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My Occam's Razor: NFTs are tax avoidance and/or bribe money vehicles that happen to be attracting useful idiots. They are perfect because: 1) an unlimited num
by jb775 5y ago
My Occam's Razor: NFTs are tax avoidance and/or bribe money vehicles that happen to be attracting useful idiots.
They are perfect because:
1) an unlimited number of them can be created quickly and easily
2) "artwork" value is subjective and therefore the value and short term appreciation/depreciation can't be easily questioned
- akomtu 5y agoNFTs compete with sketchy charities in this case. Donating to a politician's charity works just as well, except that the charity's funds are difficult to spend later. NFTs solve this problem.
- Balgair 5y agoForgive my ignorance, but NFTs use the same algos as bitcoin, correct? And are the blockchains public, so that you may know who owns the NFT for the physical item? If that is all true, then trying to launder money via an NFT means that law enforcement can access the blockchain and see the whole chain of custody too, right? I feel that I am missing something key though.
- Veen 5y agoBlockchains are public, and everyone can see transactions, but they are tied to an address and not to a person. The person who controls the address can make transactions without revealing who they are. That’s how we know Satoshi owns billions of dollars worth of bitcoins but we don’t know who Satoshi is. However, if the address is revealed to belong to a person in the real word, they are no longer anonymous and you can see all of their transactions.