How much would it have cost him to left click?
Nvm, asked and answered
I think it can still be hugely profitable.
Like having a crony auction of abstract art where everyone is trying to sell their art for a million but tells the next person through the door that he is their 1000th customer and will sell their 10 million dollar art to him for 10k and he buys it not knowing its worth 20 bucks.
Itâs been done on Ebay at a much smaller scale with high-end comic books.
Gonna post everyone ittâs wallets so we can see if the gloating matches up with the ledger.
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You know this is a blockchain, right? You can see a complete sales history on any item you like. None of these sales are people swapping back and forth.
mfers is a 10,000 piece collection with 5,000 unique owners. Now creating new Ethereum addresses is not hard, so in theory you could create a ton of wallets and automate sales between them, but you are going to get wrecked by royalties and gas fees. mfers have had 17,000 trades, if they were all fake, that would imply a spend of in the neighbourhood of half a million bucks on gas alone. Even if your scam takes and you can sell hundreds of items at 10K a pop rather than the price just immediately collapsing after you stop pumping it, there are frankly easier ways to make money in the crypto space if you have the chops to do all this. Ask goofy.
This post is also going right back to the well of discussing NFTs in this theoretical, abstracted way with people who have spent months immersed in the concrete reality. There are plenty of scams the Discord is dealing with on a daily basis, but artificially inflating an entire 10K piece collection to a 5 eth floor is not one of them.
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What if 1000+ of those 5000 people had the same idea independently. I know I did and I donât own any of this stuff.
Man you guys really canât wrap your head around this can you.
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Are you implying that NFTs might be susceptible to pump and dump schemes?
I donât think the half a million combined would be anywhere close to enough to thwart this. The blockchain and the unlimited addresses help here and I have no idea why you would say that you know that no one is swapping back and forth. I will come back to this later and ask you some questions if you donât mind.
Poker is rigged.
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In the scam posted last week, the hackerâs rationale for why they needed the poison NFT in the markâs main wallet, was so everyone could see a crypto influencer holding it, increasing its exposure and chance to go to the moon.
The way the mark casually went along with that part of the plan leads me to suspect this kind of thing happens all the time. Which is fine, nothing illegal about cross promotion. But itâs also a hallmark of pump and dump.
Dotcoms did the same thing - constantly trading fake business with each other to inflate their balance sheets. That actually was illegal though.
Certainly the motivation of early promoters is information youâd like to have if youâre speculating on the price of a particular asset. Itâs not like that guy in the scam was going to disclose he bought into that NFT solely to curry favor with a connection at Boeing.
You donât think there are more elite-level attempts at pump and dumps that are more organized, better capitalized, and not advertising themselves in a discord?
Although I guess once these pick up steam they can actually hit escape velocity and transform to legit by virtue of creating their own fan club.
I think I just invented the stonk market.
I honestly donât want to get you or anyone else angry about any of this shit because it is your biz and money is on the line. You can do all the 3rd person shit talk and ahahhaha stuff if that work better for you. I wonât care. Or you can ban me.
Yeah, I donât know why Chris thinks that swapping isnât possible amongst other things despite me knowing full well that you guys have spent far more time on this stuff than I have which is why I find this stuff interesting. I think you guys are smart which is why I post here instead of 22. But some things donât add for me so I have been digging a bit here and elsewhere.
FWIW every NFT rabbit hole Iâve gone down seems to think wash sales are a lot more common than this thread does.
Is it possible open sea could be in on it in some way - sharing back a portion of wash sale proceeds over some back channel? Think rakeback, or poker props. I guess that would get out of very many people were involved. One thing is obvious - that OS is not trustworthy.
Or like the dude in the video said, eth is found funny money to most of the people buying and selling NFTs at high volume, so dumping 20eth on a wash sale doesnât really feel like spending actual money.
Just throwing out ideas.
A new non-OS marketplace is openly doing exactly that right now, to try to gain market share.
OS is absolutely printing money right now and has zero reason to do that, and definitely isnât.
BTW itâs not that nobodyâs ever tried doing fake sales to prop up a collection. They have! And they stick out like a sore thumb.
OpenSeaâs cut is tiny compared to the gas.
Yeah I totally get that itâs fun to trade and collect and itâs fun to be in the club. That makes it more than just a pyramid scheme imo. There is some utility gained out of the system.
The big question is whether that utility has staying power. Will the various clubs be able to survive a big swong and still be fun?