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Clocks posted:NFTs are basically a pyramid scheme. You don't own anything real and you're just trying to hand it off to some other rube and hoping you're not stuck holding the bag. It's even funnier when you realize the big marquee sale to prime the scam, Beeple's bullshit, wasn't actually sold for USD, but for ETH. Trying to cash out $69m in ETH would tank the price through the floor. https://twitter.com/ChristiesInc/status/1370436536626511879 Digital art sold for pogs, now that's post-modernism.
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Mar 14, 2021 08:40
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This is assuming it was sold for anything. The promoter is an old crypto grifter, who had an exchange that failed and took everyone's money. The purchase was basically an ICO token pump. Also, Beeple owned 2% of the tokens as of January - he was already in business with the buyer. https://amycastor.com/2021/03/14/metakovan-the-mystery-beeple-art-buyer-and-his-nft-defi-scheme/
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Mar 14, 2021 12:02
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Today just learned about Fractional NFTs. They accommodate multiple partial owners. So you can own 1/20th of an NFT along with a bunch of strangers. askhasjdhkajshdahahahahahahaha
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Mar 14, 2021 12:09
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There was some curiosity about whether the actual owner of the art can claim profit from the NFT. No idea about the *actual* answer but you'd think there would be a way around this. It's not illegal to profit off directing others to what is on the internet; if it was Google would be in trouble. Presuming the actual picture of LeBron or the Kanye Tweet exists legally you're selling the link with a convenient semi-permanent reminder and a nice way to further pass the link onwards.
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Mar 14, 2021 12:25
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strange feelings re Daisy posted:Today just learned about Fractional NFTs. They accommodate multiple partial owners. So you can own 1/20th of an NFT along with a bunch of strangers. askhasjdhkajshdahahahahahahaha The dream of one day being a controlling shareholder in fiestacat.jpg
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Mar 14, 2021 12:27
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Hammerite posted:The dream of one day being a controlling shareholder in fiestacat.jpg I know you don't have to own a property to have Rule 34 made of it but I lol at the idea of an NFT millionaire buying up beloved anime just to turn it into sleeze.
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Mar 14, 2021 12:29
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How can things keep getting even dumber? https://decrypt.co/61316/an-ancient-nft-project-called-mooncats-is-eating-up-ethereum
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Mar 14, 2021 15:51
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divabot posted:This is assuming it was sold for anything. The promoter is an old crypto grifter, who had an exchange that failed and took everyone's money. The purchase was basically an ICO token pump. Also, Beeple owned 2% of the tokens as of January - he was already in business with the buyer. Oh so it’s a scam, I don’t know why I expected anything else.
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Mar 14, 2021 16:40
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Is it that cashing out that much eth would crash the market or that it would crash the b20 thing?
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Mar 14, 2021 16:55
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twerking on the railroad posted:Is it that cashing out that much eth would crash the market or that it would crash the b20 thing? Its market cap is currently $213,478,256,295
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Mar 14, 2021 16:59
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What is the market cap of the US dollar?
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Mar 14, 2021 17:04
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jokes posted:What is the market cap of the US dollar? 0.5 what fiat-hating coiners would pay for it, 1.5 what Scrooge McDuck executives would pay for it, and 1.0 what everyone else would pay for it in Euros at the current exchange rate. So presuming the number of the first two are equal it balances out to the total USD in circulation. Bright Bart fucked around with this message at 17:30 on Mar 14, 2021 |
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Mar 14, 2021 17:26
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twerking on the railroad posted:Is it that cashing out that much eth would crash the market or that it would crash the b20 thing? Which is to say the seller should definitely do it.
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Mar 14, 2021 17:26
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Nitrousoxide posted:Its market cap is currently $213,478,256,295 Market cap doesn’t mean poo poo mate, that’s just current price times number of coins outstanding. Moons are valued at like 20 bucks each and there is like 216 trillion of them. Does that mean the market cap is 400 trillion, and that there is 400 trillion dollars in Reddit moons?
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Mar 14, 2021 17:29
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Drone_Fragger posted:Market cap doesn’t mean poo poo mate, that’s just current price times number of coins outstanding. Moons are valued at like 20 bucks each and there is like 216 trillion of them. Does that mean the market cap is 400 trillion, and that there is 400 trillion dollars in Reddit moons? Depending on who you ask the answer is genuinely yes
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Mar 14, 2021 17:33
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no it means according to coiners the market cap is 4320 trillion
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Mar 14, 2021 17:39
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Love talking about market cap with bitcoin when 1/21+ of total butts are locked away in satoshi’s wallets forever(?)
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Mar 14, 2021 17:42
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M8 have you heard of the 1%
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Mar 14, 2021 18:00
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xtal posted:M8 have you heard of the 1%
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Mar 14, 2021 18:46
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Crashing etherium would make for a pretty good art piece.
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Mar 14, 2021 20:30
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Apparently Ethereum is going to be updated so that the transaction fees are destroyed instead of going to anyone, which, lolquote:Ethereum’s upgrade, known as EIP-1559 and part of a broader move toward ethereum 2.0, will see the network’s current transaction-fee system overhauled, with users sending a fee to the network itself instead of the so-called miners that maintain the network. These fees will then be burned, reducing the overall ether supply—something that is itself a controversial topic among the cryptocurrency community.
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Mar 14, 2021 20:44
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Buterin and the miners are in a battle royale over this, will be interesting to see what happens. Protocol changes against miners' interest seem pretty impossible to push through, though.
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Mar 14, 2021 20:52
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Liquid Communism posted:It's even funnier when you realize the big marquee sale to prime the scam, Beeple's bullshit, wasn't actually sold for USD, but for ETH. Trying to cash out $69m in ETH would tank the price through the floor. beeple is going all-out burning his goodwill now, he made fanart of the auction winner using artwork he stole from someone else https://twitter.com/silviovieiraart/status/1371117753868881927
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Mar 14, 2021 20:55
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aware of dog posted:Apparently Ethereum is going to be updated so that the transaction fees are destroyed instead of going to anyone, which, lol Oh God that quote
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Mar 14, 2021 20:56
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https://www.rnz.co.nz/news/pacific/438341/tuvalu-chases-digital-immortality-on-a-blockchainquote:Tuvalu chases digital immortality on a blockchain
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Mar 14, 2021 20:57
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aware of dog posted:Apparently Ethereum is going to be updated so that the transaction fees are destroyed instead of going to anyone, which, lol How is this supposed to drive down transaction fees? There's still going to be a limited number of transactions that can fit in each block given the data size of the block. There has to be some mechanism to decide who gets in a block or not.
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Mar 14, 2021 21:03
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Fame Douglas posted:Buterin and the miners are in a battle royale over this, will be interesting to see what happens. Protocol changes against miners' interest seem pretty impossible to push through, though.
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Mar 14, 2021 21:05
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does ethereum have some means to oblige miners to include transactions in blocks? because if miners don't have an incentive to include transactions in blocks... isn't that just going to mean that transactions won't make it into blocks unless they're transactions that the miners particularly care about?
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Mar 14, 2021 21:12
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Someone needs to contact Ty and get them in on the NFT space.
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Mar 14, 2021 21:29
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Hammerite posted:does ethereum have some means to oblige miners to include transactions in blocks? because if miners don't have an incentive to include transactions in blocks... isn't that just going to mean that transactions won't make it into blocks unless they're transactions that the miners particularly care about? Yes, transaction fees are the way miners are incentivized to include transactions in their blocks.
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Mar 14, 2021 21:49
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I would love to see someone just crash the crypto market by cashing out too much at once. It seems like as a fame-seeking possibility it's pretty good - they get actual money, and immortality as the Destroyer of Buttcoin or whatever. A fitting end to the long game of musical chairs would be a record scratch accompanied by all the chairs falling apart at once.
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Mar 14, 2021 23:37
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CaptainSarcastic posted:I would love to see someone just crash the crypto market by cashing out too much at once. It seems like as a fame-seeking possibility it's pretty good - they get actual money, and immortality as the Destroyer of Buttcoin or whatever. A fitting end to the long game of musical chairs would be a record scratch accompanied by all the chairs falling apart at once. quote:On Thursday, one of Bitcoin’s most celebrated moments was remembered, and its enduring mystery was finally resolved. The notorious person referred to only as ‘the BearWhale,’ came forward to tell his unexpected story and make a plea to the community. 
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Mar 15, 2021 00:11
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Gobbeldygook posted:let me tell you about the Bearwhale That is wonderfully dumb. That the true believers rallied around to desperately maintain the appearance of value under actual market pressure is so perfectly cultish and scammy.
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Mar 15, 2021 01:49
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Did you see Bitcoin hit a new ATH of $60k poggers.
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Mar 15, 2021 03:02
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salt shakeup posted:Did you see Bitcoin hit a new ATH of $60k poggers. honestly it's just nice to not have seraph drop in anymore every time it hits a new high
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Mar 15, 2021 03:39
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I recommend not mentioning him, ever, but I feel the same way, since you have
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Mar 15, 2021 03:47
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salt shakeup posted:Did you see Bitcoin hit a new ATH of $60k poggers. It's very strange how it jumped it more than 25% in like 10 days. Stable currency of the future for sure.
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Mar 15, 2021 04:17
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Again, and I can't believe I have to keep asking this, but why is an obviously deflationary currency supposed to be a good thing?
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Mar 15, 2021 05:15
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Somfin posted:Again, and I can't believe I have to keep asking this, but why is an obviously deflationary currency supposed to be a good thing? It's good for the people who hold it, because gently caress you got mine
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Mar 15, 2021 05:16
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It's like Schrodinger's valuation - as long as it stays in the hodl box it is simultaneously worthless and work $60k or whatever. If someone actually opens the box to cash out the cat dies.
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Mar 15, 2021 05:22
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