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The changes from 1637 to now have been mostly regulations around how to offer financial products to people. Cryptocurrencies and NFTs circumvented those, allow
by namaria 3y ago
The changes from 1637 to now have been mostly regulations around how to offer financial products to people.
Cryptocurrencies and NFTs circumvented those, allowing savvy individuals to target people not prepared to make such decisions. The problem here is precisely that the guardrails were jumped over by malicious actors. Hence the legal action.
- bell-cot 3y agoFor cryptocoins, which (roughly) claim to be financial instruments, the "now we have regulations forbidding...financial products" argument is fairly plausible. For the NFT's mentioned in the article - which are far more akin to ownership titles for signed photos of famous people, minor works of art, etc. - ah, no. I compared them to paintings for a reason. You could easily pay $100,000,000.00 for legal title to a painting by Andy Warhol. It is still a painting, not a financial product. And people telling you that the painting is a "great investment" does not change that.
- namaria 3y ago> It is still a painting, not a financial product. The line is way more blurred than you're implying. See Masterworks app and: https://web.archive.org/web/20230207154040/https://www.nytimes.com/2016/05/29/arts/design/one-of-the-worlds-greatest-art-collections-hides-behind-this-fence.html https://web.archive.org/web/20230207154040/https://www.nytim... https://www2.deloitte.com/lu/en/pages/art-finance/articles/art-as-investment.html https://www2.deloitte.com/lu/en/pages/art-finance/articles/a... https://www.artsy.net/article/artsy-editorial-freeports-operate-margins-global-art-market https://www.artsy.net/article/artsy-editorial-freeports-oper...