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> If you want to take it to the next level, you could re-list the Nyan Cat NFT and then re-buy it from yourself using a second wallet that isn't obviously linke
by rmorey 6y ago
> If you want to take it to the next level, you could re-list the Nyan Cat NFT and then re-buy it from yourself using a second wallet that isn't obviously linked to the first.
pretty sure this would be securities fraud
- xur17 6y agoIs the Nyan Cat a security?
- rmorey 6y agoIANAL so I'm probably misusing the term. But it definitely feels like buying and selling the asset secretly to inflate it's market value is some sort of fraud
- eljee 6y agoIt's called wash trading and for securities, it is illegal. I dont think the Nyan Cat NFT is a security. Its more like a commodity. And yes, wash trading and money laundering via art is an age-old practice.
- xur17 6y agoMy point was that the Nyan Cat NFT likely isn't a security, and hence wash trading might not be illegal.
- PragmaticPulp 6y agoDefinitely. Blockchain is incredibly attractive for this type of fraud because wallet addresses aren't bank accounts. Anyone can create new wallets or even use tricks to hide the source of funds (send to exchange, withdraw from exchange to different wallet). Cryptocurrencies are a dream come true for perpetrators of fraud like this. Buyer beware.