Originally published at: Fraud-filled crypto marketplace Cent stops trading its own NFTs | Boing Boing
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< shocked not shocked.gif >
Or maybe
< Casablanca casino.gif >
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The only shocking part is that they had the decency and sense to shut down.
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…while the owner walks away with his “winnings”
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Wait a minute. The CEO of a grift-based company didn’t understand that NFTs are a grift?!?
In the words of Agent 99, “I find that hard to believe, Max.” So there’s got to be some other reason he’s pulling the plug now.
Perhaps they’ve run out of suckers to fleece? Not likely — Ponzi scams have historically provided a never-ending supply of stupidity.
I’ve got it! He’s received his first subpoena from the Treasury Department, and it’s time to bail out while he still has liquidity.
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It’s like a drug cartel closing because they found out that the drugs were illegal.
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Locking in gains is the new non-apology apology.
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I’m sure they’ll figure out a way to sell their “apology” as an NFT soon enough
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Does it really count as counterfeiting if the original doesn’t have any value in the first place?
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Counterfeit placebo’s?
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If you want to see how the vaunted Libertarian “free market” would operate in practise, look no further than this whole cryptocurrency scheme.
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Someone needs to suggest to TFG and Empty G to bundle up their endorsements as NFTs.
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Seems only a short leap to realize that wall street is a similar grift.
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people selling unauthorised copies of other NFTs, people making NFTs of content which does not belong to them, and people selling sets of NFTs which resemble a security.
But that’s like… the entirety of NFT markets. They shut down because an NFT market was being… an NFT market? I’ve got bad news if they were hoping to reopen at some point…
Seems unlikely, given that they don’t seem to have made any noises about regulating this stuff yet.
That’s probably more likely - they realized the sleaze had so taken over the grift, it didn’t have much life left.
Well, someone will.
At least there, there are real businesses and useful commodities at the base of it all - they’ve just build great edifices of nonsense on top of them. With NFT/crypto, it’s edifices of nonsense built on air.
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It’s almost as though the very, very, specific flavor of ‘non-fungibility’ provided by NFTs isn’t the one that everyone cares about; or some of their more blinkered proponents imagine it to be.
It’s certainly not false that you can’t duplicate the exact cryptographic structure that makes up a specific NFT; but that’s apparently of minimal relevance if it’s considered worth creating additional NFTs that point to the same URI as prior ones.
Water still wet, bits still copyable. News at 10.
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Worse. Air has inherent physical value (seriously, try doing without, and you’ll really appreciate getting it back!). NFTs are built on imaginary air.
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Can someone explain how you make an NFT of a tweet?
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