Blockchain, NFTs, and Web 3.0

[specious_reasons]

I generally don't know shit about the big players in crypto, so I've been wondering if Binance is doomed, too. It seems that anyone who wants to run a crypto exchange is incompetent, dishonest, or both.

[Ari]

Where others at Alameda Research have been has been partly answered, talking to the feds. Both Caroline Ellison and Gary Wang have pled guilty to a whole set of crimes that could bring a max of 110 years of Ellison, which probably explains why she’s cooperating.

Meanwhile SBF has been released into the custody of his very rich parents who appear to have put up their house to pay his $250M bail bond.

Caroline Ellison Was Told by SBF to Manipulate FTX, Alameda Financials: SEC

[Basset Hound]

Instead of buying bitcoin, buy tulips. They're pretty and your rabbits will eat them

[ceptimus]

At least when the bottom fell out of the tulip mania bubble, those who invested in it still had their tulips.

[Ari]

Tulip investors are probably having a little dance in their grave, now that they’re known as the smart ones in comparison.

In the SBF case the real story seems to be whatever magical Jedi power SBF has to mesmerize people into believing him, because everything is pointing to him being the mastermind and a lot of people from the team at Alameda Research to Shark Tank guy just said “Yes, of course! I don’t need to see your paperwork/plan I trust you!” A whole bunch of people took money to tell everyone FTX was legit without anyone seemingly checking to see if FTX was legit (or in AR’s case that there was some sort of 4D chess master plan, beyond, lie and hope no one checks.)

[Kamilah Hauptmann]

U.S. charges fraud in Mango crypto manipulation case | Reuters



"Anything possible is permissible."

I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.

— Avraham Eisenberg (@avi_eisen) October 15, 2022

[davidm]

I haven’t had a chance to actually read this thrad so maybe this ground has been covered. I would appreciate advice.

I have an Instagram page for my artwork and frequently sell pieces IRL. However, on Instagram, I now have four different people saying they want to buy my work as NFTs for what I consider to be astronomical sums — the latest mentioned is $40,000. I haven’t the patience or turn of mind to really investigate all this crap, and I have several friends telling me it’s a scam. But I can’t quite wrap my mind around what the scam is supposed to be, exactly. They want me to register at certain NFT markets online where they say they will buy the work using virtual money. I prefer real money, but I have to assume virtual money is somehow readily convertible into real money? I do read you have to pay a fee (they call it “gas”) to get the ball rolling after regristration, so that is an immediate flaming red flag, but the fee is nothing compared to the money being offered IF they actually buy. And, why would they offer to buy, if they aren’t really interested in buying?

Botton line: Does anyone know the botton line on all this stuff?

[Ari]

I don’t know the bottom line, but do know that some coins are harder to convert to real currency than others, and since it’s mostly speculative, they need real money in, to get their money out, so they may be just trying to get you buying into the system. It might also be hard enough to pull money out into USD that they have a bunch in the system and are looking for things to buy using it.

Eitherway IMO I would look at GAS fees and the like and see if they are willing to pay the fees beforehand in a legit manner, in legit currency, to be taken off the block chain price once it’s an NFT.

I presume those looking to con rather than enjoy artwork will either go silent at the talk of non crypto-currency or suggest one of the more sus manners of transferring USD instead of something tried and true like paypal.

[davidm]

Originally Posted by Ari

I don’t know the bottom line, but do know that some coins are harder to convert to real currency than others, and since it’s mostly speculative, they need real money in, to get their money out, so they may be just trying to get you buying into the system. It might also be hard enough to pull money out into USD that they have a bunch in the system and are looking for things to buy using it.

Eitherway IMO I would look at GAS fees and the like and see if they are willing to pay the fees beforehand in a legit manner, in legit currency, to be taken off the block chain price once it’s an NFT.

I presume those looking to con rather than enjoy artwork will either go silent at the talk of non crypto-currency or suggest one of the more sus manners of transferring USD instead of something tried and true like paypal.

I already checked out the two different NFT platorms separate potential buyers named and both are rated SCAM by some online scam alert place. So I guess I won’t be trying to get that 40 grand after all.

[Kamilah Hauptmann]

Definitely smells like some sort of fake cheque or crypto scam.

I’d post that on r/scams reddit and I’m sure someone will have a detailed answer.

[davidm]

Originally Posted by Kamilah Hauptmann

Definitely smells like some sort of fake cheque or crypto scam.

I’d post that on r/scams reddit and I’m sure someone will have a detailed answer.

I’ll check out the reddit. I’m sure this is a scam but it’s hard to figure out what they’re after except the “gas” fee, which someone wrote somewhere is 300 bucks. I suppose if they get a lot of signups that 300 bucks can turn into real money for them.

[Kamilah Hauptmann]

I’ll hazard a guess here that if these crooks really wanted to launch NFTs they’d have just done it without asking. I suspect they’re testing you along with thousands of other Instagram artists. And once you hand them one advance fee (it’s not exactly an advance fee scam) their hands will be out for more. They’ll sell your name as an active patsy. The recovery scammers will line up promising to get you your money back for a never ending chain of fees. And your contact info will turn into an eternal sewer of automated scam attempts, forever. So yeah, don’t even reply for that reason. Stay safe out there.

[specious_reasons]

My suspicion is that none of it is legitimate - even the ones that are acting as honestly as they can. Do you really want any of your creations legally entangled with an NFT?

[specious_reasons]

Oh, and davidm!

[davidm]

Originally Posted by Kamilah Hauptmann

I’ll hazard a guess here that if these crooks really wanted to launch NFTs they’d have just done it without asking. I suspect they’re testing you along with thousands of other Instagram artists. And once you hand them one advance fee (it’s not exactly an advance fee scam) their hands will be out for more. They’ll sell your name as an active patsy. The recovery scammers will line up promising to get you your money back for a never ending chain of fees. And your contact info will turn into an eternal sewer of automated scam attempts, forever. So yeah, don’t even reply for that reason. Stay safe out there.

I’m not going to pay them anything.

[davidm]

@ specious_reasons.

When I tried quoting your post to reply, I got the dread 403 Forbidden notice. What’s up with that?

[specious_reasons]

Originally Posted by davidm

@ specious_reasons.

When I tried quoting your post to reply, I got the dread 403 Forbidden notice. What’s up with that?

Don't know. vBulletin lost your cookie when generating the reply?

I followed you on Instagram. Don't know much about abstract art, but a few caught my eye. I wonder if some of the NFT people contacted you because they think you could procedurally generate the art and thus create large numbers of similar work.

[JoeP]

Midas Investments shuts down, taking over 55% of customers' funds

Another tragic, innocent organisation suffering.

[slimshady2357]

Originally Posted by davidm

I’ll check out the reddit. I’m sure this is a scam but it’s hard to figure out what they’re after except the “gas” fee, which someone wrote somewhere is 300 bucks. I suppose if they get a lot of signups that 300 bucks can turn into real money for them.

The gas fee is the fee paid to make a transaction on ethereum. The people doing the NFT thing don't get that fee, the miners get it. I'm not saying it isn't a scam, just that they can't be collecting the gas fee. Maybe they are calling something else 'gas' that they want you to pay them, just to confuse things? Anyway, it's likely a scam.

[Kamilah Hauptmann]

Investors convert 'totally worthless' NFTs into tax write-offs | Non-fungible tokens (NFTs) | The Guardian

[specious_reasons]

Originally Posted by Kamilah Hauptmann

Investors convert 'totally worthless' NFTs into tax write-offs | Non-fungible tokens (NFTs) | The Guardian

The Unsellable collection, a rest home for worthless NFTs:
https://opensea.io/theunsellablecollection

[specious_reasons]

Truly, I don't know how these endeavors didn't gain in value!

WTFpng.png

This was bought for roughly $1,200 USD (by today's conversion rates). I hope this NFT had some sort of benefit other than the artistic merit.

[Kamilah Hauptmann]

Originally Posted by specious_reasons

Truly, I don't know how these endeavors didn't gain in value!

Attachment 12828

This was bought for roughly $1,200 USD (by today's conversion rates). I hope this NFT had some sort of benefit other than the artistic merit.

I can get me a pack of new forum avatars for $0.02 it seems.

[Ari]

Having really no idea who Shark Tank Guy is, this whole series was interesting, this is part 3 as it’s the relevant one to the thread,

DEBUNKING KEVIN O'LEARY - Part 3 FINALE...

a Highlight From part 2,
“The combined wealth of the worlds 85 riches people is equal to the 3.5 billion poorest people.”

“It’s fantastic and this is a great thing because it inspires everybody, gets them motivation to look up to the one percent and say, ‘I want to become one of those people, I’m going to fight hard to get up to the top.’” - O’Leary

[Kamilah Hauptmann]

Originally Posted by Ari

Having really no idea who Shark Tank Guy is

He tried out to be the leader of the Conservative Party of Canada by acting like the worst type of American then went on to endorse the guy who formed his own party because the CPC wasn't racist enough.