The joy of "investing" in NFTs!

[thewayne]

Jack Dorsey, the founder of Twitter, sold his first Tweet as an NFT for $2.9 million last year.

Good for him, pocketing a nice $3mil for selling nothing after transforming it into a digital receipt.

The person who bought it, a "crypto entrepreneur", put the NFT up for auction, expecting to make about $48mil on it.

The bidding close with a top bid of $280. Note the absence of MILLION after it.

ROFLMAO!

You bought a virtual thing with nothing backing it, and when you tried to sell it you got nothing for it. Go, team!

https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/

Comments

[dewline]

I worry about Dorsey and Musk right now.

[thewayne]

Well, Dorsey is gone from Twitter, and Musk just made a cash offer for them, but at the same time he's getting sued for not disclosing the large stake he bought when he legally should have and artificially suppressing the price.  Strange times.  I'm not a Musk fan, he's too much of a weird one.

[murakozi]

I've seen folks saying he doesn't have the liquid assets to do it right now anyway. I dunno how correct that is, though. I have to wonder if it's just more stupid gaming so that he can sell the Twitter stock he bought and make a huge profit.

He still hasn't followed up on his promise to give the UN $6 billion (or whatever the amount was) to end world hunger after they presented him with a plan to do it.

[thewayne]

Wait.  Elon Musk, perhaps the richest man in the world (on paper), not following up on a big promise that he made?  Say it isn't so!  :-)  Had Mark Cuban said it, I'd expect follow-up.

[captainsblog]

Two interesting things, one short, one link:

Twitter's decided to poison-pill Elon. So he could die on this particular hill.

And this, reproduced on Digby from a former showrunner of Reddit, about why Elon may fail even if he succeeds.

[thewayne]

I knew about the poison pill, hadn't posted about it yet.  Musk is quite the curious character, that's probably one of the easier and less controversial things you can say about him.  Thanks for the Digby link, I'll check it out.

[warriorsavant]

That describes cryptocoins, & virtual "stuff" in a nutshell.

[disneydream06]

That is too funny. :p

I hear now after turning down a seat on the board, Musk is going to try for a hostile take over of Twitter.
UGH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wonder how he plans to screw up twitter for us users. :o
Hugs, Jon

[thewayne]

Well, he's a "free speech" advocate, ad some are postulating that if he were allowed to buy Twitter, that he might unleash Trump on it again.  He is also known for censoring speech at Tesla that he doesn't agree with, dunno about at SpaceX.

[disneydream06]

I hate to say it, but if he takes over and brings back Him, I may just have to leave twitter. :o :o :o
People like Musk never believe in real free speech. :o

[thewayne]

That's why I put free speech in quotes. :-)  He likes seeing his name in the news.  A lot of people think this is just an ego stroke for him, it's unlikely he has the cash to pull it off.  His net worth is high, but his cash on hand isn't anywhere near that, and he'd have to sell a lot of shares in Tesla and SpaceX to get the money.

[disneydream06]

Fingers crossed extra tight. :o

[silveradept]

I'm sure that someone at least appreciated the nearly three million dollars laundered through the cryptocurrency market for that NFT and its everything else. But this should probably point out to most people how much of a bubble, if not an outright scam, NFTs really are, and the crypto market should be running away from them. Not that they will actually do that, but they certainly should.

[thewayne]

I was reading recently that these "crypto ATMs" apparently now require you to enter your phone number into them!  Yup, really anonymous.  I don't know if they're sending a confirmation code or what.  I was also reading that they've broken down cryptocurrency tracing so that it isn't all that difficult to track Xcoin going into Ywallet these days.  They're only going to do it for heists and ransomware investigations as it's pretty serious work, but the anonymity layer has been stripped.

[silveradept]

Extremely anonymous, much wow.

I wouldn't be surprised that the anonymity layers have been stripped away. There are enough state actors out there with an interest in tracking crypto, whether to follow criminal enterprises or to make sure their citizens are properly paying taxes on their transactions, that they would be able to cut through what gets put in front of them as obfuscation or misdirection.

[captainsblog]

Don't be such a hater.

He relisted it after the auction ended and it's all the way up to $4,631 at last report.

[thewayne]

I had not heard about the relisting, I wonder what's causing the higher bids.  I am bemused and puzzled over this NFT craze.  I am clearly too old to appreciate achieving ownership over a digital receipt in a blockchain by spending a lot of money, says the man playing Lord of the  Rings Online and running a band on multiple servers.  I don't expect my band to increase in value and be sellable, that's for sure.  But people enjoy my music and I enjoy running the band, so at least some people get pleasure out of it.