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/biz/ - Business & Finance


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30360763 No.30360763 [Reply] [Original]

How are NFTs not the biggest scam in the fucking world? Who in the hell would buy a tweet for $2.5 million lmao

https://www.bbc.com/news/world-us-canada-56307153

>> No.30360870

>>30360763
money laundering

>> No.30360875

They are
This is your chance to walk in the front door of the fine art world of money laundering and immediately get hired
Don’t fuck it up, you’re on the precipice of the nouveau riche class of autism

>> No.30360941

>>30360875
Nope.
>>30360763
>buy NFT
>sell to friend in 60 days or at the end of the year for a loss
>write off losses from taxes
>wait 60 days and buy it back through a private auction through an auction house
>????
>profit
You’re welcome

>> No.30360960

It's not a tweet, it's a picture of a tweet.

>> No.30361006

>>30360763
It’s an auction, he didn’t set the price, somene willingly chose to bid that amount.

>> No.30361007

>>30360763
I heard nfts on npr.
they were saying it's own digital art.
looks like we can make money off of rubes boys.
also I listen to npr because know your enemy blah but I detest npr and libs

>> No.30361241

>>30360763
that nft will be worth 10million next bullrun

>> No.30361314

>>30360870
fpbp

>> No.30361355

>>30360870
/thread

>> No.30361374

>>30361241
no it's not

>> No.30361395

>>30360941
>write off losses from taxes

The cap for losses is $3k lmao

>> No.30361478

>>30360763
>>30360870
Yes, you'll notice the art world loves NFTs because it's an extension of what they're already doing but more efficient because there's no physical product involved

>> No.30361622

The future is going to be so much gayer than we can possibly imagine

>> No.30361864

>>30361622
Checked

>> No.30361925

>>30361622
sadly, this

>> No.30362027

>>30361478
>Yes, you'll notice the art world loves NFTs because it's an extension of what they're already doing but more efficient because there's no physical product involved
>>30361925
>sadly, this

>> No.30362053

>>30360763
You just dont get it boomer. We are out here changing the world with nfts well you guys wait for youre bitcoins to go up $1000. Get in now or stay poor

>> No.30362083

>>30361395
for total on the year to be carried over
you write off your fake nft loss against a real btc gain thus netting you no taxes for that tax year
next year you just buy back the nft art for whatever you sold it plus a little thank you added for your buddy

>> No.30362118

>>30360870
Can someone explain the process of the laundering? I’m guessing it involves some form of tax evasion or funneling illegitimate money into a “legit” purchase.

>> No.30362230

>>30360763
>tfw just listed my first pack of cards last nite

theres genuinely some great 3d artists out there and im glad this at least provides some form of income for those people. these are early stages and so yeah, everything pretty much just seems like 'lol why pay 2mil for a gif' but we will see AR/VR integration become common by the end of the year and the artists who go along with that will be the successful ones. (making their current NFTs go up in value)

that being said, im just making gay pepe cards.

>> No.30363090

>>30360763

>Who would pay $2.5 million for a tweet

Why do you care? Celebs monetising bullshit isn’t new. All you should care about is that someone is willingly paying for it not why.

Celebs monetising their digital art via NFTs is gonna be huge.

>> No.30363365

>>30362083
This anon gets it

>> No.30363607

>>30360763
How are Fortnite/CS/Overwatch skins not the biggest scam in the world?

You can literally just swap the texture files lmao.

>> No.30363673

This guy is possibly the s.oyest person to exist

>> No.30363773

This NFT hype on /biz/ is so artificial. I can see that you fags don't belong on this website.

>> No.30363854

>>30362118
Using your business (most of the time completely worthless) to justify illegal money.
i.e. when restaurants are adamant on you paying with cash it's usually for money laudering so they can declare their drug money as part of the restaurant's profit.

>> No.30363858
File: 76 KB, 1280x720, maxresdefault.jpg [View same] [iqdb] [saucenao] [google]
30363858

>>30360763
>Who in the hell would buy a tweet
digital punkopoops for even bigger retards

>> No.30363946

>>30362118
>Can someone explain the process of the laundering?
>be Jack, have a shitload of money from questionable source and need to wash it
>pretend you are some stranger and offer yourself to buy your first tweet
>Accept the bid
>you just "earned" a shitload of money from a public deal and can declare it as legitimate income

>> No.30363993

>>30362053
the world is not anymore the way it used to be mmm... mmm... NO NO NO!

>> No.30363999
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30363999

>>30360763
why do people pay 1 gorrilion for art, Anon? is it REALLY worth that money? or maybe there's a reason for art to be so expensive? hm.

>> No.30364125

>>30363999
https://www.youtube.com/watch?v=rge09gVAqZQ
its literally just people on the ground floor hyping up worthless shit to inflate the value of said worthless shit, just like ADA

>> No.30364263
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30364263

>>30364125
and how can we profit off of that?

>> No.30364325

>>30360763
It is just art money laundering 2.0

>> No.30364340

I finally get autism. It seems so obvious to me why someone would pay this much. How can you faggots not get this, it's beyond me.
The only thing I'm honestly not understanding is why on the ETH chain. Could you transfer that ownership cross-chain or is there no bridging for it yet?

>> No.30365885

the salt and cope in this thread, kek

>> No.30366864

>>30362118
>person A has a bajillion dollars accrued through... 'various' ways
>he cant just deposit it into his account
>creates enough NFTs with a total asking price of his money
>buys all of them himself through another wallet(s)
>now has reasonable excuse for how he earned his formerly suspicious money and also has the benefit of it being able to circle it back into his 'business' to further avoid fees.

NOW BUY MY PEPES

>> No.30367095

>>30361622
Checked but only in America

>> No.30367368

>>30366864
There needs to be some extra steps, plus I have questions that would have to be answered.
> the bajillion dollars would need to be on a wallet, not cash. Because cash would still require a deposit into crypto. So you'd need to be selling your illegal product or whatever for crypto.
> Wouldn't the government look into WHO bought the artwork?

>> No.30367414
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30367414

>>30364340
>I finally get autism. It seems so obvious to me why someone would pay this much
are you gonna tell us or not

>> No.30367565

>>30360763
A good use for NFTs is what the Metawhale system is doing. Their Pria NFTs basically give you passive income from transactions, how much per NFT was determined from a snapshot of balances.
Metawhale Gold is issuing the next one when the token is backed by 100 Pax Gold, should be pretty soon I think its about 95 now. Hasn't been said exactly what the NFT will do but it will have a use.

With these, think RFI but instead of re-distributing the same token around (just farming again) these protocols actually buy an asset with some of the burn

>> No.30367636

>>30363946
but then how would you explain where the spent money went? Wouldn't it be obvious for the IRA, as they can just say "you bought your own art with your own money"?

>> No.30367693

so how do we profit of NFTs

>> No.30367704

>>30361622
pretty much

>> No.30367721

>>30362118
>>30366864
Another plausible situation is this
>Guy wants to buy drugs/guns/slaves/etc
>instead of paying cash he buys Nfts from the shady dealer
>Easy money laundering

>> No.30368066

>>30366864
you still pay taxes on this though, whats the point?

>> No.30368308
File: 154 KB, 900x1169, Rccd0a9f585df480fd9de723824c739ba.jpg [View same] [iqdb] [saucenao] [google]
30368308

>>30361007
>also I listen to npr because know your enemy blah but I detest npr and libs
AHAHAHAHAHAHAHA GOOD ONE

>> No.30368528

>>30367693
Purchase one, then make a thread complaining about NFTs and how they don't make sense.

>> No.30368559

>>30368528
>Purchase one, then make a thread complaining about NFTs and how they don't make sense.
You don't even need to purchase one. Just screenshot it. lol

>> No.30368677

Do you own all copyrights to it?
Legally I can see nfts as the only way to sell digital rights so it might be the next boom desu

Obviously tweets are worthless but images/videos/documents can be priceless

>> No.30368768

>>30363854
lol. no. Its just simple tax evasion from not needing to declare sale

>> No.30368793

>>30360870
This

>> No.30368813
File: 7 KB, 250x200, 1614788947219s.jpg [View same] [iqdb] [saucenao] [google]
30368813

Next nfy pump:
SMOL
https://www.coingecko.com/coins/smol

And STRN
Check out Strain https://www.coingecko.com/coins/strain

THANK ME LATER

>> No.30368930

>>30368677
>Do you own all copyrights to it?
No/ You just get to buy it for no fucking reason.
Capitalism in a fucked up way.

>> No.30368978

>>30367636
Are you fucking retarded?

The "spent money" was never on the fucking balance sheet.
Again one more time for retards:

Example:
A criminal is involved in some dirty business and makes $2 million Dollar from selling drugs.
Now he has $2 million Dollars, but can not go to the tax office and say "hey just tax me on that. It is drug money though. Hope that's cool". They would lock him away for that, because he broke the law.
So he needs a way to make that money clean. Luckily this criminal also creates NFT's in his free time. So that criminal puts an NFT online for sale.
Suddenly an unknown entity comes and bids $2 million on this NFT. (Hint for retards: The "unkown entity" is the creator of the NFT/drugdealer)
Nobody will ever know who is behind this entity though, except you, because it is you. You are bidding with your dirty money on your own art.
You sell the dogshit NFT for $2 million and just like that created $2 million out of thin air.
Now you can go to the tax office and declare it as legal income from your art/NFT business. And all of a sudden you $2 million drug money are washed clean.

It's really not that hard, you brainlet

>> No.30369091

>>30360763
Is there some rule that no one likeness can have multiple NFTs? Like "Rare cat image 2nd Edition" or something like that? Couldn't you just slightly alter it even just one pixel a slightly different hexadecimal? If that's true then you are seriously just buying a serial number with a vague association to an image right? One that is not unique or unreproducible? What the fuck is going on?

>> No.30369128

>>30368677
historic value means nothing to you

>> No.30369209

>>30368978
Can they create a rule that NFTs have to be transacted between known parties? Where the art-sellar is penalized for selling art to someone on a platform without KYC?

>> No.30369294

>>30368978
not wrong but you will need a network of people to also play scam so you dont become the honeypot

>> No.30369315

>>30368308
you don't like to know what the enemy is saying?
nigger

>> No.30369439

>>30363773
>This NFT hype on /biz/ is so artificial

This, I lurk all day every day, this shit is about as organic as a pajeet PnD

>> No.30369510
File: 1.67 MB, 680x366, 1614724349203.gif [View same] [iqdb] [saucenao] [google]
30369510

>>30360870
fpbp

/thread

echo "fuck everything"|rm -rf /

>> No.30369590

>>30369294
You mean other people to bid up the price?

>> No.30370463

>>30364340
Then explain

>> No.30370646

>>30367565
yokai does the same. Its not a new concept.

>> No.30370834

>>30367721
Sheeeeeeet didn't even think of this, Wayfair 2.0 about to involve Crypto