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.
No one is gonna buy any NFTs for millions lmao
They’re priced like police drug busts.
People buy them for millions or their value would not be in the millions
No
That is literally what the concept of value is.
deleted by creator
No, and that is exactly the problem.
They artificially inflate the price to make it seem more worth than it actually is.
It is a type of fraud
Things are worth what people will pay. People pay out the nose for diamonds and they are just shiny rocks and not particularly rare.
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.
What insurance company is dumb enough to insure NFTs?
Ones that think they can’t be stolen
You can in fact insure things that it is possible to steal. Cars, bikes, household posessions, you name it. It’s quite common.
If the insurance company thinks the nft can’t be stolen, it’s money for no risk. That’s why they would easily accept insuring an nft.
I think you misunderstood my comment.
In a highly simplified way: total risk of insuring from theft is roughly other-risks * theft-risk, so if theft risk is 0, it means that other risks, such as insanelly high risks in asset valuation are irrelevant to the total risk which will always end up as 0.
So it makes sense that being paid to insure that which cannot be stollen against theft is risk-free money quite independently of all else. (Of curse, if something has a non-zero probability - even if tiny - of being stolen none of that holds)
I think that’s the whole humourous point the previous poster was making: that which NFT promoters kept on telling us guarantees unique ownership which cannot be taken by others (and hence cannot be stollen) turns out that it can.
Ones that understand the Internet and/or technology. And believe the “secure” hype.
I’d say more likely to be able to declare a capital loss on taxes.
Can I carry that loss over for the next… 100 years or so?
Accurate headline:
Millions of dollars lost as NFTs worth a total of $0 stolen
Let me get this straight, you can steal an nft but you can’t own an nft?
You very much do own an NFT you purchase, what you don’t own is the asset the NFT represents (the shitty RNG generated monkey for example).
I never had a jpeg stolen from me.
What a time to be alive.
You better quit yapping before I steal more of your bytes pal, it’ll be the biggest regret of your life
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!
Removed by mod
It wouldn’t be the first time that somebody who should’ve known better gets taken in by hype.
That said, I agree it’s unlikely.
“If some idiot wants to pay for it…”
I guess the millions are in the transaction fees
“Potential losses”. I get the feeling that NFT owners got bit by the same bug that bit RIAA executives.
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.
How do you steal a hyperlink to a jpeg
"Do I look like i know what an NFT is?
I just want a picture of some gaht dang shitposts."
And why should any sane person care if you did?
It’s a digital file. Copies are exactly the same as the original.
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
I remember it used to be calculated on the lowest value extrapolated out so a gram of smoke was 20/25 bucks so a kilo of smoke “had a street value of 20,000 - 25,000.”
Removed by mod
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
4,000 pounds of weed removed from a single basement greenhouse
ITT: a handful of people starting to sweat about their NFT retirement strategy
I’m having difficulty with the word “worth”. It appears to be doing an awful lot of heavy lifting
Just because the suckers that bought them paid millions doesn’t mean that the NFTs are worth millions.
I’m worth millions, but I’m paid jack shit :(
