Bitcoins anyone?

[Manic!]

Originally Posted by westopher

They are both doing an excellent job of appealing to the movement of “white men oppressed by communism”

Twitter

One of the first groups to get starlink.

[donk.]

Originally Posted by threezero

The better bet imo if you are bullish in the space is the actual asset. The intrinsic value of these asset (basically land right now) is already set in stone.

I see a large problem with land, they can just "print" x thousand more lots overnight. Or slowly over time. Then again, the same can be done with a new coin for the same land use.

If there's 10000 plots of land on the SAND system, and right now they are 20k a piece, what's stopping them from doubling the game area?
Sure prices would drop for current owners but new thirsty young blood would start dripping over the chance to buy some at a discount.

It would take a full blown boycott to ruin the Sand token / land, and we all know noone gives a shit about boycotts
Plus, this would make the developers more money, since they are "out" of land to resell

It might even increase the value of Sand/land because there's double the amount of users hyping the product, YouTube videos, etc.
Then some rich person buys 500 lots far away from the original core, say scamlon musk, and everyone would rush to buy land near him. New land near him skyrockets, existing core tanks because everyone bails the area

The whole metaverse thing is absolutely bonkers, you have lots of solid points

[threezero]

Originally Posted by donk.

I see a large problem with land, they can just "print" x thousand more lots overnight. Or slowly over time. Then again, the same can be done with a new coin for the same land use.

If there's 10000 plots of land on the SAND system, and right now they are 20k a piece, what's stopping them from doubling the game area?
Sure prices would drop for current owners but new thirsty young blood would start dripping over the chance to buy some at a discount.

It would take a full blown boycott to ruin the Sand token / land, and we all know noone gives a shit about boycotts
Plus, this would make the developers more money, since they are "out" of land to resell

It might even increase the value of Sand/land because there's double the amount of users hyping the product, YouTube videos, etc.
Then some rich person buys 500 lots far away from the original core, say scamlon musk, and everyone would rush to buy land near him. New land near him skyrockets, existing core tanks because everyone bails the area

The whole metaverse thing is absolutely bonkers, you have lots of solid points

Well they cannot just print more land into the same collection. But you are right there is technically nothing stopping them from releasing a new SandLAND 2.

Just speaking from my experience and observation in NFT world. Each expansion MUST be planned carefully. Collection creators are rewarded by the collecting of the initial mint price + the continuous % of the royalty from each and every secondary sale. So they need to balance their greed and community need very well should they want to reap in those secondary royalty. Assuming they are an legitimate company of course.

I have witness many project got too greedy too fast on releasing their 2nd collection and as a result everything collapse and not only do they not sell out their subsquential collection, the original collection stop having sales as well, or people response a mad race to the bottom. Funny thing in NFT world. When your collection goes to 0.0001eth nobody wants to buy that shit. The same people that would happy to buy 1 eth will not touch the same collection when they see it full of people selling for 0.00001eth.

People underestimate the amount of power an holder has in this market. You are not trading coins, there is no algo to save you when you need to flash dump you coin at the middle of the night. As a creator you mess up the community sentiment you risk your asset going literally to zero within seconds. And sentiment is everything in this space. If there is a hint that the ship is burning down. People are going to be afraid to step in front of a falling knife, nobody wants to be the last person holding a illiquid asset that nobody else wants.

A scenario where Sand gets greedy and start "printing" land:
-When majority of their metaverse are basically empty land with no development (which is where we currently are) and they decide to drop a new batch of land
-This will not go down with the community and certainly piss off the whales of current sandland ​(talking about people that own 10% and more of the land and it just being a tiny portion of their over all portfolio)

A scenario where Sand doesn't get greedy and expand at the right time:
-When majority of their land are well developed and their metaverse is truly running of space

Expansion at the right time does not reduce the floorprice of the original collection and with a good community sentiment backing this expansion, both collection raise in price. It is actually a win win situation for both holder and the creator. Classic example Bored Ape Yacht Club with their Mutant ape Yacht club sister collection.


Let looks at this more practically. 2 or so month back Sand land plot were going for 0.50-0.70 eth floor price. That was when SAND trading at $6+. Today Sand is more than 50% down from its ATH. Sand land plot are now trading at 3.65eth floor price.

I think a lot of people look at NFT the same way as coin. It is not and the method and mechanism for market control is totally different and thus you really have to example them from totally different perspective. The people that buy in heavy into NFT have a whole entire different kind of conviction vesue the coin folks, or rather the algos which is what you are really trading with anyways in coins.

[Manic!]

I was fucked by the same guy twice!!!

https://twitter.com/zachxbt/status/1...673282?s=21ser

[Tegra_Devil]

Originally Posted by Manic!

I was fucked by the same guy twice!!!

https://twitter.com/zachxbt/status/1...673282?s=21ser

I just saw that. Thank God I got out when I did

[68style]

How is that guy not dead or in jail... beyond me

[mikemhg]

Originally Posted by Manic!

I was fucked by the same guy twice!!!

https://twitter.com/zachxbt/status/1...673282?s=21ser

Once again, Attack of the 50 Foot Blockchain details the amount of times these types of grifters have stolen literal millions of dollars from people through various shitcoin, bitcoin, ETH schemes via exchanges throughout the iteration of Crypto.

And yet, this will be the future currency and exchanging of funds

Absolutely ridiculous.

[Manic!]

Originally Posted by mikemhg

Once again, Attack of the 50 Foot Blockchain details the amount of times these types of grifters have stolen literal millions of dollars from people through various shitcoin, bitcoin, ETH schemes via exchanges throughout the iteration of Crypto.

And yet, this will be the future currency and exchanging of funds

Absolutely ridiculous.

And how many times have people been scammed out of fiat? Bernie Madoff ripped people off for 64 Billion.

[threezero]

Originally Posted by mikemhg

Once again, Attack of the 50 Foot Blockchain details the amount of times these types of grifters have stolen literal millions of dollars from people through various shitcoin, bitcoin, ETH schemes via exchanges throughout the iteration of Crypto.

And yet, this will be the future currency and exchanging of funds

Absolutely ridiculous.

Scams and fraud are the result of us living in a society that revolve around money. This has happen since the beginning of time. Crypto currency is a new type of money so ofc there are scam.

You can scam people with cash, e-transfer. Heck you can even scam people out of pokemon cards. This is not something that magically appear because of Crypto currency. Yes Crypto puts the onus on the user to perform their own due dilligence on what they spent it on. That is not that different from using Cash.

Cash is still the de facto choice of everything unsavory in society and millions of cash get laundered and use for illicity purposes every second around the world. Yet nobody paints cash in the same light as cryto.

IMO the criticism for fraud and scam in crypto is the weakest argument of all. In a dark way, having scam and fraud in this space kind of validate the value of cryptocurrency. If crypto is really as useless as people think, why do people put in the effort to scam people out of magical fake internet money?

[westopher]

Originally Posted by Manic!

And how many times have people been scammed out of fiat? Bernie Madoff ripped people off for 64 Billion.

He went to jail to though since the essence of money is it’s traceable, and the goal of crypto is that is isn’t, as far as I know.

[PeanutButter]

Not sure I understand the concern here. People know there are a lot or crypto scams. So because scams exist in the crypto world, the entire asset class is a joke?

Or is your argument like the casino argument. Ie. They shouldn't exist becauee casinos are toxic

[threezero]

Originally Posted by westopher

He went to jail to though since the essence of money is it’s traceable, and the goal of crypto is that is isn’t, as far as I know.

Crypto isn't untrackable. Its harder to track yes but way easier than cash.

[StylinRed]

Originally Posted by Manic!

I was fucked by the same guy twice!!!

https://twitter.com/zachxbt/status/1...673282?s=21ser

If you read the thread there are a lot of people defending the guy and getting mad at the guy revealing it

Turns out they knew a year ago who this guy was and had a "community vote" to keep him on lmao what the fuck

[donk.]

That entire Twitter thread is a joke, the poster is just trolling people

No one
Talking to their buddies
Like this
Over text to discuss something
That cost people millions
Of dollars
Ya know

[mikemhg]

Originally Posted by threezero

Scams and fraud are the result of us living in a society that revolve around money. This has happen since the beginning of time. Crypto currency is a new type of money so ofc there are scam.

You can scam people with cash, e-transfer. Heck you can even scam people out of pokemon cards. This is not something that magically appear because of Crypto currency. Yes Crypto puts the onus on the user to perform their own due dilligence on what they spent it on. That is not that different from using Cash.

Cash is still the de facto choice of everything unsavory in society and millions of cash get laundered and use for illicity purposes every second around the world. Yet nobody paints cash in the same light as cryto.

IMO the criticism for fraud and scam in crypto is the weakest argument of all. In a dark way, having scam and fraud in this space kind of validate the value of cryptocurrency. If crypto is really as useless as people think, why do people put in the effort to scam people out of magical fake internet money?

Because it's easy -- given the very apparent loopholes within the tech fundamentals of blockchains, and more notably coin exchanges.

Your Visa gets stolen, there is a such thing as a chargeback, among other resources in retrieving those stolen funds. You get your key stolen, wallet hacked, or lose funds due to a "missing" or "lost" transfer in the crypto space?

Good luck.

[Manic!]

Originally Posted by mikemhg

Because it's easy -- given the very apparent loopholes within the tech fundamentals of blockchains, and more notably coin exchanges.

Your Visa gets stolen, there is a such thing as a chargeback, among other resources in retrieving those stolen funds. You get your key stolen, wallet hacked, or lose funds due to a "missing" or "lost" transfer in the crypto space?

Good luck.

With crypto you are your own bank. That's what a lot of people like about it.

[68style]

I'm a terrible bank

[threezero]

Originally Posted by mikemhg

Because it's easy -- given the very apparent loopholes within the tech fundamentals of blockchains, and more notably coin exchanges.

Your Visa gets stolen, there is a such thing as a chargeback, among other resources in retrieving those stolen funds. You get your key stolen, wallet hacked, or lose funds due to a "missing" or "lost" transfer in the crypto space?

Good luck.

On the same breath its easy to steal cash too. Pick pocket have done that since beginning of time as well. Again the de-facto choice of currency for illicit activity is still cash.

When you lose cash by some stupid means, is there any recourse of action?
Sure you can call the police but how many case of missing cash are actually recoverable?

Does that mean there is a fundamental issue/loophole with cash as well because of the lack of hand holding faciliting this exchange?

On another note, if you e-transfer a scammer money thru the bank. Guess what you aint getting that back either.

Something being "easy" isn't neccesary an argument to its fundamental flaws. And easy is an understatement. If you lives depend on it, you will have a "easier" time scamming people out of cash than crypto. If its so easy can you setup and think of a scheme right now and execute it in crypto? Probably not, but you can go out and rob a chinese restaurant of their cash without the same level of expertise it require to setup a scam on crypto.

https://www.cbc.ca/news/gopublic/etr...emic-1.5889910
3 million dollar were scam thru e-transfer in 2020.

My friend fell for the pandemic puppy craze scam and I can tell you, no you are not any better protect by the bank in their own technology.

Still dont understand how scam and fraud is seen as a fundamental issue and loophole int he technology when the same shit happen outside of crypto too.

[mikemhg]

Originally Posted by threezero

On the same breath its easy to steal cash too. Pick pocket have done that since beginning of time as well. Again the de-facto choice of currency for illicit activity is still cash.

When you lose cash by some stupid means, is there any recourse of action?
Sure you can call the police but how many case of missing cash are actually recoverable?

Does that mean there is a fundamental issue/loophole with cash as well because of the lack of hand holding faciliting this exchange?

On another note, if you e-transfer a scammer money thru the bank. Guess what you aint getting that back either.

Something being "easy" isn't neccesary an argument to its fundamental flaws. And easy is an understatement. If you lives depend on it, you will have a "easier" time scamming people out of cash than crypto. If its so easy can you setup and think of a scheme right now and execute it in crypto? Probably not, but you can go out and rob a chinese restaurant of their cash without the same level of expertise it require to setup a scam on crypto.

https://www.cbc.ca/news/gopublic/etr...emic-1.5889910
3 million dollar were scam thru e-transfer in 2020.

My friend fell for the pandemic puppy craze scam and I can tell you, no you are not any better protect by the bank in their own technology.

Still dont understand how scam and fraud is seen as a fundamental issue and loophole int he technology when the same shit happen outside of crypto too.

Because you're purposely being obtuse, and using bad faith arguments.

You're comparing carrying pocket change on the street and getting scammed in relation to people putting thousands of their dollars into crypto, this is not the same thing whatsoever. A strongman argument at best.

How many times has your bank been hacked or insolvent and your money lost? We have a thing called CDIC (among others) -- insurance on your bank deposited funds in an event that a bank becomes insolvent.

There is an endless list of coin exchanges that have been hacked, ran by unscrupulous individuals, or just plan ignorance and negligence resulting in millions lost by its users:

https://selfkey.org/list-of-cryptocu...xchange-hacks/
https://bravenewcoin.com/insights/36...longer-with-us
https://www.nbcnews.com/tech/securit...an-do-rcna7870

Guess what your recourse is in any of these scenarios? None. There is no insurance based model such a CDIC to protect your lost funds.

Not even including the bevy of malware and ransomware embedded in smart contracts, the crypto space is a literal wild west right now.

I honestly don't understand how you don't get what I'm speaking about here.

[threezero]

I like to use cash as an example because when you use cash you take it upon yourself to ensure the security of said cash. If you lose it there is no recourse 99.9% of the time. So if you decided to walk around with thousand of dollar in your pocket. You know very well the risk involve. Some people still like to keep cash around because you don’t need to depend on the bank. Having cash is the closing non crypto version of being your own bank.

This is the same as crypto. People that go into crypto got into this knowing the risk involve and understand that there is no recourse involve should you get hacked, click the wrong link or throw your cash at a shady exchange. And this is all part of being your own bank.

Its not a perfect comparison but the closest one with practical usage. Should you carry around your cash and thumb thru it in a public area? No bad idea. Should you use crypto currency without understanding the risk. Leave your coin on a hot wallet and click every link you come across? Equally bad idea.

99.9% of losses in crypto are entirely user error.

For people that want to dabble in coins without this added stress of being your own bank. There are a lot of traditional financial product that let you have that exposure. Whether it’s etf or fake coin exchanges like Wealthsimple. But here you are letting someone else hold your hand and be the “bank” so these service actually are protect by the mechanism you mentioned.

If you want to be your own bank whether that is storing load of cash at home, stashing gold bars in your pillow OR holding your own crypto coin. It’s Carry the same risk, you are screw if you fuck up. It’s not a bug, it’s the consequence of being your own bank.

[68style]

I mean… you can guard against exchange hacks just by investing in a cold wallet… it’s the difference between walking around with your money in your pocket or putting it in a safety deposit box

[Manic!]

https://crypto.com/company-news/lebr...ith-crypto-com

[PeanutButter]

Any of you degens have NFT's? I'm thinking of getting more into the space.
I have some VEVE ones, but looking at more projects.

My buddy told me about Women's Rise, i'm considering getting one for my wife.

[threezero]

Originally Posted by PeanutButter

Any of you degens have NFT's? I'm thinking of getting more into the space.
I have some VEVE ones, but looking at more projects.

My buddy told me about Women's Rise, i'm considering getting one for my wife.

Yes lol. Heavy into the NFT. Hold almost no coins now lol.

Just made a pretty big land sale so looking to ape into some undervalue project now.

[G]

Joined my first NFT project, got rugged by that project, now i'm just sitting here contemplating the risk level of the space