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It's because there's no price, so you can use it to justify money that came from elsewhere. Like if I made a million dollars selling drugs, I can put up an NFT,
by jonfromsf 5y ago
It's because there's no price, so you can use it to justify money that came from elsewhere. Like if I made a million dollars selling drugs, I can put up an NFT, create a straw buyer (really me) who buys it from me for a million dollars, and now my black money has turned into white money.
- lfmunoz4 5y agoDoesn't make sense to me. Say I have 1 million dollars of BTC that was stolen, what NFT would I buy so that I can later claim my 1 million is legal? In theory, you would say just create an NFT but in practice that wouldn't work or remotely be easy. I would have to create an NFT that is worth say 100 dollars and pretend it went to 1 million. There has to be a justification with previous sells of similar NFTs etc. This is a case where theory and practice doesn't match.
- polynomial 5y agoWhere does straw buyer convert the ill-gotten cash to nice clean electronic currency? That's what AML/KYC is intended to prevent.