Sale of virtual land crashes Ethereum

[OneMoreFarang]

If there is still anybody out there who doesn't know about the crazy crypto world have a look at this article. It's crazy!

 

https://www.theguardian.com/technology/2022/may/02/yuga-labs-apologises-after-sale-of-virtual-land-crashes-ethereum

 

[4MyEgo]

All too much for me to digest thanks.

[Thailand]

https://coinmarketcap.com/currencies/ethereum/

[Whale]

It interesting isn't it. IMHO Bored Ape is little more than a Ponzi with people try to make/trade money - it has no inherent value IMHO. Also shows how weak the etherium (V.1) network actually is compared to some other L1s., its may be the biggest but is technically weak in capacity. Not the only L1 to crash in the last week as well. But if the crashes are all throughput related its shows how adoption is increasing. It's a model for the future like it or not.

 

I have been looking forward to another thread on coins.

Edited May 3, 2022 by Whale

[OneMoreFarang]

7 minutes ago, Whale said:

It interesting isn't it. IMHO Bored Ape is little more than a Ponzi with people try to make/trade money - it has no inherent value IMHO. Also shows how weak the etherium (V.1) network actually is compared to some other L1s., its may be the biggest but is technically weak in capacity. Not the only L1 to crash in the last week as well. But if the crashes are all throughput related its shows how adoption is increasing. It's a model for the future like it or not.

 

I have been looking forward to another thread on coins.

I think the most important information is that one trade (about whatever) made all other trades of ethereum from that time a lot more expensive. And then the whole system crashed. Who would want to trust a system like that?

[Whale]

12 minutes ago, OneMoreFarang said:

I think the most important information is that one trade (about whatever) made all other trades of ethereum from that time a lot more expensive. And then the whole system crashed. Who would want to trust a system like that?

Sure, I agree. etherium and the coins based on etherium's ERC20 system are milking money and too expensive for the retail user IMHO. But there are other L1s not using ERC20 which charge minuscule amounts compared to ERC 20 and standard banking transfer charges.  Solana is a. great example of a network that is technically more advanced than etherium and has minuscule charges. It has crashed itself a few times but the technology is in Beta. Any system develops and fixes faults over time.

Edited May 3, 2022 by Whale

[OneMoreFarang]

1 hour ago, Whale said:

Any system develops and fixes faults over time.

I agree that is develops, and some problems are fixed and other problems come up. And sometime the fixes fix some problems and bring up other problems.

Personally I think that is bad enough with "normal" software. But if people invest real money and they want to rely on the underlying structure then they have a real problem.

And in bad conditions the coins can be really gone.

If in a normal bank a computer (system) crashes that is bad enough. And maybe some records are gone. But the money is not automatically gone. With crypto that is different. The "record" is the money.

Oh, sorry, we made a mistake, your millions are gone. Sorry Mister.

[RafPinto]

19 minutes ago, OneMoreFarang said:

I agree that is develops, and some problems are fixed and other problems come up. And sometime the fixes fix some problems and bring up other problems.

Personally I think that is bad enough with "normal" software. But if people invest real money and they want to rely on the underlying structure then they have a real problem.

And in bad conditions the coins can be really gone.

If in a normal bank a computer (system) crashes that is bad enough. And maybe some records are gone. But the money is not automatically gone. With crypto that is different. The "record" is the money.

Oh, sorry, we made a mistake, your millions are gone. Sorry Mister.

Happened to me.

 

I bought 10,000 Bitcoin at 160$

 

Didn't check until last year when BTC was at 64000$ a piece.
 

I thought I sell the lot.
640,000.000$

 

Forgot my login details.
All gone...

 

 

3 hours later, i woke up. Was a wet dream.

[OneMoreFarang]

2 minutes ago, RafPinto said:

3 hours later, i woke up. Was a wet dream.

Which part? The investment or the lost password?

[bluejets]

All this crypto bs has to be up there with pyrmid schemes, just a new slant.

Prefer a chunk of gold in my hand any day.

 

Edited May 3, 2022 by bluejets

[OneMoreFarang]

33 minutes ago, bluejets said:

All this crypto bs has to be up there with pyrmid schemes, just a new slant.

Prefer a chunk of gold in my hand any day.

 

In principle I agree with you. But to be fair, people who invested early made a lot of money.

What I find surprising, and why I linked the article from above, is how flawed the those cryptocurrency systems still are. Bad things can and do happen which most of us would never expect can possibly happen.

[Hummin]

8 minutes ago, OneMoreFarang said:

In principle I agree with you. But to be fair, people who invested early made a lot of money.

What I find surprising, and why I linked the article from above, is how flawed the those cryptocurrency systems still are. Bad things can and do happen which most of us would never expect can possibly happen.

Very few I know, sit with the same part they first bought in the very beginning. They have been in and out, succeeded on a few realitions of the coins, and missed out when it all falled back in a couple of years ago. Very few manage to keep their head cool when it jumps up and down repeatedly.

 

I have seen a few people bragging about how much they made, but still being cheap about everything they do. Meaning what ? Smart investor, do not take anything for granted before they realized their fortune, or they are lying about how good they doing?

[Whale]

44 minutes ago, bluejets said:

All this crypto bs has to be up there with pyrmid schemes, just a new slant.

I agree with you as well. 99% of them are ruses/cons or will die through attrition. But the betting is that some will survive and go on to become very important. If you are happy gambling on gold then good for you,  whatever we gamble on be it stocks, fiat, crypto, horses, football, gold, silver, whatever - by buying/saving them we are all taking a punt on future value or trying to beat inflation.

[how241]

51 minutes ago, bluejets said:

just a new slant.

Been around for over 10 years and seems to be getting more accepted every year.  

[how241]

4 minutes ago, Whale said:

I agree with you as well. 99% of them are ruses/cons or will die through attrition. But the betting is that some will survive and go on to become very important. If you are happy gambling on gold then good for you,  whatever we gamble on be it stocks, fiat, crypto, horses, football, gold, silver, whatever - by buying/saving them we are all taking a punt on future value or trying to beat inflation.

Well said !!!   It's all a gamble and all markets are highly manipulated.  Unless you have insider info we are all just hoping for some luck to come our way.  Good Luck to us all.

[OneMoreFarang]

4 minutes ago, how241 said:

Been around for over 10 years and seems to be getting more accepted every year.  

Yes, kind off. But would you have expected a problem like described in that article after 10 years? For me it sounds like a problem which might happen in the first couple of months. But if something is established for years then it shouldn't just crash because some more people wanted to buy something than usual.

[how241]

2 minutes ago, OneMoreFarang said:

Yes, kind off. But would you have expected a problem like described in that article after 10 years? For me it sounds like a problem which might happen in the first couple of months. But if something is established for years then it shouldn't just crash because some more people wanted to buy something than usual.

Yes, you are right.    This is new and evolving tech and that will continue to have  'growing pains'.   I'm old so I can remember AOL and dial-up  log-ons.  

[mjnaus]

Ethereum never "crashed". The network did exactly what it was designed to do: raise blockspace costs when demand peaks. This, of course, drives up the transaction costs, as it should. And EIP-1559 ensured that a significant portion of those transaction fees was destroyed, putting upward pressure on the price of ETH. 

Ethereum's L1 is not meant to be used by retail users, that's what L2s are for. Only institutions, L2s and other whales should be putting transactions on the L1. During L1 blockspace peaks, blockspace on L2s like Polygon and Arbitrum remained low. 

[mjnaus]

For a more nuanced, less sensation-seeking and better informed article on what went down with the Bored Ape's Otherside NFT drop: https://decrypt.co/99256/bored-ape-creators-slammed-nightmare-ethereum-nft-land-drop

 

If anything, what happened is a perfect illustration of a well functioning blockchain and extremely poorly executed NFT smart contract. 

[thaibook]

30 minutes ago, Whale said:

I agree with you as well. 99% of them are ruses/cons or will die through attrition. But the betting is that some will survive and go on to become very important. If you are happy gambling on gold then good for you,  whatever we gamble on be it stocks, fiat, crypto, horses, football, gold, silver, whatever - by buying/saving them we are all taking a punt on future value or trying to beat inflation.

They are not quite all the same.  Some, such as sports betting are "pure" in the sense that each event is independent, the outcome is not affected by the amounts gambled or by whom, and to a large extent it is theoretically possible to calculate the outcome (allowing for luck).  Stocks, currencies, crypto on the other hand are driven to a greater or lesser extent by other users - hence for example a momentum bet in the stock market has a higher chance of being successful than in dog racing.

[jesimps]

2 hours ago, bluejets said:

All this crypto bs has to be up there with pyrmid schemes, just a new slant.

Prefer a chunk of gold in my hand any day.

 

There are a lot of crypto millionaires out there who would disagree with you. However, I wouldn't say no to a few bars of gold to use in a currency collapse.

[jesimps]

1 hour ago, Hummin said:

Very few I know, sit with the same part they first bought in the very beginning. They have been in and out, succeeded on a few realitions of the coins, and missed out when it all falled back in a couple of years ago. Very few manage to keep their head cool when it jumps up and down repeatedly.

 

I have seen a few people bragging about how much they made, but still being cheap about everything they do. Meaning what ? Smart investor, do not take anything for granted before they realized their fortune, or they are lying about how good they doing?

The richest group in crypto are the deceased, which convinces me that the best policy is to hold on for dear life and cut out the panic buys and sells. If you're one of the living, you need blx of steel to stick to this method.

Edited May 3, 2022 by jesimps

[Hummin]

19 minutes ago, jesimps said:

The richest group in crypto are the deceased, which convinces me that the best policy is to hold on for dear life and cut out the panic buys and sells. If you're one of the living, you need blx of steel to stick to this method.

Yes, but at some point, even the smartest and the boldest will feel the panic, if it is of great value, and you do not afford to loose it. Then even you will realize your gain or loss. No pain no gain I heard for many years, but loosing ,

money hurts. 
 

I was in the stock marked from 2003 to the fall of 2006, and at that time many of my friends bought fancy cars, boats, flying first class and drinking champagne as it was water. 
 

Well I saw the boom continue to grow every day until it cracked in 2008, and my prophecy finely came trough. We all know how that crash influenced some parts more than others, but at that moment, I won everything I lost and more. 
 

A good lesson for most, or, was it? 

Edited May 3, 2022 by Hummin

[Troy Tempest]

 

Troy Says "Emperor's New Clothes" !

 

Get your timing right and you could make a "Killing"

 

But, you won't get any of my DOSH!

 

W*nkers! 

 

SHUT UP Marina! F.F.S.!

 

 

Edited May 3, 2022 by Troy Tempest

[Sametboy2019]

11 hours ago, Whale said:

Sure, I agree. etherium and the coins based on etherium's ERC20 system are milking money and too expensive for the retail user IMHO. But there are other L1s not using ERC20 which charge minuscule amounts compared to ERC 20 and standard banking transfer charges.  Solana is a. great example of a network that is technically more advanced than etherium and has minuscule charges. It has crashed itself a few times but the technology is in Beta. Any system develops and fixes faults over time.

Crashed a few times? How many times is it before a few doesn't fit the amount?

 

Some don't go down at all

[GrandPapillon]

welcome to Ponzi 2.0 or aka the new PonziWeb3

[mrwebb8825]

9 hours ago, OneMoreFarang said:

Yes, kind off. But would you have expected a problem like described in that article after 10 years? For me it sounds like a problem which might happen in the first couple of months. But if something is established for years then it shouldn't just crash because some more people wanted to buy something than usual.

Not true - How many shuttles lifted off and landed before Sally took her last ride?

[mrwebb8825]

9 hours ago, thaibook said:

They are not quite all the same.  Some, such as sports betting are "pure" in the sense that each event is independent, the outcome is not affected by the amounts gambled or by whom

Also not quite accurate - the guy who bet $1,000 that the Astroes would win the pennant at the beginning of the season got better odds than someone making that bet today or will in the playoffs.

[Jenkins9039]

I was buying $Sand land for 90 bucks a pop, selling for tens+ of thousands 

 

Actually wanted to play the game, but offers couldn't exactly be refused... will buy in when it crashes again, as it's a solid new frontier technically (digitally) speaking.

[thaibook]

11 hours ago, mrwebb8825 said:

Also not quite accurate - the guy who bet $1,000 that the Astroes would win the pennant at the beginning of the season got better odds than someone making that bet today or will in the playoffs.

Odds vary but that is because the bookies base their odds on the weight of bets rather than purely on the probability of the event.