyperlink to a jpeg
"Do I look like i know what an NFT is?
I just want a picture of some gaht dang shitposts."
And why should any sane person care if you did?
It’s a digital file. Copies are exactly the same as the original.
One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.
I’m having difficulty with the word “worth”. It appears to be doing an awful lot of heavy lifting
Just because the suckers that bought them paid millions doesn’t mean that the NFTs are worth millions.
I’m worth millions, but I’m paid jack shit :(
