NFT's don't introduce any new channels for money though. It's business as usual as far as the actual transfer of cash goes.
Can you provide some example scenerio of how one would launder money?
NFT(s) are just money laundering
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Re: NFT(s) are just money laundering
#12NFT's don't introduce any new channels for money though. It's business as usual as far as the actual transfer of cash goes. Can you provide some example scenerio of how one would launder money?
I imagine that someone could create an NFT, then use their illegally acquired money (from selling drugs, or whatever) to buy the NFT pretending to be someone else, then claim their income is from being an artist, rather than, say, a drug dealer.
I mean I'm sure it takes place, but I'd claim it's the minority. There are actually a lot of 'legit' people into NFTs, be it to collect them, or just speculatively buy them to flip them at a profit.
Re: NFT(s) are just money laundering
#13It's just another asset class. In this late stage of capitalism there are only perpetually poor and rich people left, and this kind of tacky and vacuous abstract commodified scarcity has an appeal.
Owning everything is a popular sport these days, at least these useless web links don't put homes out of reach for millions of families.
Re: NFT(s) are just money laundering
#14Because it isn't true. There's some money laundering, sure, just like there is in anything that involves money. But if you actually spend time in NFT communities it's not hard to find real people who are spending money either because they like the token, or because they think they can flip it for a higher price later.
I'd wager most are in the latter group... trying to flip for a higher price later.
While not a part of the community myself and it being hard to judge people's intent, it really does seem artistic subsets of the community genuinely want to support their peers. For context, I follow a bunch of NFT photographers on Twitter (most of them I followed before NFT was a thing) and the community seems really positive. I have absolutely no interest in feeding the environmental disaster that is ETH, but I recognize some people see it as a legitimate way to support creators.
Re: NFT(s) are just money laundering
#15Because it isn't true. There's some money laundering, sure, just like there is in anything that involves money. But if you actually spend time in NFT communities it's not hard to find real people who are spending money either because they like the token, or because they think they can flip it for a higher price later.
Like the token, or like what the token represents?
Re: NFT(s) are just money laundering
#16Because it isn't true. There's some money laundering, sure, just like there is in anything that involves money. But if you actually spend time in NFT communities it's not hard to find real people who are spending money either because they like the token, or because they think they can flip it for a higher price later.
Like the token, or like what the token represents?
Doesn't seem to matter with other collectibles
Re: NFT(s) are just money laundering
#17so people launder money too, why are you using it? it will depreciate your currency value
also, have you heard of 90% of circulating US note have drug trace on it?
Re: NFT(s) are just money laundering
#18That's kind of how high priced artwork works too.
Re: NFT(s) are just money laundering
#19Sure. A large amount of expensive art is sold in order to facilitate money laundering, and NFTs are expensive art.
Re: NFT(s) are just money laundering
#20- 2013: Bitcoin is just money laundering
- 2017: Ethereum is just money laundering
- 2020: DeFi is just money laundering
- 2021: NFTs are just money laundering