Gentleman accidentally sells NFT of a rock for $0.0012, it later sells for $641,866

Have you seen my artisan vintage rocks?

I know what I got.

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I was the owner of a Wayne Gretzky rookie card that I found on the floor of my elementary school when I was in about grade 4. I believe I used it to make a motorcycle sound on my bike. The last sale of said card made headlines by selling for $3.75 million. NO REGRETS (sob sob).

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I didn’t know what these Rocks were worth!

All these years I’ve been taking mine for granite.

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Those are the worst NFTs I have seen yet. A crappy image of a rock in different colours. He got as much as it was worth.

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“Don’t put all your rock pictures in one basket.”
“Don’t count all your rock pictures before they hatch.”
“A fool and his rock picture are soon parted.”
“A rock picture saved is a rock picture earned.”
“He doesn’t have two rock pictures to rub together.”
“Rock pictures don’t grow on trees.”
“One man’s trash is another man’s rock picture.”
This story is: “Worth its weight in rock pictures.”

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Halloween Got Rock

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In one click my entire net worth of ~$1 million dollars, gone

In what was an entirely avoidable, self-inflicted problem, which started when he bought the damn thing in the first place…

It is a double problem - of getting someone to give him X amount of ethereum for the NFT, followed by getting someone to give him Y dollars for the ethereum. That million dollars ends up being a lot less in reality… (even assuming he didn’t wash trade it to inflate the apparent value).

Anyone who needs to learn that lesson won’t ever learn that lesson, I fear.

I feel like maybe someone needs to offer some imaginary rocks supported by a “rock standard,” where real rocks are held in reserve or something…

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Its money laundering

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If everyone took good care of vintage comic books and baseball cards they wouldn’t be worth so much today. There would be too many around in good condition.

Hurricane Sandy wiped out my comic book collection. Most of it from the late 80’s to early 90’s. Turns out most of it was pretty worthless anyway. I have offbeat taste in comics.

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Which of course means he has to get rid of the NFT before everyone else realizes that NFTs are a big stupid scam and then get rid of the ethereum before everyone else realizes that cryptocurrency is a big stupid scam and then convert whatever currency he exchanges it for into dehydrated food packets before everyone realizes that all currency is based on a shared illusion.

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Yeah, my understanding is that in the '80s, when older comic books started getting (very publicly) valuable, comic book publishers took advantage of that phenomenon to increase sales (and get people to buy with the intention to collect rather than read comics). The end result being that there’s way too much supply for those comics to ever have any real value. (The ones that are worth a lot tend to be from indie publishers that weren’t doing any of that - they were just selling small numbers of comics for people to read. So Teenage Mutant Ninja Turtles #1 First Printing is worth orders of magnitude more than anything from Marvel or DC from the '80s, as I understand it.)

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Though to some degree a “real” currency has the economy of that country behind it, in theory. Whereas cryptocurrency has, uh…

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question asks GIF

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Screenshot_20220318-225840_Chrome

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I’ve read this article like 3 times and I still really don’t understand what is going on here, how this person lost a million dollars, how this image file is somehow worth millions of dollars, or any other number of things. So many questions from so few words.

I think that I’m a person of reasonable intelligence, but all this cryptocurrency stuff really makes me feel like an idiot. Nothing about it makes any sense to me. The more I read about it, the less sense it makes. Yet, I’m surrounded by people with this stunning level of arrogance gushing about things like Web 3, NFTs, DeFi, DAOs and all other kinds of related things saying how if I don’t get on board or even display the slightest level of skepticism then I’m clearly some sort of Luddite.

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True. It’s also worth noting that the ones that do get sold for millions were rare the moment they were printed – most comics and baseball cards are slightly misaligned. So slight that most purchasers won’t even notice or care but to reach the truly astronomical prices, they need to be nearly perfect.

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Why are you storing your entire net worth in an NFT picture of a rock?

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I don’t understand any part of this.

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$1M out of pocket, yet nothing of value was lost.

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