Ether Rocker other rock is a collection of 100 cartoon pet rocks based on free clip
art that have sold for millions of dollars.
And recently sold what recently an NFT collector
accidentally listed their pet rock for
444 WEI instead of 444 ETH.
Okay so for contacts WEI is the smallest denomination
of Ethereum Cryptocurrency and is worth one quintillion of an ETH.
Now someone snapped it up immediately,
allegedly losing user dyno dealers entire net worth.
Yeah so this tweet from Dino dealer as you see it says, how's your week mine?
I just erroneously listed @etherrock hashtag 44 for
444 WEI instead of 444 ETH bots night did in that.
Okay so pretty much he did something wrong.
Let's just put it at that.
And so in that click his entire net worth, he said lost around a million dollars.
I don't understand any of this, it's not my business.
But I damn sure know I'm not gonna play with clip art and
I'm not going to put any value on it.
So this whole other rock stuff that's for everybody else.
Anyway, so more on this whole other rock thing.
So it is a four year old NFT project that inexplicably went viral last year and
saw its prices skyrocket.
The project consists of 100 free clip art images of the same cartoon rock each
featuring a slightly different color turned into NFTs.
In October a bid was placed on one EtherRock for 900 ETH I don't care.
So here are some examples of these rocks.
Yeah look at these rocks.
They're rocks look at them.
>> They're actually slightly worse.
They're not rocks, they're pictures of rocks, and.
>> It looks like paint droppings of like little blobs that you get at Home depot
to see what paints what you want.
>> Okay this stuff is ridiculous NFT world get ready to be super angry.
Okay this is total and utter crap.
It is completely worthless, you're wasting all your money.
It's definitely a bubble, it's definitely gonna crash,
that stupid picture of a rock ain't worth nothing.
Okay, and if you're paying money for it you're an idiot.
So okay some of you, I'm sure bought and then sold and
you made some money good job, you scammed others.
But whoever is left holding the bag at the end that it doesn't matter if you did
ETH or WEI or any other combination of letters,
it's still gonna be absolutely and utterly worthless.
Total utter junk, it is like the worst combination of modern art and
speculative finance.
So go ahead get angry and say no my pet rock is really valuable,
you've got it all wrong.
I mean my picture of my pet rock that's in an NFT with the stats series of letters
but not the other series of letters.
It's worth a million bucks.
Yeah if you say so.
No not if you say so you're wrong, it's a scam, you're being ridiculous.
Okay I was [CROSSTALK] >> It's not just a picture of a rock,
it's a non fungible picture of rock.
That means that it can't be fun, judged whatever that means.
>> [LAUGH] >> Its just God,
I hate everything about NFTs.
Literally everything about them, Ethereum is what's typically
used to purchase them, is horrible for the environment.
It's all of us, it's all of it, it is a scam.
It's an absurd scam but like just it's so dystopian for
people to be like look at this screenshot that I spent a million dollars on.
I mean like it was Jimmy Fallon had Paris Hilton on his show and
they were holding up their goddamn apes.
They're freaking a pen NFTS like just know life in their eyes soulless because
no one is excited about a picture that you spent an insane amount of money for.
Like I think Jimmy Fallon spent $500,000 on a picture of an ape.
Like the whole thing is just a money making scheme, right?
You buy it and then you sell it for more.
And then some people get screwed over because they don't sell it in time or
it devalues for whatever reason, but
this the whole thing just in the excitement about it.
And like all of the influencers who are like, look at this horrible art
piece of like not even a piece of paper, a picture on my screen,
like you're not excited about that, I'm not excited to see it.
Nobody likes this, just shut it down.
The west deserves to fall.
Okay, this is just.
>> [LAUGH] >> If this is what the west is it,
it really should not have even gotten this far, Jesus Christ.
>> When I see this whole NFT thing,
all I think is this is what happens when you have too much generational wealth and
not enough systems of oppression to keep you busy.
That's what this is.
People looking for things to do.
And cuz it's like you can't roll through most communities talking about,
I got an NFT to sell.
No people will look at you like you're crazy and then they will rob you,
this is a joke.
And the thing is you already got robbed, which is how you got the damn NFT.
You will fool just like Jake said and
you're gonna find out at one point in time and you're gonna feel real foolish holding
your little screenshot after you spend about a million dollars on it.
And so even though I don't get any of these little acronyms are all the things
that are going on, I'm okay because I know that when this all drops,
I'm just gonna look and I'm gonna giggle and
then I'm gonna go play with my systems of oppression?
>> Okay so look, I'll clarify needlessly do we get that rarity creates a market
where you have a situation like this where the prices get bit up.
Yes, we understand that concept.
Okay, but listen to your pseudo intellectuals just because rarity can
do that doesn't mean that everything that is rare should be valuable or is valuable.
So I remember I'm gonna pick the most random example, but
it might be a good one here in this case.
My cousin once took a picture of his do do okay and I can assure you it was rare.
Okay, >> [LAUGH]
>> And it doesn't mean it's worth
a million bucks if you put it in NFT.
But by the way that's next, you think they're not gonna sell their crap,
they're already selling crap of a different sort to begin with.
And there isn't anything you couldn't sell these knuckleheads.
Look so in the meanwhile as your trading you make money, okay, you lose money,
what am I gonna do, right?
But at the end, I guarantee you all of it is absolute and
utter junk and its actual value in the real world is $0.00.
I can't wait for the Jimmy Fallon's in the Paris Hilton's have those stupid
eight pictures be worth absolutely nothing and then have them go, my God,
what happened to my $500,000.
Every time I see that I think tax the rich, tax the rich because they obviously
literally don't know what to spend their money on.
Okay we know what we could do, we could build its spending on schools,
hospitals bridges.
I got great ideas on where to spend it on higher wages for
the average American instead of stupid ape pictures and pet rocks.
>> I will say one good thing has come out of NFTs.
And it's that I found a new group of people that I can bully on the internet
because no one freaks out more than NFT bros when you screenshot there NFTs.
And reply to their twitter posts with that picture and say I now own your NFT.
They will go on and on trying to explain to you why actually I own this
on the Blockchain and it's a verified purchase for me and not for
you and it's just like hello get wrecked.
Here's another screenshot of another one of your NFTs.
>> And so and I may have missed this and that's okay.
I'm happy to be completely dumb in this area.
But are there like does like state farm insurance NFTs?
>> [LAUGH] >> That's how I generally determine if
something is valuable.
Will my insurance company actually insure it and.
>> No but look they might at some point Adrian because the world has
lost its mind, so they pumped in so
many billions of dollars into this every to complete another junk.
The NFT concept is not impossible.
It's not that and NFT can't be worth something.
Of course it could be depending on what it is, right?
But they just took it and they're like, me think rock worth something.
Me think do do worth something, right.
So just because it's an NFT doesn't mean it's valuable.
But the reason I bring that up is to partly answer your question Adrian.
These guys, most of those NFT Bros are libertarians are like, we don't need no
stinking government described man coach could go wrong government.
We don't need no regulation o norm type the wrong letters government help me
please somebody help me.
I lost a million dollars is my life savings.
>> [LAUGH] >> Sorry.
>> That sounds right, and it actually is so again, I'm still in this NFT world.
But I bought a lithograph,
Picasso signed lithograph of a Picasso piece recently.
And so it makes me kind of laugh the thought that something that's a print of
something else, doesn't have value in this context yet.
I have something on my mantle that I feel has value.
>> [LAUGH] >> They could just print out there NFTs
and put them [LAUGH] They're ugly apes over their fireplaces [LAUGH]
>> Or put it the rock folks.
I mean put it up on the wall, I mean, your guests will be so impressed.
They're like, that is a slightly different shade of gray rock,
wherever did you get that?
Those are so rare.
>> [LAUGH] >> Are [LAUGH] They okay?
>> God help these people.
>> Because apparently their lack of
regulation won't [LAUGH] >> It's funny when they do get,
robbed, I'll admit that.
I laugh quite a bit when someone,
there's like a whole scandal with these board apes and
it's just always posting on twitter, all my apes gone [LAUGH] Went home, checked
my folder on my apes escape [LAUGH] >> Yeah,
well turns out you might need the government from time to time.
You might need a community from time to time and apparently that's news to them.