Submitted 11 months ago by yesman@lemmy.world to technology@lemmy.world
The way I read the article, the “worth millions” is the sum of the ransom demand.
The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches?
Sounds like a great way to make an insurance claim on a bunch of NFTs work “millions” that you could not convince anyone to buy.
What insurance company is dumb enough to insure NFTs?
Ones that think they can’t be stolen
Ones that understand the Internet and/or technology. And believe the “secure” hype.
I’d say more likely to be able to declare a capital loss on taxes.
Can I carry that loss over for the next… 100 years or so?
Accurate headline:
Millions of dollars lost as NFTs worth a total of $0 stolen
Let me get this straight, you can steal an not but you can’t own an nft?
You wouldn’t download an NFT…
Then what would you do with it? Is it purely for clout? “Hey guys, look, I got an image of this monkey.” Yes monkeys are amazing, but you don’t even own the picture, so what’s the point?
You very much do own an NFT you purchase, what you don’t own is the asset the NFT represents (the shitty RNG generated monkey for example).
I never had a jpeg stolen from me.
What a time to be alive.
No no, they stole the link to a jpeg, careful you will make them angry
Here, take my link to get a feeling
https://slrpnk.net/pictrs/image/db03eae9-a3a9-42df-8cf2-f2aa8bfa2d95.webp
You better quit yapping before I steal more of your bytes
Another interpretation is that it’s all an insurance scam were something worthless is “stolen by hackers” and then claimed to be worth millions for the insurance claim.
But surely nobody in the “well known as impeccably honest” NFT world would ever do something like that!
What insurance company would be braindead enough to insure NFTs?
It wouldn’t be the first time that somebody who should’ve known better gets taken in by hype.
That said, I agree it’s unlikely.
People trying to discuss the topic have their posts pushed down while “lmao nfts” are voted up. How do you see someone saying, respectfully, “I think there’s a benefit to this.” and try to push down their contribution?
Anyone who wants a good discussion about news in this community, must leave this community. If you want to add context or opposing perspectives, better go elsewhere. You build a community like this and you get people who know Hans had a vibrator, because jokes and legit opinions are treated as interchangable.
NFTs are a joke, so it’s totally fine for a topic like this.
Like what is there to discuss? The entire concept is stupid. With NFTs the object isn’t even on the blockchain, the image isn’t there. It’s pretty much just some random information that says image x belongs to you (but you have to store image x somewhere else and can lose it).
When it comes to owning art either physical media or the rights to the image already do a much better job.
The only area where NFTs sound useful (but they aren’t) is things like trading card games. Where you can have a card in a game and you own it, but because it’s an NFT you could sell the card to another player outside the game. But the whole concept again breaks down, the game can simply block the card from being played later on or remove the card and you’re left with nothing (besides “proof” that you own the NFT for a card that existed in the past). It adds nothing of value that a normal entry in a database couldn’t provide.
One thing I’m still positive on: Crypto currency was a great idea, at least until Bitcoin was sabotaged with the 1 MB block size and transacting with it died along the way.
I seem to recall digital trading card games existing long before NFTs were ever thought up, so not even that works. In fact, every “use” for NFTs I’ve ever seen suggested has been something we already had that is actually easier without involving the things.
Introducing Monero. You’re welcome.
Maybe it’s because majority of people think that NFTs are a joke and don’t agree that there are any benefits to this? Maybe they don’t want to engage in a discussion because they already heard all the arguments and still think it’s BS? I don’t know, I’m just guessing.
Downvotes should not be used for disagreement… That’s how you make echo chambers
Because the incorrect reddit downvoting, where people trest them like s like/dislike system (not the original downvoting, where you would only downvote if something did not contribute to the conversation) was imported to lemmy
I guess the millions are in the transaction fees
Think of it like this, when people make drug busts and they find huge amounts of cocaine or whatever and they say oh this is 300 something mod a million is worth of stuff. No it’s not. It’s maybe like not even half that not even a quarter of that, they just make it up just to make their bust even bigger
I remember it used to be calculated on the lowest value extrapolated out so a gram of smoke was 20/25 bucks so a kilo of smoke “had a street value of 20,000 - 25,000.”
Not to mention they usually count the weight of whatever they’re in too. See a big news story about the cops seizing tons of product at a port? Well they’re including the shipping container weight.
I also like the “10 Kilos of product was taken off of the street” which means like 12 grams of weed was turned into brownies
4,000 pounds of weed removed from a single basement greenhouse
“Potential losses”. I get the feeling that NFT owners got bit by the same bug that bit RIAA executives.
One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.
How do you steal a hyperlink to a jpeg
“Do I look like i know what an NFT is?
I just want a picture of some gaht dang shitposts.”
ITT: a handful of people starting to sweat about their NFT retirement strategy
I’m having difficulty with the word “worth”. It appears to be doing an awful lot of heavy lifting
Just because the suckers that bought them paid millions doesn’t mean that the NFTs are worth millions.
I’m worth millions, but I’m paid jack shit :(
…Been a minute since I’ve seen this fark headline meme.
Must be a real old-head if you know what fark is. ^me^ ^too^
Haha I came here just to mention this sounded straight out of Fark. Also, your dog wants steak.
Did they steal all NFTs?
There were sufficiently stupid people to pay money for NFTs. They will sufficiently stupid people around to pay the ransom.
Yeah the contract is how a few exchanges got stolen from in recent years
I’m just here for the Fark style headline. Well played!
Insurance scam? Not too be cynical, but after the price dropped a year(?) ago there were a number of thefts for which there was speculation about them being insurance fraud.
The platform behind the smart contract has to issue a new smart contract and migrate people to it.
Lol “worth”… that word is absolutely meaningless. This chewed gum I have is “worth” $2.7 billion dollars!!!
Can’t even read the website, as the third modal, the newsletter modal, refuses to close. Yeesh.
That’s crazy.
Does this post give anyone farker vibes?
Sheeple@lemmy.world 11 months ago
No one is gonna buy any NFTs for millions lmao
shortwavesurfer@monero.town 11 months ago
As crazy as it sounds, some people do.
AbidanYre@lemmy.world 11 months ago
They did. For like a week last year. Then everyone realized it was a scam.
TWeaK@lemm.ee 11 months ago
It’s a great way to launder money.
ripcord@kbin.social 11 months ago
*did
MonkderZweite@feddit.ch 11 months ago
Those who buy art and pack it in a safe until it’s worth more?
Im glad that doesn’t work as well in digital.
Wollang@sh.itjust.works 11 months ago
Seth Green has entered the chat
Fermion@mander.xyz 11 months ago
They’re priced like police drug busts.
SCB@lemmy.world 11 months ago
People buy them for miillions or there value would not be in the millions
andrewrgross@slrpnk.net 11 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?
crashoverride@lemmy.world 11 months ago
No
Honytawk@lemmy.zip 11 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
Heresy_generator@kbin.social 11 months ago
Wash trading doesn't count.