How a $300K Bored Ape Yacht Club NFT was accidentally sold for $3K
The Bored Ape Yacht Club is one of the most prestigious NFT collections in the world. A collection of 10,000 NFTs, each depicting an ape with different traits and visual attributes, Jimmy Fallon, Steph Curry and Post Malone are among their star-studded owners. Right now the price of entry is 52 ether, or $210,000.
Which is why it's so painful to see that someone accidentally sold their Bored Ape NFT for $3,066.
Unusual trades are often a sign of funny business, as in the case of the person who spent $530 million to buy an NFT from themselves. In Saturday's case, the cause was a simple, devastating "fat-finger error." That's when people make a trade online for the wrong thing, or for the wrong amount. Here the owner, real name Max or username maxnaut, meant to list his Bored Ape for 75 ether, or around $300,000. Instead he accidentally listed it for 0.75. One hundredth the intended price.
It was bought instantaneously. The buyer paid an extra $34,000 to speed up the transaction, ensuring no one could snap it up before them. The Bored Ape was then promptly listed for $248,000. The transaction appears to have been done by a bot, which can be coded to immediately buy NFTs listed below a certain price on behalf of their owners in order to take advantage of these exact situations.
"How'd it happen? A lapse of concentration I guess," Max told me. "I list a lot of items every day and just wasn't paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone."
"And here within the beauty of the Blockchain you can see that it is both honest and unforgiving," he added.
Fat finger trades happen sporadically in traditional finance -- like the Japanese trader who almost bought 57% of Toyota's stock in 2014 -- but most financial institutions will stop those transactions if alerted quickly enough. Since cryptocurrency and NFTs are designed to be decentralized, you essentially have to rely on the goodwill of the buyer to reverse the transaction.
Fat finger errors in cryptocurrency trades have made many a headline over the past few years. Back in 2019, the company behind Tether, a cryptocurrency pegged to the US dollar, nearly doubled its own coin supply when it accidentally created $5 billion-worth of new coins. In March, BlockFi meant to send 700 Gemini Dollars to a set of customers, worth roughly $1 each, but mistakenly sent out millions of dollars worth of bitcoin instead. Last month a company erroneously paid a $24 million fee on a $100,000 transaction.
Similar incidents are increasingly being seen in NFTs, now that many collections have accumulated in market value over the past year. Last month someone tried selling a CryptoPunk NFT for $19 million, but accidentally listed it for $19,000 instead. Back in August, someone fat finger listed their Bored Ape for $26,000, an error that someone else immediately capitalized on. The original owner offered $50,000 to the buyer to return the Bored Ape -- but instead the opportunistic buyer sold it for the then-market price of $150,000.
"The industry is so new, bad things are going to happen whether it's your fault or the tech," Max said. "Once you no longer have control of the outcome, forget and move on."
The Bored Ape Yacht Club launched back in April 2021, with 10,000 NFTs being sold for 0.08 ether each -- about $190 at the time. While NFTs are often associated with individual digital art pieces, collections like the Bored Ape Yacht Club, which allow owners to flaunt their NFTs by using them as profile pictures on social media, are becoming increasingly prevalent. The Bored Ape Yacht Club has since become the second biggest NFT collection in the world, second only to CryptoPunks, which launched in 2017 and is considered the "original" NFT collection.
More on Web3 & Crypto
Chris
2 years ago
What the World's Most Intelligent Investor Recently Said About Crypto
Cryptoshit. This thing is crazy to buy.
Charlie Munger is revered and powerful in finance.
Munger, vice chairman of Berkshire Hathaway, is noted for his wit, no-nonsense attitude to investment, and ability to spot promising firms and markets.
Munger's crypto views have upset some despite his reputation as a straight shooter.
“There’s only one correct answer for intelligent people, just totally avoid all the people that are promoting it.” — Charlie Munger
The Munger Interview on CNBC (4:48 secs)
This Monday, CNBC co-anchor Rebecca Quick interviewed Munger and brought up his 2007 statement, "I'm not allowed to have an opinion on this subject until I can present the arguments against my viewpoint better than the folks who are supporting it."
Great investing and life advice!
If you can't explain the opposing reasons, you're not informed enough to have an opinion.
In today's world, it's important to grasp both sides of a debate before supporting one.
Rebecca inquired:
Does your Wall Street Journal article on banning cryptocurrency apply? If so, would you like to present the counterarguments?
Mungers reply:
I don't see any viable counterarguments. I think my opponents are idiots, hence there is no sensible argument against my position.
Consider his words.
Do you believe Munger has studied both sides?
He said, "I assume my opponents are idiots, thus there is no sensible argument against my position."
This is worrisome, especially from a guy who once encouraged studying both sides before forming an opinion.
Munger said:
National currencies have benefitted humanity more than almost anything else.
Hang on, I think we located the perpetrator.
Munger thinks crypto will replace currencies.
False.
I doubt he studied cryptocurrencies because the name is deceptive.
He misread a headline as a Dollar destroyer.
Cryptocurrencies are speculations.
Like Tesla, Amazon, Apple, Google, Microsoft, etc.
Crypto won't replace dollars.
In the interview with CNBC, Munger continued:
“I’m not proud of my country for allowing this crap, what I call the cryptoshit. It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s anti-social to allow it.” — Charlie Munger
Not entirely inaccurate.
Daily cryptos are established solely to pump and dump regular investors.
Let's get into Munger's crypto aversion.
Rat poison is bitcoin.
Munger famously dubbed Bitcoin rat poison and a speculative bubble that would implode.
Partially.
But the bubble broke. Since 2021, the market has fallen.
Scam currencies and NFTs are being eliminated, which I like.
Whoa.
Why does Munger doubt crypto?
Mungers thinks cryptocurrencies has no intrinsic value.
He worries about crypto fraud and money laundering.
Both are valid issues.
Yet grouping crypto is intellectually dishonest.
Ethereum, Bitcoin, Solana, Chainlink, Flow, and Dogecoin have different purposes and values (not saying they’re all good investments).
Fraudsters who hurt innocents will be punished.
Therefore, complaining is useless.
Why not stop it? Repair rather than complain.
Regrettably, individuals today don't offer solutions.
Blind Areas for Mungers
As with everyone, Mungers' bitcoin views may be impacted by his biases and experiences.
OK.
But Munger has always advocated classic value investing and may be wary of investing in an asset outside his expertise.
Mungers' banking and insurance investments may influence his bitcoin views.
Could a coworker or acquaintance have told him crypto is bad and goes against traditional finance?
Right?
Takeaways
Do you respect Charlie Mungers?
Yes and no, like any investor or individual.
To understand Mungers' bitcoin beliefs, you must be critical.
Mungers is a successful investor, but his views about bitcoin should be considered alongside other viewpoints.
Munger’s success as an investor has made him an influencer in the space.
Influence gives power.
He controls people's thoughts.
Munger's ok. He will always be heard.
I'll do so cautiously.
CyberPunkMetalHead
3 years ago
Developed an automated cryptocurrency trading tool for nearly a year before unveiling it this month.
Overview
I'm happy to provide this important update. We've worked on this for a year and a half, so I'm glad to finally write it. We named the application AESIR because we’ve love Norse Mythology. AESIR automates and runs trading strategies.
Volatility, technical analysis, oscillators, and other signals are currently supported by AESIR.
Additionally, we enhanced AESIR's ability to create distinctive bespoke signals by allowing it to analyze many indicators and produce a single signal.
AESIR has a significant social component that allows you to copy the best-performing public setups and use them right away.
Enter your email here to be notified when AEISR launches.
Views on algorithmic trading
First, let me clarify. Anyone who claims algorithmic trading platforms are money-printing plug-and-play devices is a liar. Algorithmic trading platforms are a collection of tools.
A trading algorithm won't make you a competent trader if you lack a trading strategy and yolo your funds without testing. It may hurt your trade. Test and alter your plans to account for market swings, but comprehend market signals and trends.
Status Report
Throughout closed beta testing, we've communicated closely with users to design a platform they want to use.
To celebrate, we're giving you free Aesir Viking NFTs and we cover gas fees.
Why use a trading Algorithm?
Automating a successful manual approach
experimenting with and developing solutions that are impossible to execute manually
One AESIR strategy lets you buy any cryptocurrency that rose by more than x% in y seconds.
AESIR can scan an exchange for coins that have gained more than 3% in 5 minutes. It's impossible to manually analyze over 1000 trading pairings every 5 minutes. Auto buy dips or DCA around a Dip
Sneak Preview
Here's the Leaderboard, where you can clone the best public settings.
As a tiny, self-funded team, we're excited to unveil our product. It's a beta release, so there's still more to accomplish, but we know where we stand.
If this sounds like a project that you might want to learn more about, you can sign up to our newsletter and be notified when AESIR launches.
Useful Links:
Join the Discord | Join our subreddit | Newsletter | Mint Free NFT
Dylan Smyth
4 years ago
10 Ways to Make Money Online in 2022
As a tech-savvy person (and software engineer) or just a casual technology user, I'm sure you've had this same question countless times: How do I make money online? and how do I make money with my PC/Mac?
You're in luck! Today, I will list the top 5 easiest ways to make money online. Maybe a top ten in the future? Top 5 tips for 2022.
1. Using the gig economy
There are many websites on the internet that allow you to earn extra money using skills and equipment that you already own.
I'm referring to the gig economy. It's a great way to earn a steady passive income from the comfort of your own home. For some sites, premium subscriptions are available to increase sales and access features like bidding on more proposals.
Some of these are:
- Freelancer
- Upwork
- Fiverr (⭐ my personal favorite)
- TaskRabbit
2. Mineprize
MINEPRIZE is a great way to make money online. What's more, You need not do anything! You earn money by lending your idle CPU power to MINEPRIZE.
To register with MINEPRIZE, all you need is an email address and a password. Let MINEPRIZE use your resources, and watch the money roll in! You can earn up to $100 per month by letting your computer calculate. That's insane.
3. Writing
“O Romeo, Romeo, why art thou Romeo?” Okay, I admit that not all writing is Shakespearean. To be a copywriter, you'll need to be fluent in English. Thankfully, we don't have to use typewriters anymore.
Writing is a skill that can earn you a lot of money (claps for the rhyme).
Here are a few ways you can make money typing on your fancy keyboard:
Self-publish a book
Write scripts for video creators
Write for social media
Book-checking
Content marketing help
What a list within a list!
4. Coding
Yes, kids. You've probably coded before if you understand
You've probably coded before if you understand
print("hello world");
Computational thinking (or coding) is one of the most lucrative ways to earn extra money, or even as a main source of income.
Of course, there are hardcode coders (like me) who write everything line by line, binary di — okay, that last part is a bit exaggerated.
But you can also make money by writing websites or apps or creating low code or no code platforms.
But you can also make money by writing websites or apps or creating low code or no code platforms.
Some low-code platforms
Sheet : spreadsheets to apps :
Loading... We'll install your new app... No-Code Your team can create apps and automate tasks. Agile…
www.appsheet.com
Low-code platform | Business app creator - Zoho Creator
Work is going digital, and businesses of all sizes must adapt quickly. Zoho Creator is a...
www.zoho.com
Sell your data with TrueSource. NO CODE NEEDED
Upload data, configure your product, and earn in minutes.
www.truesource.io
Cool, huh?
5. Created Content
If we use the internet correctly, we can gain unfathomable wealth and extra money. But this one is a bit more difficult. Unlike some of the other items on this list, it takes a lot of time up front.
I'm referring to sites like YouTube and Medium. It's a great way to earn money both passively and actively. With the likes of Jake- and Logan Paul, PewDiePie (a.k.a. Felix Kjellberg) and others, it's never too late to become a millionaire on YouTube. YouTubers are always rising to the top with great content.
6. NFTs and Cryptocurrency
It is now possible to amass large sums of money by buying and selling digital assets on NFTs and cryptocurrency exchanges. Binance's Initial Game Offer rewards early investors who produce the best results.
One awesome game sold a piece of its plot for US$7.2 million! It's Axie Infinity. It's free and available on Google Play and Apple Store.
7. Affiliate Marketing
Affiliate marketing is a form of advertising where businesses pay others (like bloggers) to promote their goods and services. Here's an example. I write a blog (like this one) and post an affiliate link to an item I recommend buying — say, a camera — and if you buy the camera, I get a commission!
These programs pay well:
- Elementor
- AWeber
- Sendinblue
- ConvertKit\sLeadpages
- GetResponse
- SEMRush\sFiverr
- Pabbly
8. Start a blog
Now, if you're a writer or just really passionate about something or a niche, blogging could potentially monetize that passion!
Create a blog about anything you can think of. It's okay to start right here on Medium, as I did.
9. Dropshipping
And I mean that in the best possible way — drop shopping is ridiculously easy to set up, but difficult to maintain for some.
Luckily, Shopify has made setting up an online store a breeze. Drop-shipping from Alibaba and DHGate is quite common. You've got a winner if you can find a local distributor willing to let you drop ship their product!
10. Set up an Online Course
If you have a skill and can articulate it, online education is for you.
Skillshare, Pluralsight, and Coursera have all made inroads in recent years, upskilling people with courses that YOU can create and earn from.
That's it for today! Please share if you liked this post. If not, well —
You might also like
The woman
3 years ago
The best lesson from Sundar Pichai is that success and stress don't mix.
His regular regimen teaches stress management.
In 1995, an Indian graduate visited the US. He obtained a scholarship to Stanford after graduating from IIT with a silver medal. First flight. His ticket cost a year's income. His head was full.
Pichai Sundararajan is his full name. He became Google's CEO and a world leader. Mr. Pichai transformed technology and inspired millions to dream big.
This article reveals his daily schedule.
Mornings
While many of us dread Mondays, Mr. Pichai uses the day to contemplate.
A typical Indian morning. He awakens between 6:30 and 7 a.m. He avoids working out in the mornings.
Mr. Pichai oversees the internet, but he reads a real newspaper every morning.
Pichai mentioned that he usually enjoys a quiet breakfast during which he reads the news to get a good sense of what’s happening in the world. Pichai often has an omelet for breakfast and reads while doing so. The native of Chennai, India, continues to enjoy his daily cup of tea, which he describes as being “very English.”
Pichai starts his day. BuzzFeed's Mat Honan called the CEO Banana Republic dad.
Overthinking in the morning is a bad idea. It's crucial to clear our brains and give ourselves time in the morning before we hit traffic.
Mr. Pichai's morning ritual shows how to stay calm. Wharton Business School found that those who start the day calmly tend to stay that way. It's worth doing regularly.
And he didn't forget his roots.
Afternoons
He has a busy work schedule, as you can imagine. Running one of the world's largest firm takes time, energy, and effort. He prioritizes his work. Monitoring corporate performance and guaranteeing worker efficiency.
Sundar Pichai spends 7-8 hours a day to improve Google. He's noted for changing the company's culture. He wants to boost employee job satisfaction and performance.
His work won him recognition within the company.
Pichai received a 96% approval rating from Glassdoor users in 2017.
Mr. Pichai stresses work satisfaction. Each day is a new canvas for him to find ways to enrich people's job and personal lives.
His work offers countless lessons. According to several profiles and press sources, the Google CEO is a savvy negotiator. Mr. Pichai's success came from his strong personality, work ethic, discipline, simplicity, and hard labor.
Evenings
His evenings are spent with family after a busy day. Sundar Pichai's professional and personal lives are balanced. Sundar Pichai is a night owl who re-energizes about 9 p.m.
However, he claims to be most productive after 10 p.m., and he thinks doing a lot of work at that time is really useful. But he ensures he sleeps for around 7–8 hours every day. He enjoys long walks with his dog and enjoys watching NSDR on YouTube. It helps him in relaxing and sleep better.
His regular routine teaches us what? Work wisely, not hard, discipline, vision, etc. His stress management is key. Leading one of the world's largest firm with 85,000 employees is scary.
The pressure to achieve may ruin a day. Overworked employees are more likely to make mistakes or be angry with coworkers, according to the Family Work Institute. They can't handle daily problems, making the house more stressful than the office.
Walking your dog, having fun with friends, and having hobbies are as vital as your office.
Glorin Santhosh
3 years ago
In his final days, Steve Jobs sent an email to himself. What It Said Was This
An email capturing Steve Jobs's philosophy.
Steve Jobs may have been the most inspired and driven entrepreneur.
He worked on projects because he wanted to leave a legacy.
Steve Jobs' final email to himself encapsulated his philosophy.
After his death from pancreatic cancer in October 2011, Laurene Powell Jobs released the email. He was 56.
Read: Steve Jobs by Walter Isaacson (#BestSeller)
The Email:
September 2010 Steve Jobs email:
“I grow little of the food I eat, and of the little I do grow, I do not breed or perfect the seeds.” “I do not make my own clothing. I speak a language I did not invent or refine,” he continued. “I did not discover the mathematics I use… I am moved by music I did not create myself.”
Jobs ended his email by reflecting on how others created everything he uses.
He wrote:
“When I needed medical attention, I was helpless to help myself survive.”
The Apple co-founder concluded by praising humanity.
“I did not invent the transistor, the microprocessor, object-oriented programming, or most of the technology I work with. I love and admire my species, living and dead, and am totally dependent on them for my life and well-being,” he concluded.
The email was made public as a part of the Steve Jobs Archive, a website that was launched in tribute to his legacy.
Steve Jobs' widow founded the internet archive. Apple CEO Tim Cook and former design leader Jony Ive were prominent guests.
Steve Jobs has always inspired because he shows how even the best can be improved.
High expectations were always there, and they were consistently met.
We miss him because he was one of the few with lifelong enthusiasm and persona.
Isaiah McCall
3 years ago
There is a new global currency emerging, but it is not bitcoin.
America should avoid BRICS
Vladimir Putin has watched videos of Muammar Gaddafi's CIA-backed demise.
Gaddafi...
Thief.
Did you know Gaddafi wanted a gold-backed dinar for Africa? Because he considered our global financial system was a Ponzi scheme, he wanted to discontinue trading oil in US dollars.
Or, Gaddafi's Libya enjoyed Africa's highest quality of living before becoming freed. Pictured:
Vladimir Putin is a nasty guy, but he had his reasons for not mentioning NATO assisting Ukraine in resisting US imperialism. Nobody tells you. Sure.
The US dollar's corruption post-2008, debasement by quantitative easing, and lack of value are key factors. BRICS will replace the dollar.
BRICS aren't bricks.
Economy-related.
Brazil, Russia, India, China, and South Africa have cooperated for 14 years to fight U.S. hegemony with a new international currency: BRICS.
BRICS is mostly comical. Now. Saudi Arabia, the second-largest oil hegemon, wants to join.
So what?
The New World Currency is BRICS
Russia was kicked out of G8 for its aggressiveness in Crimea in 2014.
It's now G7.
No biggie, said Putin, he said, and I quote, “Bon appetite.”
He was prepared. China, India, and Brazil lead the New World Order.
Together, they constitute 40% of the world's population and, according to the IMF, 50% of the world's GDP by 2030.
Here’s what the BRICS president Marcos Prado Troyjo had to say earlier this year about no longer needing the US dollar: “We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China.”
Ick. That's D.C. and NYC warmongers licking their chops for WW3 nasty.
Here's a lovely picture of BRICS to relax you:
If Saudi Arabia joins BRICS, as President Mohammed Bin Salman has expressed interest, a majority of the Middle East will have joined forces to construct a new world order not based on the US currency.
I'm not sure of the new acronym.
SBRICSS? CIRBSS? CRIBSS?
The Reason America Is Harvesting What It Sowed
BRICS began 14 years ago.
14 years ago, what occurred? Concentrate. It involved CDOs, bad subprime mortgages, and Wall Street quants crunching numbers.
2008 recession
When two nations trade, they do so in US dollars, not Euros or gold.
What happened when 2008, an avoidable crisis caused by US banks' cupidity and ignorance, what happened?
Everyone WORLDWIDE felt the pain.
Mostly due to corporate America's avarice.
This should have been a warning that China and Russia had enough of our bs. Like when France sent a battleship to America after Nixon scrapped the gold standard. The US was warned to shape up or be dethroned (or at least try).
Nixon improved in 1971. Kinda. Invented PetroDollar.
Another BS system that unfairly favors America and possibly pushed Russia, China, and Saudi Arabia into BRICS.
The PetroDollar forces oil-exporting nations to trade in US dollars and invest in US Treasury bonds. Brilliant. Genius evil.
Our misdeeds are:
In conflicts that are not its concern, the USA uses the global reserve currency as a weapon.
Targeted nations abandon the dollar, and rightfully so, as do nations that depend on them for trade in vital resources.
The dollar's position as the world's reserve currency is in jeopardy, which could have disastrous economic effects.
Although we have actually sown our own doom, we appear astonished. According to the Bible, whomever sows to appease his sinful nature will reap destruction from that nature whereas whoever sows to appease the Spirit will reap eternal life from the Spirit.
Americans, even our leaders, lack caution and delayed pleasure. When our unsustainable systems fail, we double down. Bailouts of the banks in 2008 were myopic, puerile, and another nail in America's hegemony.
America has screwed everyone.
We're unpopular.
The BRICS's future
It's happened before.
Saddam Hussein sold oil in Euros in 2000, and the US invaded Iraq a month later. The media has devalued the word conspiracy. The Iraq conspiracy.
There were no WMDs, but NYT journalists like Judy Miller drove Americans into a warmongering frenzy because Saddam would ruin the PetroDollar. Does anyone recall that this war spawned ISIS?
I think America has done good for the world. You can make a convincing case that we're many people's villain.
Learn more in Confessions of an Economic Hitman, The Devil's Chessboard, or Tyranny of the Federal Reserve. Or ignore it. That's easier.
We, America, should extend an olive branch, ask for forgiveness, and learn from our faults, as the Tao Te Ching advises. Unlikely. Our population is apathetic and stupid, and our government is corrupt.
Argentina, Iran, Egypt, and Turkey have also indicated interest in joining BRICS. They're also considering making it gold-backed, making it a new world reserve currency.
You should pay attention.
Thanks for reading!