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22nd January 2022 > > Flyfish Club and NFTs.

tl;dr

Sounds like a scam to me.


Market Snap (at time of writing)









Market Wrap

BTC getting killed.


Curious Cryptos’ Definition of the Day – Scams are us

One of our core supporters who is very attentive to the CCC - remarkably enough she has own CCC, purely by coincidence (*) - has brought this new scam to my attention:



It is yet another rehash of the greed feeding scumbags that exist in the crypto world.

It is all bollox.


I quite like engaging with these people, just to take up their time so they cannot scam anyone else.


When they realise (they are dumbasses so it can take a while) that I have turned the tables and I am scamming them - solely in terms of taking up their time I hasten to add - they respond with some words that begin with F and C.


Usually predicated with “You”.


I think you know how the rest of the conversation goes.


Curious Cryptos’ Commentary – A little bit of froth in your postprandial coffee Sir?

The CCC loves real-life applications of cryptos, though I am left a little flummoxed by this story.


If you have been fortunate enough to have spent time living and working in New York City, you will know what a wonderful place it is. If you like great food, there is an endless choice of amazing restaurants.


There are not many places outside Japan where you get the opportunity to eat Fugu (aka Blowfish) sashimi, but NYC is one of them. If you think that is a little extravagant, you are right. But rest assured I did not pay - I was the client.


I read that a new restaurant called Flyfish Club is opening in 2023. As of now, it has no premises, no chef, no menu, or any identity at all, except for the claim that it is the “world’s first NFT restaurant”.


Which is a bit odd to say the least.


This restaurant will only ever serve diners who have bought membership NFTs – everyone else is excluded.


1,151 membership NFTs were released on January 7th 2022 at a price of $8,000, payable only in ETH. These sold out in less than a minute.


A further 350 VIP NFTs – with the benefit of access to an omakase room, undoubtedly the best way to eat Japanese – were sold at $14,000.


The entrepreneurs behind this scheme raised over $14mm merely on the back of a promise or two, and the association with NFTs.


But it gets even more ridiculous than that.


The secondary market in these NFTs has been vibrant, with the “restaurant” taking 10% cut of all secondary sales, of which there have been $19mm so far. The floor price for the vanilla membership NFTs has risen from $8k to $21k.


I should point out at this stage, ownership of the membership NFT grants you only the right to eat at this mooted restaurant. You still pay for your meal and drinks.


I wish this venture all the success in the world, but this just looks like crazy, nonsense speculation to me. I suspect it won’t end well.


(*) If you want another CCC in your life – and clearly no-one can get enough of them – let me know. I have contacts.


Reserve Treasury Protocols (before they all go to zero)

Reminder – Olympus and Wonderland are, to the best of my knowledge, live viable projects. XEUS, FORT and JADE turned out to be scams, though they are still live scams. Scams are not uncommon in these Wild West fringes of Decentralised Finance (DeFi).


Photon appears to have won the prize for being the most extraordinary scam. In under 18 hours it went to zero. And as far as I can tell – and I am no blockchain analytics expert – they walked away with less than $30k.


It is very upsetting we have scumbags like that around.


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