NFT's Run-Up Rekindles Chatter About Manipulation Ahead of Deal (bloomberg.com) 20
An online commotion around seemingly irregular trading of a NFT collection prior to the acquisition of the project is shining light again on a perceived lack of regulatory clarity in one of the most explosive corners of crypto. From a report: During the days leading up to the March 11 purchase by Yuga Labs of the intellectual property of the Meebits collection from Larva Labs, more than a dozen addresses on the Ethereum blockchain purchased a large amount of the nonfungible tokens. The price floor, or the lowest price a seller is willing to accept, went as high as 6.134 Ether, or about $15,800, on March 12, according to NFT Price Floor. That's nearly double two days earlier.
Whether that was just good timing or individuals acting off information, legal observers said that may be hard to quantify because of the anonymous nature of crypto and the vague regulatory framework around NFTs. U.S. authorities have said existing regulations are a solid precedent for rules about cryptocurrencies.
Whether that was just good timing or individuals acting off information, legal observers said that may be hard to quantify because of the anonymous nature of crypto and the vague regulatory framework around NFTs. U.S. authorities have said existing regulations are a solid precedent for rules about cryptocurrencies.
You can tell (Score:1)
Re: You can tell (Score:2)
Definition of NFT (Score:3)
You can stop posting the daily NFT articles now. Slashdot readers understand what is going on here and that it is an irrelevant fad like beanie babies and POGs and penny stocks.
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Keep in mind that the last two major economic collapses or caused by gambling on dodgy financial securities. And we were about to have another economic crash for the same reason until covid-19 hit and changed the economy drastically. The previous administration was basically keeping the economy on life support to get past the election cycle b
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NFT is worth 1.7 trillion? I think not. We're talking about the utter idiocy of NFTs, not cryptocurrency. We can deal with cryptocurrency once some of the "too new to fail!" craze of NFTs goes poof.
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Here's a list. [wikipedia.org]
After the banks almost destroyed the world's economy in 1929 we all agreed they couldn't be trusted and we put a leash on the drooling idiots. Unfortunately they've managed to con and bribe enough politicians that they've managed to slip the leash at least a little.
The fortunate thing about crypto is that is not important enough to a
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NFTs right now serve one purpose....money laundering.
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it is an irrelevant fad like beanie babies and POGs and penny stocks.
Some people are getting suckered into buying NFTs, but the majority of the transactions are just wash trades to launder money, or they include a "free" shipment of cocaine with every purchase (too bad for you if you didn't pre-arrange for your "free" cocaine).
Editors: Enough "idiots conning idiots" stories (Score:1)
We are Nerds, not NFT-buying morons, we DON'T CARE !
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I think at this point it's obvious that the editors don't care that we don't care. They're going to shovel this shit in our face at every opportunity.
Funko Pops started doing NFTs for Transformers characters. It warmed my heart to see Transformers fans universally poopoo the decision. Literally not a single person had a positive reaction to the news. Which is especially hilarious among a bunch of adult collectors of something as tangibly worthless as kids toys. Even our stupid nerd asses don't fall for it.
J
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Everyone with IP would love NFTs to take off because they would be a "collectible" with essentially no marginal production or delivery cost. Funko Pop has to license the IP, pay the artists, pay the sculptors, pay for machining, pay for plastic and production, and then use retailers to get it to customers. If fans of various properties thought that NFTs were actually collectible, then it would be a 3-step process (license+design+create nft) with potentially no middlemen.
Unfortunately it is so cheap that th
NFT = (Score:2)
NFTs are not a real thing. (Score:2)
Literally, they are **ALL* pump and dump scams, money laundering schemes, and tax avoidance "assets".
Anyone getting burned at this point has only themselves to blame.
I agree with you on the pump and dump (Score:2)
That might be technically true but the problem is when we let stupid people get taken advantage of the mistakes they make have a large impact on our lives too. There are a lot of people who can be tricked like that.
Also not all of them are stupid some of them are just exhausted and desperate. Human beings do not make good decisions when under pressure. If you look at people who train for combat they spend years o
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NFTs are a scheme to pump Ethereum. The people who actually benefit from the NFT craze are the Ethereum HODLers.
"perceived lack of regulatory clarity"? (Score:2)
What on earth. "lack of regulatory clarity" is exactly the whole f'ing point!
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Maybe they mean they haven't figured out how to tax 50% value on them.
Why no stories on stock manipulation too? (Score:1)
There are a lot of folks here who have a hard-on for the NFT and crypto spaces while seemingly ignoring some of the extreme corruption that is damn near normative at this point in the stock market.
For example, it's been pretty firmly established at this point that hedge funds are using synthetic shares to suppress prices in their bad bets, and unlike crypto or NFTs, these bad bets pose a real chance of destroying entire brokerages and clearing houses (and maybe even a few TBTF banks).
Stocks will then end u