Top Shots

Okay . . . let's try this again.

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Shirley
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Re: Top Shots

Post by Shirley » Wed Mar 10, 2021 3:45 pm

A_B wrote:
Wed Mar 10, 2021 2:24 pm
Shirley wrote:
Wed Mar 10, 2021 1:43 pm
I just don't get this whole thing. It's even dumber than investing in BitCoin.
I am surprised this is your take.
I have no problem with folks using BitCoin (well, I do have a problem with the energy cost of BitCoin) as a currency. What makes no sense is investing in it. It's like investing in Euros or US Dollars. It makes no sense. Essentially it's a pyramid scheme - it only works if other folks keep buying in thinking they are going to make money too.
Totally Kafkaesque

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Re: Top Shots

Post by brian » Wed Mar 10, 2021 3:50 pm

Shirley wrote:
Wed Mar 10, 2021 3:45 pm
A_B wrote:
Wed Mar 10, 2021 2:24 pm
Shirley wrote:
Wed Mar 10, 2021 1:43 pm
I just don't get this whole thing. It's even dumber than investing in BitCoin.
I am surprised this is your take.
I have no problem with folks using BitCoin (well, I do have a problem with the energy cost of BitCoin) as a currency. What makes no sense is investing in it. It's like investing in Euros or US Dollars. It makes no sense. Essentially it's a pyramid scheme - it only works if other folks keep buying in thinking they are going to make money too.
There is a scarcity factor though, not there in currency. The US can print as much money as it wants (and does, it essentially just printed another $2 trillion today) but the amount of Bitcoin available to be coined in finite.

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Re: Top Shots

Post by Shirley » Wed Mar 10, 2021 3:55 pm

Sort of. You can't really just print as much money as you want without your economy collapsing. I think we've learned that lesson by now.

And I get that scarcity adds value, but usually you have to have something else that makes that scarcity relevant. Like people desire houses on the beach. And there are only so many lots on the beach so those two things together make those lots very expensive. You don't get that same value out of the scarce lots around a swamp.
Totally Kafkaesque

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Re: Top Shots

Post by Johnnie » Wed Mar 10, 2021 5:28 pm

Bitcoin was supposed to be 'alternate currency.'

It turned into 'weirdo fucking investment strategy on Blockchain.'

Lucrative right now for sure. But I just don't see it ever becoming a unified currency or something. Maybe a 'bridge' currency, but it needs less volatility.

My meager $100 purchase like a month or so ago has varied between $92 and $160. That's ridiculous.
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Re: Top Shots

Post by P.D.X. » Thu Mar 11, 2021 11:33 am


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wlu_lax6
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Re: Top Shots

Post by wlu_lax6 » Tue Apr 06, 2021 8:25 pm

So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.

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Re: Top Shots

Post by BSF21 » Wed Apr 07, 2021 7:28 am

wlu_lax6 wrote:
Tue Apr 06, 2021 8:25 pm
So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.
Can anyone ELI5 an NFT for me? I just looked it up on Wikipedia and I'm more confused than when I started.
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Re: Top Shots

Post by A_B » Wed Apr 07, 2021 7:53 am

BSF21 wrote:
Wed Apr 07, 2021 7:28 am
wlu_lax6 wrote:
Tue Apr 06, 2021 8:25 pm
So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.
Can anyone ELI5 an NFT for me? I just looked it up on Wikipedia and I'm more confused than when I started.
Go ask your mother.
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Re: Top Shots

Post by Johnnie » Wed Apr 07, 2021 12:22 pm

BSF21 wrote:
Wed Apr 07, 2021 7:28 am
wlu_lax6 wrote:
Tue Apr 06, 2021 8:25 pm
So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.
Can anyone ELI5 an NFT for me? I just looked it up on Wikipedia and I'm more confused than when I started.
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Re: Top Shots

Post by BSF21 » Wed Apr 07, 2021 1:56 pm

You have now just created more questions.
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Re: Top Shots

Post by Steve of phpBB » Wed Apr 07, 2021 2:09 pm

BSF21 wrote:
Wed Apr 07, 2021 7:28 am
wlu_lax6 wrote:
Tue Apr 06, 2021 8:25 pm
So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.
Can anyone ELI5 an NFT for me? I just looked it up on Wikipedia and I'm more confused than when I started.
Can anyone ELI5 ELI5 for me?
And his one problem is he didn’t go to Russia that night because he had extracurricular activities, and they froze to death.

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Re: Top Shots

Post by BSF21 » Wed Apr 07, 2021 2:12 pm

Steve of phpBB wrote:
Wed Apr 07, 2021 2:09 pm
BSF21 wrote:
Wed Apr 07, 2021 7:28 am
wlu_lax6 wrote:
Tue Apr 06, 2021 8:25 pm
So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.
Can anyone ELI5 an NFT for me? I just looked it up on Wikipedia and I'm more confused than when I started.
Can anyone ELI5 ELI5 for me?
Explain Like I'm 5.

As in this shit is way over my head someone please explain it to me like I'm a fucking 5 year old so my stupid self can understand.
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Re: Top Shots

Post by Steve of phpBB » Wed Apr 07, 2021 2:14 pm

BSF21 wrote:
Wed Apr 07, 2021 2:12 pm
Steve of phpBB wrote:
Wed Apr 07, 2021 2:09 pm
BSF21 wrote:
Wed Apr 07, 2021 7:28 am
wlu_lax6 wrote:
Tue Apr 06, 2021 8:25 pm
So after 80+ years Topps is going public (via SPAC). They are describe as a trading card and NFT company.
Can anyone ELI5 an NFT for me? I just looked it up on Wikipedia and I'm more confused than when I started.
Can anyone ELI5 ELI5 for me?
Explain Like I'm 5.

As in this shit is way over my head someone please explain it to me like I'm a fucking 5 year old so my stupid self can understand.
Ah. I love that.
And his one problem is he didn’t go to Russia that night because he had extracurricular activities, and they froze to death.

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Re: Top Shots

Post by P.D.X. » Wed Apr 07, 2021 2:49 pm

BSF21 wrote:
Wed Apr 07, 2021 2:12 pm

As in this shit is way over my head someone please explain it to me like I'm a fucking 5 year old so my stupid self can understand.
Let's say I draw a dick in MS Paint and want to sell it. I upload it to an NFT auction site and someone buys it. Now, since it's a jpg of a dick, it can be copied and distributed all over the internet for everyone who wants to look at my awesome art. However, the buyer of my original dick was given a unique "code" to prove that they're the owner of said member. My dick drawing is all over the internet, but his is the only one with 'value' since he paid for it and 'owns' it. Should my dick go up in value because I become famous or something, he can choose to sell it, in which case the "code" not only dictates that I get some of the sell-on fee, but it also records the transaction, so in a hundred years there's a digital trail of every time it's changed hands, and luckily for me, I also get a cut every time it has changed hands.

The real question is, why would anyone want to purchase the picture when they can literally just look at it online for free? Because the transaction history and market have decided that owning the one true dick has value. There's literally nothing that backs it up ("non-fungible") other than ppl deciding that it does.

Replace my MS paint dick with any digital file, and that's the gist of it.

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Re: Top Shots

Post by BSF21 » Wed Apr 07, 2021 2:53 pm

Yea. I don't get it or how it demonstrates value. Sounds like something very scary lawyers can now threaten people with?

And this all has to do with crypto?

Man the world just moves too fast.
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Re: Top Shots

Post by A_B » Wed Apr 07, 2021 2:55 pm

"Well, replace my dick with any digital file" sounds like a southern exclamation from 100 years in the future.
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Re: Top Shots

Post by The Sybian » Wed Apr 07, 2021 2:59 pm

P.D.X. wrote:
Wed Apr 07, 2021 2:49 pm
BSF21 wrote:
Wed Apr 07, 2021 2:12 pm

As in this shit is way over my head someone please explain it to me like I'm a fucking 5 year old so my stupid self can understand.
Let's say I draw a dick in MS Paint and want to sell it. I upload it to an NFT auction site and someone buys it. Now, since it's a jpg of a dick, it can be copied and distributed all over the internet for everyone who wants to look at my awesome art. However, the buyer of my original dick was given a unique "code" to prove that they're the owner of said member. My dick drawing is all over the internet, but his is the only one with 'value' since he paid for it and 'owns' it. Should my dick go up in value because I become famous or something, he can choose to sell it, in which case the "code" not only dictates that I get some of the sell-on fee, but it also records the transaction, so in a hundred years there's a digital trail of every time it's changed hands, and luckily for me, I also get a cut every time it has changed hands.

The real question is, why would anyone want to purchase the picture when they can literally just look at it online for free? Because the transaction history and market have decided that owning the one true dick has value. There's literally nothing that backs it up ("non-fungible") other than ppl deciding that it does.

Replace my MS paint dick with any digital file, and that's the gist of it.
Hypothetically, if you were to draw a dick in MS paint, where could I go to buy such an image? I'm looking to invest in art and be more cultured.
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Re: Top Shots

Post by A_B » Wed Apr 07, 2021 3:02 pm

BSF21 wrote:
Wed Apr 07, 2021 2:53 pm
Yea. I don't get it or how it demonstrates value. Sounds like something very scary lawyers can now threaten people with?

And this all has to do with crypto?

Man the world just moves too fast.
It's only valuable to people who value it at a given time (I know that sounds stupid). To me, the Mona Lisa ain't worth shit because I wouldn't have the money needed to buy it from the Louvre even if they wanted to sell it. If I want to see it, I just pull up the internet. But if it suddenly went on the market, every art collector in the world would be interested. But that's a small portion of the population. Now, as bitcoin shows, as more people value it, more people enter the market. A lot of people hold very small portions of bitcoin (Degen, for one I believe) now that financial markets see it as something tradable and as businesses start to accept it as currency. Same could happen with PDX's dick pic...and why wouldn't it?
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Re: Top Shots

Post by mister d » Wed Apr 07, 2021 3:45 pm

Would it even be fraud to create a nonsense market and bail with the money?
Steve of phpBB wrote:What are they going to do, though. Storm Congress? The Department of Justice building?

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Re: Top Shots

Post by A_B » Wed Apr 07, 2021 3:57 pm

mister d wrote:
Wed Apr 07, 2021 3:45 pm
Would it even be fraud to create a nonsense market and bail with the money?
It almost sounds like that's Top Shots plan, since you can't get your money out on your terms for a while.
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Re: Top Shots

Post by mister d » Wed Apr 07, 2021 4:14 pm

Yeah, I have a friend who is playing around in there but only on the pack-buying then card-selling side. I can't imagine holding those as longer term investments.
Steve of phpBB wrote:What are they going to do, though. Storm Congress? The Department of Justice building?

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Re: Top Shots

Post by Steve of phpBB » Wed Apr 07, 2021 4:19 pm

mister d wrote:
Wed Apr 07, 2021 3:45 pm
Would it even be fraud to create a nonsense market and bail with the money?
Lawyers are already on it ...
Are NFTs Securities?

In the case of NFTs that constitute art or collectibles, on the surface of things, such NFTs should arguably not be deemed to be securities. (Needless to say, any given NFT would have to be analyzed on its specific facts.) These NFTs are essentially finished products whose value is determined at a sale that is made directly to a buyer. For such NFTs to maintain or appreciate in value, there is typically no expectation or need for third parties to extend managerial efforts that will enhance the value of the NFT. As noted by the SEC staff in its 2019 Framework, “Price appreciation resulting solely from external market forces (such as general inflationary trends or the economy) impacting the supply and demand for an underlying asset generally is not considered ‘profit’ under the Howey test.” In other words, an NFT is not a security simply because it can increase in value.

However, NFTs that constitute art or collectibles may only be the tip of the iceberg. Many industry participants think the technological developments being driven by the demand for NFTs could lay the groundwork for expansion into an enormous variety of digital property rights. The analysis becomes more complex when considering the emerging trend towards these other areas, including the financialization of NFTs.

For example, certain projects propose to issue insurance policies in NFT form. This approach is based on the idea that each insurance policy is unique given such variables as the type of risk covered, extent of coverage, and premiums payable. In such structures, insurance writers contribute to a protection pool and receive a share of premiums from insurance buyers commensurate to their contribution to the protection pool. Such systems contemplate that the insurance writers will also be able to trade their share of the protection pool and accompanying rights to premiums on secondary markets.

Similarly, it is possible to mint NFTs in such a way that the original NFT issuer would receive a share of proceeds each time their NFT was sold — even long after their initial sale of the NFT. One can envision a scenario in which an artist could decide to sell such rights to future proceeds on a secondary market, perhaps even packaging them with rights to proceeds from other NFTs they created. Finally, platforms are emerging where NFTs can be used as collateral to borrow other cryptoassets.

In any of the foregoing scenarios, careful consideration would need to be taken to ensure that the underlying tokens being traded are not securities, so as to avoid the accompanying regulatory burden. If deemed to be a security, every sale of the token would need to be registered or exempt from registration under US securities laws. Furthermore, platforms dealing in the token would be required to register as a securities exchange or alternative trading system and broker-dealer.
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