Originally published at: Gentleman accidentally sells NFT of a rock for $0.0012, it later sells for $641,866 | Boing Boing
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Crypto bros always love the freedom of unregulated securities sold through a market with no central authority figure right up until the moment they get screwed and then it’s “how could this be allowed to happen to me and where is the central authority figure that is going to fix it for me”.
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I’m worth a million in Prizes!
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Darn - you beat me to it. I was thinking NFT stands for Netherlands Frickin’ Tulips
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Either way it was still overpriced by at least 12/100 of a cent.
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If he had a rock worth a million and he manged to sell it how does he turn that into a million in cash?
Can you just have real money transferred somewhere?
In other words is there any actual cash involved if I sell an NFT that I can use at the grocery store?
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[NFTs are] like hypnotizing chickens!
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I’ll occasionally see a comic book that I know I had in my hands decades ago sell for some insane price, like perhaps a few hundred dollars or so. I think that’s kind of crazy, to be honest, but if you buy it, you at least have a physical object. I have not one iota of pain for the money I “lost” over no longer having that comic to sell, nor do I have any sympathy for this huckster who got taken by other hucksters.
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I wonder how many of these high-priced NFT transactions are wash salesdone to inflate the perceived value?
All of them
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Post withdrawn by the author, who is experiencing technical difficulties.
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Really valuable lesson here about not putting your whole net worth into a rock picture
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As with a pyramid scheme, the only way to make money off NFTs is to find other investors who are even dumber than you are. If you can’t, then congratulations. You’ve located the base of the pyramid.
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Barring a few rare cases, you have to sell it to somebody for cash, basically, to use in out in the world. I gave somebody a few hundred once for bitcoin to use on silk road. With large amounts you probably want to find some trader that’ll do a bulk transaction.
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Look Around the Poker Table; If You Can’t See the Sucker, You’re It
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I got a yard full of rocks, he can have as many as he wants, for a price though.
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Crypto bro: Hey, everyone, invest in crypto and NFTs. Relying on other people to handle your money is a mistake.
Same crypto bro: Hey, everyone, I lost a lot of crypto when I invested in this NFT, but maybe I can rely on other people to help me handling my mistake? Pleeeease?
Sympathy rating: less than zero.
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But those are real rocks—imaginary rocks are worth millions of times more!
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