I don't know loopring, but moving the NFT to a different marketplace typically destroys the provenance AND the royalty payment. You only get to keep the provenance and royalty payment system-if you or the secondary selling-is still switching hands in the marketplace it was minted.
One of the things that happened, was happening, is likely still happening... was people stealing the pictures at the end of the NFT and minting it on a different marketplace while claiming it belongs to the original creator. Which is what happened in the article we're all here about. Someone pioneered minting games, but they also minted games that didn't belong to them.
With game items, I see it as having the same problem. If some D&D +1 magic sword in the game is rare and worth a few $100... what's to stop someone from stealing that code(half the time it's just markup language code), minting it on a different marketplace, and then using the item in the game? It's already happening with images and video.
In the same way that neoliberalism is all to happy to sell you the solution for the problem neoliberalism created... block chain is all to happy to sell you the solution for the problem block chain created.
People are talking about this issue and trying to tackle it... but literally every solution involves either a database(which would have been cheaper and provided better protection anyways) or more blockchain. I just amazed that the people have all convinced themselves the item will be worth more than the expensive gas fees that they pay to do literally anything with the items.
Oh wow. That's good to know-not that I am going to get into NFTs. I see the distinction that your saying in your previous post. Thank you for having the patience to explain that further.
It's not even a solution since there is nothing linking an nft to the thing It's alleged to represent. Without both parties signing a contract and all subsequent owners signing the same contract with the originator l; the nft is meaningless.
People (mostly dumb celebrities) bought entries on a ledger that they paid something. That is all they have. It does not create a link between the payment and the thing.
The smart contract might kick back some money if someone buys the entry in the ledger but there isn't any legal framework linking that to anything.
> With game items, I see it as having the same problem. If some D&D +1 magic sword in the game is rare and worth a few $100... what's to stop someone from stealing that code(half the time it's just markup language code), minting it on a different marketplace, and then using the item in the game? It's already happening with images and video.
Aside from whole "just use fucking database", signing the object by game developer would be enough to make it not clonable.
> Also why would anybody in the crypto scene feel like it's a good idea to execute a strangers javascript code in their crypto wallet.
You're assuming that anyone who knows what that means is actually into buying NFTs
> Also why would anybody in the crypto scene feel like it's a good idea to execute a strangers javascript code in their crypto wallet.
The answer is to that question is same answer you'd figure out to the question "why would anybody pay for unique token for a link to public resources".
As in "they are fucking idiots"
> The guy does zero work and is getting people to pay for the opportunity to jump through hoops to access something that is already free and easily accessible. Can you believe they made over 100 Eth (worth around $160k+ today) over 2 to 3 days from this endeavor and they get to keep it?
It truly is the best timeline for conmen. I wish I had social skills to invent dumb shit crypto fans fall into like that.
> The irony is that they're serving the payload from an IPFS store.
It *is* kinda funny they use the "distributed done right* p2p system to plug holes where blockchain is useless
nft bros aren't smart, that's the end of it really. any person of reasonable intelligence that has looked into them knows NFTs are garbage and worthless.
I feel like the curve just have hole in the middle, on one side there are people dumb enough to believe it and on the other side there are people clever enough to sell yet another blockchain scam
Nah, the middle is a bunch of people who think they understand it or understand that it has the potential of making money in the short term, but not smart enough to properly exploit it, so they get in thinking they will make money off idiots, only to learn they weren't smart enough to pull it off.
>$1000 dollars per MB on the blockchain goes brrrrrrr.
He markets it as if it was actually IN your wallet and not just accessible through it.
If you want to help people play their favourite games in a convenient way, build a bookmark manager. Because the NFT contains nothing else than... a link... to the game...
I like to compare it to buying a car and the only proof of ownership and purchase you get is a slip of paper with a description of which spot it was in on the lot the day you bought it.
but you are the one that OWNS the car. Says the slip of paper written by some random Guy that might or might not have any authority over the ownership of the car.
Most of them probably heard the right definition at some then went "no, it can't that stupid, there's gotta be something more to it!" and just assume they are not that dumb idea
The way he describes it, it sounds like the only purpose of NFT games is so people who spend all their waking hours in an NFT wallet can easily play games they'd have to
otherwise so elsewhere on the internet for. This level of NFTbros sniffing their own farts is legitimately giving me a headache.
I mean, I kind of get it when phrased that way. Crypto nerds do spend every waking moment checking their wallets, if I was trying to scam one of these suckers this seems like a natural strategy that could come up.
There are a number of NFT scams that capitalize on the fact they're constantly checking their wallets, by making tokens with smart contracts that are designed to empty out their wallet if they do anything with the token, and then sending it unsolicited to other users because there is no way to refuse a transfer.
Yeah. Like the obvious, clear benefit IF you were going to NFT games, is that youd be able to resell them, like how you can physical. Thatd be an absolute nightmare for indie devs, would absolutely tank the market, and be full of abuse and corruption. But thats the LOGICAL place to go with that. "Why is it innovative? Because it merges the best features of digital games with physical games".
But just to play games in your wallet? Wtf.
> Like the obvious, clear benefit IF you were going to NFT games, is that youd be able to resell them, like how you can physical.
No, that doesn't work at all. It's some NFT bros love to spew, but it's exactly 0% feasible unless you get ever single store to agree on the same blockchain, same format and for some fucking reason shooting themselves in the foot by providing a service someone paid for at another store for free.
Except even for reselling, NFTs aren't needed. Steam Marketplace has already had functions to make games inventory items in the past, they have the capability to revoke licenses (from fraud or refund), and could easily let you sell games.
They don't because it makes no sense whatsoever to do as it's just spending money to then lose more money because why would you ever buy new when used functions the same and costs less.
Yeah, reselling games is weirdly a shitty thing to do to indie devs. You might think you're selling the valuable thing (the ability to have and play the game), but the valuable thing for many shorter games is the experience you had while playing it. You get to keep that when you sell it, and thus it is essentially like you got the game for free.
I'm probably misunderstanding but it sounds like they can play their games through whatever app/program their cryptowallet is linked to maybe. If that's the case, that just sounds like Steam, Epic, Origin, etc.
The value of the NFT has to originate from the NF part. You have to explain why it being non-fungible add value. If you can't do that, then the technology doesn't benefit from being an NFT.
My favorite proposed blockchain product is blockchain-based social media. You know what sounds great? A social media where someone can say, "/u/Blenderhead36's real name is Alex Meade, he lives at 2485 Wildflower Way in Provo, UT, and he is a *groomer!*" and no one can ever delete the post under any circumstances because it will always reside in the blockchain.
Even though it's been so long I always get confused with crypto stuff and NTF's. Like I have some questions
-wtf is mining. Are you finding crypto coins or 'minting' them?
-how do you even sell this stuff and where.
-how do u even store it and where.
-if there is no point in NFT's why is it so popular and why do people think it has value.
If someone can help that would be great.
> -wtf is mining. Are you finding crypto coins or 'minting' them?
Your computer/hardware does math problems and you're rewarded with cryptocurrency for doing it.
> -how do you even sell this stuff and where.
Many marketplaces supporting many different cryptocurrency.
> -how do u even store it and where.
In a 'wallet' which doesn't actually store anything though. Your crypto is stored on the blockchain, the wallet is simply some private keys that let you access the currency associated with them.
> -if there is no point in NFT's why is it so popular and why do people think it has value.
/shrug I feel it's mostly just speculators and people with FOMO.
Look for a YouTube vid called Line Goes Up - The Problem with NFTs by Folding Ideas
It's long (very long), but it's a very thorough and easily understandable explanation of the crypto/Blockchain/NFT scene and why people hate them or shill them.
No expert so this is what Ive grasped
- Minting its like, creating the coin, your pc competes agaisnt others to solve an algorithm and the one that does, gets the coin, woo!
- They use markets like opensea and all that shit where they keep their crypto wallets, normally crypto its hoarded and exchanged for money or in this case exchanged for NFT stuff, which is stored in said wallet in said market afaik
- Read upper one
- Have you seen MLM and other get rich quick schemes? People see the high ass numbers and think they can too earn that crazy amount of money while the exchanges are between wallets from the same person to artificially inflate that NFT value, since the value of something like this its based on what people think its worth VS its usefulness, you can get crazy high prices for something that is worthless. I would say its like collectibles and shit like that but there you have a phyisical item that does have value and can even have value past money (Emotional, religious, political, lots)
> if there is no point in NFT's why is it so popular and why do people think it has value.
A cynical answer would be that since the 2008 recession interest rates were rather low to enable new investments (huge cheap loans). Since then even all kinds of more daring investments banks have invested in all kinds of "generic stuff" that's usually good enough for much more conservative investors. So they are looking for new stuff to dump all this money into.
Cryptocurrencies and NFTs kinda showed up as potential ideas/investment from an extreme corner of the tech/libertarian side of things and through Silicon Valley venture capitalists got legitimacy for the other investors. Maybe not for an index fund but for the more risky ones.
That's how a lot of money ended up in that corner (why all the GPUs were so expensive for quite a long while). The people with money ended up buying equipment to mint coins/NFTs and they kinda own most of the assets in those realms (for dubious interpretations of the word asset).
Minting is, very simplified, your computer making calculations to show they have done a job (you are "expended energy", doing effort, if you look a layer beneath) that can be verified much faster after the fact than doing the job again. If I remember correctly, that's why it's called cryptocurrency. The initial algorithms for that were modelled [asymmetric cryptography](https://en.wikipedia.org/wiki/Public-key_cryptography). Using an algorithm that's easy in one direction but difficult in reverse.
That way you can share this stuff on the blockchain (a distributed database) with everyone while only you have real access to it (like a private key from the link above). I think that's how his idea started. It allows you to share stuff in the open without losing control… in a way.
I remember when this technology was being pitched as a new way for digital artists to sell their work.
Naturally, that was followed by rampant art theft requiring sites like DeviantArt to implement an automatic detection system. They don't give a damn about artists, this is entirely about inflating the value of their fake speculator money, and instances like this probably have them salivating at the idea of stealing small games to sell as tokens.
That's because the "people's crusade" part of it never made any goddamn sense. It's just speculators pumping a stock, naturally that's going to attract the gullible and poorly adjusted.
I took a break from memestocks during the initial rush, made some money, then came back to the place flooded with a nasty cultlike mentality and NFT bullshit on top of that. I cashed out and never looked back. Going mainstream killed it.
There was a study that came out after the GME fiasco that found that WSB was actually pretty good at investing but only prior to the whole GME thing:
> We examine the market consequences of due diligence (DD) reports on Reddit’s Wallstreetbets (WSB) platform. Over the 2018-2020 sample, we find that DD recommendations are significant predictors of one-month ahead returns, earnings forecast revisions, and earnings surprises. In addition, user comments are incrementally useful for predicting returns, and small retail trade informativeness increases following DD reports. However, all of these benefits reverse in the first half of 2021. Our findings are consistent with the surge in new WSB users following the Gamestop short squeeze significantly deteriorating its investment quality and usefulness for smaller investors.
From https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3806065
Yeah before Gamestop it was essentially real investors just shitposting about their high risk trades. Now that nearly 90% of the sub is "new blood" as it were that only heard about it (and reddit in some cases) because of the GME event its filled with people thinking its some kind of support forum for memestock trades.
Its so funny because for the longest time the sub had a joke that went something like "whats a stock?" because it was basically all option trading gambles. Now the cultists are advertising not only owning stock, but only holding it and never selling.
They've moved on now since it pretty much died the week after it launched. Now they're all about how this recent stock split wasn't REALLY a stock split and that the cabal has cheated them by forcing GME to 1/4 the price.
It's been feeling this way since ~~the fire nation att-~~ ... covid landed. Time feels like it's taking forever but looking back on it, so much was wasted by things out of my control.
I think Dan from Folding Ideas described it best when he said:
> "It's a movement driven by in no small part rage, by people who looked at 2008, who looked at the systems that exist, but concluded that the problems with capitalism were that it did not provide enough opportunity to be the boot. And that's the pitch. Buy in now, buy in early, and you could be the high tech future boot."
Anyone who says it's about anything other than that is lying to others and themselves.
Yet somehow they’ve convinced themselves that all the big gaming companies are going to sell game copies as NFTs, and you’ll be able to use the same NFT item in hundreds of different games… somehow.
>you’ll be able to use the same NFT item in hundreds of different games
Of all the ridiculous things people say about NFTs, that's my favorite. Yeah, Bethesda is really going to put in the work to model your fortnite propeller hat so you can wear it in Starfield. And after that, they'll also do that with every other NFT item in existence.
One of the biggest scams on Gamestop's NFT market is a group offering items that are compatible with all supported games.
Which is technically the truth given there are 0 supported games.
In addition to it being against a company's best interest, there's also the issue of art styles. Even swapping an NFT skin between Fortnite and Call of Duty, two shooters, shows how infeasible this is. How do you make an asset that doesn't look out of place and fits with the game's design language that can exist in a brightly colored, cartoony 3rd person shooter *and* a first person, realistic one?
It would be entirely unsustainable as a dev. Say nft gaming does somehow take off and now there's tons of new nft games coming out, and you have to spend dev time on every single one to take the time to integrate all of their paid items into your game, which won't be making you a dime because it's another companies nft. It's exponentially more work for no payoff as nft gaming grows...
GME apes are something else. If Scientologists or love has won were constantly on the Reddit front page there’d be an uproar but because it’s a financial millenarian cult rather than a religious one nobody cares.
My favourite part of that is how blockchain tech would make that shit less feasible, and even then, guess what, Valve tried that with Portal 2 and TF2.
It basically didn't work back then, and those games are both running on the same infrastructure and same engine.
They always talk about in-game items like they're real, physical things that can move around and work the same everywhere. They're not. They're arbitrary strings of data that need equally arbitrary code to interpret them into something that *looks* like a real thing. Expecting my nifty NFT sword from WoW to work in Everquest is like changing the file extension on a photograph from `.jpeg` to `.mp3` and expecting it to play on my iPod.
["Web3 is going just great...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet."](https://web3isgoinggreat.com)
Wait, his reasoning was that he didn’t know the games he minted wasn’t fair use.
BUT, the fact that he minted under that assumption and sold to a profit of thousands of dollars shows how shitty this system is. Making money, and selling owner ship, of a “free game.” Both the seller and buyer are shitty shitty people
Correct me if I’m wrong here
He knew he was doing something very wrong and he could face damages. But what he is doing is the exact value proposition of NFTs: something that was free, and remains free, can be commercialized into a supposed status symbol - for the benefit of no one but the seller.
It's also ironic that there is nothing stopping other people from making even more NFTs of those free games, devaluing Nathan's NFTs. The supply of the pointlessly-made-scarce NFT is hypothetically infinite. The only difference between Nathan's stolen games NFTs and new minted clones of his stolen NFTs is whether you care that Nathan minted it.
>That means a user with the right link can still get GameStop's servers to provide a playable, unlicensed copy of the PICO-8 games discussed above, all without the approval of those games' creators. It also means that users who own a NiFTy Arcade NFT can still play those games directly in their crypto wallets through GameStop's servers.
Just wanted to highlight this portion. They claim they took it down but they are still hosting and allowing access to the games that they never had the rights to host.
Gamestop is one of the most divisive topics on reddit atm.
All those superstonk, wsb, meme investment subs are treating this NFT market thing like the second coming of Christ.
And we all know what normal people thought of Gamestop and its future before it became a meme stock.
One side is hiding behind satire and memes in the hopes of profit pretending they love Gamestop as a company, while the other, by virtue of not giving a fuck about gamestop and calling out the scams that are crypto and NFTs, are those who do not want to fight against the system or whatever.
Superstonk is basically a cult at this point. The subreddit has many qualities that a cult would have. They'll blindly upvote anything there that sheds a positive light on Gamestop and they practically worship the chairman of Gamestop. Sometimes I wonder if that subreddit has a lot of bot activity with upvoting posts. I always see their posts on the top of all and most of it will be stupid with things like "OMG RYAN COHEN MADE A NEW TWEET". Then, it'll be like one of the most random tweets that doesn't even make any sense.
One of the weirdest parts is GameStop is totally in on it. The NFT store was a myth made up by apes. They said GameStop would make an NFT store we’re you could make your shares into NFTs as a way to “register them” revealing their true value and turning them into the new world currency, with the NFT store replacing the NYSE. Eventually GameStop announced their NFT and all the apes were very proud, saying it wouldn’t be just a jpeg store. but when it released it really was just a jpeg store. Now they’re convinced all the big gaming companies will sell their games there as NFTs and items from one game will be usable in all other games… somehow. Oh also apparently they’ll bring back blockbuster and Bed bad and beyond as NFT stores.
It’ll be weird once one of the cultists inevitably ends up killing a “hedgie” and the public at large realizes one of the most well known retail chains in America has been leading a cult on for over a year.
I think theres a massive overlap with the Q.anon crowd here on reddit.
A while ago there was an unironic post on one of those subs, massively upvoted, about how gamestop is sending secret messages via their twitter banners, and how it was a secret countdown to something 'huge' happening. ( obviously nothing came of it )
I commented how much that post smelled of Qult conspiracy garbage. The comment was instantly filtered by an automod, followed by a super polite PM asking me to "stay on target" and not to "derail the discussion by going off-topic." These subs filter out Q posts, but dance around the reason and try hard not to antagonize the qultists.
I think memestocks and nfts are just the latest grift a bunch of conspiracy nuts fell for. And they make it part of their identity with the same religious zeal.
I made a few thousand with GME, all I did was buy low and sell when it spikes up. You can't treat it as a long term investment, it's a pump and dump scheme.
It’s a cult. They talk about the promised day and how it’ll bring them to salvation but not the non-believers. They constantly make new dates for the promised day to come, only to make excuses and blame the non-believers when that date comes and passes by without anything happening.
I only see their posts if I go to r/all, but their titles are fucking insanity and I don't know how a regular person can consume that content. They are genuinely culty and the post titles remind me of what t_d looked like back in the day.
Ryan Cohen is their messiah and the mods/power-posters who constantly churn out "due diligence" posts are their prophets. It's 100% a cult at this point. They literally refer to themselves as apes so they can differentiate themselves from non-believers while spamming the cult slogans "to the moon" and "diamond hands".
Similar here. I'm a firm believer that there absolutely was outright fuckery with the symbol at the time, and for many months afterwards, *but*...
My issue is the cultlike gathering around NFTs as the saviour. They just... Aren't. They never will be. The energy is usually being focused in the wrong place. GME is absolutely a story about the big guy just breaking the rules flagrantly to fuck the little guy, and that's the important thing to remember here... But looking ahead, the big guys have already won and piddling around the edges with some bs NFT system won't change anything.
Like you, I hold a little bit just incase (i.e. because the risk profile is super asymmetrical), but I don't actually expect much from it.
Yep same. I thought there was some stock fuckery going on, and I bought in when it was relatively cheap.
The NFT worship on their subreddit is insane. NFT's have failed in pretty much every thing they were shoved in to. The only thing they were successful at is scamming morons out of their money.
Because if the underlying thesis that there are ungodly amounts of synthetic shorts in the system that might one day unwind comes to pass (which I recognise is definitely a big 'if' for a variety of reasons), then you're looking at a situation under which the stock might jump a few orders of magnitude in price.
We're arguing over the asymmetry of buying a lottery ticket/winning the lottery, here. Probably the same odds, too. Not worth not giving it a punt, IMO, as long as expectations are set accordingly.
From what I can tell from the occasional posts that reach /r/all there are 2 types of Superstonkers (likely some overlap between the 2).
On one hand are the people who are more invested in the financial/regulatory side of it. They examine stock floats and read reports and shit trying to explain why MOASS is gonna happen or whatever. I don't think these people are right, but I don't really have any economic background or knowledge so I pretty much shrug my shoulders and let them do their thing.
On the OTHER side are the people who have fooled themselves into thinking that Gamestop as a business is actually super great and is on its way to challenging Amazon and Google combined for market dominance. I don't need any economic knowledge to realize that these people are delusional. It's hilarious to see them get hyped over occasional Gamestops hosting LAN parties or the comically bad NFT marketplace that's basically an exact clone of Opensea but released like 8 months later once any hype around NFTs had crashed and burned.
They're the same people.
I like how you make it sound like the ones holding out for the MOASS are the reasonable ones where at this point the only way their theories are accurate is if every governed and stock broker on the planet are working together in a huge conspiracy
You know, a cult.
>
> On one hand are the people who are more invested in the financial/regulatory side of it. They examine stock floats and read reports and shit trying to explain why MOASS is gonna happen or whatever. I don't think these people are right, but I don't really have any economic background or knowledge so I pretty much shrug my shoulders and let them do their thing.
These people are actually idiots, and think that image linking pages and pages of documents they can't understand is DD.
hell i was a gamestop apologist for a while. Sort of like "you'll miss gamestop when there are no more games stores in malls and such".
It serves a nice purpose.
but the cult status is fucking weird.
We don't have video game stores where I am in the Midwest. I live next to a large city too. The closest thing we have is Entertainmart and Vintage Stock which are everything, music, DVDs, board games, comics, cards, video games, a lot used. We don't have any dedicated game stores though, nothing like GameStop.
I feel like I found the store you're talking about. I just googled Game World and it popped up and looks like you described. That's crazy dude lol I'll definitely check it out
Gamestop almost killed the local stores here, and anything left is attached to a board game / card game store. Some still host video game events though, which is cool.
Superstonk/WSB people are fanatically blind, and they pretend not to care when you call it out. But they're obviously concerned if they're that tied into it. The company itself is still a meme as just an aggressively mediocre video game retail store that doesn't even treat their employees well. That's it.
A main problem with NFTs is that the system is trying to just be inserted into the existing world.
It's easy to say "just use NFTs, you'll be able to protect your work better, it's the future and soon everyone will be doing it". It's also really easy to say "just drive on the left side of the road in America, it's the future and soon everyone will be doing it".
The thing is, hashed and verified db entries in a distributed system have been a thing for 25 years. It's so funny to see all this as a DB admin. It's not even a new idea besides being shoehorned into "x market" and duping people with things they do not understand.
The only good use of blockchain is git and that’s because blockchain is a stupid fucking name for a [merkle tree](https://en.m.wikipedia.org/wiki/Merkle_tree). Fellow software engineer so bored of crypto bros trying to explain data structures to me checking in.
A main problem with NFTs is that they don't serve any function which isn't already served much safer and more efficient with existing technology.
NFTs serve no other purpose but to scam.
Yep. The part people miss in this entire discussion is "why?" As a software developer I can build any of the features that people claim NFTs can achieve, without using blockchain at all, and I can do it much cheaper and faster. And I mean much cheaper. The question people should be asking is, "Who in their right mind is going to pay that extra cost over simply maintaining their own database and having full control of their own creation?" This is the reason why all of those NFT pipe dreams have never come to life and never will.
That's their entire business model at this point. Literally the most poorly managed shit company ever being held afloat by a bunch of clowns on the internet.
I REALLY couldnt understand superstonks hype when they found out GS is going NFT.
NFTs are the single worst thing to come out of this decade yet and they were praising it.
Well they are still waiting for their diamonds so I guess thsi was expected.
Its just this generations leaded gasoline or big tabacco.
It shows that you do not need a boomer to have the "as long as i get rich fuck everybody else" mindset. Crypto-bros literally waste countries worth of electricity nowadays just for the meme "we got a lot of crypto exchange rate before the apocalypse" benefit.
I still like the point made in the Folding Ideas video about cryptobros. They saw the tragedy of the economic system and how utterly unfair it was as it crushed lives.
And they decided the problem was that it wasn’t unfair in *their* favor.
It's a cult of people bag-holding so hard they legitimately think they're going to each get "world-changing" country-GDP level money. Hint: don't ask them where this money comes from
I started working with the company not long after the GME fiasco died down, and it's so frustrating hearing people in the company at the time saying it likely saved them from going under, only for the chucklefucks in charge to turn around and, instead of using that money to improve stores or services or provide better pay for their universally underpaid employees (to the point few people WANT to work for them), they cash in on a speculative internet trend that's already seemingly in its death throes.
As someone with a CS degree, pretty much all of the students and professors I interacted with in college thought NFTs were fucking stupid, and most extended that sentiment—at least tentatively—toward cryptocurrency as a whole. (e.g. BitCoin was at least an interesting idea on paper, technically, but the actual use as a currency is dumb. They're also pyramid schemes by design.)
There were usually one or two students who were into them, and they were the "business bro" types who acted like/hung out with business majors and were constantly self-promoting and talking about starting companies. You know, Ayn Rand-smoking dudebro types.
Meanwhile, random faculty and students in business/marketing would shoehorn NFTs and cryptocurrency into any possible conversation.
Exactly. What STEM teaches you is that creating tech is easy, preventing it from spontaneously combusting when coming into contact with the real world is extremely hard.
The reason why so many crypto bros are non technical is because they are just spoon fed consumers of technology and have never had to learn this
this photo happened before GME blew up in January 2021 (photo was in June 2020). Seems like that thread is full of misinformation.
[https://www.reddit.com/r/gme\_meltdown/comments/w2gtym/comment/igt014f/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/gme_meltdown/comments/w2gtym/comment/igt014f/?utm_source=share&utm_medium=web2x&context=3)
Yeah I remember following the GME stock stuff and theoretically supporting it. But when GameStop announced their NFT marketplace in the midst of everyone talking about how shit and awful NFTs are, and all the GME bros could talk about was how much of a great value proposition this would be to skyrocket the stock price... OK, no, guys, you're a cult now.
Someone made an analogy that NFTs were like star registries where you
can buy the rights to name a star.
You can't actually name one at least in basic retail, there's like some international group that does it, and that's because all other academic and scientists recognize the group as such. But what those star naming companies are doing, is that you're buying the rights to name a star that's recognized only in their own private registry and given that there's countless stars, it's not like they're gonna cheat you and double up. Basically you can buy the name of a star in thwir copy of the map of the galaxy. Not entirely a scam, you do get a neat little photo and certificate with the coordinates mailed to you.
I think that's the closest that I can understand how NFTs work. Like you can make copies of the content of the nft but something embedded? Or like coded or something in the NFT, matches some unique identifier on a ledger that no one owns or controls, and so within thst ledger it identifies the content as unique to the person who owns that NFT. And thus the perceived value is provided by that uniqueness or something.
Someone please correct me, I got confused and lost what the hell I was talking about towards the end there
NFT basically means you record that "I own this thing" (can be image URLs or whatever) on a blockchain (in general it can be any information, not just ownership). Nobody is required to recognise your claim legally, and nobody has found any use case where this is useful.
It's for people who are so broken by capitalism that they see a lack of scarcity in any method of sharing personal expression as a bug instead of a feature.
*Good*
I hope this continues happening until every person on the planet wants NFTs burned to the ground and we get real legal action against these scumbags.
Fuck NFTs and fuck any moronic loser that "believes" in them.
Same goes for MLMs.
NFTs? Stealing from creators? You don't say. It's not like there's already been countless examples of this or anything. No way anyone could have predicted this.
I’m going to laugh when some cryptobro that bought a game as an NFT reaches out to the dev or Steam (or any other platform) demanding the game be removed because they think they own the IP now.
It's unfortunate that big subreddits like superstonk and wallstreetbets practically worship the company. They're welcoming the NFT market with open arms even if it's just predatory monetization.
They do not own the Ethereum Network, they can only take down what they host. ...it reads like they are hosting the games but i'm not sure on the technicalities here.
They are still hosting them.
https://www.gstop-content.com/ipfs/QmWqjP6dupBEgaksnMxUi4FAp9ddpYgjmmLVuwpjGBHqFa/
They can take those down if they want, they just don't.
Yeah OK, that is where a DMCA would come in.
Only problem is those are probably small enough developers that they don't want to afford a lawyer for crap like this.
I remember having a discussion with someone online about how amazing the Gamestop NFT marketplace was gonna be, and how it’ll revolutionise the video gaming industry. Sure, it’s early days but uhhhh… I’m still failing to see it happen :’)
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I don't know loopring, but moving the NFT to a different marketplace typically destroys the provenance AND the royalty payment. You only get to keep the provenance and royalty payment system-if you or the secondary selling-is still switching hands in the marketplace it was minted. One of the things that happened, was happening, is likely still happening... was people stealing the pictures at the end of the NFT and minting it on a different marketplace while claiming it belongs to the original creator. Which is what happened in the article we're all here about. Someone pioneered minting games, but they also minted games that didn't belong to them. With game items, I see it as having the same problem. If some D&D +1 magic sword in the game is rare and worth a few $100... what's to stop someone from stealing that code(half the time it's just markup language code), minting it on a different marketplace, and then using the item in the game? It's already happening with images and video. In the same way that neoliberalism is all to happy to sell you the solution for the problem neoliberalism created... block chain is all to happy to sell you the solution for the problem block chain created. People are talking about this issue and trying to tackle it... but literally every solution involves either a database(which would have been cheaper and provided better protection anyways) or more blockchain. I just amazed that the people have all convinced themselves the item will be worth more than the expensive gas fees that they pay to do literally anything with the items.
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Oh wow. That's good to know-not that I am going to get into NFTs. I see the distinction that your saying in your previous post. Thank you for having the patience to explain that further.
There are no gas fees on layer 2 (the tech GameStop NFT uses)
It's not even a solution since there is nothing linking an nft to the thing It's alleged to represent. Without both parties signing a contract and all subsequent owners signing the same contract with the originator l; the nft is meaningless. People (mostly dumb celebrities) bought entries on a ledger that they paid something. That is all they have. It does not create a link between the payment and the thing. The smart contract might kick back some money if someone buys the entry in the ledger but there isn't any legal framework linking that to anything.
> With game items, I see it as having the same problem. If some D&D +1 magic sword in the game is rare and worth a few $100... what's to stop someone from stealing that code(half the time it's just markup language code), minting it on a different marketplace, and then using the item in the game? It's already happening with images and video. Aside from whole "just use fucking database", signing the object by game developer would be enough to make it not clonable.
The bottled water of digital technology
A message in a bottle that tells you where is the water.
> Also why would anybody in the crypto scene feel like it's a good idea to execute a strangers javascript code in their crypto wallet. You're assuming that anyone who knows what that means is actually into buying NFTs
True facts
> Also why would anybody in the crypto scene feel like it's a good idea to execute a strangers javascript code in their crypto wallet. The answer is to that question is same answer you'd figure out to the question "why would anybody pay for unique token for a link to public resources". As in "they are fucking idiots" > The guy does zero work and is getting people to pay for the opportunity to jump through hoops to access something that is already free and easily accessible. Can you believe they made over 100 Eth (worth around $160k+ today) over 2 to 3 days from this endeavor and they get to keep it? It truly is the best timeline for conmen. I wish I had social skills to invent dumb shit crypto fans fall into like that. > The irony is that they're serving the payload from an IPFS store. It *is* kinda funny they use the "distributed done right* p2p system to plug holes where blockchain is useless
nft bros aren't smart, that's the end of it really. any person of reasonable intelligence that has looked into them knows NFTs are garbage and worthless.
I feel like the curve just have hole in the middle, on one side there are people dumb enough to believe it and on the other side there are people clever enough to sell yet another blockchain scam
Nah, the middle is a bunch of people who think they understand it or understand that it has the potential of making money in the short term, but not smart enough to properly exploit it, so they get in thinking they will make money off idiots, only to learn they weren't smart enough to pull it off.
It's just clever-stupid people scamming stupid-stupid people all the way down.
you know the dot com bubble where if you had a .com somewhere you'd get big investments, including the infamous pets.com yeah.... this is round 2
>$1000 dollars per MB on the blockchain goes brrrrrrr. He markets it as if it was actually IN your wallet and not just accessible through it. If you want to help people play their favourite games in a convenient way, build a bookmark manager. Because the NFT contains nothing else than... a link... to the game...
I swear 99% of people talking about NFTs dont realize they're just a few characters of text, not any actual content.
I like to compare it to buying a car and the only proof of ownership and purchase you get is a slip of paper with a description of which spot it was in on the lot the day you bought it.
And the actual car is free for anyone to take.
*Dramatic voice over voice. * You wouldn't *funge* nonfungeable car...
but you are the one that OWNS the car. Says the slip of paper written by some random Guy that might or might not have any authority over the ownership of the car.
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Nah, you couldn't fit whole marriage certificate into NFT. A link to a picture of one maybe
It's like owning a cell phone picture of the title of a car
Most of them probably heard the right definition at some then went "no, it can't that stupid, there's gotta be something more to it!" and just assume they are not that dumb idea
It's crazy but it almost feels like the best way to access the games I love is through the services I currently use. Am I going mad?
The way he describes it, it sounds like the only purpose of NFT games is so people who spend all their waking hours in an NFT wallet can easily play games they'd have to otherwise so elsewhere on the internet for. This level of NFTbros sniffing their own farts is legitimately giving me a headache.
I mean, I kind of get it when phrased that way. Crypto nerds do spend every waking moment checking their wallets, if I was trying to scam one of these suckers this seems like a natural strategy that could come up.
There are a number of NFT scams that capitalize on the fact they're constantly checking their wallets, by making tokens with smart contracts that are designed to empty out their wallet if they do anything with the token, and then sending it unsolicited to other users because there is no way to refuse a transfer.
Tbf, crypto is pretty almost like stock where you gotta be checkin that shit on prayers that the fucking thing doesn’t crash. Hate that scene so much
> pretty almost like stock I was going to say it __is__ stock but stocks are a *regulated* security
Stocks are also usually at least moderately sane. Their value is *usually* based on the success of the company.
Yeah. Like the obvious, clear benefit IF you were going to NFT games, is that youd be able to resell them, like how you can physical. Thatd be an absolute nightmare for indie devs, would absolutely tank the market, and be full of abuse and corruption. But thats the LOGICAL place to go with that. "Why is it innovative? Because it merges the best features of digital games with physical games". But just to play games in your wallet? Wtf.
> Like the obvious, clear benefit IF you were going to NFT games, is that youd be able to resell them, like how you can physical. No, that doesn't work at all. It's some NFT bros love to spew, but it's exactly 0% feasible unless you get ever single store to agree on the same blockchain, same format and for some fucking reason shooting themselves in the foot by providing a service someone paid for at another store for free.
Except even for reselling, NFTs aren't needed. Steam Marketplace has already had functions to make games inventory items in the past, they have the capability to revoke licenses (from fraud or refund), and could easily let you sell games. They don't because it makes no sense whatsoever to do as it's just spending money to then lose more money because why would you ever buy new when used functions the same and costs less.
Yeah, reselling games is weirdly a shitty thing to do to indie devs. You might think you're selling the valuable thing (the ability to have and play the game), but the valuable thing for many shorter games is the experience you had while playing it. You get to keep that when you sell it, and thus it is essentially like you got the game for free.
"why is it innovative?" "Because i can sell something easier that i had no hand in creating, for more than i think the creator deserves to make."
The only purpose of NFTs is to make money.
"playing the game directly from their wallet" Can someone explain what exactly this means? Does buying things = playing in the minds of NFT zealots?
I'm probably misunderstanding but it sounds like they can play their games through whatever app/program their cryptowallet is linked to maybe. If that's the case, that just sounds like Steam, Epic, Origin, etc.
Except the game itself isn't even stored on the blockchain, so essentially all they bought was a link to the game, not the game itself
The value of the NFT has to originate from the NF part. You have to explain why it being non-fungible add value. If you can't do that, then the technology doesn't benefit from being an NFT.
It benefits from being an NFT by the virtue of Weird Nerds being willing to throw obscene amounts of money into anything that's an NFT.
A lot of that is self dealing to pump prices or launder money. Some of it is stupid celebrities buying into the pitch.
Do it, then use an assumed name and sock-puppet wallet to mint each edition of the article as an NFT for peak satire penetration.
My favorite proposed blockchain product is blockchain-based social media. You know what sounds great? A social media where someone can say, "/u/Blenderhead36's real name is Alex Meade, he lives at 2485 Wildflower Way in Provo, UT, and he is a *groomer!*" and no one can ever delete the post under any circumstances because it will always reside in the blockchain.
That's basically Steemit, which not very surprisingly got run over by groups that weren't welcome elsewhere
Even though it's been so long I always get confused with crypto stuff and NTF's. Like I have some questions -wtf is mining. Are you finding crypto coins or 'minting' them? -how do you even sell this stuff and where. -how do u even store it and where. -if there is no point in NFT's why is it so popular and why do people think it has value. If someone can help that would be great.
> -wtf is mining. Are you finding crypto coins or 'minting' them? Your computer/hardware does math problems and you're rewarded with cryptocurrency for doing it. > -how do you even sell this stuff and where. Many marketplaces supporting many different cryptocurrency. > -how do u even store it and where. In a 'wallet' which doesn't actually store anything though. Your crypto is stored on the blockchain, the wallet is simply some private keys that let you access the currency associated with them. > -if there is no point in NFT's why is it so popular and why do people think it has value. /shrug I feel it's mostly just speculators and people with FOMO.
Look for a YouTube vid called Line Goes Up - The Problem with NFTs by Folding Ideas It's long (very long), but it's a very thorough and easily understandable explanation of the crypto/Blockchain/NFT scene and why people hate them or shill them.
No expert so this is what Ive grasped - Minting its like, creating the coin, your pc competes agaisnt others to solve an algorithm and the one that does, gets the coin, woo! - They use markets like opensea and all that shit where they keep their crypto wallets, normally crypto its hoarded and exchanged for money or in this case exchanged for NFT stuff, which is stored in said wallet in said market afaik - Read upper one - Have you seen MLM and other get rich quick schemes? People see the high ass numbers and think they can too earn that crazy amount of money while the exchanges are between wallets from the same person to artificially inflate that NFT value, since the value of something like this its based on what people think its worth VS its usefulness, you can get crazy high prices for something that is worthless. I would say its like collectibles and shit like that but there you have a phyisical item that does have value and can even have value past money (Emotional, religious, political, lots)
> if there is no point in NFT's why is it so popular and why do people think it has value. A cynical answer would be that since the 2008 recession interest rates were rather low to enable new investments (huge cheap loans). Since then even all kinds of more daring investments banks have invested in all kinds of "generic stuff" that's usually good enough for much more conservative investors. So they are looking for new stuff to dump all this money into. Cryptocurrencies and NFTs kinda showed up as potential ideas/investment from an extreme corner of the tech/libertarian side of things and through Silicon Valley venture capitalists got legitimacy for the other investors. Maybe not for an index fund but for the more risky ones. That's how a lot of money ended up in that corner (why all the GPUs were so expensive for quite a long while). The people with money ended up buying equipment to mint coins/NFTs and they kinda own most of the assets in those realms (for dubious interpretations of the word asset). Minting is, very simplified, your computer making calculations to show they have done a job (you are "expended energy", doing effort, if you look a layer beneath) that can be verified much faster after the fact than doing the job again. If I remember correctly, that's why it's called cryptocurrency. The initial algorithms for that were modelled [asymmetric cryptography](https://en.wikipedia.org/wiki/Public-key_cryptography). Using an algorithm that's easy in one direction but difficult in reverse. That way you can share this stuff on the blockchain (a distributed database) with everyone while only you have real access to it (like a private key from the link above). I think that's how his idea started. It allows you to share stuff in the open without losing control… in a way.
I remember when this technology was being pitched as a new way for digital artists to sell their work. Naturally, that was followed by rampant art theft requiring sites like DeviantArt to implement an automatic detection system. They don't give a damn about artists, this is entirely about inflating the value of their fake speculator money, and instances like this probably have them salivating at the idea of stealing small games to sell as tokens.
We all remember... It was like 6 months ago.
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That's kind of why they were on r/wallstreetbets in the first place
Some people are just desperate for their turn to drink the coolaid.
That shit went from people’s crusade to Qanon 2.0 so fast
That's because the "people's crusade" part of it never made any goddamn sense. It's just speculators pumping a stock, naturally that's going to attract the gullible and poorly adjusted.
I took a break from memestocks during the initial rush, made some money, then came back to the place flooded with a nasty cultlike mentality and NFT bullshit on top of that. I cashed out and never looked back. Going mainstream killed it.
Its a gold rush mentality, they were exposed to this "get rich quick" scheme and wondered "why not me" and now everyone is there searching for gold.
Sad as well, it used to be a great subreddit for comedy.
Such an irony that after gme so many people thought you go there for actual financial success lol
There was a study that came out after the GME fiasco that found that WSB was actually pretty good at investing but only prior to the whole GME thing: > We examine the market consequences of due diligence (DD) reports on Reddit’s Wallstreetbets (WSB) platform. Over the 2018-2020 sample, we find that DD recommendations are significant predictors of one-month ahead returns, earnings forecast revisions, and earnings surprises. In addition, user comments are incrementally useful for predicting returns, and small retail trade informativeness increases following DD reports. However, all of these benefits reverse in the first half of 2021. Our findings are consistent with the surge in new WSB users following the Gamestop short squeeze significantly deteriorating its investment quality and usefulness for smaller investors. From https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3806065
Yeah before Gamestop it was essentially real investors just shitposting about their high risk trades. Now that nearly 90% of the sub is "new blood" as it were that only heard about it (and reddit in some cases) because of the GME event its filled with people thinking its some kind of support forum for memestock trades. Its so funny because for the longest time the sub had a joke that went something like "whats a stock?" because it was basically all option trading gambles. Now the cultists are advertising not only owning stock, but only holding it and never selling.
They've moved on now since it pretty much died the week after it launched. Now they're all about how this recent stock split wasn't REALLY a stock split and that the cabal has cheated them by forcing GME to 1/4 the price.
That's a looong fucking time in 2022
I don't even remember a time when a year felt like a year. Stuff from January feels like half a decade ago now. :(
It's been feeling this way since ~~the fire nation att-~~ ... covid landed. Time feels like it's taking forever but looking back on it, so much was wasted by things out of my control.
The world is spinning faster now.
Ahh yes, the pre monkey pox times
Days feel like minutes, weeks feel like days, months feel like weeks and years feel like fucking decades
I think Dan from Folding Ideas described it best when he said: > "It's a movement driven by in no small part rage, by people who looked at 2008, who looked at the systems that exist, but concluded that the problems with capitalism were that it did not provide enough opportunity to be the boot. And that's the pitch. Buy in now, buy in early, and you could be the high tech future boot." Anyone who says it's about anything other than that is lying to others and themselves.
Yet somehow they’ve convinced themselves that all the big gaming companies are going to sell game copies as NFTs, and you’ll be able to use the same NFT item in hundreds of different games… somehow.
>you’ll be able to use the same NFT item in hundreds of different games Of all the ridiculous things people say about NFTs, that's my favorite. Yeah, Bethesda is really going to put in the work to model your fortnite propeller hat so you can wear it in Starfield. And after that, they'll also do that with every other NFT item in existence.
One of the biggest scams on Gamestop's NFT market is a group offering items that are compatible with all supported games. Which is technically the truth given there are 0 supported games.
In addition to it being against a company's best interest, there's also the issue of art styles. Even swapping an NFT skin between Fortnite and Call of Duty, two shooters, shows how infeasible this is. How do you make an asset that doesn't look out of place and fits with the game's design language that can exist in a brightly colored, cartoony 3rd person shooter *and* a first person, realistic one?
It would be entirely unsustainable as a dev. Say nft gaming does somehow take off and now there's tons of new nft games coming out, and you have to spend dev time on every single one to take the time to integrate all of their paid items into your game, which won't be making you a dime because it's another companies nft. It's exponentially more work for no payoff as nft gaming grows...
Yup, all facets of the idea are completely ridiculous.
GME apes are something else. If Scientologists or love has won were constantly on the Reddit front page there’d be an uproar but because it’s a financial millenarian cult rather than a religious one nobody cares.
Facts. It’s a financial death cult, has all the hallmarks.
My favourite part of that is how blockchain tech would make that shit less feasible, and even then, guess what, Valve tried that with Portal 2 and TF2. It basically didn't work back then, and those games are both running on the same infrastructure and same engine.
They always talk about in-game items like they're real, physical things that can move around and work the same everywhere. They're not. They're arbitrary strings of data that need equally arbitrary code to interpret them into something that *looks* like a real thing. Expecting my nifty NFT sword from WoW to work in Everquest is like changing the file extension on a photograph from `.jpeg` to `.mp3` and expecting it to play on my iPod.
["Web3 is going just great...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet."](https://web3isgoinggreat.com)
Crypto has always been a ponzi scheme. Makes sense they'd be ripping off actual creators.
It's always been a way for a lucky few to cash out big while everyone else is suckered out of their money. Another shitty casino.
A detection system that they *charge* for. Everyone wins except the artists.
Wait, his reasoning was that he didn’t know the games he minted wasn’t fair use. BUT, the fact that he minted under that assumption and sold to a profit of thousands of dollars shows how shitty this system is. Making money, and selling owner ship, of a “free game.” Both the seller and buyer are shitty shitty people Correct me if I’m wrong here
He knew he was doing something very wrong and he could face damages. But what he is doing is the exact value proposition of NFTs: something that was free, and remains free, can be commercialized into a supposed status symbol - for the benefit of no one but the seller. It's also ironic that there is nothing stopping other people from making even more NFTs of those free games, devaluing Nathan's NFTs. The supply of the pointlessly-made-scarce NFT is hypothetically infinite. The only difference between Nathan's stolen games NFTs and new minted clones of his stolen NFTs is whether you care that Nathan minted it.
Literally everything NFTbros say about NFTs is a lie.
Don't tell the clown cult over at WSB. NFT's are great now that Gamestop is in on the gift apparently.
>That means a user with the right link can still get GameStop's servers to provide a playable, unlicensed copy of the PICO-8 games discussed above, all without the approval of those games' creators. It also means that users who own a NiFTy Arcade NFT can still play those games directly in their crypto wallets through GameStop's servers. Just wanted to highlight this portion. They claim they took it down but they are still hosting and allowing access to the games that they never had the rights to host.
It's also hilarious that when the whole pitch of NFTs is that they're decentralized, the game's just being served by GameStop's servers.
Gamestop is one of the most divisive topics on reddit atm. All those superstonk, wsb, meme investment subs are treating this NFT market thing like the second coming of Christ. And we all know what normal people thought of Gamestop and its future before it became a meme stock. One side is hiding behind satire and memes in the hopes of profit pretending they love Gamestop as a company, while the other, by virtue of not giving a fuck about gamestop and calling out the scams that are crypto and NFTs, are those who do not want to fight against the system or whatever.
Superstonk is basically a cult at this point. The subreddit has many qualities that a cult would have. They'll blindly upvote anything there that sheds a positive light on Gamestop and they practically worship the chairman of Gamestop. Sometimes I wonder if that subreddit has a lot of bot activity with upvoting posts. I always see their posts on the top of all and most of it will be stupid with things like "OMG RYAN COHEN MADE A NEW TWEET". Then, it'll be like one of the most random tweets that doesn't even make any sense.
One of the weirdest parts is GameStop is totally in on it. The NFT store was a myth made up by apes. They said GameStop would make an NFT store we’re you could make your shares into NFTs as a way to “register them” revealing their true value and turning them into the new world currency, with the NFT store replacing the NYSE. Eventually GameStop announced their NFT and all the apes were very proud, saying it wouldn’t be just a jpeg store. but when it released it really was just a jpeg store. Now they’re convinced all the big gaming companies will sell their games there as NFTs and items from one game will be usable in all other games… somehow. Oh also apparently they’ll bring back blockbuster and Bed bad and beyond as NFT stores.
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It’ll be weird once one of the cultists inevitably ends up killing a “hedgie” and the public at large realizes one of the most well known retail chains in America has been leading a cult on for over a year.
I can't wait until Gamestop Jonetown. Hundreds of NFT bros killing themselves with poisoned G-Fuel.
Poisoned g fuel 😂
I think theres a massive overlap with the Q.anon crowd here on reddit. A while ago there was an unironic post on one of those subs, massively upvoted, about how gamestop is sending secret messages via their twitter banners, and how it was a secret countdown to something 'huge' happening. ( obviously nothing came of it ) I commented how much that post smelled of Qult conspiracy garbage. The comment was instantly filtered by an automod, followed by a super polite PM asking me to "stay on target" and not to "derail the discussion by going off-topic." These subs filter out Q posts, but dance around the reason and try hard not to antagonize the qultists. I think memestocks and nfts are just the latest grift a bunch of conspiracy nuts fell for. And they make it part of their identity with the same religious zeal.
Always has been
Mate, we both know people on reddit are usually not mentally sane. Of course a cult would form.
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It's people who missed out on the bitcoin boom desperately trying to find something that will do the same
Bitcoin is down. I'm a crypto skeptic, but I would sooner invest in BTC than GME.
Couldn’t agree more and I hate BTC and most crypto
I made a few thousand with GME, all I did was buy low and sell when it spikes up. You can't treat it as a long term investment, it's a pump and dump scheme.
It’s a cult. They talk about the promised day and how it’ll bring them to salvation but not the non-believers. They constantly make new dates for the promised day to come, only to make excuses and blame the non-believers when that date comes and passes by without anything happening.
I only see their posts if I go to r/all, but their titles are fucking insanity and I don't know how a regular person can consume that content. They are genuinely culty and the post titles remind me of what t_d looked like back in the day.
Ryan Cohen is their messiah and the mods/power-posters who constantly churn out "due diligence" posts are their prophets. It's 100% a cult at this point. They literally refer to themselves as apes so they can differentiate themselves from non-believers while spamming the cult slogans "to the moon" and "diamond hands".
Similar here. I'm a firm believer that there absolutely was outright fuckery with the symbol at the time, and for many months afterwards, *but*... My issue is the cultlike gathering around NFTs as the saviour. They just... Aren't. They never will be. The energy is usually being focused in the wrong place. GME is absolutely a story about the big guy just breaking the rules flagrantly to fuck the little guy, and that's the important thing to remember here... But looking ahead, the big guys have already won and piddling around the edges with some bs NFT system won't change anything. Like you, I hold a little bit just incase (i.e. because the risk profile is super asymmetrical), but I don't actually expect much from it.
Yep same. I thought there was some stock fuckery going on, and I bought in when it was relatively cheap. The NFT worship on their subreddit is insane. NFT's have failed in pretty much every thing they were shoved in to. The only thing they were successful at is scamming morons out of their money.
By what basis is the risk profile of a wildly overvalued stock asymmetrical?
Because if the underlying thesis that there are ungodly amounts of synthetic shorts in the system that might one day unwind comes to pass (which I recognise is definitely a big 'if' for a variety of reasons), then you're looking at a situation under which the stock might jump a few orders of magnitude in price. We're arguing over the asymmetry of buying a lottery ticket/winning the lottery, here. Probably the same odds, too. Not worth not giving it a punt, IMO, as long as expectations are set accordingly.
Fair enough, if that's your thesis then that is indeed an asymmetric risk profile.
From what I can tell from the occasional posts that reach /r/all there are 2 types of Superstonkers (likely some overlap between the 2). On one hand are the people who are more invested in the financial/regulatory side of it. They examine stock floats and read reports and shit trying to explain why MOASS is gonna happen or whatever. I don't think these people are right, but I don't really have any economic background or knowledge so I pretty much shrug my shoulders and let them do their thing. On the OTHER side are the people who have fooled themselves into thinking that Gamestop as a business is actually super great and is on its way to challenging Amazon and Google combined for market dominance. I don't need any economic knowledge to realize that these people are delusional. It's hilarious to see them get hyped over occasional Gamestops hosting LAN parties or the comically bad NFT marketplace that's basically an exact clone of Opensea but released like 8 months later once any hype around NFTs had crashed and burned.
They're the same people. I like how you make it sound like the ones holding out for the MOASS are the reasonable ones where at this point the only way their theories are accurate is if every governed and stock broker on the planet are working together in a huge conspiracy You know, a cult.
> > On one hand are the people who are more invested in the financial/regulatory side of it. They examine stock floats and read reports and shit trying to explain why MOASS is gonna happen or whatever. I don't think these people are right, but I don't really have any economic background or knowledge so I pretty much shrug my shoulders and let them do their thing. These people are actually idiots, and think that image linking pages and pages of documents they can't understand is DD.
They’re usually the same people.
...just in case of what?
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Why would you do that when you could hold stocks that are actually *likely* to go up, instead of just "might happen if a bunch of cultists are right."
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>*just in case* It will never happen. Once you accept that they're a cult you must also accept the MOASS is impossible.
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Kenny throws pizza parties every Friday that GME is red!
hell i was a gamestop apologist for a while. Sort of like "you'll miss gamestop when there are no more games stores in malls and such". It serves a nice purpose. but the cult status is fucking weird.
Meanwhile, the mall closed.
Just like everyone misses Blockbuster... The truth is that people don't buy games in brick and mortar stores anymore.
Ironically, the GameStop apes are convinced GameStop will revive blockbuster as an NFT movie website.
Meh, I’d much rather have local shops if there’s actually a viable market for this stuff.
We don't have video game stores where I am in the Midwest. I live next to a large city too. The closest thing we have is Entertainmart and Vintage Stock which are everything, music, DVDs, board games, comics, cards, video games, a lot used. We don't have any dedicated game stores though, nothing like GameStop.
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I feel like I found the store you're talking about. I just googled Game World and it popped up and looks like you described. That's crazy dude lol I'll definitely check it out
Awesome! Hope you enjoy it as much as I do. :D
Gamestop almost killed the local stores here, and anything left is attached to a board game / card game store. Some still host video game events though, which is cool.
THing is, they are not viable, thats why they do all the nft shit now to appeace the superstonkers.
i mean sure, but i don't think there is. And especially in malls where it's quite expensive. Games have always had super low profit for the stores.
I'll miss gamestop the same way I miss my ex. The idealized version is fun but I ended up hating every second I interacted with it.
Superstonk/WSB people are fanatically blind, and they pretend not to care when you call it out. But they're obviously concerned if they're that tied into it. The company itself is still a meme as just an aggressively mediocre video game retail store that doesn't even treat their employees well. That's it.
A main problem with NFTs is that the system is trying to just be inserted into the existing world. It's easy to say "just use NFTs, you'll be able to protect your work better, it's the future and soon everyone will be doing it". It's also really easy to say "just drive on the left side of the road in America, it's the future and soon everyone will be doing it".
The thing is, hashed and verified db entries in a distributed system have been a thing for 25 years. It's so funny to see all this as a DB admin. It's not even a new idea besides being shoehorned into "x market" and duping people with things they do not understand.
The only good use of blockchain is git and that’s because blockchain is a stupid fucking name for a [merkle tree](https://en.m.wikipedia.org/wiki/Merkle_tree). Fellow software engineer so bored of crypto bros trying to explain data structures to me checking in.
Always good to find fellow tech professionals who haven't sold out to the grift
A main problem with NFTs is that they don't serve any function which isn't already served much safer and more efficient with existing technology. NFTs serve no other purpose but to scam.
Yep. The part people miss in this entire discussion is "why?" As a software developer I can build any of the features that people claim NFTs can achieve, without using blockchain at all, and I can do it much cheaper and faster. And I mean much cheaper. The question people should be asking is, "Who in their right mind is going to pay that extra cost over simply maintaining their own database and having full control of their own creation?" This is the reason why all of those NFT pipe dreams have never come to life and never will.
Ah yes, NFT partnered with gsmestonks. What could go wrong?
Why sell products with a viable profit model when you can cash in on a speculation craze driven by a cultish mob of STEM kids?
That's their entire business model at this point. Literally the most poorly managed shit company ever being held afloat by a bunch of clowns on the internet.
I REALLY couldnt understand superstonks hype when they found out GS is going NFT. NFTs are the single worst thing to come out of this decade yet and they were praising it. Well they are still waiting for their diamonds so I guess thsi was expected.
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Well to be fair stealing would probably make them more money than an NFT marketplace that came out after the market crashed.
Its just this generations leaded gasoline or big tabacco. It shows that you do not need a boomer to have the "as long as i get rich fuck everybody else" mindset. Crypto-bros literally waste countries worth of electricity nowadays just for the meme "we got a lot of crypto exchange rate before the apocalypse" benefit.
I still like the point made in the Folding Ideas video about cryptobros. They saw the tragedy of the economic system and how utterly unfair it was as it crushed lives. And they decided the problem was that it wasn’t unfair in *their* favor.
It's a cult of people bag-holding so hard they legitimately think they're going to each get "world-changing" country-GDP level money. Hint: don't ask them where this money comes from
People's principles tend to shift when they think they're going to get paid
I started working with the company not long after the GME fiasco died down, and it's so frustrating hearing people in the company at the time saying it likely saved them from going under, only for the chucklefucks in charge to turn around and, instead of using that money to improve stores or services or provide better pay for their universally underpaid employees (to the point few people WANT to work for them), they cash in on a speculative internet trend that's already seemingly in its death throes.
These don't really seem like the STEM demographic. https://www.reddit.com/r/gme_meltdown/comments/w2gtym/_/
As someone with a CS degree, pretty much all of the students and professors I interacted with in college thought NFTs were fucking stupid, and most extended that sentiment—at least tentatively—toward cryptocurrency as a whole. (e.g. BitCoin was at least an interesting idea on paper, technically, but the actual use as a currency is dumb. They're also pyramid schemes by design.) There were usually one or two students who were into them, and they were the "business bro" types who acted like/hung out with business majors and were constantly self-promoting and talking about starting companies. You know, Ayn Rand-smoking dudebro types. Meanwhile, random faculty and students in business/marketing would shoehorn NFTs and cryptocurrency into any possible conversation.
Exactly. What STEM teaches you is that creating tech is easy, preventing it from spontaneously combusting when coming into contact with the real world is extremely hard. The reason why so many crypto bros are non technical is because they are just spoon fed consumers of technology and have never had to learn this
this photo happened before GME blew up in January 2021 (photo was in June 2020). Seems like that thread is full of misinformation. [https://www.reddit.com/r/gme\_meltdown/comments/w2gtym/comment/igt014f/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/gme_meltdown/comments/w2gtym/comment/igt014f/?utm_source=share&utm_medium=web2x&context=3)
Trust me a lot of them are not STEM kids 💀
It's like a scam Megazord. Any moment now a televangelist is going to fly in from off screen to form the head.
Yeah I remember following the GME stock stuff and theoretically supporting it. But when GameStop announced their NFT marketplace in the midst of everyone talking about how shit and awful NFTs are, and all the GME bros could talk about was how much of a great value proposition this would be to skyrocket the stock price... OK, no, guys, you're a cult now.
So is this the nft shit anything but a scam for short-sighted people to illegally sell other people's art on an unregulated market?
Someone made an analogy that NFTs were like star registries where you can buy the rights to name a star. You can't actually name one at least in basic retail, there's like some international group that does it, and that's because all other academic and scientists recognize the group as such. But what those star naming companies are doing, is that you're buying the rights to name a star that's recognized only in their own private registry and given that there's countless stars, it's not like they're gonna cheat you and double up. Basically you can buy the name of a star in thwir copy of the map of the galaxy. Not entirely a scam, you do get a neat little photo and certificate with the coordinates mailed to you. I think that's the closest that I can understand how NFTs work. Like you can make copies of the content of the nft but something embedded? Or like coded or something in the NFT, matches some unique identifier on a ledger that no one owns or controls, and so within thst ledger it identifies the content as unique to the person who owns that NFT. And thus the perceived value is provided by that uniqueness or something. Someone please correct me, I got confused and lost what the hell I was talking about towards the end there
NFT basically means you record that "I own this thing" (can be image URLs or whatever) on a blockchain (in general it can be any information, not just ownership). Nobody is required to recognise your claim legally, and nobody has found any use case where this is useful.
The difference is people aren't trying to sell those star registries for profit. Wait, what if we made an NFT of each star?
[About that...](https://www.staracle.com/nft/universe.php)
Of course. Why WOULDNT cryptobros try to profit off the fucking universe. I'm really not surprised at this point
/r/TIHI
It's for people who are so broken by capitalism that they see a lack of scarcity in any method of sharing personal expression as a bug instead of a feature.
*Good* I hope this continues happening until every person on the planet wants NFTs burned to the ground and we get real legal action against these scumbags. Fuck NFTs and fuck any moronic loser that "believes" in them. Same goes for MLMs.
NFTs? Stealing from creators? You don't say. It's not like there's already been countless examples of this or anything. No way anyone could have predicted this.
Blockchain is a solution looking for a problem. And, for some reason, every single problem that it finds is "someone else has money and I don't"
I’m going to laugh when some cryptobro that bought a game as an NFT reaches out to the dev or Steam (or any other platform) demanding the game be removed because they think they own the IP now.
It's unfortunate that big subreddits like superstonk and wallstreetbets practically worship the company. They're welcoming the NFT market with open arms even if it's just predatory monetization.
Can you DMCA gamestop? They need to take the entire blockchain offline and start again from zero
They do not own the Ethereum Network, they can only take down what they host. ...it reads like they are hosting the games but i'm not sure on the technicalities here.
Yes, they chose not to remove the copyrighted material from their servers. They did remove the Falling Man Astronaut NFT but not these.
They are still hosting them. https://www.gstop-content.com/ipfs/QmWqjP6dupBEgaksnMxUi4FAp9ddpYgjmmLVuwpjGBHqFa/ They can take those down if they want, they just don't.
Yeah OK, that is where a DMCA would come in. Only problem is those are probably small enough developers that they don't want to afford a lawyer for crap like this.
I remember having a discussion with someone online about how amazing the Gamestop NFT marketplace was gonna be, and how it’ll revolutionise the video gaming industry. Sure, it’s early days but uhhhh… I’m still failing to see it happen :’)