Buttcoin

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Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

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If You Bought Bored Ape NFTs at the Peak, You’ve Lost 93% of Your Investment - Decrypt (decrypt.co)

submitted 2 months ago by Alphane_Moon@lemmy.world to c/buttcoin@awful.systems

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[–] gigachad@sh.itjust.works 57 points 2 months ago (1 children)

I find it really impressive it is only 93%. This implies there are still people who buy this crap

[–] JustTesting@lemmy.hogru.ch 25 points 2 months ago

Not necessarily, as I understand, the floor price is just theld buy one at. i could make a new nft, list it at 500 billion and that would be the floor price, even if no trade ever happens.

There's also some stuff where the nfts get used as collateral for loans without any intention to pay back the loan. The borrower defaults, keeps the money, the lender is stuck with a useless nft. No actual sale happened, so the floor price didn't move, even though the loan was likely for less than the floor price.

Crypto is full of this kind of misleading metrics, same as market cap