5 ms·

If they are paying themselves, why would it matter if they made the money gambling? Also, I don't see the issue with someone buying an asset from themself for

by anm89 6y ago

If they are paying themselves, why would it matter if they made the money gambling? Also, I don't see the issue with someone buying an asset from themself for some inflated price.

drcongo 6y ago
They're not actually buying or selling it though, just making it look like they are.
- anm89 6y ago
  Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like.
  - tablespoon 6y ago
    > Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like. Lets say I run a lunar land registry like this: https://lunarland.com/ https://lunarland.com/. I have a friend of mine buy a worthless deed from me for $10, then "sell" it to himself for $10,000. Now $10,000 is the "market price." I then use that transaction as "evidence" to hype the idea that lunar land deeds are serious things, part a growing market, good investment opportunity, etc. In the ensuing tulip mania, I pocket a pretty penny selling a lot more worthless deeds to lunar land. The victims are the people convinced my misleading hype to invest in them. Now I'm not claiming something like is actually happening here, but the whole thing is fishy and I think it's a serious possibility to be considered.
  - grok22 6y ago
    The next person who decides to buy from this person based on it's previous "perceived" improvement in value....
  - notyourday 6y ago
    > Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like. It is. But if you register it as a sale, you get to pay taxes on "the profit".
curryst 6y ago
The accusation (I don't know if it's true, I know next to nothing about NFTs) is that person A buys and NFT for $10,000. Because NFTs are online, and likely pseudonymous, they proceed to list it for sale, and then bid on it to drive the price up to $50,000. Person A still owns it, but to the rest of the world if looks like person B bought it. They then proceed to relist, pump up the price to $100k, and buy it themselves. To the rest of the world, it looks like the value of this NFT grew by 2 orders of magnitude in a week. In reality, that person is leveraging the pseudonymous nature to just make it appear that way, in hopes that when they list it for $200k, someone else will actually buy it. They cleared $190k for making a couple of garbage auctions.

by anm89 6y ago

If they are paying themselves, why would it matter if they made the money gambling? Also, I don't see the issue with someone buying an asset from themself for some inflated price.

drcongo 6y ago

They're not actually buying or selling it though, just making it look like they are.

anm89 6y ago
Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like.
- tablespoon 6y ago
  > Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like. Lets say I run a lunar land registry like this: https://lunarland.com/ https://lunarland.com/. I have a friend of mine buy a worthless deed from me for $10, then "sell" it to himself for $10,000. Now $10,000 is the "market price." I then use that transaction as "evidence" to hype the idea that lunar land deeds are serious things, part a growing market, good investment opportunity, etc. In the ensuing tulip mania, I pocket a pretty penny selling a lot more worthless deeds to lunar land. The victims are the people convinced my misleading hype to invest in them. Now I'm not claiming something like is actually happening here, but the whole thing is fishy and I think it's a serious possibility to be considered.
- grok22 6y ago
  The next person who decides to buy from this person based on it's previous "perceived" improvement in value....
- notyourday 6y ago
  > Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like. It is. But if you register it as a sale, you get to pay taxes on "the profit".

curryst 6y ago

The accusation (I don't know if it's true, I know next to nothing about NFTs) is that person A buys and NFT for $10,000. Because NFTs are online, and likely pseudonymous, they proceed to list it for sale, and then bid on it to drive the price up to $50,000. Person A still owns it, but to the rest of the world if looks like person B bought it. They then proceed to relist, pump up the price to $100k, and buy it themselves. To the rest of the world, it looks like the value of this NFT grew by 2 orders of magnitude in a week. In reality, that person is leveraging the pseudonymous nature to just make it appear that way, in hopes that when they list it for $200k, someone else will actually buy it. They cleared $190k for making a couple of garbage auctions.