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Calling an NFT a security might be the most charitable definition ever.
by swarnie 4y ago
Calling an NFT a security might be the most charitable definition ever.
- colechristensen 4y agoIf it looks like a duck and quacks like a duck… The fact that the thing being abstracted into a security is BS doesn’t affect the rules you have to follow when you’re acting like a thing is an investment. Pumping and dumping nonsense Is securities fraud in plenty of cases, the legal frameworks were created to prevent that kind of behavior.
- polotics 4y agoPumping and dumping collectibles has a long history, from beanie babies to fake bodily remains of saints...
- colechristensen 4y agoIf I sell you a share the represents a beanie baby, that’s a security. It doesn’t matter what the underlying asset is, a security is a security and NFTs look a lot like securities. Your AAPL shares are just entities in a database somewhere (or a series of databases, it’s complex), an NFT is essentially the same, database entries that point to ownership of an abstract thing which can be traded.
- polotics 4y agoNFT are just lame collectibles. A security has to secure ownership of something tangible that's not just its own definition of value or uniqueness.
- Animats 4y agoThere are many traded securities which do not secure ownership of anything tangible. Too many.