Hackers steal NFTs worth millions, from Apes to Art Blocks, in NFT Trader exploit
www.theblock.co
The major hack may be the worst attack to hit the NFT community in its history, with millions of dollars in potential losses.

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.

  • SCB@lemmy.worldEnglish
    2·
    11 months ago

    This seems like kind of a meaningless distinction when the comment was speaking about the relative value of these. How some pays is irrelevant.

    This feels like you’re trying to shit on them so just refuse to believe that the concept of value has any meaning. Things are worth whatever someone will pay for them.

    That doesn’t make the people willing to pay for it smart.

    • TheHarpyEagle@lemmy.worldEnglish
      1·
      11 months ago

      The distinction isn’t meaningless, it’s actually vitally important. The thing is, we’ve been here before, hundreds if not thousands of times, with the stock market and other speculative bubbles. Once a big enough entity decides to cut their losses and bail with whatever they can get, all that “value” disappears and there’s no inherent value of the asset itself to fall back on. So it has been with other crypto crashes in the past few years.

      Granted, this is generally true of fiat as well, we just have a lot more people and hopefully some safeguards and, vitally, an active economy holding up that value.

      • SCB@lemmy.worldEnglish
        1·
        11 months ago

        All art is inherently without value, and it’s value is entirely speculative.

        I think NFTs are dumb as fuck, but they’re worth what people will pay for them. Same shit with tulips in Denmark famously spiking - bubble or not, things are literally worth what someone will pay

    • Andy@slrpnk.netEnglish
      1·
      11 months ago

      I’m sorry it feels that way, that’s not my intention.

      I think it’s a meaningful distinction because my understanding is that many large matter holders are early adopters who acquired coins at at basement prices that them became highly valued when crypto took off. These people, as I understand it, have a different spending pattern than we associate with conventional wealth. They may shuffle their coins between digital assets with limited conversion into real world good and services, because inside the block chain they’re billionaires, but if they tried to buy a house or a vacation they’re forced to find buyers at prices that are reflective of the value among crypto holders, but not nearly as high to those outside the system who they’d need to complete cash transactions.