OpenSea product chief accused of flipping NFTs with insider information
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Re: OpenSea product chief accused of flipping NFTs with insider information
#2> This transparency has historically allowed users to protect the community by uncovering elaborate scams, such as when “cybersleuth” Fedor Linnik discovered that the team behind a million-dollar “female-led” project was actually Russian men.
This made my chuckle. The article that it links to was aptly titled "This $1.5 million ‘women-led’ NFT project was actually run by Russian dudes" [0]
Since so much is driven by identity, is there a service where you can rent out front people to "lead" the team that check the right boxes? Kind of like the those ghost board members that sit on thousands of board of directors on Cayman Islands shell corps and just do what management says?
[0] https://www.inputmag.com/culture/fame-lady-squad-nft-women-m...
Re: OpenSea product chief accused of flipping NFTs with insider information
#3[deleted]
Re: OpenSea product chief accused of flipping NFTs with insider information
#4This makes OpenSea corrupt.
Re: OpenSea product chief accused of flipping NFTs with insider information
#5> This transparency has historically allowed users to protect the community by uncovering elaborate scams, such as when “cybersleuth” Fedor Linnik discovered that the team behind a million-dollar “female-led” project was actually Russian men. This made my chuckle. The article that it links to was aptly titled "This $1.5 million ‘women-led’ NFT project was actually run by Russian dudes" [0] Since so much is driven by…
> Since so much is driven by identity, is there a service where you can rent out front people to "lead" the team that check the right boxes?
Like much of modern crypto-centric products, this is a solution in search of a problem. People are accustomed to going in headfirst without knowing who is behind these projects. It's 'decentralized' and features 'smart contracts' for 'trustless commerce'. What more do you need?
Re: OpenSea product chief accused of flipping NFTs with insider information
#6The NFT community has been processing this news by changing their Twitter handles to Nate's with his imagined excuses and explanations ->
https://twitter.com/BoredPimp/status/1437989964680032264
Re: OpenSea product chief accused of flipping NFTs with insider information
#7Just validates that the entire NFT concept is as ridiculous as it sounds.
Re: OpenSea product chief accused of flipping NFTs with insider information
#8Just validates that the entire NFT concept is as ridiculous as it sounds.
How does potential insider trading in any way validate NFTs being ridiculous?
Re: OpenSea product chief accused of flipping NFTs with insider information
#9The entire crypto world is like this.
MtGox pumping and wash trading with Willy bot. Bitmex trading against and liquidating customers. Coinbase hiring Litecoin creator Charlie Lee and having him frequently wash trading 99% of LTC volume. Each of these has been _the_ preeminent exchange at some point in time, just as OpenSea is for NFT.
FTX was born from one of if not the largest crypto trader/market maker, and one of two known Tether customers (who apparently account for a large majority of Tethers). Alameda was the only/largest liquidity provider on FTX for some time. Binance has been similarly accused (without solid proof) of trading against customers. Of course they claim to have walls between these relationships. But then again, so did Mt Gox, Bitmex, Coinbase, OpenSea and loads of others that would take too long to mention.
Crypto is a casino where there are a handful of dealers that are running thousands of tables. They are all colluding. The grift is to exchange real fiat currency for chips at their casino.
It has been proven at a shocking number of blue chip institutions (dare I say a majority). Given our expected likelihood of uncovering these things, it seems highly probable that it’s happening everywhere.
Re: OpenSea product chief accused of flipping NFTs with insider information
#10Just validates that the entire NFT concept is as ridiculous as it sounds.
How does potential insider trading in any way validate NFTs being ridiculous?
Because it's all a sham and the monetary success of a particular drop is contingent upon how well it's advertised. By knowing when and what drops would be featured, that was the information asymmetry he was exploiting. There is nothing fundamentally useful about a single NFT so far. It's all speculative bullshit in every sense of the imagination. This is just the ICO scams of 2019 regurgitated [1].