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NFTs over 10k, you go to jail

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Re: NFTs over 10k, you go to jail

#11

Post by krageon »

LurkingPenguin wrote: post #6

I did a quick Google search to see who the tweeter is and found this gem[1]: > BC: Will the Bond token be available to U.S. and U.K. users soon? > PD: U.K. is more likely than the U.S., possibly in Q1 we’ll make a deal with the owners of a regulated vehicle. However, the strict laws in the U.K. against bearer securities add further complications. > The structure is actually U.S.-centric, each set of assets is held in…

> Things like this are even worse.

The text you quote says that things like this are how it is done today. That makes it not worse, "only" just as bad.

Re: NFTs over 10k, you go to jail

#12

Post by 0xdeadb00f »

nuerow wrote: post #9
0xdeadb00f wrote: post #7

Earlier quoted context omitted.

Why are artists incentivised to makw them? Don't they only make money off the initial sale? What happens after that, they don't make money off, correct?

> Why are artists incentivised to makw them? NFTs have absolutely nothing to do with artists or art. They are mainly a scheme to launder money. Please note that the poster whining about the IRS provision didn't complained about sales tax or income tax, but the need to report transactions over 10k to the IRS. The IRS moved in to plug a loophole, and the NFT gang reacted to it like vampires exposed to sunlight.

I've only ever seen artists make and sell their art as NFTs. Which is why I asked. Because I'm confused as to why an artist would do that.

I understand it's a massive scam but I didn't get why prominent artists I follow are getting into it in the first place.

Re: NFTs over 10k, you go to jail

#13

Post by LurkingPenguin »

krageon wrote: post #11
LurkingPenguin wrote: post #6

I did a quick Google search to see who the tweeter is and found this gem[1]: > BC: Will the Bond token be available to U.S. and U.K. users soon? > PD: U.K. is more likely than the U.S., possibly in Q1 we’ll make a deal with the owners of a regulated vehicle. However, the strict laws in the U.K. against bearer securities add further complications. > The structure is actually U.S.-centric, each set of assets is held in…

> Things like this are even worse. The text you quote says that things like this are how it is done today. That makes it not worse, "only" just as bad.

Not really.

When Big Wig Wall Street Investment Banker tries to get me to help foot the bill for his yacht fuel, he is compliant with US securities regulations and any offshore vehicles are based in tried and true jurisdictions, not countries like Armenia.

Also note that this guy is basically trying to create crypto-based bearer bonds. Do a search for "bearer bonds" and look into their history and current legal status.

Re: NFTs over 10k, you go to jail

#14

Post by mattdesl »

nuerow wrote: post #9
0xdeadb00f wrote: post #7

Earlier quoted context omitted.

Why are artists incentivised to makw them? Don't they only make money off the initial sale? What happens after that, they don't make money off, correct?

> Why are artists incentivised to makw them? NFTs have absolutely nothing to do with artists or art. They are mainly a scheme to launder money. Please note that the poster whining about the IRS provision didn't complained about sales tax or income tax, but the need to report transactions over 10k to the IRS. The IRS moved in to plug a loophole, and the NFT gang reacted to it like vampires exposed to sunlight.

> NFTs have absolutely nothing to do with artists or art.

That's an incredibly ignorant remark.

Art has been one of the more prominent uses of NFTs that emerged this year. Despite the relative immaturity of the technology, it has already proven transformative for many artists and non-profit art organizations.

For example, see Hicetnunc.xyz. Further reading:

[1] - https://www.plummerfernandez.com/works/not-another-jpeg/

[2] - https://jackrusher.com/journal/what-does-it-mean-to-buy-a-gi...

Re: NFTs over 10k, you go to jail

#15

Post by frozenwind »

sasij wrote: post #5

Good, honestly. This NFT stuff is such garbage.

I have the same thoughts. Though after seeing The Matrix recently and the recent news about Facebook's Meta (or Meta's Facebook?), I begin to see what these NFTs will be used for. Simulacra and Simulation. I don't think a rational mind could ever justify them from an efficiency standpoint. Just like any rational mind couldn't justify a glorified linked-list. But we're not rational creatures.

Re: NFTs over 10k, you go to jail

#16

Post by nuerow »

mattdesl wrote: post #14
nuerow wrote: post #9

Earlier quoted context omitted.

> Why are artists incentivised to makw them? NFTs have absolutely nothing to do with artists or art. They are mainly a scheme to launder money. Please note that the poster whining about the IRS provision didn't complained about sales tax or income tax, but the need to report transactions over 10k to the IRS. The IRS moved in to plug a loophole, and the NFT gang reacted to it like vampires exposed to sunlight.

> NFTs have absolutely nothing to do with artists or art. That's an incredibly ignorant remark. Art has been one of the more prominent uses of NFTs that emerged this year. Despite the relative immaturity of the technology, it has already proven transformative for many artists and non-profit art organizations. For example, see Hicetnunc.xyz. Further reading: [1] - https://www.plummerfernandez.com/works/not-another-jpe…

> That's an incredibly ignorant remark.

Right, that must be why this is a discussion on the IRS requiring people to report transactions to tackle money laundering, and how that justifies protests, and not art history.

> Art has been one of the more prominent uses of NFTs that emerged this year.

"Art" has been the pretext. The prominent use of NFTs is to perform transactions.

Don't be disingenuous, and tone down the arrogant gaslighting.

Re: NFTs over 10k, you go to jail

#17

Post by mattdesl »

nuerow wrote: post #16
mattdesl wrote: post #14

Earlier quoted context omitted.

> NFTs have absolutely nothing to do with artists or art. That's an incredibly ignorant remark. Art has been one of the more prominent uses of NFTs that emerged this year. Despite the relative immaturity of the technology, it has already proven transformative for many artists and non-profit art organizations. For example, see Hicetnunc.xyz. Further reading: [1] - https://www.plummerfernandez.com/works/not-another-jpe…

> That's an incredibly ignorant remark. Right, that must be why this is a discussion on the IRS requiring people to report transactions to tackle money laundering, and how that justifies protests, and not art history. > Art has been one of the more prominent uses of NFTs that emerged this year. "Art" has been the pretext. The prominent use of NFTs is to perform transactions. Don't be disingenuous, and tone down the a…

Not sure how this is gaslighting, arrogant, or disingenuous.

You may not agree with this use of the technology, but it does not mean the behaviour is primarily criminal. It can be likened to a traditional art market, where artists attempt to earn revenue for their work by distributing and selling limited signed editions, but in this case the signature is cryptographically verified.

Re: NFTs over 10k, you go to jail

#18

Post by nuerow »

0xdeadb00f wrote: post #12
nuerow wrote: post #9

Earlier quoted context omitted.

> Why are artists incentivised to makw them? NFTs have absolutely nothing to do with artists or art. They are mainly a scheme to launder money. Please note that the poster whining about the IRS provision didn't complained about sales tax or income tax, but the need to report transactions over 10k to the IRS. The IRS moved in to plug a loophole, and the NFT gang reacted to it like vampires exposed to sunlight.

I've only ever seen artists make and sell their art as NFTs. Which is why I asked. Because I'm confused as to why an artist would do that. I understand it's a massive scam but I didn't get why prominent artists I follow are getting into it in the first place.

> I understand it's a massive scam but I didn't get why prominent artists I follow are getting into it in the first place.

Even highly respected artists are not immune to the appeal of making an easy buck. For instance, as legend would have it, Pablo Picasso created his "Poor Robbie" engraving with the express purpose of monetizing it, so that his close friend Robert Godet could quite literally use his printing press to whip out yet another "limited edition" print whenever he was short on cash and needed a quick buck.

Re: NFTs over 10k, you go to jail

#19

Post by [deleted] »

0xdeadb00f wrote: post #12
nuerow wrote: post #9

Earlier quoted context omitted.

> Why are artists incentivised to makw them? NFTs have absolutely nothing to do with artists or art. They are mainly a scheme to launder money. Please note that the poster whining about the IRS provision didn't complained about sales tax or income tax, but the need to report transactions over 10k to the IRS. The IRS moved in to plug a loophole, and the NFT gang reacted to it like vampires exposed to sunlight.

I've only ever seen artists make and sell their art as NFTs. Which is why I asked. Because I'm confused as to why an artist would do that. I understand it's a massive scam but I didn't get why prominent artists I follow are getting into it in the first place.

[deleted]

Re: NFTs over 10k, you go to jail

#20

Post by thrashh »

0xdeadb00f wrote: post #12
nuerow wrote: post #9

Earlier quoted context omitted.

> Why are artists incentivised to makw them? NFTs have absolutely nothing to do with artists or art. They are mainly a scheme to launder money. Please note that the poster whining about the IRS provision didn't complained about sales tax or income tax, but the need to report transactions over 10k to the IRS. The IRS moved in to plug a loophole, and the NFT gang reacted to it like vampires exposed to sunlight.

I've only ever seen artists make and sell their art as NFTs. Which is why I asked. Because I'm confused as to why an artist would do that. I understand it's a massive scam but I didn't get why prominent artists I follow are getting into it in the first place.

The original artist doesn’t get any money if a physical version gets resold either.

NFTs could theoretically actually allow artists to get a cut of any future sales because of its basis in smart contracts.

Of course, NFTs can be used for money laundering as well but art is presumably already used for that purpose.

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