Bored Ape NFT holders in limbo after steep OpenSea losses
blockworks.co
blockworks.co
> “Losing my ape was [a] best blessing in disguise!,” García said. “It really showed the impact the NFT community has when banding together for a cause. When I lost it, I felt alone and didn’t know what to do. [One] tweet and [thousands] of people in [the] NFT community came to help!”
lol, what? I don't know anything about OpenSea and this ridiculous NFT generated ape business, but this is a comical quote.
In this specific case, the NFT owners had, at some point in time, listed their assets for sale on OpenSea. The issue was that you could re-list (e.g., at a higher price) and the transition would be stored in OpenSea's off-chain db, but not complete the on-chain cancellation (supposedly because the user didn't want to pay gas fees, and/or the UI was confusing).
OpenSea would show the transaction cancelled/relisted in their UI, but the on-chain contract still had the item for sale using the original price. If you know where to look, you could skip OpenSea's UI and interact with the contract directly, thus yielding a handful of Bored Apes for a fraction of their current price.
Clearly folks exploited a loophole, but at the same time "code is law" and all of that, and clearly OpenSea's fault for not preventing this from happening in the first place, so it doesn't surprise me they are stepping in and covering the costs.
This thread has the full details: https://twitter.com/yakirrotem/status/1485559864948629512
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until it isn’t
between this and the original DAO fork, crypto fans fail on even their own terms
ETH intends to be a global computer for everybody. Imagine if the number of smart contracts went up by 100x. 1000x. 10,000x. This isn't the sort of thing that you can scale by simply buying more machines in a datacenter. Maybe people will solve the fee problem, but if they don't then this is going to become an even bigger problem as virtually nobody will ever want to transact on chain because of incredibly high fees.
The downside is that code of running machines that can create and validate the ZK Proof, but since these systems can be more centralized without sacrificing anti-censorship properties, it’s more practical than it seems.
For people who aren’t convinced that ZK Proofs will be feasible due to the prover cost, Optimistic Rollups with the same data availability management systems also provide cheap/free transactions with the downside that moving assets off of them takes days to weeks.
Zero-Knowledge proof applications have been accelerated by the blockchain research community and they are, most likely, the solution to the fee problem while maintaining the security of users (which ‘high-scale, cheap blockchains’ just can’t do).
That's generally the story with blockchains. All the guarantees and desirable properties vanish in practice when you try to do anything useful at scale.
So I see no issue here.
Very clean presentation, posts rarely.
Note that this isn't an attempt to be a "respectable and critical" news source, it's an attempt to laugh at fools and their money being soon parted, and so you should assume the tone is suitably mocking. If you are looking for a balanced take or whatever or serious discussion or engagement on the technical side of this technology, that's not the purpose of this site.
I know a guy who was a waiter from a not well off family in 2013, read about bitcoin and maxxed out his creditcards, borrowed money from all his friends, relatives and went 'all in'. His bet paid off as we know now: last I spoke with him he had close to 100m$, about half of which in real world money and half in crypto. But I can imagine people making the same bets when reading about these monkeys; will they laugh at the rest of us in a few years too?
If you could be sure the Apes are going to rise to 50 ETH, why not invest in it? The reason is because there's an equally likely chance the Apes will fall to half or less their current value, right? The same could have happened with Bitcoin.