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In a number of high-value cases, no one spent any money at all, just transaction fees; they traded to themselves to give the appearance of a higher price.
by jxf 5y ago
In a number of high-value cases, no one spent any money at all, just transaction fees; they traded to themselves to give the appearance of a higher price.
- LadyCailin 5y agoWait, are you talking about NFTs still or auction of physical goods?
- giarc 5y agoI assume your comment is tongue in cheek since this practice happens in both industries. Perhaps you can help me though, I've been trying to remember the term used for this for weeks. I seem to recall it being called something like "washing the pipe" or something like that....?
- mpmpmpmp 5y agoIt’s typically referred to as a wash trade or a wash sale.
- vincentmarle 5y agoProbably referring to this: https://news.artnet.com/art-world/crypto-punk-500-million-sale-2028470 https://news.artnet.com/art-world/crypto-punk-500-million-sa...
- 908087 5y agoIn an even larger number of high-value cases, they traded to themselves to transfer ill-gotten crypto from "anonymous bidder" wallets to their "real" wallets.