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The article seems to miss one (IMHO) important detail, are the 290,000 £ made out of 290,000 1 £ each "sales" or of 29 10,000 £ each? Or what? The collection

by jaclaz 5y ago

The article seems to miss one (IMHO) important detail, are the 290,000 £ made out of 290,000 1 £ each "sales" or of 29 10,000 £ each? Or what? The collection is of 3,350 whales, according to this other source: https://www.cnbc.com/2021/08/25/12-year-old-coder-made-6-figures-selling-weird-whales-nfts.html https://www.cnbc.com/2021/08/25/12-year-old-coder-made-6-fig... the collection was sold in 9 hours for 255,000 US$, that makes a whale sold for around 76 US$ apiece? EDIT: Another question being: >He then earned an additional 30 ether, worth over $95,000, from the resale market, since Ahmed earns a 2.5% royalty on each secondary sale. 30 ether (so we remain in this realm) corresponds to 2.5%, it should mean that secondary sales were worth 1,200 ethers. What?

rualca 5y ago
> the collection was sold in 9 hours for 255,000 US$, that makes a whale sold for around 76 US$ apiece? That's an interesting point. It would be interesting to trace those payments to hear back from these customers, or even check if they actually exist at all.
lotsofpulp 5y ago
> the collection was sold in 9 hours for 255,000 US$, that makes a whale sold for around 76 US$ apiece? According to the CNBC article, it was sold for 80 ether. Big and important difference than being sold for $255k.
- jaclaz 5y ago
  Not really, you can use any real (fiat) or virtual (cryptocoin) unit you want, conversion at a given time is always possible, my question was whether the "collection" was sold as a whole (be it 80 Ether or US $ 255,000 or whatever) and bought by a single buyer, or if each whale was sold separately (and then we would have 3,350 buyers) or what?
  - lotsofpulp 5y ago
    It is a notable distinction when the currency’s volatility looks like this: https://www.tradingview.com/symbols/ETHUSD/ https://www.tradingview.com/symbols/ETHUSD/ Also, important distinction because this could easily be the dad and kids moving ethereum around between their own accounts. Saying it was sold for $255k conveys a much stronger probability of it not being fake or a fraud than saying it was sold for 80 ether.
    - jaclaz 5y ago
      Ok, if you like it better, "sold for an amount of around 80 Ether valued at the time of the transaction around US $ 255,000 (but the virtual currency is characterized by a high volatility)". But this doesn't change the question, was it a single buyer, 3,350, or what? BTW, if the sale happened within 9 hours it smells fishy anyway (to me).
      - lotsofpulp 5y ago
        I agree it is fishy, that is why I was nitpicking about it selling for ether and not USD. I do not have any interest in figuring out if it was lots of buyers or 1 buyer, so I cannot address that.

by jaclaz 5y ago

rualca 5y ago

> the collection was sold in 9 hours for 255,000 US$, that makes a whale sold for around 76 US$ apiece? That's an interesting point. It would be interesting to trace those payments to hear back from these customers, or even check if they actually exist at all.

lotsofpulp 5y ago

> the collection was sold in 9 hours for 255,000 US$, that makes a whale sold for around 76 US$ apiece? According to the CNBC article, it was sold for 80 ether. Big and important difference than being sold for $255k.

jaclaz 5y ago
Not really, you can use any real (fiat) or virtual (cryptocoin) unit you want, conversion at a given time is always possible, my question was whether the "collection" was sold as a whole (be it 80 Ether or US $ 255,000 or whatever) and bought by a single buyer, or if each whale was sold separately (and then we would have 3,350 buyers) or what?
- lotsofpulp 5y ago
  It is a notable distinction when the currency’s volatility looks like this: https://www.tradingview.com/symbols/ETHUSD/ https://www.tradingview.com/symbols/ETHUSD/ Also, important distinction because this could easily be the dad and kids moving ethereum around between their own accounts. Saying it was sold for $255k conveys a much stronger probability of it not being fake or a fraud than saying it was sold for 80 ether.
  - jaclaz 5y ago
    Ok, if you like it better, "sold for an amount of around 80 Ether valued at the time of the transaction around US $ 255,000 (but the virtual currency is characterized by a high volatility)". But this doesn't change the question, was it a single buyer, 3,350, or what? BTW, if the sale happened within 9 hours it smells fishy anyway (to me).
    - lotsofpulp 5y ago
      I agree it is fishy, that is why I was nitpicking about it selling for ether and not USD. I do not have any interest in figuring out if it was lots of buyers or 1 buyer, so I cannot address that.