Thread: It's obvious that NFTs are just money laundering, but how does it work?

Ok, so some goofball just sold a single pixel artwork for $1.4M. Clearly, this is all phony and just a scheme to "wash" money, but how does it work?

https://www.breitbart.com/tech/2021/...r-1-4-million/

The buyer and seller are the same, right? Or working together. But it's cryptocurrency being bought and sold. Doesn't cryptocurrency keep a running log of the history of what that currency was used for? The whole point of money laundering is to hide the illegal source of the money, right?

Somebody explain this to me. Organized crime is clearly involved. Money laundering is clearly happening. Does this mean the digital "artists" are in on it too?

Originally Posted by LtGoose

It's blockchain technology that allows you to synergize productivity by connecting to the cloud and becoming extremely efficient

I thought that's what Rockwell's Retro Encabulator did...

Originally Posted by 4free

it's obviously money laundering
but it's not obviously how it's money laundering

interdasting...

I know how it works with traditional currency. I don't know how it works with crypto.

Crook has $50K in stolen cash. Crook goes to casino and turns all $50K into chips. Crook plays for 20 minutes, loses $100, then cashes his chips out. He gets a check for $49,900. That money's origin is now hidden.

But with crypto, how does it work if the crypto chain is keeping track of every transaction?

If it's not money laundering, how do you explain somebody buying a single pixel for $1.4M??

Originally Posted by wampa

I wish I knew how to get in on this scam. I could use a quick million or two for an hours worth of work... d'oh!

Here's the understanding I have of it so far:

An artist releases an NFT. Let's say 100 are minted. After the initial release, buyers of the NFT's can literally appoint any resale price on the secondary market.

Here's where the oddity in all of this comes in. As the NFT's go up for resale, there will be wild ranges in resale price. So let's say the original cost was $500, the secondary market may have listings from 750-10,000, for example.

You would think that buyers would naturally purchase the NFT at lowest cost, but it's not always the case. Here's where I think people conspire: If Pablo has funds he wants to launder, he can hypothetically pay someone to make an account and give them the $$$ to buy his $500 nft for $10,000. That 10K is now laundered and Pablo pays his accomplice a fee for his services. Easy peezy.

Originally Posted by MiscInformed

I wish I knew how to get in on this scam. I could use a quick million or two for an hours worth of work... d'oh!

The only one's winning are the artists and the platforms the artwork is sold on. The secondary market is currently imploding on 90% of NFT's released.

Also, Paris Hilton (yes, that paris hilton) auctioned this off yesterday for 1.1M lmaoo clown world

https://niftygateway.com/itemdetail/...528a94d0c408/1

I know my way around Blender enough to create crappy animations. I should put something on Nifty to see if it will sell.

Richstrong is sitting on a goldmine of Misc gifs and doesn't even know it. LOL.