Ape investor has NFT's seized, loses $4.2 million. Blockchain and Crypto fails

[@JennFaeAge]

"A well-known Bored Ape Yacht Club member" Well, we officially have a new "Least impressive boast to make at a dinner party"

[@stage6fan475]

I feel privileged to have lived long enough to see a collateralized ape loan. Living that long equipped me with the wisdom to not even briefly consider investing in apes.

[@peestain37]

i may have saw someone at my school with a bored ape on the back of their hoodie, your smarter than a lot of ppl apparently

[@onomatopoeia7505]

And it's not even investing in apes, it's investing in links to those apes.

[@sebastianwendl603]

​@@onomatopoeia7505 Links to images of apes, to be precise ;)

[@dieSpinnt]

You should rethink: Humans are apes. At least invest a little bit of hugging into your wife/partner. Hehehe

[@basedeltazero714]

Consider a loan collateralized by literal chimpanzees: more or less funny?

[@Lundarian1]

Who knew that making money out of thin air wasn't going to work or be in any way sustainable? colour me shocked.

[@pikapowns]

What's not sustainable about asking everyone to put money in the box and then asking them to never take their money back out while simultaneously promising riches to everyone who takes their money back out?

[@TheAdarkerglow]

I had to sit down. It's unbelievable. Thank goodness this is an isolated event which doesn't happen commonly. I mean, can you imagine throwing large sums of money into an unstable economy riddled with scams and rug pulls? Whoever would do that is crazy, stupid, or sleazy.

[@tja4379]

technically banks also just pull money out of thin air and it appears to be somewhat working

[@callumprice1710]

​@@tja4379 not exactly. Its a bit more complicated

[@tja4379]

@@callumprice1710 i know, but in essence they do. just not completely without restrictions

[@cormoran2303]

"Please learn any lessons possible from this." Notice how he still doesn't even know what lesson to learn from this.

[@KiuhKobold]

It still baffles me how this entire thing about selling what are effectively code bars has managed to make a product that everyone involved wants to sell, but no one wants to buy.

[@darrelli4621]

I'm really enjoying these fails. Thanks!

[@Gurmudgin]

The Crypto advent calendar continues! At this rate we might get a full playlist of this stuff.

[@ArDeeMee]

Well, you DID warn we were „eating good this week“, and look where that got us. =D

[@CommissarMitch]

I will never be sad about Cryptobros taking L's because with that kind of money I would legit be set for life. 1 million USD is an insane amount of money. In my current living standard it would keep me going for about 50 YEARS. If I were to double my monthly expenses it would still land me at a comfortable 25-ish years of economic security.

[@CommissarMitch]

Added reference. I am 27 years on when writing this, so 1 million USD (not accounting for inflation) will set me up until retirement if I do not change my costs as I have them right now.

[@hellfire0332]

@@CommissarMitch Not just that, but if you invested the 1 million and just got a 5% annual return, that would be $50,000 a year.. enough to live comfortably in most places.. or enough to supplement another income to live very well. And you wouldn't even need to dip into the 1 million.

[@4.1132]

@@hellfire0332 That depends whether it’s invested in accumulating or distributing fonds for example and the type of exit strategy and time frame (due to compound interest, the more and the longer it stays in a secure investment, the more it ultimately makes). You’re also probably not going to invest absolutely everything because of liquidity and other expenses unless there’s supplemental income. You’re also talking about aggregate returns, which depend on the assets within that portfolio and their performance. So… there would be some things to contemplate even before getting into things like inflation, market volatility etc.

[@nakano15]

Eh... Just because one would have 1 million USD doesn't exactly mean you're set for life. You may never end up passing through necessities, but certainly, eventually will need to get more money eventually. Also, if one would get 1 million USD, I believe one thing they'd be trying to do is spending a good chunk of it on random things. Also, from what I see, investors always seek to make more and more money. I don't understand exactly why, but simply having lots of money doesn't seems enough. Maybe it's a numbers go up thing.

[@4.1132]

@@nakano15 Inflation hedge, just saving money doesn’t protect it against inflation, for various reasons to do with how banking and interest works. Most people generally also want a “better” or more expensive lifestyle. Then there’s some other macroeconomic and microeconomic reasons. Financial/economic systems are complex, something most cryptobros don’t appear to understand.

[@fluidwolf]

The fact that receipts for bad AI generated pictures of stupid looking monkeys are legitimately something that can be used as collateral in this space is just kind of silly in general.

[@Calamity556]

Wow, an NFT user getting rug-pulled? SOUND THE PRESS! Great video as always Callum.

[@MouseSPAL]

I wonder if this is analogous to putting something up at a pawn shop to invest in a scheme, and then having to quickly sell other important items to recover the pawned item before the pawn shop sells it?

[@AlexPBenton]

Hmm... sounds familiar

[@MK_ULTRA420]

@@AlexPBenton GME

[@takeyourheart1]

“I’ll just focus on my private life for the time being with my remaining apes” is the funniest cringiest most cryptobro statement I’ve ever heard. 😂😂😂

[@Cp-71]

Cryptobros losing money? Things like this -don't- happen everyday!

[@Fullmetalnyuu0]

No you're right; it doesn't happen every day, it happens every hour

[@TerminusTartaros]

"I took my ape as collateral, they eitherget their money or an ape" that is the funniest sentence of 2023. Would you like your money or a jpeg?

[@MK_ULTRA420]

"Your rarest Pepe, please."

[@LavastormSW]

"They're going for his throat right now." Would you say they're going... ape?

[@StarkeRealm]

Cryptmas came early this year. :D I get that it was an accidental portmanteau, but it's a good one. Especially when you consider it's a collection of failures and losses.

[@draconis17]

This guy had 45+ monkey jpegs and the one he chose to make his pfp was the one that looks like a McDonalds employee

[@Yaneura88]

burn crypto burn, and let it burn until none remains @.@

[@GrimDim]

Wait until this guy realizes the entire bank system needs to be burned :)

[@ctnc6059]

I read "burn crypto burn" and immediately thought "crypto inferno" :P (Does anyone else know Disco Inferno or am I old?)

[@callumprice1710]

​@@GrimDim except the bank system actually does something good, unlike crypto.

[@Astrothunder_]

@@callumprice1710 Oh yeah banks do a lot of good... that's why everytime restrictions on them are loosened they manage to fuck shit up. Ask Bush how much good trusting banks did him... actually dont cuz he just passed the ramifications on to Obama but you get the idea.

[@glennjanot8128]

What lender takes pieces of code on a blockchain represented by ape pictures as collateral?

[@Nurr0]

Extremely suspicious that he openly says he was rugpulled, but is protecting the privacy of those involved... Wouldn't you want to expose them?

[@SergeiMosin]

I kinda just want to see an entire episode dedicated to people right click/saving every single ape and driving the cryptoclowns into a frenzy over the uh... "theft". I feel like, despite having never spent a penny on crapto/NFT garbage, I've gotten more entertainment out of watching them fail than out of the entire AAA video game space from the past decade.

[@williamdrum9899]

This needs to be a speedrun category lmfao

[@fonesrphunny7242]

Wait, the advent calendar is REALLY happening? HELL YEAH! X-mas will probably never be that close to my birthday again! :)

[@atraxian5881]

... on the third day of Cryptmas Callum gave to me... A story on failed NFT.

[@capt.cheesecake6875]

Hey Callum, loving the CryptMas, and that name too! Do you know what happened to Earth2? Is that crap still going on with their propietary technology and tecnical-mumbo-jumbo? Cause Shane Isaac went real quite for some reason, and you've been one of the biggest reasons he's had to eat his own words

[@modelmajorpita]

These stories are always funny but it's kind of worrying that NFTs are enough of a thing for people to be losing millions of dollars on them still. All this crypto shit refuses to die.

[@NoraNoita]

The tax evasion/money laundry is a valid concern. Law real law should look into this too.

[@sebytro]

2:14 I first heard this as "catcalling the kettle black" and giggled while trying to say it very fast, as a tongue twister.

[@mqb3gofjzkko7nzx38]

Well good luck to the DeFi platform trying to liquidate the NFT collection for the full value of the loan.

[@AxeGaijin]

I'm pretty sure this series could go on indefinitely.

[@TheGoodColonel]

Tax season makes people do some crazy stuff

[@dylanherron3963]

There's still time to see what "Come Fast To Get Into My Body" thinks about this!

[@boozypixels]

It's OK, hopefully he printed off those lost apes first so he can still get nekkid and roll around with them in the sack

[@UranusKiller]

Love the Advent Calander concept. Let's keep this beautiful train wreck moving!

[@davideresenterra9648]

The only ape I trust is Ragavan, Nimble Pilferer which sounds fitting for the situation

[@williamdrum9899]

At least he always come back and only costs 1 to 2 mana

[@Fudmottin]

Gambling gives a dopamine hit. So it is an actual addiction for many people. As for other speculations, I have no idea.

[@Kraus-]

Seems like he was gambling with loaned money backed by the rapidly depreciating NFTs as collateral.

[@flight_risk]

most sane nft holder:

[@georgercop]

So if he doesnt own that Ape, why has he still got it as his twitter profile picture? Does he not know that theft is no joke? xD

[@Dradeeus]

"Someone should really look into these carnival games, they seem a little sketchy."

[@unkown34x33]

I wonder what other stupidity is next... I can't believe a lot of people fall for it. My mind was shaking asking questions from the start since.. 2020?

[@amroth_painting8319]

Love all your content but I’ve really been enjoying this advent calendar of stupidity, now to watch the next one 😂

[@KennyFrierson]

As so as I read the name Franklin the theme song for the show started playing in my mind. I hope this Franklin isn't coming to play.

[@uncirtyne]

It's amusing that according to the nft bro logic, since he sold the ape that points to the image that is the profile picture, he has to change his profile picture.

[@Frostgnaw]

Jesus man... you could live the rest of your life comfortably, not having a worry in the world, with a million bucks. Imagine just throwing 4x that away because of greed.

[@reidleblanc3140]

you overestimate $1mil ...

[@BrettThompson-zp5bs]

haha, definitely not with just a million. maybe in some country like thailand it is a possibility. but in most circumstances, its not.

[@jamesshannon737]

The whole NFT thing was a massive cringe fest. I have no conscience when it comes to anyone involved.

[@yalkn2073]

"All my apes gone. This just sold please help me"

[@jasontkruse]

I love "Cryptimas". Definitely use that term again.

[@Blackreaper777]

Is it really never enough for the rich people? If I had cool 4 mil to just throw around willy nilly, I would be set for life. Heck, multiple lives.

[@No-vq1iv]

Ho ho ho, merry Cryptomas, someone been spending too much time on Crypto Island I see.

[@williamdrum9899]

Sixteen men on a dead man's cold wallet

[@zisaletter4602]

"private time with my apes" dear god

[@ThamriyellVR]

Crypto Advent Calendar. The CAC.

[@mhc706]

“Is it tax evasion” Always yes. Is crypto involved? Then yes, it’s tax evasion

[@tethergobrrr]

Yeah every project is a tax evasion RICO case

[@thomaskrogh1244]

The reason they don't stop is late state capitalism perpetual growth remember the episode of Ed edd Eddy always up.

[@securedcertification477]

It's a standard tax scam Callum

[@lefterismplanas4977]

Let us keep this adventure cale going

[@4.1132]

I’m confused how does one gamble on a collateralized loan? Unless he sold the collateral which unless he had consent from the lender is illegal as the collateral is pledged to the lender. If he defaulted on that loan, the collateral gets taken by the lender to recoup those losses, which is the same for traditional finance. I get the guy was an idiot with how he used the loan but don’t get issue about the loan itself. People destroying value with bad investments and as result defaulting on loans isn’t new. Can someone please explain? Or is this about leveraging? So confused

[@RisingRevengeance]

The future of the web keeps looking bright ey

[@Gn8Lif3]

When you cant ignore the scam anymore because it hit you in your face this time 😂 Soon or later ...

[@digitalunity]

I guess you could say... All his apes gone

[@YT-KidsShorts]

When you win, you gamble like a crackhead, that is the curse of winning.

[@LilacMonarch]

As they say, when you gamble for the first time "if you're lucky, you LOSE."

[@BloodWolf2005]

Planet of the Apes. This is how humanity falls.

[@TheInternetHelpdeskPlays]

Should have right click, saved the picture. Probably wont be around much longer.

[@fahlmancomputing8628]

So, he borrowed money to buy some crypto that got rugpulled by a degenerate gambler who gambled away all the investors' funds, but the monkey jpegs had been used as collateral for the money he had borrowed to buy the rugpulled crypto, and then had to sell the money jpegs to pay back the loan.

[@jdevlin1910]

Is it not fundamentally just gambling addiction for the new generation? It's the same thing as the old man stuck at the slot machine pulling the lever, just as sad really.

[@covereye5731]

Do you think you could contact him for an interview?

[@GronTheMighty]

I have a colleague who's in somewhat deep for what he earns on the regular job.. Nothing I say can really help him, as he's tied down by the sunk cost fallacy and immense feelings of FOMO constantly streaming to him on twitter, discord, everywhere he's just being pelted by "this new coin" and "that new NFT", and every time he sinks money in the rug gets pulled; he's a classical ponzi victim, and not strong enough to escape. I wish I could talk sense into him.. or that he found a GF who could.. As it's going, I fear he'll have to retire into a beggar's life eventually, all because of chasing the vain dream of "early retirement by investing in crypto" :(

[@Max.Volume]

I like the name Cryptmass. What about Cryptmiss, though?

[@DeathMetalDerf]

Every day is a new gift from the crypto bros! 🥰

[@TerryOCarroll]

It's a cryptmas miracle!

[@Vyruz64]

This advent calendar is going to go all the way to Christmas and the final door is gonna contain the entire downfall of crypto.

[@mutosanrc1933]

did you check out Yannic Kilcher. He has an AI which can creat bored apes :D :D

[@lynxfirenze4994]

An amusing conspiracy theory, his "collateralised loans" were overvalued and he "lost" the money as a sort of forced sale because converting his monkey jpegs into ETH wasn't working.

[@CatsMeowPaw]

I offer Excited Lemur loans. Willing to take Ennui Mice, Allergic Kittens, and Morose Antilopes as collateral 😂😂😂

[@williamdrum9899]

How about Apathetic Alligators Anonymous?

[@do3807]

Call him the 'mat, the way he's just laundering

[@reidleblanc3140]

Seriously, never seen someone who struck it rich on crypto who didn't either keep gambling until they lost it all or spend it all on bullshit. Every so often while watching twitch someone will donate like 500 subs and when asked they say it's from crypto. I don't doubt it because if they made that money legit they would know better than to waste it all on some twitch streamer who is only even going to get half that money after twitch takes its cut

[@celticlightning9703]

And I'm going on day 3 trying just to pay my cellphone bill but I guess Metro by TMOBILE doesn't want my business. So this guys loss breaks my heart

[@kesamek8537]

No means no, or it's ape.

[@totalrecone]

Cock-Rocket. My new favourite phrase :)

[@LegalPhantom]

Lol, said the scorpion. Lmao.

[@gazeboist4535]

'Tis the season for tax evasion...

[@kosmosfan01]

Oh no. Anyway 🙄

[@CainXVII]

If his profile pic monkey hasn't been sold in quite a while, maybe he has it in another wallet?

[@FreshKitty]

I mean, these stories I like. But my btc is not getting lumped in with this crypto bro stuff

[@robm6803]

Keep em coming. Luv to see crypto burn. :)

[@fedos]

This is good for crypto.

[@CrazyIvanTR]

I think for a change you should do a "react" content (or if you've already watched it an analysis maybe?), I'd be really interested in your opinions on the "BORED APE NAZI CLUB" video of Philion :D

[@danielbrown001]

I've watched it, and it's a pretty schizophrenic video by Philion. Lots of huge leaps of logic and grasping at a story he wants to be true for the "big scoop". Quotes taken out of context. Timeline out of order. So many flaws in it. You can tell Philion was so proud of that video by the end, not realizing he had deluded himself into believing something absurd. Bored Ape NFT bros are just out to make a buck. It's not a huge conspiracy.

[@aciDCXIV]

“Ape-pril”

[@LilacMonarch]

aLl mY aPeS aRe gOnE

[@manelcolomer9044]

4min into the video and I still don't feel any sympathy for him.

[@0Ciju0]

Fuck me, I could make so much happen with $200,000...

[@LilacMonarch]

nah i'd rather not, like at least take me to dinner first

[@varethedemon]

I like Cryptmas. :)

[@DEFENDER-lx2hs]

The Crapto life of a Crypto Bro.Fascinating,not :)

[@ingsjazz]

it literally BENDDAO OVER, ba dumbtsssssssssss

[@cynicalcitizen8315]

Yay

[@irishbob26]

Cryotopocolyose

[@akhilp3559]

I know him, dude is actually one of the nicest ppl out there. These comments are harsh ngl

[@thefoilcollector9392]

Good. By investing into crypto and NFT it's deserved.

[@Astrothunder_]

Nice or not, ya do stupid shit people are gonna call out said stupid shit. Rollbit gambling and NFT "investing" definitely fall under the stupid shit category. The only person more in this situation is whoever was issuing out loans and accepting apes as collateral LMAO.

[@JohnSmith-xq1pz]

🤣🤣🤣

[@LikaLaruku]

Are you losing weight? You're looking a bit under the weather.

[@Sebastianmaz615]

👍🏻😂😊

[@SpringyTwist]

Is this guy's character art supposed to look super gay? Cause it's super gay. Hope this guy is super gay cause his icon sure is.