NFT's Aren't Ownership It's About Getting Owned
The idea behind NFTs is that you're meant to own something, something that is not native to a blockchain, but the token is a representative claim of something outside the chain, where a chain has no control to enforce any rules on, because in the case of an image it's hosted on a third-party centralized server, and the token only hashes a receipt with a reference to the hosted image and is subject to digital decay.
I've explained this countless times, but NFT bros just don't seem to understand how computers work, nor have the ambition to learn, because they don't want to know the truth. To accept the truth would mean that you're admitting you're the moron who paid way too much money for a profile picture or a digital rendering of a monkey that took all of 10 minutes to mass-produce.
When the money is bad, people are desperate to find anything that they can own, since they can't own their money. So the idea of NFTs is attractive, something of value you can own, yet is that even the case?
BAYC Rekking its members
The Bored Ape Yacht Club (BAYC) Discord server was hacked on Saturday and the beneficiary or as NFT bros like to deflect and call an "attacker" made off with 200 ETH ($360,000) worth of NFTs, according to Yuga Labs.
So can anyone explain to me how something you won can be hacked and removed from your possession?
Keeps happening time and time again
If you're going to say this is a once-off, then I am sorry to disappoint you but this is the third time a bad actor has been able to impersonate a Yuga Labs-run account to steal users’ funds.
- The first was on April 1 when Mutant Ape Yacht Club #8662 was stolen through a phishing link posted in the project’s Discord,
- The second came in April 25 after Bored Ape Yacht Club Instagram and Discord accounts posted a fake link to an Otherside minting.
Now this seems awfully convenient to blame a third party, or a centralised service or a hacker, but like most things in NFT, I think the answer is simple. The answer is that these attacks are coming from insiders who know how to lure the weakest people in their community to expose themselves and then grab their value.
The sad thing is they already sold you a faulty bill of goods in the NFT itself but it's not even enough to scam you once, they're going to scam you once again by stealing the faulty goods they sold you.
How many more times people can stomach theft and abuse, is beyond me, I honestly don't feel sorry for people who fight the truth to throw money away.
Again, you've been warned, I warn you every week. I put the content out there to make it easy for you to share with others to warn them, but warnings aren't popular, they're not going to net you, followers.
So sadly my warnings fall on deaf ears, but it sure is a form of entertainment watching people lose their shirts every time my warnings are ignored.
Sources:
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Posted Using LeoFinance Beta
a fool and his money are soon parted.
Posted Using LeoFinance Beta
Lol and boy is that being put to the test with this latest market trending
At least for gaming, those NFTs bring value to the game.
Why? When the NFT is tied to the game? If the game goes the NFT does too, tokensiating something on a chain doesn't give it value
Until the game exists, players want those pieces of equipment tied to the game. Players want = NTFs value.
Lol if that's what you're relying on the greater fool theory = ponzi
I have fun playing those crypto games like MIR4.
yeah having fun is one thing, telling people its an investment is totally different. I recently did a review on P2E games and why it's a scam here, if you're interested