this post was submitted on 09 Aug 2023
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A good reminder that NFTs are shit (sh.itjust.works)
submitted 1 year ago by CookieJarObserver@sh.itjust.works to c/dankmemes@lemmy.world
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[–] Kerred@lemmy.world 14 points 1 year ago (6 children)

Serious question, could NFTs be used a good laundering scheme?

[–] MajorHavoc@lemmy.world 11 points 1 year ago

So, there's two possibilities, really:

  • Someone with a lot of money decided that a picture of a monkey was worth a massive amount of money.
  • Someone with a lot of money paid for expensive crimes in secret by "buying" a picture of monkey.

I know which theory I subscribe to.

[–] Landrin201@lemmy.ml 8 points 1 year ago

Isnt that the entire reason that basically all crypto exists? Nobody even knows who invented bitcoin, it just appeared and suddenly all of the wealthiest class had a bunch of cryptos that happened to be worth a bunch of money

[–] PatFussy@lemm.ee 7 points 1 year ago

All art could be used as a laundering scheme. This is partially why AI is scaring certain artists that deal with some shady stuff

[–] Johanno@feddit.de 1 points 1 year ago

The whole crypto space is an unregulated market where criminals and tax evasion is daily business.

No law enforcement. Relatively easy ways to hide transactions (though the Blockchain itself is very trackable)

So of course NFTs are used to launder money.

[–] Fuzzypyro@lemmy.world 1 points 1 year ago

I’ve seen people argue yes many times however it is quite possibly the worst way to launder money. Using a system that is designed for tracing every single transaction in a way that is proven and posted publicly is the single worst way to go about obscuring the legitimacy of your money. Pair that with know your customer laws and every single aspect of using artwork wrapped NFTs for laundering becomes idiotic.