OpenSea's Product Chief is Out After Insider NFT Flipping Accusations (theverge.com) 17
OpenSea head of product Nate Chastain, who was recently accused of a form of NFT insider trading, appears to no longer be working for the company. His Twitter bio now includes the phrase "Past: @opensea." From a report: OpenSea has not publicly named the employee involved in the incident, but CEO Devin Finzer says the NFT trading platform asked for and received their resignation. Yesterday, Finzer put up a blog post saying an employee used knowledge gained from working at the company to purchase NFTs that were about to be posted to the popular trading site's homepage (and would thus likely go up in value). While an investigation is apparently still ongoing, OpenSea does say that it's implemented clearer rules to prevent employees from doing this kind of thing in the future.
So what (Score:4, Informative)
You wanted unregulated finance, this is what you get.
how can you steal something of no value? (Score:4, Funny)
Somebody decides to create a nebulous asset that you can trade, if it's not a recognized form of asset that a gov't will say "is an asset," how can it be stolen or advantage on purchasing said "assets" be wrong?
Anybody investing in this shit deserves to lose everything.
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But, but, but... It's BLOCKCHAIN!
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s/But, but, but... It\'s BLOCKCHAIN!/\"But, but, but... It\'s BLOCKCHAIN!\" he sputtered in indignation./
Physical may be better (Score:2)
You may get better security out of physical blocks and chains.
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Governments don't determine what the monetary value of something is. People do, by trading with each other in markets, which kind of average-out value-opinion.
It's just collective opinion. You know, the same thing that gives national currencies value. Yes, other factors, like the value of the goods and services transacted in the currency in a time period (the economic churn that involves that currency as intermediary) have something to do with determining the value of a currency, but all that
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governments don't determine what the monetary value of something is. People do, by trading with each other in markets, which kind of average-out value-opinion.
"A fool and his money are soon parted" - Thomas Tusser
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Think of the theft as sort of "proof of work" that creates the value. It wasn't worth anything until it was stolen.
"Clearer" rules? (Score:2)
Was what he did against the rules at all?
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Given that there don't appear to be any rules at all, then no...nothing happened that was against the rules.
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The SEC begs to differ. They feel very much obliged to regulate crypto markets.
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While the ownership of assets is handled by a blockchain contract, and is therefore quite trustworthy, the valuation of an asset (coin or token) is very dependent on market sentiment. Opensea was trusted to be a neutral party in this market, and one significant person at this company allegedly broke this trust by front running the market. If the allegations are true, and many things point in this direction, then good riddance to him.
This is the same as with stock markets, where such a situation would be cal
Crazy parody planet? (Score:1)
Anyone else feel like this whole world where "news" like this come from, seems like some crazy parody planet that definitely isn't part of our reality?
It makes a SJW campus, cult temples, and time cube conspiracy theorists almost look tame.