HN Explorer

12 comments

[ 4.5 ms ] story [ 35.5 ms ] thread
irthomasthomas
Money laundering. Just like those crypto bros that paid a million dollars, at auction, for a copy of Dune worth 30k. Buyer and seller are same. Money laundering.
doopy1
"Money laundering" is just hand waving. Not the case. If it was, it would be easy to prove.
netizen-936824
Yea honestly this is that level of absurdity I find 100% believable on the internet
wy35
I’m definitely a web3 skeptic, but honestly, I’d love to own one of these NFTs for sheer novelty purposes. It’s some random dude’s face, that’s pretty hilarious. So I doubt it’s all money laundering.
missedthecue
Money laundering is when you need to turn ill-gotten paper cash into believably legal profit.

Can you explain to me the mechanics about how money laundering like this would work?

irthomasthomas
You raise 3 million USD for your ICO, or NFT business. Instead of using money to run the business as advertised, you make a dumb, massively inflated purchase, from a friend, who secretly hands the money back to you.

Con complete. Game over. Insert coin to play.

irthomasthomas
Or a regular business had a lot of cash on hand, and the CEO wants a chunk of that cash for himself, without doing lots of paperwork. He uses a friend, or a fake account to buy NFTs of some random dudes head. Later he sells them on to his business for a cool mill profit.
Justin_K
I find when those who are clueless are making money on something, "it's" going to collapse. Same as 2000 when I saw high school drop outs making tons pushing paper for real estate loans. They were all broke and unemployed soon after.