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Was just looking at NFTs last week, and what I do know about the art market is it provides a high volatility, potentially high value, portable asset with an opa
by motohagiography 6y ago
Was just looking at NFTs last week, and what I do know about the art market is it provides a high volatility, potentially high value, portable asset with an opaque market that is great for moving money around, and worst case acts as a volatility hedge.
Are NFT's effectively cryptocurrency mixers? If I've got $100k in bitcoin it doesn't matter where I move it from an audit perspective because it's going to be on the blockchain, whereas if I buy an NFT, I have an asset of that notional value assigned to an arbitrary anonymous wallet of my choice after paying the art owner.
- IHLayman 6y agoSeems like they took a page from non-digital money laundering... art auctions have always been a vessel for hiding cash, and only recently have been targeted by AML laws that seem to be ill-fitting for the industry, seemingly by design: https://www.natlawreview.com/article/art-and-money-laundering https://www.natlawreview.com/article/art-and-money-launderin...