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/biz/ - Business & Finance


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56179151 No.56179151 [Reply] [Original]

What went wrong?

>> No.56179155

the apes got funged

>> No.56179160

Did Helene do that after she felt so "bad" about mutilating my nose?

>> No.56179163
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56179163

>>56179155
And what of the tokens? Be they fungible yet? Spare me your blissful misdirections cretin

>> No.56179165
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56179165

>>56179151
crypto went wrong. we need a 30 year bear market to purge all the cancer. Think about it: would you invest your money in a market dominated by pajeets and chinks?

>> No.56179171

>>56179151
Everything is going as planned

>> No.56179181
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56179181

>>56179165
>would you invest your money in a market dominated by pajeets and chinks?
Too late

>> No.56179226

>>56179160
helene is a cunt bitch innit she

>> No.56179264

>>56179151
Imagine having money to launder in a bear market.

>> No.56179282

>>56179151
NFT is a good idea, jpeg of monkey is a fucking stupid idea. /thread

>> No.56179303

>>56179282
nfts are fucking stupid /unthreaded

>> No.56179320

>>56179151
Right click, save

Literally no reason for NFT jpegs plus normies caught on once right click save started to gain traction. Now NFTs as a technology and as a whole (deeds on the blockchain) yea that’s important. Monkey and penguin pictures are not.

>> No.56179473

It was a zero-sum game relying on there always being a bigger fool and it turns out there's only so many fools.

>> No.56180494

>>56179282
name THREE actual use cases for NFTs

>> No.56180515

>>56180494
any unique document onchain is an NFT. think personal identification, passports etc

>> No.56180516

>>56179473
All of crypto is a zero sum game

>> No.56180523

>>56180494
property sales, contracts, tokenized securities, tokenized eco-credits, proof of attendance, badges attached to a social credit score profile, carfax, coupons carrying privileges (admission to online classes, discounts at real world businesses), representations of real world objects (eg trees or plots of land), diplomas/certificates, stamps of approval

>> No.56180559

>>56180494
Digital trading cards
Scams
uhhh…. shit! guess there’s only two useful cases

>> No.56180599

>>56179151
You invested your life savings in JPEGs. Don’t act like literally everyone didn’t warn you.

>> No.56180609

>>56179303
NFT's are good for business shit. Say contracts and keeping track of inventory etc. Fucking monkey jpgs are cancer and I hope the people who lost out rope.

>> No.56180671

>>56179151
Remember how everyone thought there was tons of liquidity in crypto?
Part of the reason is
>Terra Luna and projects like it were thought to be stable and capable of providing their insane APYs because...reasons
>FTX made us all believe they were fully backed. This means there's billions of dollars floating outside of their system - which they lost - while they put on the show that they have billions of dollars to cover every debt. It creates an illusion that crypto is financially very strong when people believe there's extra billions of liquidity in the system.

When those projects collapsed - mind you, not independent of one another - suddenly there is a massive bank run on everything crypto. This includes NFTs that were becoming an asset class in serious portfolios, not excluding the very exchanges/projects that would soon go "belly up". Everyone begins to realize there aren't those extra billions of dollars, and high APYs shifted too much wealth out of project ecosystems. Now the people who made all that money? They're seeing a sinking ship and aren't putting more money into unnecessary risks like NFTs.

tldr: everyone thought there was so much $ in crypto, but they were deceived. A lot of the money was already off exchanges and out in the "wild". When people realized this, panic ensued, projects and exchanges failed, and everything dropped.

>> No.56180726

>>56179151
Proof of ownership is legit, but these digital art things although some looked cool were shit examples of how proof of ownership could work. I think NFTs could make a comeback, but it won't be related to art at all IMO.

>> No.56180739

>>56179151
>now practically worthless
>now
they were always worthless

>> No.56180750

>>56180609
>Fucking monkey jpgs are cancer and I hope the people who lost out rope.
The only person who lucked out from these jpgs was beeple pretty much. The guy won the lottery with NFTs.

>> No.56180770

>>56180494
decentralized domains
tickets / access tokens / lifetime subscriptions
tradeable custom financial contracts (Uniswap LP positions)
tokenized asset ownership (real estate, land...)
digital art

+ any other ownership certificate that can benefit from the tools built around NFTs

>> No.56180779

>>56180671
>>FTX made us all believe they were fully backed
What's an FTX?

>> No.56180783

>>56179151
Encrypted digital nonsense does not generate value like labor does.

>> No.56180823

>>56180783
>Encrypted digital nonsense does not generate value like labor does.
Where do you think the algorithms and energy to run the encryption comes from? The moon? The perpetual motion machine? I guess you could run them by hooking up a slice of bread to a socket right?

>> No.56180990

>>56179303
>nfts are fucking stupid /unthreaded
the underlying technology of nfts is good. the usecase of selling monkey pictures is stupid

re-/thread

>> No.56181022

Virtual real estate is still safe?

>> No.56181087

>What went wrong?

What is the utility behind an NFT? It never made sense. Just another crypto innovation that was pointless. The same thing will be said about 99.9999% of all defi shitcoins in 2 years time.

>> No.56181371
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56181371

>>56181087
>What is the utility behind an NFT?
Tax evasion. Just like the literal shit splattered on the walls of the tate art gallery passed off as
>art

>> No.56181419
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56181419

>>56179151
>pls no copy
Man. I felt bad when I fell for the RLY, XYO, AMP, GALA, MANA. but at least I never purchased a JPEG in my entire life LMAO

>> No.56182097

The only NFTs that make sense are gamefi, and even then you have to balance that properly. A PvP game with a paid advantage is dead in the water. NFT's as a game license or for certain skins or PvE advantages, go right on ahead. The first call of duty warzone game is about to go offline and everyone who bought skins is losing them. They don't transfer to warzone 2 or offer any credits.

>> No.56182291
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56182291

>>56180494
1. Total
2. Jannie
3. Death

>> No.56182299
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56182299

>>56180516
Anyone still calling it that is probably just flipping memes. If you've been keeping tabs on the developments, you'd know why RWA, QVM, and crypto payment projects are making waves, even in this bear market.

>> No.56182357

>>56179151
>What went wrong?
Literally nothing. It went perfectly right. You were able to create worthless jpegs and sell them for cash. You scammed tens of millions of people out of billions of dollars. It was a resounding success. What more do you want?

>> No.56182569

>>56180516
the universe is a zero sum game, get fucking used to it

>> No.56182580

>>56181087
>What is the utility behind an NFT?
its not complicated, only retards cant work that out, im sorry to inform you are retarded because you cant think of a single application for verifiably unique data packets

>> No.56182590
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56182590

>>56182580
>thinks people who don't buy NFTs are retarded
Kek, get a load of this geezer, that's a right proper laugh innit

>> No.56182603

>>56182590
displaying your acute lack of reading comprehension isn't doing you any favors

>> No.56182688
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56182688

>>56182603
Defending NFTs isn't going to give you your 3 ETH back either Sonny Jim.

>> No.56183735

>>56182688
listen to me keith, you fucking godforsaken tripfagging illiterate retard. im only to say this once and this is for the audience, not you, because you have clearly demonstrated to anyone who can read and think that you have no fucking clue what the hell is going on here and it doesnt matter how much i force ideas into your head if youre busy chewing on whatever gristle you have in there that you think qualifies as your shit for brains. I have never bought an NFT. do you understand me, keith? you unbearably fucking stupid mouthbreathing montrosity of gods creation, you utter piece of vile shit, you absolute demon of sodom. yet I have still used NFTs as components of smart contracts to perform autonomous, specialised functions on blockchains. if you genuinely refuse to wrap your head around whats going on here then all i can say is that i hope you choke and you bleed out internally and the tsunami of blood, shit and piss buries your family and your pets and your friends alive. do you hear me keith? you are despised and hated from corner to corner of this abyssal, dystopian horrorscape we call the internet of things, and no one takes your stupid fucking bullshit with an ounce of respect or consideration, and you will die alone and in fear, with the full knowledge that your actions and thoughts have made the world a worse place for everyone who ever had the sheer misfortune to know you existed for an iota of the temporal procession. and thats if you are lucky, motherfucker. mark these words, keith. you are spiritually, morally, and intellectually abandoned, your soul is forfeit, and you are a dirty, unspeakably black gorilla nigger of the lowest, most base variety, whose ilk would not be fit in the deepest bowels of hell. dont you dare fucking respond to me again if you value what remains of your reputation and your self-respect because you will find nothing here save the wrathful burning of gods light upon your gay little asshole. FAGGOT

>> No.56183760

>>56183735
based

>> No.56183847
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56183847

https://opensea(dot)io/collection/bitjaks-origins
How can you say no to such fine art like this

>> No.56184547

NFT was a way to get ownership of actual art.
but retards dumfuck 50iq idiots who, alot are on /biz/ rejected that aspect of it.
>YOU DO NOT OWN THE ART OMG
You do own it bitch.
If I buy some classic painting NFT it is mine, I can sue you if you use it.
This was the power of NFT but retards gave up all that power, it's now just a image link you own.

>> No.56184576
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56184576

see you guys at apefest

>> No.56184603
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56184603

It's a jpeg, bro.
Nobody gives a fuck to own the digital rights of a fucking jpeg.

>> No.56184631

>>56184603
That is a placeholder, you own the actual rights of whatever it listed as the NFT.
This is why people have won court cases against when buying NFT and the seller doesn't want to give up their rights.
You sold the rights dumbfuck.

>> No.56184634

>>56183735
>yeah, based department? we got one

>> No.56185030

>>56182590
>tripfag can't read
Many such cases.

>> No.56185136

>>56179151
>wow how did these hyper manic displays of paper wealth fail? Surely because they were expensive that meant they had real value?!

>> No.56185543
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56185543

>>56183735
>ahhhhhh I never bought NFTs I swear
not reading or buying your NFTs faggot

>> No.56185554
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56185554

Most of my crypto money is on KAVA and that whole project's premise is bringing DeFi back into the Cosmos ecosystem, pretty much replace Terra Labs. Can't say I'm not a little scared about the recent bad sentiment towards DeFi in general. However, NFT's were clearly a complete fad and were never really meant to amount to anything, anyone that didn't see through the facade and the fact e-celebs and real celebs were selling smoke for a quick buck, they deserve getting scammed lol. What did BAYC ever offer besides retarded gimmicks, for example? Nothing.

>> No.56186534

>>56180494
I see you got lots of replies already about possible use cases for NFTs but most of these utilities are far fetched and might not be applicable to most people which makes it retain the "useless" tag. I recently came across an innovative concept where NFTs could be used as gates for smart vaults in Defi meaning that only holders of a particular NFT would have access to the features of these vaults. This makes lot of sense and would be generally more accepted since there's a significant amount if Defi users who are currently staking one token or the other.

>> No.56186718

>>56186534
>I recently came across an innovative concept where NFTs could be used as gates for smart vaults in Defi
Where did you find this and how operational is it?

>> No.56186915

>>56186718
It's part of the new features that'll be available to users on SpoolFi's V2 which should be going live in Q4. It's probably already functional on another platform but I don't have such info and that's a fault of that platform for not propagating their story properly.

>> No.56186974

Those Trump NFT's are the only ones worth a fuck

>> No.56187168

>>56186915
Is there concrete info that this V2 will go live in Q4? You know most dev teams will be skeptical about launching new products in this sort of market conditions.

>> No.56187171

>>56179151
The right click savers won

>> No.56187902

>>56179151
im all in on trump cards

>> No.56188815

>>56187168
The initial plan was to launch in Q3 but I'm sure they thought of that and shifted to Q4; there's a community call scheduled for this week. I'm sure that'll be talked about during the call.

>> No.56188826

>>56180783
>Encrypted digital nonsense does not generate value
true
>like labor does
oof

>> No.56188898

>>56180494
uniswap LP tokens are NFTs

>> No.56188975

>>56185543
thats it, keith. you fucked up. you could have read the post, digested the information, and walked away. i didnt ask you to agree with me. i asked you not to fucking reply. but no, you had to have the last word. you just had to troll. you had to slap on your shitty fucking tripcode and hammer away at your keyboard, and spew forth your reprehensibly idiotic filth, like a child with a gun you simply cannot be trusted. but now youve done it keith. god is watching you and i am his vessel and servant. every ancient, physical, and esoteric force is coalescing into an arcane storm and its heading right for you. theres no where you can hide now, keith, for the choice was yours and it has been made. you insisted on being a huge fucking faggot. and putting a fucking gay name to it all so that everyone would know that you are the one responsible for this. youre proud of it. and youre laughing. well not for much longer. but do you know what the real irony is? im using NFTs to do it. I'm deploying CP on you and alerting all the authorities and everyone important to you. im using NFTs to form a summoning circle and im sending the oldest, most powerful demons in existence after your pissy little soul, soon to be plaything to the hounds of darkness from whence you first found these urges to do what you do, keith. and it was your choice. you chose the method of your destruction with your hubris. you instructed this universe that you require a lesson in humility. and the path has been set - you want to know what the utility of an NFT is? you are about to fucking find out keith, you fucking heretic. NFTs can be used to condemn you to a world of unimaginable pain and torture. NFTs can be used to break you. NFTs can be used to enact the will of the heavens. Blood, shit, and piss. keith. BLOOD, SHIT AND PISS. you watch your back because the storm is on its way and its guaranteed by a trustless, decentralized distributed ledger. you are dead to this world and the next. AMEN

>> No.56189010

>No clear use case to an average normie
>The first thing people think of is ugly fucking monkey pictures when brought up
>Majority of people trying to push the usage of NFTs are annoying Twitter users

All of this turned the whole thing into a laughing stock

>> No.56189055
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56189055

>>56179151
Does anyone know what exactly owning a bored ape gets you? I know the obvious benefits like you own the art and the rights that entails, and the value of it so hopefully you can sell it later for a profit.

But, just how good are the member perks? I tried looking for any information or pictures, videos, demonstrations, etc. about the members-only events or even the private space on their website and I can't find anything at all. If anyone has personal experience I would be interested to hear about it.

In other words, if I own a bored ape can I fucking go chill in hollywood and bang hot actresses at private parties? Or are bored ape owners doomed to circlejirk with basement dwellers in some proprietary discord?

>> No.56189244

>>56179151
People who bought early made their money and drained the system in the process
>stake nft and get paid in other coin
>all the money made from selling NFTs are drained due to this
>no new buyers and early buyers taking out hundreds of dollars of value a day for small projects and thousands for big ones

>> No.56189284

>>56182580
Apparently it takes a team of scientists to find a use for blockchains.

>> No.56189346

>>56189055
>Or are bored ape owners doomed to circlejirk with basement dwellers in some proprietary discord?
mostly this now. They had for a very brief time a small club in Manhattan and a few events with your stereotypical cast of c-list crypto grifting celebs and rappers, but the project managers dipped with the cash and went silent almost a year ago. The coping baggies are still desperately trying to keep it alive. Even the celebs gave up and cut all ties to it

>> No.56189650

>>56189284
yes, i am aware that most people are retards
the issue is infrastructure, regulation, and compatibility, not that the idea doesnt have massive potential to revolutionize global finance. global finance is a deeply entrenched institution and it will take decades to uproot it and implement new structures and procedures in meaningful ways, if it doesnt kill us all first in the endless chase of profit and power

>> No.56189851

>>56189055
There's some event supposedly going on in November in Hong Kong, but I've little idea what's going to be happening there beyond the usual crypto-bro masturbation. The website for it, like most things NFT, is all style no substance.

>> No.56190285
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56190285

>>56179151
Hey OP check out
>>56190198

>qrd: NFTs pose a threat to the elites due to their censorship resistant nature. NFTs can act as social media posts on the Blockchain if utilized correctly (like on Guac Chat you can mint any NFT from your posts for only $1). Their job now is to bury the industry and push the floor value of all of them down. Make NFTs a giant joke. As new COVID lockdowns approach they want NFTs gone.

>> No.56190319

>>56179282
>/threading your own post
Fucking newfags

>> No.56191130

>>56184547
>I can sue you
See you in Kleros court retard

>> No.56191338

>>56179151
I just check to see if I could buy an ape for the lol, these fucking monkey still trades in the 10k-100k territory

>> No.56191406

>>56180523
You COULD use crypto for these but you'd have no reason to

>> No.56191447

NFTs and crypto have always been worthless.

>> No.56191467

>>56179151
Just think about it for a second, what practical use or value does an ugly monkey jpeg serve? What can it do that a regular non-blockchain monkey jpeg can't do? Most people realize how fucking stupid the idea of NFT monkey jpegs are.

>> No.56191471

>>56191406
https://www.youtube.com/watch?v=lskpNmUl8yQ

>> No.56191485

>>56190285
>"""only""" $1
Shitposts now cost as much as a candy bar, smdh

>> No.56191645
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56191645

>>56179151
Nothing went wrong. Its just the natural order of a speculative asset.

1. Price goes up
2. Niggas fomo
3. Niggas get greedy
4. Price collapses

Nothing new under the sun.

>> No.56191761

>>56191471
Not an argument

>> No.56191779

>>56191485
Guac Chat allows you to post for FREE.
>Minting your post to become an immutable, censorship resistant, multiplatform asset you can view on any ERC721 compatible platform including Twitter, Opensea & Coinbase NFTs costs only $1 with gas fees included. You also get GCC tokens which can be sold for ETH giving you back what you spent.... instantly.

>> No.56191860

>>56180494
Haha whoops! Sorry, we already get that from another technology!

>> No.56193141

Reminder that this exists: https://www.youtube.com/watch?v=8K-xkPP7Hfk&pp=ygUSdGhlIHJlZCBhcGUgZmFtaWx5

>> No.56193179

>>56182299
>You'd know why
Wash trading. That's why. Crypto is by definition a zero sum game, anyone who doesn't admit that is a chump in waiting about to buy a smarter poster's bags

>> No.56193258

>>56189055
> if I own a bored ape can I fucking go chill in hollywood and bang hot actresses at private parties?
Yes, hot actresses are super into the kind of people who spend forty thousand dollars on pictures of monkeys that will be worth thirty thousand dollars this time next month

>> No.56193348

>>56184631
This. It gets annoying how self-congratulatory people are who are like "haha stoopid ppl pay 100 grand 4 munkee pic" yet didn't have enough balls or intellect to learn how to get someone to pay them 100 grand 4 munkee pic

>> No.56193456

Everything went as planned.
Minor reason was to extract money from retards.
Major reason was to construct hype to ensure flow of VC investment.
Chief reason was money laundering and evading capital controls.
All of the above suceeded.

>> No.56193792

>>56179151
They were always worthless. Their valuation now matches their actual value.

>> No.56193826

>>56179151
>Posts article about worthless NFT
>Shows picture of a not worthless NFT
Apes will always be valuable, seething no ape havers rekt.

>> No.56195458

>>56182299
I'm big on RWA gems as well anon, and I also see potential in crypto payment and Fintech platforms with Tap on my radar for its rapid adoption growth.

>> No.56196347

>>56179165
Fuck, more bear market would stifle innovation and deter potential investors. We need growth, regulation, and education to foster a healthy crypto ecosystem.
>>56179171
Some might see fear, but I saw opportunity. Glad I invested in XTP. When Bitcoin gains momentum and adoption kicks in, the token will surge faster than ever.

>> No.56196361

>>56195458
You've hit the nail on the head, anon. Tap enables lightning-fast transitions between fiat and crypto. Their new UI/UX design is top-notch.

>> No.56196759

>>56196361
Please tell me more about Tap via 100% organic posts

>> No.56198175

>>56191761
Yes it is an arugment, the usecases are there, using crypto does the same thing than what you can already do yeah, but you can do it faster, cheaper and more efficient. Just like you can get info faster searching it on the internet than subscribing to a magazine.

>> No.56198198

Money laundering scheme that run out of liquidity. Made crapto crap. Never coming back

>> No.56198343

>>56179151
Nothing. Punks and BAYC were the only things ever worth holding and they're still fine
Punks >>> BAYC though