this post was submitted on 17 Dec 2023
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The way I read the article, the "worth millions" is the sum of the ransom demand.

The funny part is that the exploit is in the "smart" contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.

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[–] [email protected] 109 points 1 year ago (14 children)

No one is gonna buy any NFTs for millions lmao

[–] [email protected] 29 points 1 year ago (5 children)

As crazy as it sounds, some people do.

[–] [email protected] 65 points 1 year ago (37 children)

They did. For like a week last year. Then everyone realized it was a scam.

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[–] [email protected] 18 points 1 year ago (25 children)

It's a great way to launder money.

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[–] [email protected] 18 points 1 year ago

They're priced like police drug busts.

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[–] [email protected] 81 points 1 year ago* (last edited 1 year ago) (2 children)

Sounds like a great way to make an insurance claim on a bunch of NFTs worth "millions" that you could not convince anyone to buy.

[–] [email protected] 31 points 1 year ago (1 children)

What insurance company is dumb enough to insure NFTs?

[–] [email protected] 7 points 1 year ago

Ones that understand the Internet and/or technology. And believe the "secure" hype.

[–] [email protected] 13 points 1 year ago (1 children)

I'd say more likely to be able to declare a capital loss on taxes.

[–] [email protected] 7 points 1 year ago

Can I carry that loss over for the next... 100 years or so?

[–] [email protected] 44 points 1 year ago (2 children)

I never had a jpeg stolen from me.

What a time to be alive.

[–] [email protected] 19 points 1 year ago (1 children)

No no, they stole the link to a jpeg, careful you will make them angry

Here, take my link to get a feeling

https://slrpnk.net/pictrs/image/db03eae9-a3a9-42df-8cf2-f2aa8bfa2d95.webp

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[–] [email protected] 37 points 1 year ago (1 children)

Another interpretation is that it's all an insurance scam were something worthless is "stolen by hackers" and then claimed to be worth millions for the insurance claim.

But surely nobody in the "well known as impeccably honest" NFT world would ever do something like that!

[–] [email protected] 22 points 1 year ago

I guess the millions are in the transaction fees

[–] [email protected] 21 points 1 year ago
[–] [email protected] 19 points 1 year ago

"Potential losses". I get the feeling that NFT owners got bit by the same bug that bit RIAA executives.

[–] [email protected] 16 points 1 year ago (2 children)

How do you steal a hyperlink to a jpeg

[–] [email protected] 5 points 1 year ago

"Do I look like i know what an NFT is?

I just want a picture of some gaht dang shitposts."

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[–] [email protected] 16 points 1 year ago

One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.

[–] [email protected] 14 points 1 year ago

I'm having difficulty with the word "worth". It appears to be doing an awful lot of heavy lifting

[–] [email protected] 13 points 1 year ago (1 children)

Just because the suckers that bought them paid millions doesn't mean that the NFTs are worth millions.

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[–] [email protected] 11 points 1 year ago (1 children)

Think of it like this, when people make drug busts and they find huge amounts of cocaine or whatever and they say oh this is 300 something mod a million is worth of stuff. No it's not. It's maybe like not even half that not even a quarter of that, they just make it up just to make their bust even bigger

[–] [email protected] 5 points 1 year ago (1 children)

I also like the "10 Kilos of product was taken off of the street" which means like 12 grams of weed was turned into brownies

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[–] [email protected] 10 points 1 year ago

Did they steal all NFTs?

[–] [email protected] 9 points 1 year ago

ITT: a handful of people starting to sweat about their NFT retirement strategy

[–] [email protected] 8 points 1 year ago (2 children)

…Been a minute since I’ve seen this fark headline meme.

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[–] [email protected] 8 points 1 year ago

There were sufficiently stupid people to pay money for NFTs. They will sufficiently stupid people around to pay the ransom.

[–] [email protected] 6 points 1 year ago

Insurance scam? Not too be cynical, but after the price dropped a year(?) ago there were a number of thefts for which there was speculation about them being insurance fraud.

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