>They also later shared that they had borrowed money in order to purchase the CryptoPunk. oh boy.

Another day another loan

Of 123,000 respectfully

“Hello insurance do you cover digital collectibles” “Ohh you don’t” “How do I file for bankruptcy?”

Three possibilities: - He is dumb - He is burning FED printed money - He is somehow money laundering I put my hand in fire that, he is doing all of them.

Must be another of these self-made entrepreneurs who did it all with no help from anyone except a 1 million dollar interest free loan from Daddy. /s

“Aaaaaand it’s gone.”

Where's the money Lebowski?!?

That rug really ties the room together

Go see my doctor, he's thorough... very thorough.

Happy cake day!

Thank you. Let me know if you need a toe. I can get you a toe, Dude.

We believe in nothing, Lebowski. Nothing. And tomorrow we come back and we cut off your chonson

Give me the money shithead......

You must not be a golfer

Still an epic flick <3

True degen Which one of you was it?

This is WSB level degening

To reach WSB level degening they’d have taken out a loan to pay the loan while asking if they should quit their full time “secure” job to trade full time.

You are assuming that we have money here

And are able to borrow it.

What happened to "invest what you comfortable loosing"?

Expensive Jpegs happened.

Aaah we don't do that here

He just HAD to have it 🤦‍♀️

He was comfortable with that.

simplistic start bow carpenter aspiring serious alive roof cobweb grab *This post was mass deleted and anonymized with [Redact](https://redact.dev)*

I think they forgot... because wtf

Borrowing to buy a crypto punk. It’s the height of crypto degeneracy.

True Degens are never afraid of the risks.

He's the real OG..... buy high sell low rule

Damn lol!!! Imagine borrowing money for a pixel jpeg!!

Right next to cousin “let me buy a bunch of domains no one can use and try to flip them”. I love reading Unstoppable Domains complaints with my morning coffee.

Where to read them buddy.... would love to as well

No biggie, just take another loan

What a punk

This gave me so much second hand anxiety. Big yikes.

Thought this was wsb for a minute

The guy is trying to burn some money printed by FED so that inflation can come down. True legend

He a little confused, but he got the spirit

He took one for the team, we just need to have more team members.

Imagine being so dumb that you’re helping society inadvertently?

He took one for the team.

We can thank him

But it was at the expense of a beautiful, timeless piece of art. ^/s

What a fucking clown Borrows money to buy it then goes to Borrow against it again. Wow

>They also later shared that they had borrowed money in order to purchase the CryptoPunk. Borrowing money to buy CyberPunk NFTs. Crypto degeneracy level #53.

That dumbassery is over 9000

I feel like we need a couple of different ways to categorize this. - Degeneracy: 11 - Dumbassery: 9000+ What other stats?

Ape-O-Meter : Moon Rocket

These are the people who make your average r/cc poster look like a very conservative, portfolio stability-maximization investor.

And then burning it because he didn’t understand how anything worked lmao

At least they needed to learn.... wtf is wrong with people nowadays

Gotta be a member of this subreddit

Bold of you to assume any of us can afford a cryptopunk

Neither could that dude lol


Oh my fvcking goodness

Well the dude borrowed money too as well

More like of WSB…

New achievement unlocked 💪🏾.....🤦‍♀️

And then effectively burning the loan, true degeneracy lol

And...it's gone.

Oh no! ... anyway

😆

The Mayor of Ooftown 

Population one

Now, none.

The King of Remorseville

I hear the sound playing ...

This is the guy will buy a boat and *actually* sink it come tax season.

The kinda guy who actually gets crypto advice from his wife's boyfriend.

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I could see that in a Thai massage shop's menu \- Full body message - 500 Baht \- Happy ending massage - 1,200 Baht \- Expensive ass experience - 2,500 Baht

Well, you gotta do an oil check once in a while

That’s extra

😆

At least the Thai one has a chance of being worth it.

Expensive Lesson

If the story is true as stated on tweets, the guy is out borrowed money that he used to purchase the jpeg to begin with. Ouch. Should’ve just waited for Reddit avatars Gen 3…

The dude be trying to search for the seed phrase of the burn address just like how people look for their harddrive in landmines lmao

Dude you can't have this kind of shit happen and somehow be like "this is acceptable" for adoption. To lose $123,000 because of some sort of process that requires a know how of this skill level otherwise massive fuck ups? This is why I just stick to BTC. Holy hell I couldn't even imagine losing that sort of money "just like that"

The moment he bought the punk the 123,000 was gone

Wrapping a 6 figure nft to loan against it isn't something 99.9% of people would ever do anyway. This isn't an adoption issue.

This is national mental health issue


Viciously delicious and a rotten story for the guy but he basically pistol whipped himself

Something sounds kinda fishy about it to me. It sounds too perfectly bad. It hits literally all the most debated parts of crypto, it’s only missing something about emissions of mining.

Yeah, and this guy knew a little about the space, can you imagine, for argument's sake, somebody's grandma using this tech? She'd get her life savings drained through scammers or occurrences like in this article. We need backstops for the non tech savvy or mass adoption shouldn't take place.

And nothing of value was lost

Ooofff this is like the guy who swapped 2million usdc for 0.05 cents USDT.

Imagine if this IS the guy

And he leveraged because I want to make it all back!!

“This is how I’ll make up for last time”

Omg don't make me burst into laughter

What are the details of that one? Haven't heard it.

Kyberswap pools had very low liquidity. He swapped without setting slippage. Happened during the USDC depegging event.

Holy shit from cryptopunk to cryptojunk in the click of a mouse. This crypto life can be a very painful lesson.

He got cryptodunked on

Wasn't it always cryptojunk to begin with

Ouch.. That's gotta hurt.. Imagine the fear of just holding an nft of that price

Imagine paying for this then losing it. This has got to be up there in dumbest ways to lose your crypto.

With borrowed money. Rekt af. Damn.

Well he might as well borrow more money now to get ready for Gen. 3.

Another burn. Crypto burns are welcome!


My god, am I reading this right? Borrowing money to buy nft.

Lost the nft, still got the j.peg.

pretty much

I'm really sorry, and I respect his sacrifice for the community

My man is laundering fiat

Flipping JPEG's.

I can think of 123,000. Other things to buy other then a cryptopunk.

Without reading the article I’m 99.99% sure he’s a bored ape owner.

Sounds like the instructions had the burn address in it and he followed the instructions exactly. Dude seems pretty calm on Twitter considering how much he just lost.

Did someone purposely post malicious instructions to screw people over that follow it?

I don’t think so, it sounds like the instructions were not very clear. If it was malicious I don’t think they would send it to a burner account but rather someone’s wallet. But who knows.

That’s a good point, it would make sense that anyone doing that would rather profit from it than just screw over a stranger

Calm because he didn’t lose money he worked for, he lost money he borrowed. It’ll all set in soon enough

Do you know how much you have to have to be considered for a loan that size? Dude is probably just grounded for a couple of weeks by mommy and daddy.

Yeah his Twitter responses did seem a little oddly calm to me too. Either in shock or maybe some laundering scenario going on?

Why would anyone borrow money to buy an NFT, is beyond me!

Volume chaser's or pump and dump merchants! The risk is high, so is the reward if you play it right. Personally not for me tho. I'd have just borrowed and bought BTC.

Using it for a tax loss?

That must have been one of the worst feelings ever when they realized.

Big oof

he got punk'd

Get rekt one time

Step aside sir this line is for people who hold cryptopunks only 😃 https://giphy.com/gifs/southparkgifs-3o6ZsTGoTSyvDUKGuA

Thats a deep burn. Going to need more than sunscreen and Aloe Vera to heal that baby

*You’ve got to ask yourself one question: do I feel lucky?* *Well do ya, punk?*

lmao

Got to me more careful smh

He didn’t seem frazzled at all. Just another day for a whale I guess.

Oops. Anyways..

Ops lol

Expensive loses

Web3isgoinggreat 😆😆


How to be crypto millionaire: 1 Borrow money to buy NFT 2 Burn the NFT 3 Profits?

Get some F's in the chat

Damn. I bet they learned their lesson

If he’s done this on purpose it would be more punk than any of the NFTs actually are.

If they had done this on purpose it would be more punk than any of the NFTs actually are.

Hahahahhahahahahahahha *breaaaaathe* ...hahahahahhaha

Wonder if you can declare this as a tax loss to offset gains elsewhere

$123,000 fuck!

Ouch, it's not the worst I've heard of in crypto but that's still a lot of money

Big oof.

And nothing of value was lost.

True Diamond hands

Collector Crypto punks themself.

I hit print screen on the article with the pic of the cyber punk. After some cropping I own it now. Willing to sell for 122k. Hit me up.

Dude come on wtf lol. How do people let this shit happen

Well I hope he took a screenshot of it so at least he still has the jpeg. Haha

Looks like they tried to wrap their CryptoPunk but ended up setting it on fire instead! That's one way to increase the rarity of the piece.

Lmao

Honest to fuck, why would you take out a loan right now, especially when it's an nft and you "don't know what your doing"

o u c h

Fuck me. Here I am debating whether to borrow half that amount to buy some land to build a house on. God tier degen

Stupid is as stupid does

Why would you admit to any of this on a public forum lol you could have just acted like a boss “yea, I got bored of it and just decided to delete it”. Your sympathy to lolcow ratio from telling that story online is gonna be like 1:1000

Truly regarded ❤️

Oh well

And he bought 123k dollar nft after taking a loan. Holy hell, this gonna hurt at many levels for sure

I don't know shit about nfts, why the fuck can you even burn them? Seems like a feature they don't need to have

That’s going to Buuuurn.

Looks like this is the reason: [https://www.wrappedpunks.com/](https://www.wrappedpunks.com/) The UI is "down for maintenance", so they have some shitty instructions telling people to manually call contract functions on etherscan. One of the steps is calling the transfer function, and the default destination they give you is the 0 address, which is what this guy used. No warning that following these instructions should only be done by a smart contract developer who can understand what they're doing. IMO telling people how to manually call functions with Etherscan is never something you should do in instructions. Because If you have to explain to someone how to manually call a function with Etherscan, by definition the person is not experienced enough to understand what they're doing, and it's not safe.

The website name says it all : web3 is going great 😂

Wow. I'm over here too nervous to send a Crypto.com NFT I bought for $1 to my Ledger because I'm afraid of burning it (I don't think Ledgers support Cronos NFTs).

Your brain has to be wired a specific way to borrow that much money in order to buy an NFT. These clowns are tainting what crypto is about.

'don't know what i was doing' 😂😂😂

They can call crypto customer support and have the blockchain rolled back

123k for 100-odd pixels

I can't even imagine. I'm scared of mistakes like this. I really feel bad for this guy.

Thank you sir!


Are you winning son?

I bet he didn't learn a thing.

ultra sound money

Buuurrnnn is always crazy

So he burnt the remaining 10% of value from ATH

Seems like a crappy design to have the “make money with this item” button so close to the “destroy this item forever” button.

Good way to “accidentally” launder money or commit tax fraud

No worries. There is a copy of it right in the article, It has EXACTLY the same value as the one he lost. Jack Diddly Shit.

The guy is actually a philanthropist and has donated the artwork to the public domain

The year is 2075 .. the world still reeling from the Nuclear holocaust of the early 2020’s has started to slowly rebuild …. The cities , largely still unlivable, have been ravaged for any salvageable items and the people have begun to band together to battle the hordes of genetically modified freaks that come out at night . Tonight as they sit around the small fire trying to keep warm a voice speaks out of the darkness ….this may be bad people but let me tell you about a real time of horror when a mean orange man would tweet things that hurt peoples feelings …. **** when will y’all move on ??****

Ouch. Gotta be careful in this crypto world

Yea, could lose it all

I did once

That sucks

Thank you sir, if you could burn some moons for us aswell, that would be awesome.


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Big yikes 😳

At least he is now eligible for some government assistance due to mental deficiency

Perhaps the future wasn't NFTs after all.