4 ms·
Why do you think NFT's have exploded? Your "bad guys" can buy a pretty picture from you, meanwhile, you ship them a bunch of a drugs. You can't help that you'r
by withinboredom 5y ago
Why do you think NFT's have exploded? Your "bad guys" can buy a pretty picture from you, meanwhile, you ship them a bunch of a drugs.
You can't help that you're a famous and wealthy artist.
- xunn0026 5y agoMaybe I'm too naive, but what's NFT have to do with it? Couldn't they send any crypto instead? What does it accomplish? I never heard of this usecase, which makes me believe it's too convoluted to be true.
- pjerem 5y agoIt's an alibi. Yes you received a lot of money. But because someone loved your MS Paint masterpiece.
- xunn0026 5y agoSigh. I understand now... I wonder if this could be tracked somehow. NFTs used as 'receipts' probably never get sold again.
- adenozine 5y agoNFT is just digital art fraud. Fine Art is often used to transport millions of dollars across borders. NFTs are `probably` used in a similar way. We make a deal via some marketplace. Doesn't matter. We agree on a price and an amount, and some other specifics. In a different marketplace, you offer up a jpg of a monkey. I offer thousands of dollars to own it. In the real world, you ship me a big box full of dope, and email me a hyperlink to a jpg. I send you bitcoin, and all of a sudden, we're both legitimate actors in this little NFT art biz.
- bccdee 5y agoIf someone sends you $1M in Bitcoin out of the blue, that's very suspicious. You didn't earn that and the tax man knows it. If you make a goofy picture of a frog and someone "buys" it from you for $1M in Bitcoin, that's just the wacky world of NFTs, and the government will have a hard time proving that that wasn't a legitimate purchase. It's not convoluted at all; it's actually pretty elegant when you get down to it. It's almost enough to make the entire NFT phenomenon make sense.
- philwelch 5y agoI’m pretty sure the art market was doing this all along.
- deleted 5y ago[deleted]
- bduerst 5y agoIf you have $200,000 in ETH, you can sell yourself a $200,000 NFT. Externally it looks like some anonymous person gave you $200,000 for an NFT, rather than you just trying to legitimize illegal cash flows. Or alternatively, you can double your net worth, because you go from having $200,000 ETH to having $400,000 ($200,000 ETH and a $200,000 NFT). This can then be used to fool naive lenders (or buyers) to giving you money at a fraction of the amount the NFT is worth, which is still a net gain for you. If you're buying NFTs like they're legitimate "art" and not aware that NFTs exist for these purposes, then you shouldn't be playing the NFT game.
- Melatonic 5y agoI think you are getting this wrong the NFT scam is a tax evasion thing - much like much of fine art.
- deleted 5y ago[deleted]