Nobody Cares: the Non-Fungible Thread

[Kamilah Hauptmann]

threat

This typo is not actually a typo.

 

[Free]

Updated news on the Minecraft crypto Armageddon...

Banned from Minecraft, crypto group says it’ll just make a better game

NFT Worlds insists that Minecraft's grapes were probably sour anyway.

arstechnica.com

 

[Dakota Tebaldi]

Helium is a "decentralized" (but not really) wireless ISP network. The network runs on Hotspot nodes operated mostly at private homes and businesses. Individuals buy the nodes and keep them running in exchange for a cut of the network's revenue, paid in crypto - Helium's own crypto token to be exact, called HNT. The problem is that despite hundreds of millions of presumptive and real dollars invested, nobody makes any money because the network has practically no actual customer base.

 

[Dakota Tebaldi]

You may remember the recent story of Spice DAO, a collective of crypto traders who raised money to bid on a rare copy of the production bible (the script, storyboards, and other pre-production documentation) of Alejandro Jodorowsky's canceled 1974 film adaptation of Dune, under the confounding and badly mistaken impression that owning a copy of the production notes would somehow confer on them the rights to actually make the originally planned Dune movie described in the notes. The DAO won the auction - or well, not exactly; the DAO was being outbid for the book so the DAO's founder liquidated his personal crypto accounts in order to make a last minute personal bid that successfully won the auction, but this was treated by the DAO as a win by the DAO and the understanding was that the DAO would take possession of the book and compensate the founder for the winning bid.

That's where the story made the news and the sane rest of the world had to break it to the DAO members that they weren't actually going to be able to make their own Dune movie. And we all laughed at the cryptotears and moved on. But the story didn't actually end there, lol. It HAS definitely ended since, though.

Here's a Twitter thread explaining the whole affair to you. Make sure you read all the way to the end because this cup is good to the last drop:

 

[Free]

You may remember the recent story of Spice DAO

We were supposed to be paying attention?

 

[Dakota Tebaldi]

We were supposed to be paying attention?

Having not wasted your money buying into NFTs, you're at least able to pay something

 

[Dakota Tebaldi]

Another case here which tends to show that these guys aren't, like, starting these things with genuine good intentions and just bumbling into bad advice and bad results out of innocent naivety; their stated good intentions are conscious cynical lies and they actively engage in willful bad behavior right after making them.

 

[Dakota Tebaldi]

 

[Dakota Tebaldi]

It's about the community

 

[Free]

Uh boy...

Textbook publisher: NFTs will let us squeeze even more money out of students

You could sell your textbook on the blockchain.

www.theverge.com

 

[Essence Lumin]

If you are really interested in all the latest crap happening with crypto, nfts and stuff there is this site I found yesterday.

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

web3isgoinggreat.com

For today they have

CoinGape and Binance publicize scam recovery address after Nomad hack
and
ZB crypto exchange exploited for more than $3.5 million

For yesterday
Robinhood cites crypto market crash in decision to lay off 23% of employees

Thousands of Solana wallets drained in attack that nets over $6 million

CoinShares investment firm reports $21.5 million loss from Terra collapse

Michael Saylor steps down as MicroStrategy CEO as the company reports a $918 million impairment charge on Bitcoin holdings

Robinhood fined $30 million over lackluster cybersecurity and anti-money laundering protections in their crypto offering


An overwhelming amount of information about all this corruption every day.

 

[Free]

If you are really interested in all the latest crap happening with crypto

Yeah, we know about it. Turns out the site launched this thread.

Who knew?

 

[Beebo Brink]

Yeah, we know about it. Turns out the site launched this thread.

Who knew?

And nearly every single page in this 16-page thread has a link to one or more articles from that site. There are 3 on this page alone.

 

[Free]

And nearly every single page in this 16-page thread has a link to one or more articles from that site. There are 3 on this page alone.

Stop asking us to pay attention!

 

[Free]

Boink.

Indie devs outraged by unlicensed game sales on GameStop’s NFT market [Updated]

It may be impossible to remove the games from the Internet.

arstechnica.com

 

[Noodles]

I have never exactly been sure of what "Bricks" were on the Fortnite Subreddit, but it seems they are converting to use some sort of Etherium based nonsense and basically everyone is upset, or they don't know what Bricks are, or both.

As near as I can tell, its some sort of dumb way to get people to pay fake internet points to do things you can just donfor nothing on other subreddits.. like change Flare. Or participate in contests.

 

[Argent Stonecutter]

So how are things on the alternate Fortnight subredit?

 

[Dakota Tebaldi]

Tornado Cash, a cryptocurrency tumbler, has been sanctioned by the US government. As you can see a sanction like this has some dramatic effects.

To recap, a cryptocurrency tumbler is a service that "launders" your cryptocoin for you. As you know, cryptocurrencies are individually identifiable tokens. Unlike a real money bank account, in which your balance is just a representative number and any bank can exchange your account balance for any random assortment of equivalent-value paper bills, when you trade a crypto coin you're trading that exact coin, identified with a number, and apps are available that can trace a specific coin's transaction history through the various wallets it's been in. Ostensibly, this would make things tough on people who steal cryptocurrency, because you can see what wallet the stolen coins went into and you can see where they go when they leave that wallet, which could help identify the thief.

Here's how the tumbler works. Assume you're a crypto scammer and you've just scored "tens of millions" from some poorly-designed DAO or whatever. You have all the cryptomoney and they can't get it back, but you also can't really spend it because everyone knows those coins are stolen. So, you transfer it - all or some of it - from your hot wallet to the tumbler - a massive pool wallet that dozens or even hundreds of other, unrelated-to-your-heist people are also putting their own money into. Then, at random times, the tumbler sends randomly-sized payments to one or more separate wallets belonging to you but that nobody else knows are yours. Eventually you get all your money back - that is, you get back an equivalent total number of coins to what you put in, but it's split up between several unconnected (as far as anyone else knows) wallets, and while some of the coins you get back might be the known-stolen coins, others will have come from completely different people. The fact that the individual coins have gone through the tumbler can still be seen by the blockchain, but there's no easy way of telling who owns the wallets they went into on the other side. Your stolen crypto has now been laundered!

News reports often describe crypto tumblers as things that can be used for laundering, but the fact is that laundering is exclusively what they do, there is no other purpose for them.

 

[Dakota Tebaldi]

Who could have anticipated this

 

[Kamilah Hauptmann]