PanaTimes

Monday, Jun 05, 2023

Crooks' Paradise: The Dark Side of the NFT

NFT (Abbreviation for Non Fungible Token) has become one of the big trends of 2021. It is a certificate of ownership embedded in a blockchain on a digital asset, and allows any image, video, song or file to be turned into a commodity that can be bought and sold, so to speak, even though in practice Still anyone else can own it and print for themselves a copy exactly identical to the original.
In the NFT world there is an internal joke, 'Right Click & Save' - anyone can save your NFT, so what's the point?

In other words, the only difference between someone who pays a lot of money for an NFT and someone who does not pay anything for the same digital creation is that he pays for what the rest of the world can get for free.

Take for example the story of Julian Lennon, the son of John Lennon, who this month sold six rare items as NFT: three Gibson electric guitars he received as a gift from his father; A robe his father wore while filming! Help; Afghan coat Shalanon Sr. wore during the filming of the movie Magical Mystery Tour; And the highlight - a page with comments written by Paul McCartney on the song "Hey Jude". Lennon did not sell the items themselves, but videos in which they were filmed in 360 degrees against the background of his narration, but it is doubtful that anyone who submitted an offer to purchase the items - which sold for $ 11,520 to $ 76,800 - realized that even after the sale these videos would remain available for anyone interested in by watching it on the web.

Another worrying phenomenon is inflating trades in a technique called Wash Trading: Because digital wallets are anonymous, each trader can use several wallets simultaneously, transferring NFT from one pocket to another to inflate his value. The innocent buyer will look at the transaction history, and believe that the value of the NFT he acquires has indeed increased over time organically. Some scammers even set up dedicated groups in Discord or CotCot (a popular chat platform among NFT traders) in order to create credibility for the items they sell.

Last month, the Opensea platform, the world's largest marketplace for NFT, admitted that 80% of the NFT items featured on their platform for sale were in fact "stolen works, counterfeit collections and spam."

Suppose you managed all the hurdles we talked about and managed to get your hands on an authentic NFT. You may be disappointed to find that a version of the file you purchased at a low resolution will appear in your digital wallet after the purchase. Want to view the image you purchased in high quality? You'll need to access a public link - yes, that link is available worldwide for free. The file itself, unlike NFT, is not stored in the blockchain at all. There is always the possibility that someone will delete it from the network or change its URL so that you will end up with an NFT confirming that you paid a lot of money for a property that no longer exists.

Last month, Dan Olson, the YouTuber behind a page called Folding Ideas, released a video called Line Goes Up - The Problem With NFTs in which over more than two hours and with impressive thoroughness he sends his half into the world of illusions of blockchain, crypto and NFT. The video has so far garnered almost 6 million views, and has shocked the illusionists involved in the field.

Olson's main conclusion is that NFTs are a pyramid scam, in which participants must find a buyer for their goods in order to get back the money they have invested.

The illusion sellers were shocked by the video just as the boy's call that the king is naked shocked the two tailors who sold the king nothing in exchange for very much gold.

Take your valuable time to watch the not less valuable video.

00:00:00 Preface
00:01:12 0. In 2008 The Economy Collapsed
00:07:09 1. Bitcoin
00:18:18 2. Ethereum
00:24:34 3. The Machine
00:39:07 4. NFTs Exist To Get You To Buy Crypto
00:57:54 5. The Unbearable Cringe Of Crypto
01:11:46 6. A Self-Organizing High Control Group
01:16:57 7. Crypto Reality
01:25:36 8. There Is No Privacy On The Chain
01:32:52 9. If This "Looks Like Scam" Then Every NFT Room I'm In Looks Like Scam LOL
01:38:29 10. Play To Earn Exists To Get You To Buy Crypto
01:46:39 11. We're All Gonna Make It And By "We" I Mean "Us" Not You
01:56:08 12. DAOs Exist To Get You To Buy Crypto
02:13:21 13. I Know It's Rigged, But It's The Only Game In Town


Sources and Further Reading:

https://web3isgoinggreat.com/
https://tante.cc/2021/12/17/the-third-web/
https://davidgerard.co.uk/blockchain/2021/03/11/nfts-crypto-grifters-try-to-scam-artists-again/
https://amycastor.com/2021/03/14/metakovan-the-mystery-beeple-art-buyer-and-his-nft-defi-scheme/
https://www.stephendiehl.com/blog/crypto-absurd.html
https://blog.mollywhite.net/blockchains-are-not-what-they-say/
https://www.motherjones.com/politics/2021/11/who-goes-crypto-eth-bitcoin-etc-financialization-gamestop-class-wealth/
https://twitter.com/davetroy/status/1478017698676228099?s=20
https://davidgolumbia.medium.com/cryptocurrency-is-garbage-so-is-blockchain-3e80078e77fe
https://marker.medium.com/fintech-is-a-scam-a-listicle-in-eight-parts-7b6161f3a35a
https://naavik.co/business-breakdowns/axie-infinity/#axie-decon=
https://www.gawker.com/culture/the-future-is-useless-expensive
https://twitter.com/NFTtheft
https://www.theatlantic.com/ideas/archive/2021/04/nfts-werent-supposed-end-like/618488/
https://www.gamesindustry.biz/articles/2021-11-05-baseless-nft-hype-hits-a-crescendo-but-its-play-to-earn-thats-worth-watching-opinion
https://www.technollama.co.uk/platform-is-law-the-cautionary-tale-of-stolen-nfts
https://davidgerard.co.uk/blockchain/2021/02/12/libra-shrugged-chapter-6-banking-the-unbanked/
https://twitter.com/Bitfinexed

The video written and performed by Dan Olson.

Dan Olson Crowdfunding: https://www.patreon.com/foldablehuman

Twitter: https://twitter.com/FoldableHuman
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
Drone Attack on Moscow's Wealthiest Neighborhoods Suspected to be Launched by Ukraine
UK Prime Minister Rishi Sunak to Hold Power Talks with President Biden in Washington
AI ‘extinction’ should be same priority as nuclear war – experts
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
If you donated to BLM, you got played
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Saudi Arabia and Canada Restore Diplomatic Relations
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
TikTok Sues Montana Over Law Banning the App
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
Last Walmart in North Portland Closing Down
Florida's DeSantis seeks to disqualify judge in Disney case
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Disney has canceled plans to build a new campus in Florida worth almost $1 billion
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Debt Ceiling Crises Have Unleashed Political Chaos
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
King Charles III being crowned.
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
A Real woman
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
Ukraine More Prepared for Counterattack as Reinforcements Arrive
UK Prime Minister Rishi Sunak and Italian Prime Minister Giorgia Meloni Discuss Migration, Defence, and Ukraine
Tucker Carlson is back, soon!
AT&T's Successful Test of Satellite-Based Phone Call Raises Possibility of Widespread Coverage
CNN: "Joe Biden is asking for four more years — when 74% of Americans think the country is heading the wrong way“
Turkish President Recep Tayyip Erdogan Cuts Short Live TV Interview Due to Health Issue
US Congresswoman threaten Twitter Files journalist with arrest
Pulitzer Prize-winning journalist Seymour Hersh slams New York Times' pro-government stance and treatment of sources
Enough is enough: it's time to end the war in Ukraine. While Russia may be to blame for starting it, Russia is not the one refusing to stop it
Fox News Settles their case with Dominion Voting Systems for a staggering $787.5 MILLION
The land of the free violence
Speaker Kevin McCarthy
×