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TL;DR
Some of us are MAD at Yuga Labs, for the way they’re working the bidding for his or her Bitcoin NFT public sale.
Potential consumers have to ship their full bid quantity to Yuga. In the event that they win, Yuga retains the BTC and sends the NFT. In the event that they lose, Yuga sends the BTC again to every potential purchaser.
Yuga are recognized to be reliable. Different tasks? Not essentially.
And when the biggest identify within the NFT house does one thing, it units a precedent that claims ‘that is how issues are performed.’ Which units the stage for a brand new kind of rip-off to emerge…
Create a faux mission → promise to ship any/all shedding bids again to contributors → promptly run off with everyones Bitcoin.
Full Story
Oooh, some of us are maaaad at Yuga Labs (the Bored Ape creators), for the way they’re working their Bitcoin NFT public sale.
This is why:
If you wish to bid on a Twelve Fold NFT, it is advisable to go to twelvefold.io and ship your full bid quantity to Yuga.
If you happen to win the bid, they maintain your BTC and ship you your NFT.
If you happen to lose, they ship your BTC again to you.
However here is the catch:
None of that is automated. So that you’re sending your BTC over to Yuga, and trusting that they’re going to ship it again, in case you lose.
Which, on this case, is a fairly darn certain factor. Yuga are a $4B firm – they don’t seem to be going to trash their status for a pair hundred thousand {dollars} price of Bitcoin.
The rationale some elements of the Bitcoin NFT neighborhood are mad is that, when the biggest identify within the NFT house does one thing, it units a precedent that claims ‘that is how issues are performed.’
If customers change into accustomed to blindly sending their Bitcoin to an NFT mission’s bidding handle – it units the stage for a brand new kind of rip-off to emerge
For instance:
Create a faux mission → promise to ship any/all shedding bids again to contributors → promptly run off with everyones Bitcoin.
And it isn’t just some anons on Twitter complaining in regards to the precedent being set…
Casey Rodarmor, the dude who made Bitcoin NFTs ‘a factor,’ had some stern phrases for Yuga:
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