5 ms·
Sounds like a great way to launder money
by o_m 5y ago
Sounds like a great way to launder money
- carl_dr 5y agoSpending €2.6M on something worth €26,000? Sounds like a crappy return to me.
- kstrauser 5y agoNot if it’s a pump and dump. The DAO collected a couple million dollars of other people’s money and used it to win an expensive auction, thus “proving” that the idea is worth lots of money. Now their second DAO can collect even more because it’s been legitimized.
- ed_elliott_asc 5y agoUnless you already owned it and are now selling it via auction.
- fmajid 5y agoIf the person who owned the book is the same as the bidder, or in cahoots, they can buy cryptocurrency with dirty money, buy the book at an inflated price, get ostensibly legitimate money back but have to pay the auction house a commission for the privilege. Since most of the crypto world does not do AML-KYC, it is a very attractive for money laundering, and I would say this is by design.
- londons_explore 5y agoThe seller of the crappy book now has €2.6M of 'clean' money...
- caymanjim 5y agoAuctions always sell for exactly what the item is worth.
- mcv 5y agoYou know what's even than laundering money by bidding ridiculously high on an auction for something you're selling? Being overbid by idiots.