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
People buy them for millions or their value would not be in the millions
No
That is literally what the concept of value is.
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.
I’d say more likely to be able to declare a capital loss on taxes.
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!
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.
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.”
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
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 :(
Removed by mod
And why should any sane person care if you did?
It’s a digital file. Copies are exactly the same as the original.
There were sufficiently stupid people to pay money for NFTs. They will sufficiently stupid people around to pay the ransom.
People trying to discuss the topic have their posts pushed down while “lmao nfts” are voted up. How do you see someone saying, respectfully, “I think there’s a benefit to this.” and try to push down their contribution?
Anyone who wants a good discussion about news in this community, must leave this community. If you want to add context or opposing perspectives, better go elsewhere. You build a community like this and you get people who know Hans had a vibrator, because jokes and legit opinions are treated as interchangable.
