The scam is deep, Youtubers were paid lots of money to promote FTX a few of them want to give the money away or return it to FTX.
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So what now? Has anyone Lamboed yet?
The scam continues. A lot of poor and middle class people are desperate so there is an opportunity to steal their money with confidence scams. Today itâs easier with the technology which reaches everyone in the world instantly.
Which scam do you refer to? not so long ago Donald Trump created a series of NFTâs and made a couple of million dollars, is that a scam or is that just trump supporters happy to pay top dollar for a set of pictures that canât be copied?
Justinâs investment seems to be struggling:
NFTs in no way prevent the images from being copied, you can just right click and save them (https://opensea.io/collection/trump-digital-trading-cards) , it doesnât even really control the rights to them.
In Trumps case you donât fully own the image which the NFT relates to according to the T&Cs, which highlights a signficiant problem with them; if their ownership can be governed by a non-block chain contract then there is no real benefit to it being an NFT, particularly since the blockchain only holds a reference to the image and not the actual content.
These extracts are from the 4800 word terms and conditions which you agree to by purchasing:
"The Digital Art is subject to copyright and other intellectual property protections, which rights are and shall remain owned by Licensor and/or third parties. "
âThe Digital Art provided pursuant to the Agreement is licensed, not sold, and Owner receives no title to or ownership of the Digital Art or any associated intellectual property rights thereto.â
He even charges people when they resell them:
âOn each secondary sale of a Trump Digital Trading Card, there will be a 10% royalty on the sale price that will be paid back to the creator.â
Even without considering the further questionable activity around the process (link below) I think its quite fair to call Trumpâs NFT a scam, and in addition to the money he has made from the sales it wouldnât suprise me if he had received a signficant kick-back from Polygon for using their blockchain.
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found someone who doesnât understand digital ownership even at an elementary level.
Perhaps you could clarify what is incorrect, because what I posted is how I have understood things work in relation to Trumps NFTs that are sold on https://collecttrumpcards.com/ from reading the information available there.
Iâm fully aware that it isnât the case for all NFTs but my response is only about the Trump ones in response to the previous comment.
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NFTs donât give you ownership or rights to the image it links to. Just to the token on the blockchain. You can additionally have a license agreement giving you rights to the image, but you can just do that without any NFT or blockchain involved too. This is also why itâs entirely pointless (outside scam and hype reasons) to use it for games: You need a conventional database anyway, and the NFT doesnât do anything the database doesnât. You know that old scam where companies âsell starsâ to you and give you a certificate of your âownershipâ of the star? Obviously, you donât own the star - all you own is the certificate and a record in that companyâs database that the star is yours. Thatâs exactly what NFTs are.
Some crypto bro stole my art and made NFTs out of it. Clearly that did not mean they owned the images though, and since an NFT is not the image but just a link to it, and they had stored them on Googleâs Cloud, I just asked Google to remove them as, indeed, I owned the images, so now those NFTs forever point to a 404.
CCPâs fascination with them concerns me. Iâm not going to touch a crypto game, and I donât like that their statement that it wouldnât some day be added to EVE stopped short of promising to never do it. Hopefully they rethink their stance after their NFT game project collapses like NFT game projects generally do.
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I could be wrong but if the image that was right clicked and copied was used for marketing/advertising by someone who is not the owner I would have thought the fact that itâs registered on a blockchain would mean that it is someone elseâs property and provide indisputable proof who the owner is in a copyright type of situation.
So if I was able to find copies of these President Trump cards and pretend they are original and sell them then I would be legally liable for misusing copyright protected content.
Which is very normal with NFTâs, the point of this is to provide a regular income stream for creators. We canât call it a scam due to this point because that is part of the NFTâs/blockchain original design.
I hope the crypto âplayazâ donât loose too much money. The discussions about crypto are always funny, kinda like the following clip.
Yes, thatâs the whole idea. Investors (top of pyramid) dump money in a few fraudsters (layer 2 of pyramid scheme - the fall people who run OpenSea, Rarible, Foundation, Mirror World) who then spend money on gullible celebs (layer 3 of the pyramid), who will then convince anyone, preferrably the poor and gullible to spend money on something which is like plex but donât say that if the servers (distributed) are turned off, everything of value is gone instantly and forever. But the funny thing is thatâs just a side hustle as the layer 2 guys canât stop committing crimes while running the scam.
No, NFT is just a receipt that you bought some digital âthingâ. That things is âa bunch of ones and zeroesâ held in memory on a lot of computers. As it needs new influx of money to support itâs expensive storage it would actually be less costly to buy an actual painting and store it in one of the renowned acclimatized bunkers deep in the Swiss alpsâŚ
A sucker is born every minute so in theory enough money is there to supply the ridiculous cost of crypto. 127 000 000 000 000 kilo watt-hours (127 TWh) a year, so around 63.5 billion dollars and thatâs not including the upkeep and replacement of systems or the moving things around the world just to find the best price for electricity. And that cost for the upkeep of 1.25 trillion of real money⌠
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I know you find this impossible to accept but people do use crypto as a means for their customers to pay them. Millions of people use Bitcoin for transactions and it is a growing community which will result in large amounts of money being accumilated through fees.
Iâm not sure Bitcoin is something to buy lots of and store with the hope that the value increases in the future, I see it as more of a tool which can ensure a private transaction where both parties are recieving goods or digital tokens (Bitcoin) which they can transfer for fiat money. It is the desire for a secure way to transact which creates the electric cost it would be silly to think it didnât come with a cost.
In my opinion any investment in Bitcoin should be based on itâs current usage (how many people are using it for secure transactions only) can we just stop with the normal working person thinking they will become rich by investing their life savings in Bitcoin as it might not happen in our lifetime it could be 20 or 30 years before any real profit is generated.
A massive part of the problem is that too much money was invested into Bitcoin before the usage of it was considered, there are lots of miners that are now failing to pay their liabilities due to their overpurchase of ASICâs. If the actual usage is low then it made no business sense to invest in ASICâs that support a high usage.
An NFT doesnât prove ownership of the image because anyone can make them. There are a ton of NFTs made out of images stolen from artists, for example. Like I mentioned I had some taken down that were stolen from me.
Even if everything is legitimate, it doesnât necessarily mean you own any rights to the image. If I make a perfectly legit NFT out of an image I own, and I sell the NFT to you, but donât grant you any kind of license over the image, itâs still my image and technically you canât use it for anything. I*m just selling you a token thatâs a link. You own the token, nothing else.
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Well, the fees are going up making general adoption sounds like a bad idea technically. That aside, the current BTC system canât handle the current few transactions itâs dealing with now.
Can you link a source, I think you usually make things up yet you know the blockchain is public⌠itâs used less than years before and the miners canât handle the transactions.
375k transactions per day isnât much compared to Visa who do around 150m transactions per day. The reason I say BTC usage is low is because of the wide gap between BTC daily transactions and Visa total daily transactions. Using google it should be quite easy for you to determine that from a worldwide perspective BTC doesnât do many transactions in comparison to other finacial systems.
Most of what I say is very easy to google and confirm, Iâm unsure why you struggle to understand or accept or find out facts.
Of course BTC can do more transactions than what it currently does, the issue is that it would be no point for miners to buy ASICâs to support 150m transactions per day when only approx 400k daily BTC transactions exist.
It would be like me owning a taxi company, why on earth would I hire drivers to cover 100 jobs per day when there is only 30 jobs per day coming in?
Youâve even posted a graphic confirming what I said, but you still donât understand.
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In order for my transaction to remain secure and possibly processed faster I would be happy to pay a small fee, Anyone who uses the BTC network to process payments is also happy to pay a small fee, this fee is private money that belongs to the hardworking miners who set up machines to process BTC payments.
If I donât need a higher level of security on specific transactions then I will just use Visa or Mastercard.
If you wanât to ignore the reasons why people use BTC for transactions then that is on you, you can expect to remain in a state of confusion about how BTC works and why it exists.
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Thatâs the most funny reply ever. I simply tell you BTC does NOT do many transactions and it cannot handle them. Thatâs called a systemic failure. Itâs like a lot of people calling a taxi, not getting one and the taxi company guy saying what you say.
It does not do a lot of transactions, it cannot handle changes well. Itâs not a professional private service like VISA, BTC ledger is public. The only thing that is private is who is behind the scam.
Can people make a private transaction with BTC? Yes, but itâs very inconvenient for the masses. Why do people have so many problems with exchanges? Because most of the people who own BTC have stored it there, publicly instead of privately.
See, itâs a technology that could be used for privacy yet itâs big tech with your data shared public excluding your real name. But we have been there before and a lot of BTC adresses are linked to individuals. No one knows who Satoshi is but they know most of his BTC adresses, says enough about the illusion of privacy.
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You would make more money being a AMD sales representative, lol.
But then again AMD hardware isnât a financial product and the laws arenât as strict in promoting the hardware used in a financial product.
Look at those evil laws your government is making, better be careful that your incessant promotion of crypto wonât be regulated soon⌠itâs not fun when there are consequences to actions. Ask Sam. On the good side of the news, 1 in 15 British could be your customerâŚ
If thatâs what you believe then that is fine, just donât expect me to agree with it. BTC is really just a digital token which has a value assigned to it and the token is generated in a way which makes it unique. People have invested money in it and itâs usage seems to be growing as the world changes. It is a professional service which retailers and consumers are very happy with. Anything that a legal business uses can be classed as professional because they pay for the service and always get what they pay for.
The only BTC users at the moment are people who want a higher level of privacy, It seems you have conveniently forgotten factual info which other forum users have told you which make using BTC as easy as a swipe on a phone on a card reader payment machine. Also due to recent events many BTC owners now have their tokens in private wallets only they have access to.
Feel free to browse the blockchain, pick any random transaction and then go ahead and find the name, address and telephone number of the person who initiated that transaction and let me know how you get on.
Itâs probably better if we leave the conversation there, I donât think you want to further your knowledge on this, you seem to want to go around in circles discussing things that we have already discussed.