R/BBBY has been in chaos for the last day in a perfect encapsulation of the reality distortion field that these groups develop. on Feb 1st BBBY missed an interest payment on three tranches of bonds, this was confirmed by the WSJ via a company spokesperson.

Bed, Bath, & Beyond is likely to declare bankruptcy sometime this week or next. They have, of course, been warning shareholders about this for some time, the problem is that a substantial contingent of their shareholders believe BBBY has been talking to them in code. To these shareholder there is literally no such thing as bad news. The company’s free-cash-flow is massively negative for 14 consecutive months with no big projects to show for it? This is good news, because it’s levelled out, they’re not losing more each month that the previous.

Matthew Ball's "The Metavere and how it will revolutionize everything" is a whirlwind vision of the future sure to dazzle tech CEOs, Venture Capitalist, gullible children, and particularly smart dogs. Ball wows the credulous reader with lots of references to things that happened and names of companies that exist, but still leaves massive gaps in his assumptions largely settling on "the metaverse will have to be different because otherwise it won't exist"

Amazing, Bed Bath & Beyond says "FYI we're basically already bankrupt and probably going out of business" and the meme stock fanatics insist it's a lie to manipulate the stock (which would be a crime) and push for everyone on the forum to buy more. I've been reading up on CMKM Diamonds, a company that was functionally 100% fraudulent, they had no active mines and produced no diamonds, they were making money purely by selling fake shares and promising it was going to moon, yet 16 years on and there's still people hoping.

Getting caught up on Molyneux's blockchain game and purely to technically fulfill a promise of "coming in 2022" they gave NFT holders an alpha build 2 weeks ago, a year after the land sale.

Sorry, "gave" is the wrong word. They ran a 4 day play test. The announcement of course uses language like "deliver the Legacy Deed Holder Alpha build into your hands", doesn't mention it's a time-gated play test, and opts to include a long list of what players can "expect to see in the (finished) game" but not the alpha.

Saw an absolutely amazing hypothesis from the memestocks today: GameStop is going to issue a dividend in the form of an NFT of Ryan Cohen's new book series for 5 year olds, an idea about as good as doing a dividend in the form of peanut butter sandwiches. For the record, as a spectator I fully support any company that wants to do either of those, particularly the part where a dump truck full of sandwiches unloads in BlackRock's parking lot.

I've been digging into the communities surrounding meme stocks and, like, it's weird man. Somehow a short squeeze opportunity back in 2020 has mutated into a straight up apocalypse cult trying to trigger the end of the world. The short version is that there *was* a squeeze, a bunch of Redditors made a tidy profit, a couple hedge funds got bent over the sawhorse, and for outsiders that was basically the entire story, good times and popcorn all around.

To recap Spice DAO: A dude (Soby) made a bunch of crypto by selling a cryptopunk to an NFL player that the punk kinda resembled. Then he saw that a copy of Jodorowski's Dune (the production bible, not the movie) was up for auction. Being in immediate proximity to Constitution DAO, where a bunch of Reddit losers failed to win an original copy of the constitution that they were going to do ??? with, Soby decides to get a DAO to buy the book for him.

A lot of people are commenting on the inherent hilarity of this situation, but I want to highlight the godawful promo video and the way it further demonstrates the Unbearable Cringe of Crypto: crypto content ultimately just becomes content about crypto.
buzzfeednews.com/article/sarahe… The product becomes inextricable from its context, in the same way that investment chode Gary Vee gets a featured cameo in a transparent ploy to pad his ego as a money mover all the disconnected NFT characters loom as a ploy to "realize an investment"

Wachowski Collection live auction going if you want to watch the absolute bloodbath that will unleash when the Matrix Sentinel concept maquettes go up.
auctions.potterauctions.com/LiveAuction2.a… The Nebuchadnezzar concept maquette just went from $4k pre-bid to $30,000

Guillotin was not the inventor of the guillotine, just the popularizer: he convinced Louis XVI to implement it as the standard form of capital punishment. Guillotin was a death penalty abolitionist, but if abolition was off the table then at least the method of execution could be more humane than the prevalent method of “whatever we’re feeling this week.”

The Axie Infinity devs’ mentions are full of digital landlords pissed that their “scholars” (Filipino employees being paid in game scrip) are all quitting the game and no-showing their weekly quotas. The devs cutting the emission rate of SLP (scrip) a couple months back made it pointless for low ranked solo players to even try “earning” and did basically nothing to make the price of SLP go back up.

Everyone who keeps grovelling for my attention with some mewling "if you think it's bad why don't you adopt it and make it good instead" needs to be shoved into seven consecutive, nested lockers. If it's just that easy to "make it good" then why don't *you* do it and stop wasting my time by insisting that I waste my time fixing your mistakes?

Of these 2.3 thousand replies it would be generous to say that even ten are actual humans. The rest are bots.

I haven't felt the need to reply to much of anything because the crypto ecosystem's reality speaks for itself. I have found it fascinating watching a substantial number of web3/crypto pushers come to the dawning realization that they're not misunderstood, they're loathed. Realize that they had no idea the degree of ad spam, bots, and over-hyped shilling that everyone else is dealing with.

If "over one trillion dollars of value" disappears from your ecosystem over a weekend and Monday's news isn't a bloodbath of businesses going under then you're not a real economy.

Line Goes Up - The Problem With NFTs

I don't really know what to say as a follow up right now, except that Chris Dixon and his cohorts are parasites feeding off despair.

For days now I've been accepting every spam NFT Discord invite I've received, and it's getting dire Then there's World of Wojak which is just Wojaks and also promising to maybe throw a pizza party or something, IDK, give me money

I find it very funny that such a high % of NFTs are just appeals to the navel gazing myth of NFTs. Because, surprising no one familiar with how online works, it's a marketplace, and a particularly insular one, so to be competitive you need to appeal to the interests and sensibilities of the patron class

Imagine being so butthurt that people don't care about your collection of CryptoPunks, and mock you by making your CryptoPunks into their PFP, that you convince Twitter to add a verification badge saying all your CryptoPunks are authentic.

https://twitter.com/TheSmarmyBum/status/1443259893411049475

"If you see anyone else with my CryptoPunk as their PFP they're an imposter, they do not own the authenticated, verified version of my CryptoPunk. Unless they minted and verified their own bootleg I guess. But the most important thing: I am not the loser here, they are."

Research is fun. I was looking this up because I was looking up Ethereum benchmarks and got a banner ad for a cryptocasino, which I decided to poke around, and found their live Megaball game, where the biggest payout was 702.35 mETH, which from what I can work out is about 3¢?

I have spent days trying to give the NFT artist community the benefit of the doubt, reading their twitter feeds and blogs and the way they speak to one another and come to the simple conclusion that they absolutely have no idea what an NFT is beyond "magic pay-me box" "NFT" also gets used liberally as an aesthetic shorthand to describe short, abstract animations. Many of the artists are simply excited that literally anyone is paying attention to these types of artworks in the first place.