6 ms·

Bored Ape NFT accidentally sells for $3k instead of $300k

CRConrad 5y ago
Well, at least you weren't flagged... https://news.ycombinator.com/item?id=29541836 https://news.ycombinator.com/item?id=29541836
ALittleLight 5y ago
It's like a Russian nesting doll of stupidity. "Limited run" of 10,000 bored apes. Bored ape worth 300k. Irreversible typo in sale price costs owner hundreds of thousands of dollars. Buyer pays 32k in transaction fees. At bottom the NFTs are a silly ponzi scheme anyway. I would not at all be surprised if this was a scam to try and move the ape at 250k, but I have no idea how liquid these things are.
- doopy1 5y ago
  Bored Apes are super liquid. If you list one below "floor price", it will probably sell within minutes. Just today, someone had theirs stolen in a phishing attack. The attacker listed it with a gradually lower price and it was gone in under an hour for I think ~45 ETH at about 2 ETH below floor price.
  - JoeyBananas 5y ago
    I guess nothing stops people from trading stolen crypto goods. Why would anyone want to use such a system.
- raw-23 5y ago
  I hear this alot and do not understand it. How is it a ponzi scheme? there is no fraud taking place, people are aware they are buying a token for 300k and taking on that risk themselves. If they lose money there is no one to charge as no fraud has taken place.
  - perl4ever 5y ago
    How is it a Ponzi scheme? Or why do people call it that? People use the term loosely to refer to a situation where money has been put into a system, and nothing productive has been done with it, such that taking your money out as soon as possible is probably prudent, before the market decides it's worth zero because the supply of greater fools is used up.
  - willcipriano 5y ago
    You buy a NFT at the ground floor. You know it's worthless, but you also know about hype. You go on Twitter, tell your friends about NFTs, shout about them from the rooftops. The price goes up, you sell before the reality distortion field collapses. The early investors are paid by the newest ones. Ponzi scheme is a good word for it even if it doesn't fit perfectly. The moving of bits around on the blockchain is just misdirection. A decentralized ponzi scheme promoted by many unrelated actors simultaneously.
    - SOLAR_FIELDS 5y ago
      Isn’t the better term “pump and dump” then? That’s basically how penny stocks operate.
      - fknorangesite 5y ago
        Or wash trading.
  - ohiovr 5y ago
    It isn't really a ponzi. It is just greater fool theory investing.
    - ALittleLight 5y ago
      If it's greater fool plus no inherent value of the underlying then that's a Ponzi Scheme. You aren't buying anything, no revenue stream, no dividends, no assets, no cash, etc, just the hope you can sell to a greater fool. A Ponzi Scheme is the same thing - you can make money if and only if suckers keep putting money into the scheme (and you cash out at the right time).
Blackstone4 5y ago
What is the point of an NFT if you can just copy the artwork and use for free!?!? A painting you know its the original piece and can never be replicated in the same manner....but this is 1s and 0s....exact copies are perfectly identical..
- spiderice 5y ago
  Wait until you learn that an NFT doesn't even contain the 1s and 0s. It contains a URL to the 1s and 0s that are stored on someones server, and can be taken down at any time.
  - bko 5y ago
    > It contains a URL to the 1s and 0s that are stored on someones server, and can be taken down at any time. I don't think that's true. It contains an address that some centralized database says points to an image on someone's server. I don't think the URL or reference to the image sits anywhere on the blockchain, maybe some characteristics like the name. But I think its just a pointer to nothing. Is there any blockchain project that is effective at storing actual data, like a distributed file system?
    - MacsHeadroom 5y ago
      Yes, Filecoin is the big one. The URI stored on the Ethereum Blockchain for an NFT is almost always an IPFS URI. IPFS is the cache layer on top of Filecoin. https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/ https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/
      - ipaddr 5y ago
        Which is a link to the image outside of the blockchain. "The data exists in the network as long as one user is storing it and can provide it to others when they request it"
        5y ago
klyrs 5y ago
Anybody wanna buy an NFT of the smallest violin in the world? P3 1 1 255 150 75 0
whalesalad 5y ago
Now it is the Stoned Ape NFT
ohiovr 5y ago
I'll just use wget instead.

Well, at least you weren't flagged... https://news.ycombinator.com/item?id=29541836 https://news.ycombinator.com/item?id=29541836

ALittleLight 5y ago

It's like a Russian nesting doll of stupidity. "Limited run" of 10,000 bored apes. Bored ape worth 300k. Irreversible typo in sale price costs owner hundreds of thousands of dollars. Buyer pays 32k in transaction fees. At bottom the NFTs are a silly ponzi scheme anyway. I would not at all be surprised if this was a scam to try and move the ape at 250k, but I have no idea how liquid these things are.

doopy1 5y ago
Bored Apes are super liquid. If you list one below "floor price", it will probably sell within minutes. Just today, someone had theirs stolen in a phishing attack. The attacker listed it with a gradually lower price and it was gone in under an hour for I think ~45 ETH at about 2 ETH below floor price.
- JoeyBananas 5y ago
  I guess nothing stops people from trading stolen crypto goods. Why would anyone want to use such a system.
raw-23 5y ago
I hear this alot and do not understand it. How is it a ponzi scheme? there is no fraud taking place, people are aware they are buying a token for 300k and taking on that risk themselves. If they lose money there is no one to charge as no fraud has taken place.
- perl4ever 5y ago
  How is it a Ponzi scheme? Or why do people call it that? People use the term loosely to refer to a situation where money has been put into a system, and nothing productive has been done with it, such that taking your money out as soon as possible is probably prudent, before the market decides it's worth zero because the supply of greater fools is used up.
- willcipriano 5y ago
  You buy a NFT at the ground floor. You know it's worthless, but you also know about hype. You go on Twitter, tell your friends about NFTs, shout about them from the rooftops. The price goes up, you sell before the reality distortion field collapses. The early investors are paid by the newest ones. Ponzi scheme is a good word for it even if it doesn't fit perfectly. The moving of bits around on the blockchain is just misdirection. A decentralized ponzi scheme promoted by many unrelated actors simultaneously.
  - SOLAR_FIELDS 5y ago
    Isn’t the better term “pump and dump” then? That’s basically how penny stocks operate.
    - fknorangesite 5y ago
      Or wash trading.
- ohiovr 5y ago
  It isn't really a ponzi. It is just greater fool theory investing.
  - ALittleLight 5y ago
    If it's greater fool plus no inherent value of the underlying then that's a Ponzi Scheme. You aren't buying anything, no revenue stream, no dividends, no assets, no cash, etc, just the hope you can sell to a greater fool. A Ponzi Scheme is the same thing - you can make money if and only if suckers keep putting money into the scheme (and you cash out at the right time).

Blackstone4 5y ago

What is the point of an NFT if you can just copy the artwork and use for free!?!? A painting you know its the original piece and can never be replicated in the same manner....but this is 1s and 0s....exact copies are perfectly identical..

spiderice 5y ago
Wait until you learn that an NFT doesn't even contain the 1s and 0s. It contains a URL to the 1s and 0s that are stored on someones server, and can be taken down at any time.
- bko 5y ago
  > It contains a URL to the 1s and 0s that are stored on someones server, and can be taken down at any time. I don't think that's true. It contains an address that some centralized database says points to an image on someone's server. I don't think the URL or reference to the image sits anywhere on the blockchain, maybe some characteristics like the name. But I think its just a pointer to nothing. Is there any blockchain project that is effective at storing actual data, like a distributed file system?
  - MacsHeadroom 5y ago
    Yes, Filecoin is the big one. The URI stored on the Ethereum Blockchain for an NFT is almost always an IPFS URI. IPFS is the cache layer on top of Filecoin. https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/ https://docs.filecoin.io/about-filecoin/ipfs-and-filecoin/
    - ipaddr 5y ago
      Which is a link to the image outside of the blockchain. "The data exists in the network as long as one user is storing it and can provide it to others when they request it"
      - 5y ago

klyrs 5y ago

Anybody wanna buy an NFT of the smallest violin in the world? P3 1 1 255 150 75 0

whalesalad 5y ago

Now it is the Stoned Ape NFT

ohiovr 5y ago

I'll just use wget instead.