No
Comment on Hackers steal NFTs worth millions. In other news, NFTs worth millions.
SCB@lemmy.world 6 months agoPeople buy them for miillions or there value would not be in the millions
crashoverride@lemmy.world 6 months ago
SCB@lemmy.world 6 months ago
That is literally what the concept of value is.
Honytawk@lemmy.zip 6 months ago
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
SCB@lemmy.world 6 months ago
Things are worth what people will pay. People pay out the nose for diamonds and they are just shiny rocks and not particularly rare.
Heresy_generator@kbin.social 6 months ago
Wash trading doesn't count.
andrewrgross@slrpnk.net 6 months ago
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?
xep@kbin.social 6 months ago
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!
SCB@lemmy.world 6 months ago
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 in them so just refuse to believe that the concept of value has any meaning. Things are worth whatever someone will pay for them.
andrewrgross@slrpnk.net 6 months ago
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.
Theharpyeagle@lemmy.world 6 months ago
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 holding up that value.
SCB@lemmy.world 6 months ago
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