7 ms·
Well that's very cheap considering people spend millions of dollars on hashes of pictures of randomly generated monkeys
by 1023bytes 5y ago
Well that's very cheap considering people spend millions of dollars on hashes of pictures of randomly generated monkeys
- crossroadsguy 5y agoWow. So something that’s essentially a piece of junk today has a valid absurdly high price just because there are absurdly high priced random digital thingies?
- heckerhut 5y agoWell an NFT has way more utility than this thing. It makes you part of an online community. Naturally it has a different value.
- LegitShady 5y agoYou can join online communities for free, but then again there's not much value in joining online communities.
- Loughla 5y agoI think you just hit on something there, though. There isn't an easy way to flex your status online, unless you're a celebrity, or put in the work to become an influencer. For people with money, there isn't a simple way to come to places like HN and just be important because you have money. There isn't a way to show people how wealthy and powerful you are without contributing. But NFT's allow you to show people how much disposable income you have, and therefore how much better you are than the unwashed masses, without needing to really do anything of substance. Or maybe that's just my own personal bias and confusion about NFT's in general showing?
- detaro 5y agoI think that's certainly a factor, especially when it comes to the meme-y stuff - which is what has been getting a lot of the attention. From other niches I get that impression a lot less - can't really impress people with the fact you could spend $20 ;)
- krustymeathead 5y agoI do think you're onto something here. I've heard about "right-clicker mentality" [1] in relation to NFTs, which seems to align with your description of its utility as a wealth signal. [1] https://www.vice.com/en/article/5dgzed/what-the-hell-is-right-clicker-mentality https://www.vice.com/en/article/5dgzed/what-the-hell-is-righ...
- LegitShady 5y agoThere are cheap nfts and expensive nfts, and the only people who care already have nfts. Its not a general flex it's a flex to other nft memers which is a low status flex no matter what. Its like walking around with a Gucci billboard on your forehead - you think youre flexing but youre actually just demonstrating clown shoes. Nobody cares how expensive your nft is. They have no use anywhere. Its like having the fanciest clownshoes - you're still a clown.
- ddingus 5y agoNo, that resonates. Truthy. It is like that "I'm Rich" app someone from Germany(?) made for iOS. Priced it at the max and a few people bought it! What they got was an app that displayed a picture of some expensive, fantasy ring with an equally fantastic gemstone set in it. Total status signaling! Of course the general failure on that one was the lack of network effects. Someone could see the app was on a phone, and or could see the displayed picture should the user leave it running. Seriously lame, but still there appeared to be at least a few takers.
- the_af 5y agoOwning and tinkering with retro computers makes you part of the retro computing fan community, which exists online and offline.
- JasonFruit 5y ago*which exists.
- the_af 5y agoTrue! I wanted to emphasize that "being online" (which the OP seems interested in) is not particularly important in itself, and that many interesting communities exist both online and offline. Which, as you point out, can be simplified to "exist" ;)
- JasonFruit 5y agoI suppose I'm trying to emphasizes the contrast between those communities, which have a functional existence, with the community of NFT-holders, which exists only in the most literal sense of the word.
- the_af 5y agoWe are in violent agreement then.
- zohch 5y agoCite?
- speedcoder 5y agoWhile "crypto" is the same length as "money" it means "cryptocurrency" which is way longer than "cash". This link explains it: https://youtu.be/kc4Ob6LAv8Y https://youtu.be/kc4Ob6LAv8Y
- forgotmyoldname 5y agoI've been told this by various MLM salesmen multiple times. Seems NFT "investors" aren't hiding it anymore.
- mikestew 5y ago"...part of a community". Man, I didn't know Amway[0] had pivoted to NFTs. Speaking of business, did you know that as an Amway representative, you can become part of a community of small business owners! I mean, NFT owners! [0]https://www.amway.com https://www.amway.com
- spicybright 5y agoI could join a community of rich people throwing paper money onto fires too. But I wouldn't want to, therefore no value.
- worik 5y agohttps://www.scotsman.com/whats-on/arts-and-entertainment/why-did-klf-burn-aps1-million-cash-scots-island-1463441 https://www.scotsman.com/whats-on/arts-and-entertainment/why... Not easy...
- TigeriusKirk 5y agoYou're correct that buying a BAYC nft does make you a member of a very active community. It's very much a club membership. But owning a prime piece of vintage computing history gets you into a community too. And owning one is as much as status play as BAYC is.
- dehrmann 5y agoThis has more utility because, assuming it works, it's a general purpose computer. You might even be able to mine crypto with it.
- melenaboija 5y agoI wish I had a hash of a 50 year old computer
- 0xTJ 5y agoHere you go: b4a457fa7a566ca23fb214b986ff19234234a0654dc786f348377990b53585abb7dc1fa91672ab15de0d87deb66133f5657f85a2662bd1f95de3743933d49982. It's the SHA512 hash of the full-size version header image of an Apple I from Wikipedia.
- melenaboija 5y agoThanks man, I'll do some research for the part of making millions with it
- incanus77 5y agoPlease take this down; I own it.
- birdyrooster 5y agoCan I purchase 5% of it? My opening offer is $50,000
- BitwiseFool 5y agoThis poster is cutting you short, my friend. I can offer you 2,718,281,828 eLon tokens. It's a revolutionary decentralized token that harnesses the utility of natural logarithm mathematics.
- 0xTJ 5y agoDone deal, you now own 25 bits of the hash. I'll be sending out an invoice for the $48828.12 (adjusted down because you can't receive 25.6 bits of it).
- twalla 5y agoSorry you only own a receipt you can use with a centrally controlled database to look up the location of a jpeg hosted on S3. I'd be happy to purchase said receipt from you for 100 million dollars in the hope that a greater fool comes along and pays me 150 million for it.
- jxf 5y agoIn a number of high-value cases, no one spent any money at all, just transaction fees; they traded to themselves to give the appearance of a higher price.
- LadyCailin 5y agoWait, are you talking about NFTs still or auction of physical goods?
- giarc 5y agoI assume your comment is tongue in cheek since this practice happens in both industries. Perhaps you can help me though, I've been trying to remember the term used for this for weeks. I seem to recall it being called something like "washing the pipe" or something like that....?
- mpmpmpmp 5y agoIt’s typically referred to as a wash trade or a wash sale.
- vincentmarle 5y agoProbably referring to this: https://news.artnet.com/art-world/crypto-punk-500-million-sale-2028470 https://news.artnet.com/art-world/crypto-punk-500-million-sa...
- 908087 5y agoIn an even larger number of high-value cases, they traded to themselves to transfer ill-gotten crypto from "anonymous bidder" wallets to their "real" wallets.
- reginold 5y agoI thought a lot about this comment. I deeply would want that Apple-1 in a way, massive piece of Apple history. But then I think about owning it - what a pain. It needs to be in an air conditioned room, bugs nibble at it, dust gathers, where do I put it in my house anyway? It's so cool in my mind but the glory of having it seems less so. However, with an NFT, there's no maintenance cost, it's always the same, it's pristine. I can do whatever I want with it, shrink it for socks, grow it to put on a blimp, make cakes, whatever. For the first time I can see why people spend millions of dollars on hashes of pictures of randomly generated monkeys.
- jdonaldson 5y agoYou can still make socks, blimps, or cakes with any sort of monkey image you want... or even non-monkey images. The technology is out there.
- op00to 5y agoI’ll just pirate your monkey picture.
- deleted 5y ago[deleted]