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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
When you think hype/being famous/ having a huge following is all it takes to make it in this space lol
Edison Chen’s drop one of the most epic failure I’ve seen in this place so far from a someone that has hype/is famous and has a huge following.
Just in presale stage right now and some his stuff is already pretty much worth zero. He has no idea on how to navigate this space and what make things valuable to the community
Being famous isn't "all it takes" to make it, we know that already and nobody would make that claim... There's tons of failed products from famous people, either real or crypto.
And I don't think "making things valuable to the community" is it either, at least from what I can tell. Nobody has explained to me what that really means... Selling tickets for tattoos on NFT instead of just booking an appointment isn't it, IMO. Or even selling tickets to NFT events, although that ads to what I think is all that matters, and that's hype.
It's all hype... How is hype generated? That's the secret right?
The ape stuff has the backing of one of the largest talent agencies in the world, so you have all these famous people showing off their apes. And it comes across as cringy to normal people, but NFT speculators see it and go all in on it. It's pretty impressive to witness.. Gross and corny, but impressive
Now several people made a lot of money selling Beanie Babies, so it doesn't invalidate it as a money making option. Just try not to be the one holding all the babies when it does come crashing down
I think you and Edison both is scratching their head right now. He is on discord trying to save this whole mess and he sounds just as confuse as you lol.
1) he didn’t understand the market dynamic and how and why people search for and buy a collection. He invited 8 artist to collaboration on his single collection. I have wonder how he was gonna manage to make this one cohesive collection. Turns out his solution is to split them all up in separate collections. One artist even got her work split into 5 different collection. It is impossible to tell these were all Edison’s drop. And a lack of trading volumn due to people attention being split 12 ways mean most of these collection essentially have a price but zero trading volumn. Not all is a complete failure thou, there are two collection that are currently trading above mint (ironically one of them is dr.woo with just 888 pieces). But during the minting process you are automatically assign 1/12 collection. Which mean right after mint people basically already know if they have a valuable one or not. It leaves them zero desire to try and gamble for rarity in reveal. Those that are unlucky enough to mint these basically useless collection now have zero motivation to keep these any longer. Proceed to try and dump it on market to try and recoup some cost. The more people that does, the more people undercuts and start the race to zero and they all try to get out before it literally goes to zero.
2) technical issue with minting process. He entrust a platform that nobody has heard of to do the minting. Resulting in whitelisted over minting/unable to mint/not even receiving the mint. This space is especially ruthless to those that don’t understand the technology. And once minting has gotten to the stage that it has right now (which is just the presale, public sale mint not even sell out at this point) there is no saving it as you cannot just ask for people’s NFT back and redo everything.
That’s just two of the major mistake, has nothing to do with marketing or hype. Both of which might have actually lead to more success had he understand the fundamental basic of how the technology work and how the market dynamic works (what move supply and demand in this market). Edison actually did a great job hyping this up and did a great job with marketing, had he been selling merch or CD or whatever irl stuff. It would have been an success. You can’t really understand this market without active participation and putting down one’s bias of the market. You can tell Edison has never purchase an NFT in his live and probably thought this market is easy looking at it from the outside.
No gonna lie he deserve this failure. And it’s great that the space is laying the smack down on him.
Personally I don’t like the bored apes. But they were successfully for a reason and they were successfully before celebrity were repping them. Celebrities came several months after the bored apes has already succeed in the space.
Definitely not a normal market by any sense that is true.
Bored ape was started by and promoted by an investor, and every celebrity talking about it is part of his company. None of them likely paid a single cent for any of them, and they're just driving up the value of it themselves. Maybe some people actually bought some on their own, I don't know, but those are just potential victims
All of this is separate from why Edison failed or the person we were talking about in the last few pages\
Edit: Actually you should look at several of these so called celebrity wallets, I bet you'll find a lot in common. Apes, stoned cats, world of women, all run by the same people (who btw together invested in opensea)
Bored ape was started by and promoted by an investor, and every celebrity talking about it is part of his company. None of them likely paid a single cent for any of them, and they're just driving up the value of it themselves. Maybe some people actually bought some on their own, I don't know, but those are just potential victims
All of this is separate from why Edison failed or the person we were talking about in the last few pages\
Edit: Actually you should look at several of these so called celebrity wallets, I bet you'll find a lot in common. Apes, stoned cats, world of women, all run by the same people (who btw together invested in opensea)
I don’t doubt bored ape eventually paid promoter to promote them. Moonpay is one of the co conspirator of this. Opensea team is doxxed and has been part of inside trading but some of your information is just plain wrong. But that is not the point
What I’m saying is bored ape was already successfully way way way before the celeb endorsement you are seeing now. Where do you think they magically got this money to pay for all these promotion. They started as a 0.08eth mint price like almost every one else. And build what they have now from zero, when the space was baby chick with no feather. The biggest holder of bore apes were literal OG in this space, none of them are real life celebrity. On the outside it looks like the jimmy Fallon, snoop dogg etc are the headline of the bored ape story, really the real story are the hodlerr, ex hidden current hodler of these project.People think jimmy fallon is cool/cringe with his 2 ape?
Try the anon dude that have 100+ apes in his wallet that he either held since mint or brought under 1 eth. Or the thousand of people that have minted, brought and even lose money on one of the hottest collection in the space. Or the biggest whale in the space pranksy that minted 1000 ape and paperhand them all for peanuts. Than rebuying one of the ones he sold for 1.5 million months later. Not much attention are given to these guys by people outside the space. The people which help shape in the space, affect market dynamic in a way more than celebrities even have.
How many people have brought and ape becuase jimmy fallon did? Maybe Paris Hilton. They are just something the public can see but it’s definitely NOT the reason that lead to the success of the ape. It’s the result of month of culminate effect from the team. If you think bored ape literally brought their way to success, well my friend you are very wrong or simply misinformed. You are missing a very critical part of its history that kind of explain the why and how value was create in the first place.
The biggest holder of bore apes were literal OG in this space, none of them are real life celebrity ... the real story are the hodlerr, ex hidden current hodler of these project..
This is what I'm talking about, not Snoop Dogg or Paris Hilton. They are billboards for these people.
Some of these OGs may also be celebrities but that in itself is merely coincidence.
Mark my worlds, most of these will be worth nothing in a year or less.
The celebrities that jumped on board on this stuff really gives credence to those who "hate" the celebrity/media class. With all their wealth, they are still willing to join into a Ponzi in order to enrich themselves even further, there is literally no integrity in how some of these people conduct themselves.
The art/collector/Auction market has always been full of scams. Karl Jobst has a great video series on the 1 million dollar Super Mario Bros NES cart scam. Basically a new cart grading firm was in cahoots with the auction house. The 2 million dollar cart was sold by the Auction house to a group that included the Auction house owner. This set a precedent. Now guess who all of a sudden had a bunch of nes and other graded retro games for sale. Same thing happening in the NFT space.
Looks like the market has crashed since the videos where released
The art/collector/Auction market has always been full of scams. Karl Jobst has a great video series on the 1 million dollar Super Mario Bros NES cart scam. Basically a new cart grading firm was in cahoots with the auction house. The 2 million dollar cart was sold by the Auction house to a group that included the Auction house owner. This set a precedent. Now guess who all of a sudden had a bunch of nes and other graded retro games for sale. Same thing happening in the NFT space.
Looks like the market has crashed since the videos where released
Mark my worlds, most of these will be worth nothing in a year or less.
The celebrities that jumped on board on this stuff really gives credence to those who "hate" the celebrity/media class. With all their wealth, they are still willing to join into a Ponzi in order to enrich themselves even further, there is literally no integrity in how some of these people conduct themselves.
It's fucking gross.
Is it any different that celebrities that flaunt their mansion and luxury lifestyle thou. They make more peddling an LV bag, doing product placement for luxury brand than NFT. Rich getting richer because they are already rich, what is new?
I also hate bored ape because of this, so actually do agree with people pointing out the cringeness that it brings to NFT.
But fr celebrities have brought nothing but hate for the space, so they ain't really helping this ponzi per say. Willing to bet these celebrities endorsement has not influence a single regular person to buy these high ticket NFT, nor can most people even afford to. They are doing a dis service to other project in the space and the amount of regular people that have actually benefited from the rise of this space who ain't celebrities.
There is now whole new economy of virtual assistant and play to earn gamers in third world countries that quit their job and becoming relatively financially independant from their countries economy. Things that you know crypto was suppose to enable.
On another news Warren buffet/ berkshire has finally dip their toe into crypto and started trimming their porfolio on traditional payment provider such as Visa and Mastercard. Talk about a change of heart for the biggest crypto critic.
Since NFT and crypto are criticisize as non-environmentally friendly. How about something more healthy for yourself and the environment.
Found this cool project on Solana, the first move to earn game/app. currently in open beta Fully functional and quite polished at this stage. Available on android/ios
Earn GST token for running in real life. You do need to own one of their Shoe NFT, each time you run the durability of the virtual shoes decreases a bit and each NFT's trait affects your token earn rate. If you own two of them you can mint a new NFT, for a cost of course. Soon they will be implementing a renting system so you can stake the NFT and have someone rent it so new users don't have to pay hundreds of dollars (currently) required to start using the app.
Many NFTs are based on utility. But this is something regular folks outside the community can easily relate to. How many running apps are there in the app store? How many provide actually incentive to use it.
NFT doesn't JUST have to be a Jpeg, and for flaunting.
Since NFT and crypto are criticisize as non-environmentally friendly. How about something more healthy for yourself and the environment.
Found this cool project on Solana, the first move to earn game/app. currently in open beta Fully functional and quite polished at this stage. Available on android/ios
Earn GST token for running in real life. You do need to own one of their Shoe NFT, each time you run the durability of the virtual shoes decreases a bit and each NFT's trait affects your token earn rate. If you own two of them you can mint a new NFT, for a cost of course. Soon they will be implementing a renting system so you can stake the NFT and have someone rent it so new users don't have to pay hundreds of dollars (currently) required to start using the app.
Many NFTs are based on utility. But this is something regular folks outside the community can easily relate to. How many running apps are there in the app store? How many provide actually incentive to use it.
NFT doesn't JUST have to be a Jpeg, and for flaunting.
You know I'm willing to give all this a chance, I was one of the most active people in this thread. But so far NFTs "based on utility" has yet to be seen.
BTW the difference between celebrities endorsing say, shoes or underwear, and endorsing basically a ponzi scheme I hope is pretty apparent
I mean I don't see it as a viable thing mainstream people will get into
It's there for speculators to resell their related NFTs
I mean so is crypto in general?
what exactly can mainstream regular people do with crypto that regular finance can't solve. decentralization privacy etc, you can use gold/silver barter for things heck just even use cash.
99% of mainstream people that buy crypto are speculators. Most have never used crypto beyond buying with fiat. Wait for it to go up, sell for fiat. You can use extreme examples such as ultra inflation, needing to escape war with just the cloth on your back, and your ledger with bitcoin. But let's be real these are extreme situations that 99% of crypto users will never encounter. Most if not all crypto users just want their coin to appreciate and it sits in their wallet doing nothing until it does go up in price. Crypto has proven to be terrible for actual everyday usage due to the constant fluctuation in value vs fiat. Last I check it's been 10 years, even though lots of countries have adopted crypto. 100% of the world still settles their everyday debt in fiat.
When you deal with NFT 1ETH worth of Nft will always be 1ETH worth of NFT. You don't have to understand the concept, but there ARE mainstream people who are actively using crypto for the first time to explore NFT because they have found something they identify with and are actually using their crypto to spend on something rather than sit and wait for coin price to go up.
I may have done a terrible job explaining that STEPN app. But spending a couple of minutes in their discord and you will see people that have the first time in their life, figure out how to buy crypto set up a wallet, and brought an NFT to try the app and actually use it, picking up running as a habit because they are earning something for their effort. That is more giving it more of a chance than you have currently, looking at my brief and probably terrible explanation and dismissing it altogether. All the meanwhile declare that nobody else would use it when people actually are using it.
You are being very subjective when you just sweep the entire technology under the rug because you don't understand it. Think back to many years ago when you are trying to explain to the concept of crypto to people that thought it silly, useless and pointless.
I do NOT sweep everything under the rug, because I believe there is potential utility in Crypto. That would be like dismissing the internet when it came out.
But it's not there yet, at least in this form. Right now it's all bankers ripping each other off, hoping not to be the one holding the potato when it all comes crashing down (and maybe that happens when a viably useful version comes out, who knows).
Crypto doesn't inherently have utility that people want, unless it does. I use Bitcoin as an example:
- People want it and are willing to trade goods or money for it openly, even relatively mainstream
- It solves a lot of problems with currency for people around the world, from developing countries to huge high tech transfers
- It can be used as a currency how you like, with no meddling from banks or govt (this does not automatically infer illegality, there are reasons to spend anonymously without being illegal or immoral)
- etc
Shoes that track your KMs don't do anything for anyone who isn't already super enthusiastic about crypto as a novelty or investment speculation.. Maybe if you're already into NFTs you will see it as a way to basically mine NFTs with physical exertion
How much can you produce by running a few KM a day on these things? $10-20 a day? I glanced at the whitepaper, and it looked like every other altcoin whitepaper I ever read.
And how / why would an exchange spend the time and effort looking into the 0.01% of jobless hippies in protests to ban them from trading?
That website is actual garbage. Cryptocurrency exchanges in Canada are being ordered by the RCMP to stop dealing with accounts suspected to have links to the anti-mandate convoy protest.
Show me a crypto website that has "please click this box if you a part of the freedom convoy"
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Quote:
Originally Posted by Mr.Money i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
pretty clean looking car tho... Kinda gay
We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea's website. Do not click links outside of opensea.io.
A Hacker Is Actively Stealing High-Value NFTs From OpenSea Users
Spoiler!
A hacker or hackers are actively stealing and flipping high-valued NFTs from users on OpenSea, the world’s largest NFT exchange, causing chaos and confusion in the broader NFT community.
The current mechanism for the hack is currently unknown, but OpenSea placed a red banner at the top of its site Saturday night saying “We are actively investigating rumors of an exploit associated with OpenSea related smart contracts. This appears to be a phishing attack originating outside of OpenSea's website. Do not click links outside of opensea.io.”
OpenSea is currently requiring users who list NFTs on the site to upgrade to a new smart contract that fixes an issue with inactive listings that was allowing scammers to swipe valuable NFTs from collectors on OpenSea for dirt cheap; some high profile NFT users are speculating now that a malicious actor is phishing people with a fake page designed to look like the one used to upgrade to that contract.
OpenSea did not immediately respond to a request for comment. A discussion about the hacks on Twitter Spaces had more than 3,700 listeners Saturday night.
Blockchain records show that the attacker was able to transfer numerous NFTs from different users to their address for free. Stolen NFTs included examples from the Bored Ape Yacht Club, Mutant Ape Yacht Club, and several other popular collections. The attacker has already sold some of the NFTs, for example, this NFT from the Azuki collection for 13.4 ETH ($36,380). The attacker's wallet currently contains more than 600 ETH worth nearly $2 million.
There are indications that the hacker is giving some of their ill-gotten goods back. In one instance, the hacker stole numerous NFTs from one user including one valuable BAYC NFT. The hacker returned all the NFTs except the BAYC, which is currently frozen on OpenSea. The attacker's page on the marketplace similarly 404s.
Security researcher Dan Guido tweeted Saturday night that “the security of web3 platforms depend entirely on wallets with universally poor security UX, and there’s very little the platforms can do about it,” adding that, "in a strange win for transparency," it's currently possible to see which NFTs have been stolen.
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