NBA Top Shot - High Risk, High Reward?

[clipperboy24]

Originally Posted by BaseGravenberch

Well, I'm verified and my withdrawal is working.

Not yet, unlike the other guy said they expected it to be ready before the rookie badges. Wouldn't be surprised if it happens somewhere this month. Unless the pack drop system caused major delays.
Going to be interesting to see the market for that.

Did the withdrawal already hit your bank account or crypto wallet?

If that is so, Interesting that the only person on BO who says he/she is able to withdraw started their account in December around when this Topshot got crazy hot

Originally Posted by notoriousrmb

Still a no-go for me and I've been in for a while.

This seems to be the norm, which IMO is a red flag. Unless they have spent the money and don’t have any to allow withdrawals with, it Houle be very easily accessible and would have little to do with IDverification laws. That can be satisfied quickly.

A part of me wonders if the bots buying with Dapper dollars are acquiring those dapper dollars for free form dapper and they are trying to create an artificial market by getting unsuspecting purchasers to inject real dollars.

[ninjacookies]

Originally Posted by clipperboy24

A part of me wonders if the bots buying with Dapper dollars are acquiring those dapper dollars for free form dapper and they are trying to create an artificial market by getting unsuspecting purchasers to inject real dollars.

Been dun sayin' this.

The blockchain transactions themselves are irrefutable as it's a public ledger.

However, there is nothing stopping Top Shot labs themselves from creating shill accounts and funding them with house issued balances to create artificial market liquidity, or to help prop prices.


Being that the devs come from crypto backgrounds, this is taking a page out of the exchange book, where tether is printed in house out of seemingly nowhere to yoyo the market at will.

I guess the real issue is whether or not there are any controls in place and internal auditing by the NBA, because we know the gubment themselves won't do it and could care less.



And don't worry about missing out on the meteoric btc rise, the execs are enjoying the perks on your behalf. This is absolutely one of the biggest (if not the sole) factor on why withdrawals have been delayed so long. They are locking in their own re-invested profits before opening the bank to the general public.

I shudder to think what would happen had BTC gone the exact opposite direction.

[n1nesports]

Originally Posted by Vinny1984

I’m not sure I follow your argument. The idea behind it was/is a success. The execution by the company was/is piss poor. They got too big too fast and are just playing catch up at this point. The $2.5 million money grab disaster last week didn’t help their cause.

I agree the execution was/is awful. What I was getting to was that those who tried to convince others why this was not a silly idea (opinion held by some) are not using those same reasons for keeping the "moments", showing they were just in it for the fast money.

Originally Posted by volblorx8634

Was there ever a point when it wasn't all about the money?

Maybe not but instead of making arguments for why it was cool to buy these moments people should have just said I don't care what they're selling, if people are buying then I'm gonna try to make a penny off this.

[Vinny1984]

Originally Posted by n1nesports

I agree the execution was/is awful. What I was getting to was that those who tried to convince others why this was not a silly idea (opinion held by some) are not using those same reasons for keeping the "moments", showing they were just in it for the fast money.


Maybe not but instead of making arguments for why it was cool to buy these moments people should have just said I don't care what they're selling, if people are buying then I'm gonna try to make a penny off this.

Yeah I can understand what you’re getting at. Maybe there are a couple here that actually collect these things but the vast majority were here to make money including myself. No shame in that. All arguments (at least for me) were aimed at why digital collectibles are most definitely a thing and will only get larger in the collectible space.

[ninjacookies]

Can't wait for the e-Nationals where Top Shot clecters setup .mp4 display tables and chop it up over a brew with some scantily clad kard groupies Leisure Suit Larry style.

Peter Jennings character looking like a giga chad with max sliders.

What happens in virtual Vegas; stays in virtual Vegas.

[n1nesports]

Originally Posted by Vinny1984

No shame in that. All arguments (at least for me) were aimed at why digital collectibles are most definitely a thing and will only get larger in the collectible space.

Definitely no shame in making a profit. I got nothing against digital items as a collectable

[n1nesports]

Originally Posted by ninjacookies

Leisure Suit Larry style.

LETS GOOOOOOOOOOOOOOO

[Jamesebee]

Originally Posted by ninjacookies

Peter Jennings character looking like a giga chad with max sliders.

Oh my gosh. This is my favorite!

[Archangel1775]

Originally Posted by clipperboy24

A part of me wonders if the bots buying with Dapper dollars are acquiring those dapper dollars for free form dapper and they are trying to create an artificial market by getting unsuspecting purchasers to inject real dollars.

Originally Posted by ninjacookies

Been dun sayin' this.



However, there is nothing stopping Top Shot labs themselves from creating shill accounts and funding them with house issued balances to create artificial market liquidity, or to help prop prices.

[GeechQuest]

Originally Posted by Archangel1775

Meanwhile, nobody has been paid yet, right? Totally, absolutely, completely normal non-payment. Happens all the time with legit vehicles.

[Archangel1775]

Originally Posted by GeechQuest

Meanwhile, nobody has been paid yet, right? Totally, absolutely, completely normal non-payment. Happens all the time with legit vehicles.

Is that an opinion or question? I haven't been on in 48 hours so I'm just catching up.

[whodatbeastly16]

Rhetorical

[GeechQuest]

Originally Posted by Archangel1775

Is that an opinion or question? I haven't been on in 48 hours so I'm just catching up.

I believe the one with the “?” was the question.

The other one was a statement.

It’s an obvious crypto scam to anybody who has been around the interwebs, and ninja has around and has explained the game to you guys. Though with BTC surge and crypto surge I imagine you guys will be paid.

Imagine if TopShot was an oft forgotten forum poet. Some would say the thread in the member feedback would have 1000 pages by now.

[Archangel1775]

Originally Posted by whodatbeastly16

Rhetorical

Class action lawsuit coming up soon? I wouldn't be happy if Dapper Labs employees are driving around in Ferarri's while they have my Mega box money still.

[Archangel1775]

Originally Posted by GeechQuest

I believe the one with the “?” was the question.

The other one was a statement.

It’s an obvious crypto scam to anybody who has been around the interwebs, and ninja has around and has explained the game to you guys. Though with BTC surge and crypto surge I imagine you guys will be paid.

Imagine if TopShot was an oft forgotten forum poet. Some would say the thread in the member feedback would have 1000 pages by now.

Cryptocurrency is a scam or there is manipulation within the market of it?? I've never bought any.

[GeechQuest]

Originally Posted by Archangel1775

Cryptocurrency is a scam or there is manipulation within the market of it?? I've never bought any.

You literally quoted what is happening with the Pepe picture...

[ninjacookies]

Originally Posted by GeechQuest

I believe the one with the “?” was the question.

The other one was a statement.

It’s an obvious crypto scam to anybody who has been around the interwebs, and ninja has around and has explained the game to you guys. Though with BTC surge and crypto surge I imagine you guys will be paid.

Imagine if TopShot was an oft forgotten forum poet. Some would say the thread in the member feedback would have 1000 pages by now.

They gon' learn today.

Not a scam in what people may think of in the traditional sense, but the premise behind their business model looks to fit the mold of basically any shoddy/shady crypto exchange dating back to 2009.

Hold investor money hostage ---> play the market with said kidnapped funds ---> open up withdrawls selectively depending on the results of borrowed investments. Investments go south? ---> pack bags and claim 'hack' or insolvency.

If you've been in the landscape long enough, you'll understand how this works...and continues to work because it preys on the financial psyche of seeing unrealized, inflated numbers on a balance sheet.

[GeechQuest]

Originally Posted by ninjacookies

They gon' learn today.

Not a scam in what people may think of in the traditional sense, but the premise behind their business model looks to fit the mold of basically any shoddy/shady crypto exchange dating back to 2009.

Hold investor money hostage ---> play the market with said kidnapped funds ---> open up withdrawls selectively depending on the results of borrowed investments. Investments go south? ---> pack bags and claim 'hack' or insolvency.

If you've been in the landscape long enough, you'll understand how this works...and continues to work because it preys on the financial psyche of seeing unrealized, inflated numbers on a balance sheet.

Yup. I’d also venture to guess they have a MASSIVE liquidity problem (pure speculation obviously). They can’t make the $1000 Gifs fast enough.

Bottom line is there has never been a legitimate site that wouldn’t process withdrawals immediately. That doesn’t happen the same way the guy who is delayed mailing your card because his grandma’s cat was just diagnosed with Lupus and he’s boarding a flight to Germany to link up with the priemere cat clinician but will totally, absolutely mail it to you in 6 weeks when he returns doesn’t happen. 99% of the time when the majority of participants can’t withdrawal funds, that means the party is over.

[Jamesebee]

Originally Posted by ninjacookies

The premise behind their business model looks to fit the mold of basically any shoddy/shady crypto exchange dating back to 2009

.2 cents!

I'm not saying they have to ape everything that UD is doing. But when you introduce new money into the hobby, you have to blend a bit of the old "tried and true" with the new! The challenge is that there are a lot of things that the hobby has course corrected on. They should know better or prepare their customers more thoroughly.

Panini HRX lasted 2 years, and maybe it's because physical media died, but it'd be a cool concept to reintroduce. I just hope Panini is paying attention.

[clipperboy24]

Originally Posted by ninjacookies

They gon' learn today.

Not a scam in what people may think of in the traditional sense, but the premise behind their business model looks to fit the mold of basically any shoddy/shady crypto exchange dating back to 2009.

Hold investor money hostage ---> play the market with said kidnapped funds ---> open up withdrawls selectively depending on the results of borrowed investments. Investments go south? ---> pack bags and claim 'hack' or insolvency.

If you've been in the landscape long enough, you'll understand how this works...and continues to work because it preys on the financial psyche of seeing unrealized, inflated numbers on a balance sheet.

Sounds pretty likely. And yes, in any other business or marketplace this would be considered a scam or at least fraud, but hey crypto is cryptic and issuers love keeping it that way

[ninjacookies]

Originally Posted by GeechQuest

That doesn’t happen the same way the guy who is delayed mailing your card because his grandma’s cat was just diagnosed with Lupus and he’s boarding a flight to Germany to link up with the priemere cat clinician but will totally, absolutely mail it to you in 6 weeks when he returns doesn’t happen.

Zamn.



Son got you too?

Ding ding ding. Biggest red flag is they continue to open the doors to an unfiltered flood of new purchases and deposits. If you're truly that far behind in the way of processing documentation and screening take out requests, it would stand to reason you'd start to slow down on the acceptance of new user registrations and wallet reloads.

I can open up a new Bovada account tomorrow, drop a rack, and have a processed crypto withdrawal within the span of 3 days.

I've seen cryptoboi pack breaks on the tube dating back to early last year. I'm curious, have disabled withdrawals been standard protocol since day one, or is this just a beta phase phenomenon?

I can't think of another legitimate institution where site wide caged funds are the norm. And this can't be a KYC issue, either (typically only required for amounts of $3k or more). That's been domestic law for years now. If a project of this magnitude opened its doors forgetting about that tiny discrepancy, then there are bigger problems at hand.

Originally Posted by Jamesebee

.2 cents!

I'm not saying they have to ape everything that UD is doing. But when you introduce new money into the hobby, you have to blend a bit of the old "tried and true" with the new! The challenge is that there are a lot of things that the hobby has course corrected on. They should know better or prepare their customers more thoroughly.

Panini HRX lasted 2 years, and maybe it's because physical media died, but it'd be a cool concept to reintroduce. I just hope Panini is paying attention.

I smells you, playboi.

This is; at the very least, piss poor execution at the executive level. At worst, a flat out snake oil scheme. Could be somewhere in the middle, or both. If wikileaks starts releasing TopShot dev IRC transcrips with difficult to pronounce eastern european screennames: run...run as fast as you can.

[Archangel1775]

Originally Posted by GeechQuest

You literally quoted what is happening with the Pepe picture...

I have my concerns with NBA Top Shot but them stealing my money is not one of them. I mean, could the bottom fall out, the company go bankrupt and I not see a dime?..... It's possible.... But the difference is that they are a company that was built on an innovative idea that IS SUCCESSFUL. The only major complaints so far are:

1. I cant touch it
2. I cant get my money
3. They aren't scaled enough to handle the current demand
4. The pack drop ideas suck

They can't help with #1 but they have worked and are continually working on number 3 & 4. If the participating individual doesn't have the patience to wait on the last two, then get out while you can. Which brings us to #2.

The main reason Dapper has stated that they are taking so long is the Know Your Customer (KYC) regulation. It's not something they, as a business, can take lightly and be non-diligent about. Each country also has it's own laws and jurisdictional requirements that make it more challenging. As for the U.S., with the Patriot Act, Anti-money laundering requirements and with the IRS having certain requirements for banks/businesses, it's clearly not an overnight process.

Now, how does that benefit NBA Top Shot?

A company would have to instill their own policy and seemingly they have with the minimum wait time. It comes down to the company protecting itself from multiple governments and illegal use. People are going to come up with conspiracies and clearly they have. To each their own, you are entitled to your own opinion. While it does suck, there hasn't been any recommendation in this thread to spend thousands. It's actually been warnings to only use money you can afford to lose or don't spend money at all.

What's the benefit for participants since you're waiting anyway?

The most important, those same short attention span flippers that members here complain about in the cardboard world lose interest in NBA TS or don't participate at all because their money will be tied up for a long period of time. That's great for everyone.

Could it get better, definitely. Will it get better, nobody knows for sure. Consumer confidence is key.

KYC regulation is a fact in many countries. What KYC policy Dapper instills is a fact. Anything else that anyone posts here about "the money" is an opinion and is rightfully yours. Just refrain from stating it as fact.

Finally, if you're getting out, cool. Do your thing. It's not designed for everyone. I'm sure you'll continue to let other members know how it goes.

If you're staying in, cool too. Best of luck to you. It's innovative, different and a lot easier than selling cardboard. I do recommend starting the KYC process if you haven't already.

Either way, best of luck to you and your future endeavors.

[UGLI baby]

Some mind numbingly terrible takes on this page.

Would expect it from old man Geech, but thought ninja was a little quicker on the uptake.

This will be a really fun thread to look back on in the coming years.

[BaseGravenberch]

Originally Posted by clipperboy24

Did the withdrawal already hit your bank account or crypto wallet?

If that is so, Interesting that the only person on BO who says he/she is able to withdraw started their account in December around when this Topshot got crazy hot



This seems to be the norm, which IMO is a red flag. Unless they have spent the money and don’t have any to allow withdrawals with, it Houle be very easily accessible and would have little to do with IDverification laws. That can be satisfied quickly.

A part of me wonders if the bots buying with Dapper dollars are acquiring those dapper dollars for free form dapper and they are trying to create an artificial market by getting unsuspecting purchasers to inject real dollars.

Topshot got hot in january sir. At this point I'm just assuming a lot of you guys are trolling. KYC/AML is extremely strict with anything crypto especially if you want to operate in the US.

I'm still pretty interested to hear a valid take on why the NBA/NBPA and certain players would be promoting TopShot if it was a scam. Or at least something more substantial.
All I read here are baseless claims, mostly because people don't like the idea. Which is fine, if it's not for you it's not for you.

There's plenty of valid reasons of why TopShot could fail down the road. Also plenty of valid reasons why TopShot could succeed.

[rifleman69]

Originally Posted by BaseGravenberch

Topshot got hot in january sir. At this point I'm just assuming a lot of you guys are trolling. KYC/AML is extremely strict with anything crypto especially if you want to operate in the US.

I'm still pretty interested to hear a valid take on why the NBA/NBPA and certain players would be promoting TopShot if it was a scam.

Have you seen some of the things NBA players will shill/shuck for ten's of thousands of dollars? KYC is nowhere near as strict as TopShots is claiming it is.