Buttcoin - The Crypto-Critical Comedy GODL Mine

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Social Media's largest crypto-critical community. (Originally /r/buttcoin) now growing across multiple platforms. Be sure to join our Discord: https://discord.gg/sEKCFCegp7

founded 1 year ago
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By popular local demand, we've started a Buttcoin over at awful.systems. I'm not sure federation to/from kbin.social works without glitches yet, but here's hoping, cross fingers etc. We do know it federates OK to other Lemmy instances and some Mastodon instances.

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Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH).

This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people who’s investments are now worthless.

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Another one bites the dust.

The NFT startup Recur said on Friday that its Web3 platform is winding down—unable to weather the chills of crypto winter despite hosting the IP of several big brands like Hello Kitty and Nickelodeon.

Over the next several months, Recur’s platform will steadily lose its core features, the firm said in a blog post. That includes the ability for users to withdraw NFTs from Recur, cash out stablecoin balances, and trade collectibles on Recur-hosted marketplaces.

“​​This decision has not been an easy one,” the company said on Twitter, citing “unforeseen challenges and shifts in the business landscape.”

Recur’s announcement captures recent headwinds in the NFT space as companies navigate a downturn in the popularity of digital collectibles. Last July, Recur embarked on a “jet-setting NFT experience” with Hello Kitty and Friends, only for its ambitions to be grounded a little more than a year later. 

That same July, Recur noted there was “unprecedented demand” for its TV Packs that contained profile-picture (PFP) NFTs of Nickelodeon characters like Tommy Pickles from “Rugrats.” Pack openings will be disabled in November, Recur said on Friday.

Founded in 2021, Recur billed itself as a company that offers other businesses Web3 “building blocks.” Its platform could be used for creating in-game assets, loyalty programs, and digital collectibles that leverage NFTs, according to its website.

Recur’s move comes not long after Nifty’s, a social network turned Web3 creators portal, also said it was shutting down. Nifty’s had secured big-name media titles as partners too, such as “The Matrix” and “Game of Thrones.”

With over 380,000 NFTs minted through Recur, the firm said it has changes in store to ensure that various digital collectibles will live on.

Recur said metadata and media for its NFTs will be migrated to the InterPlanetary File System (IPFS), a peer-to-peer file-sharing network built by Protocol Labs. Other assets will be hosted on Filecoin’s network, Recur added.

In December 2021, Recur offered a Recur Pass during a limited, 24-hour sales window. Sold as an NFT for $300, the pass could be resold and offered holders early access to future NFT drops among other benefits. 

Last February, a Recur Pass sold for $88,888, Recur said in a statement on Twitter. Today, the cheapest Recur Pass listed on OpenSea currently asks for 0.001 ETH (about $1.69).

In late 2021, Recur said it was valued at $333 million after it announced a $50 million Series A funding round. The round was led by Digital, an investment fund backed by the family office of New York Mets majority owner and billionaire hedge fund manager Steve Cohen.

Other notable names had participated in a $5 million seed funding round earlier that year, such as investor and NFT creator Gary Vaynerchuk, Gemini’s Tyler and Cameron Winklevoss, and Ethereum co-founder and ConsenSys founder Joe Lubin. (Disclosure: ConsenSys funds an editorially-independent Decrypt.)

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cross-posted from: https://lemmy.world/post/3351001

The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.

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  • Sam Bankman-Fried is back in a cell.
  • The SEC asks permission to appeal the very dumb and bad Ripple ruling.
  • Prime Trust files for Chapter 11.
  • Who owns TrueUSD, who’s suing who.
  • Worldcoin falls afoul of data protection.
  • Richard Heart’s Hex falls to the SEC.
  • Another US bank fails — but it’s okay, it was just scammed!
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cross-posted from: https://lemmy.world/post/3201243

Sam Bankman-Fried is going to jail::Judge also denied SBF's request to delay jail time.

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We interview YouTube game reviewer "Jauwn" - whose channel specializes in the sadistic process of wading through all the "web3" NFT games trying to find out ...

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This is the official unofficial Bitcoin Miami 2023 Conference Hilight Reel.Be sure to watch to the end and see what Michael Lewis, "Moneyball" author and the...

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Celsius and its former CEO have been charged with a host of fresh allegations from four different government agencies Thursday morning.

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This is good for Bitcoin for... Reasons.

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I keep posting the blogs I get from the email list. I'm still trying to make sure I don't double post or spam the /c/. If I'm doing anything wrong/incorrect, please let me know.

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Poe's law (mlem.a-smol-cat.fr)
submitted 1 year ago by [email protected] to c/[email protected]
 
 
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A comprehensive mapping of old subreddits to new communities.

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First, let me say please don't be harassing this person or anything.

But it just seems like nothing remains untainted by cryptobros.

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The graphic shows how "effective altruism" worked at FTX. I wonder how they found the time to still convert USD into crypto after all the shell companies it had to pass through.

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If you want to get a sense of scale of the bot problem at #twitter, check this out what I found. TLDR: someone has a (malfunctioning) bot army that can give posts at least 64000 likes in an instant, without triggering any serious spam detection or bot removal. The problem is in this tweet: https://twitter.com/stretchmikep/status/1671942731571273729 A few things stand out: - when i first noticed this, the tweet was at 64k likes, 64k retweets and 2k views. Which, well, lol. - reading the context of the thread is even more amazing, since it is quite deep into a conversation, where all the previous tweets have 0 likes - Originally the tweet had 64k likes, now it has 63k. This suggests that some minor amount of spam removal happens - the account to which it happened seemed completely unfazed by this?? My guess is that a crypto spam network has a trigger to boost pro crypto tweets, and that it triggered on the 'long BTC' part. However, it probably malfunctioned at had the entire network boost the post, instead of just a few accounts for plausible deniability. So if you see high engagement numbers on twitter, remember that someone has the ability to add at least 64k likes to any tweet, without it being detected. If you can get away with doing it so blatantly, imagine how easy it is to get away with adding a few thousand likes to a post that is already gaining traction organically. 📎

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We "Reality Check" Robert F. Kennedy Jr's keynote speech at the Bitcoin Miami 2023 Conference. This presidential candidate constructs some absurd slippery s...

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