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Yuga labs ordinals/NFT is a literal scam
1373 sats \ 6 comments \ @Jonathan_Adly 5 Mar 2023 bitcoin
Regardless of what you think about ordinals (I personally think they are stupid), the terms of Yuga labs NFT spells out some funny stuff.
First, to participate, you just send Bitcoin. If you “win” - you get the NFT, if you didn’t - they “promising” to return the Bitcoin. No multisig or anything fancy, just a literal pinky promise LMAO!!!
Then - the actual license is a “personal use only” license, no commercial use at all. and no use that yuga determines “expresses hate or prejudice or encourages violence towards a person or group based on membership in a protected class”. You don’t even own the thing haha. the license is non-transferable and revocable.
Funniest one, is that in the case of a fork, Yuga gets to decide which is the real fork and which is the fake!
Really amazing how low iq the NFT game is.
Source: https://twitter.com/intangiblecoins/status/1632171003076853763?s=46&t=NMLLLGTSAtQjDprLR7Ijiw
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10 sats \ 0 replies \ @leon_21 5 Mar 2023
Yuga is a completely degenerate dog-whistle project for armchair fascists.
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10 sats \ 0 replies \ @TheBTCManual 5 Mar 2023
Lol so this is just send me BTC ill promise you;ll get more BTC back someday scam with extra steps
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10 sats \ 0 replies \ @faithandcredit 5 Mar 2023
People see something like this and their subconscious says it's stupid and then they decide its fun and a good idea? That's immaturity. And the grifters who play on that are awesome
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0 sats \ 0 replies \ @timechain 5 Mar 2023
The pinky swear thing is interesting. Because the inscriptions are actual Satoshis, one can do a escrow type thing with a PSBT. Casey is working on this.
It's funny, I know they suck and everything, but between a Trustless version of opensea and the fact that the picture actually is on the blockchain, (not just a hash pointing to a file hosted on a server) inscriptions really are a superior product to NFTs.
Still dumb though.
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0 sats \ 0 replies \ @om 5 Mar 2023
Funniest one, is that in the case of a fork, Yuga gets to decide which is the real fork and which is the fake!
How would you do it instead?
For example, if you issue a stablecoin (an IOU for a USD that sits in your pocket) but then a fork happens, why wouldn't you get to decide which fork has the real IOUs?
Similarly, If you paint a picture and issue it as an NFT, what makes the NFT different from a saved JPEG is your signature that you consider this NFT to be the very picture that you painted. In case of a fork, why wouldn't you get to decide which fork has your picture?
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0 sats \ 0 replies \ @Zepasta 5 Mar 2023
k
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