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Mega Comrade posted:Well they already got fined $41 million by the CFTC for lying. I guess they could try lying again and hope they don't notice. I dunno, if I had $300B and kept access for a subscription payment of $41M/month it’s still pretty cool for picking up girls in Hong Kong or the French Riviera. Or buying PeeWee Herman’s bike. 
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Nov 9, 2021 22:20
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Prurient Squid posted:e: house burglars have the right to feel moral superiority to people who are into crypto because at least they're only robbing people. Also, when others hear about burglaries the take steps to protect their goods & families from more burglaries. When people hear about crypto and how stupid the (still legal!!!) scams for the rubes are, they take steps to get a piece by rerunning old scams because the rubes are naïve and gullible and it’s. Still. Not. Against. A. Law. (yet). The hardest thing about grift is coming up with new coats of paint on a few, easily recognized and criminalized grifts. Crypto rubes fall for these old grifts even when they’ve been explained and advertised as grifts! Edit: Goddamn four-in-a-row with a page snipe. In a Bitcoin thread. I need to reevaluate how I spend time when on the road DerekSmartymans fucked around with this message at 22:35 on Nov 9, 2021 |
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Nov 9, 2021 22:30
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repiv posted:help i clicked on too many crypto related tweets and now my feed is full of ads like this it means number go UP
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Nov 9, 2021 22:45
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Gutcruncher posted:I recently went to one of those tabletop game stores and it had a bitcoin ATM and it seemed funny to me. That’s my bitcoin story. I found this in a mall in Melbourne in 2014. No idea how long it lasted, I was only there for a few days. 
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Nov 9, 2021 23:08
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Gary's the weird exception, because he has so much clout that his v friends will continue to grow in "value". Like they started off at around 3k? and people bought them, and now can sell them for 70K. It's all dumb for sure, but Gary has such a personality orbit that of all the things that are scams about NFT's dumb, I suspect he'll outlast most. But I legit think that GV is not a bad dude, so I'm sure the thread will make fun of me for that.
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Nov 9, 2021 23:34
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I also have a friend who's made 17k in the last two weeks from crypto, and he's cashed out a fair amount of that to be liquid. He also still has a whole Bitcoin. So while it's all dumb, maybe we're the idiots?
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Nov 9, 2021 23:38
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LionArcher posted:I also have a friend who's made 17k in the last two weeks from crypto, and he's cashed out a fair amount of that to be liquid. He also still has a whole Bitcoin. So while it's all dumb, maybe we're the idiots? I'm also sure his taxes are all above board and he files everything correctly.
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Nov 9, 2021 23:39
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Zil posted:I'm also sure his taxes are all above board and he files everything correctly. He has a tax guy (or is looking for a new one). I know his big crypto gains are all from this year and he hasn't filed yet, so I'm looking forward to him giving a rant about how much they tax him sometime in February.
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Nov 9, 2021 23:45
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LionArcher posted:I also have a friend who's made 17k in the last two weeks from crypto, and he's cashed out a fair amount of that to be liquid. He also still has a whole Bitcoin. So while it's all dumb, maybe we're the idiots? In the same was that we're all idiots for not buying a powerball ticket with 21 46 47 57 62 08 on Saturday, sure.
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Nov 10, 2021 00:01
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LionArcher posted:I also have a friend who's made 17k in the last two weeks from crypto, and he's cashed out a fair amount of that to be liquid. He also still has a whole Bitcoin. So while it's all dumb, maybe we're the idiots? No one is saying you can't make money off crypto, they're saying it involves gambling and sometimes the ability to successfully negotiate a scam. If your friend made money then good for him, he's presumably risked a lot of money to make those gains and a lot of people don't have that money to risk or are adverse to the risks.
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Nov 10, 2021 00:05
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Hindsight 20/20 but dang I sure wish when we were still making fun of Bruce’s incompetent internet show and that kid with his private bitcoin army, I’d have sunk like 100 bucks into the things I also wish I hadn’t sold my Amazon stocks when they hit 700 but hey that’s life
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Nov 10, 2021 00:07
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LionArcher posted:I also have a friend who's made 17k in the last two weeks from crypto, and he's cashed out a fair amount of that to be liquid. He also still has a whole Bitcoin. So while it's all dumb, maybe we're the idiots? Who cares
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Nov 10, 2021 00:13
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Hillary 2024 posted:I found this in a mall in Melbourne in 2014. No idea how long it lasted, I was only there for a few days. I’m gonna break into that thing and steal it’s precious Bitcoin juice
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Nov 10, 2021 00:14
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Hillary 2024 posted:I found this in a mall in Melbourne in 2014. No idea how long it lasted, I was only there for a few days. We have one of those in a tobacco/snack shop down the road but it’s very explicitly “buy here” with absolutely zero ability to sell or cash out your coins in any way. Thankfully I’ve never seen anyone even touch the thing and I’m wondering if it has a fine layer of dust on it by now.
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Nov 10, 2021 00:26
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“Money in, maybe money out” should be written on that thing
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Nov 10, 2021 00:45
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That’s not dust, it’s penny shavings.
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Nov 10, 2021 01:36
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funeral home DJ posted:We have one of those in a tobacco/snack shop down the road but it’s very explicitly “buy here” with absolutely zero ability to sell or cash out your coins in any way. Thankfully I’ve never seen anyone even touch the thing and I’m wondering if it has a fine layer of dust on it by now. So in other words it is mining using the stores power. Nice scam.
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Nov 10, 2021 01:40
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hey goons, wouldnt it be cool if you could totally buy at the bottom and sell at the top according to this chart, haha
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Nov 10, 2021 01:45
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I'm still not entirely sure about the bored ape NFT's. Ignoring reality, right-click save-as, it's just a link to a ledger etc The people who are buying the ape NFT's....what do they think is happening? It's not a "currency" like bitcoin, they are buying a picture (for large amounts of stuff that could be converted into real money) that they think they own and have copyright on i assume. Obviously they think they're going to make money, and a lot of them seem to think the ape is just going to get more valuable because reasons....why do they think the ape picture will just keep getting more valuable? It's just impossible for me to get in the head space of someone (not a scammer, i understand them) who has bought one....
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Nov 10, 2021 02:02
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Illuminti posted:It's just impossible for me to get in the head space of someone (not a scammer, i understand them) who has bought one.... Maybe you should invest heavily in NFTs? (jk: you should not)
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Nov 10, 2021 02:07
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Illuminti posted:I'm still not entirely sure about the bored ape NFT's. Its a tiny group of people who all know each other laundering money.
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Nov 10, 2021 02:16
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Illuminti posted:apes BAYC was somewhat clever in that they branded themselves as a social club that has 10,000 tickets to get in, and came early in the NFT hype cycle. They had a super cringey looking meetup a week or two ago in NY (spoiler: lot of dudes. The project was successful and spawned literally millions of copycat ape tokens. No idea why people seemingly spend huge amounts on these though. To the extent that some of the apes seem to have actual human owners, its just a flex to others in their extremely online crew, right?
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Nov 10, 2021 02:18
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I love how this just shows the base character they stick all their lovely attachments onto.
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Nov 10, 2021 02:38
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repiv posted:help i clicked on too many crypto related tweets and now my feed is full of ads like this That they got a Markov chain to write their ad?
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Nov 10, 2021 02:40
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Viscous Soda posted:I love how this just shows the base character they stick all their lovely attachments onto. I thought the whole point is that they are all just the same base ape with an algo generated set of accessories art
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Nov 10, 2021 03:01
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Salt Fish posted:Its a tiny group of people who all know each other laundering money. Hey! That's being reductive! Some of it is conning people into thinking NFTs are an "investment"!
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Nov 10, 2021 03:03
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Illuminti posted:I'm still not entirely sure about the bored ape NFT's. Money Laundering If you have the capability to launder money in sufficient volume, like for example by being a big NFT/crypto person moving millions, you can make a ton of bucks for criminals looking to launder money So they’re all jockeying for prominence within a community in order to pull of the biggest scam of all: crime
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Nov 10, 2021 04:40
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its not just that, its this https://twitter.com/RodNetPro/status/1456081376588009478
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Nov 10, 2021 04:56
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https://twitter.com/business/status/1458138179412930562
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Nov 10, 2021 05:05
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Lmao bros payed thousands to go to a party with no chicks.Illuminti posted:I'm still not entirely sure about the bored ape NFT's. NFTs work for the same reason gift shops at casinos work. As soon as the global market cap plummets it wont be lucrative to pump out NFT collections. A Bakers Cousin posted:I thought the whole point is that they are all just the same base ape with an algo generated set of accessories art Its lazier then that: they mix the attachments to make more.
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Nov 10, 2021 05:10
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Gutcruncher posted:Hindsight 20/20 but dang I sure wish when we were still making fun of Bruce’s incompetent internet show and that kid with his private bitcoin army, I’d have sunk like 100 bucks into the things Or AMD when it hit $14 after buying for under $3. The vast majority who held BTC when it was low either cashed out a long time ago or lost it forever.
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Nov 10, 2021 05:13
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Microsoft Snipping tool, the most powerful NFT stealing software in the world
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Nov 10, 2021 05:14
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Salt Fish posted:Its a tiny group of people who all know each other laundering money. This gets repeated ad nauseum and it's like that "there are so many mattress stores because they are money laundering fronts" myth. This poo poo is so dumb that we reflexively look for a rational explanation and money laundering seems to be one, and while it does take place, it's a tiny percentage of the money changing hands in the NFT market. People just really are that dumb and there are really that many of them that have money. It's a greater fool pyramid that hasn't hit the top yet.
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Nov 10, 2021 05:57
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D-Pad posted:This gets repeated ad nauseum and it's like that "there are so many mattress stores because they are money laundering fronts" myth. This poo poo is so dumb that we reflexively look for a rational explanation and money laundering seems to be one, and while it does take place, it's a tiny percentage of the money changing hands in the NFT market. People just really are that dumb and there are really that many of them that have money. It's a greater fool pyramid that hasn't hit the top yet. If you assume "manipulating prices" falls under "money laundering" then it's a much bigger percentage of the whole. A good chunk of it is get-rich-quick scheming and fraud, even if the people involved are too stupid to realize that's what they are doing. If you really want to nitpick then yes, a big part of the pyramid is just fraud, not strictly-defined money laundering.
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Nov 10, 2021 06:03
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CaptainSarcastic posted:If you assume "manipulating prices" falls under "money laundering" then it's a much bigger percentage of the whole. A good chunk of it is get-rich-quick scheming and fraud, even if the people involved are too stupid to realize that's what they are doing. If you really want to nitpick then yes, a big part of the pyramid is just fraud, not strictly-defined money laundering. Definitely. The NFT market was specifically kicked into high gear through fraud with the original Beeple sale which was a setup from start to finish and was sold to a group that included Beeple himself that only bought it to produce the exact effect it did. The same thing happened in the graded vintage video game market with collusion between the Heritage Auctions owner and the Wata Games grading company owner plus a few rich guys, the Heritage Auction owner having been convicted in the 80s of doing the same thing in the collectible coin market. The thing is though, once the initial fraud takes hold in the zeitgeist as a legit money making speculative vehicle a critical mass is quickly reached and it becomes self perpetuating. The NFT market is absolutely rife with scams, but most of the purchases are now "legit" and not so called traditional money laundering wherein I sold a truckload of crack and need to launder the cash to make it legit. Edit: And as I think you are referencing a lot of the NFT projects initial sales are often times bought up at inflated prices by people in on the scam and then resold to greater fools, but after that point it's greater fools all the way down and many of these projects that started this way have NFTs that have traded hands tens of times for a higher price each time and only the first sale was fraudulent. They just have to get the snowball rolling and then idiots do the rest. My initial point in responding to that poster is many of the people in this thread casually dismiss the NFT market as just money laundering between a small group of people, for example, saying if $1 billion changes hand per week then $900 million is fraudulent trading within the cabal when in reality the cabal traded $10 million between themselves on Monday and the idiots piled in and all $990 milion the rest of the week was legit sales between idiots. D-Pad fucked around with this message at 06:14 on Nov 10, 2021 |
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Nov 10, 2021 06:08
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jokes posted:Money It's not all money laundering surely? The people i'm asking about are not money laundering for criminal gangs. There has to be a fairly large percentage who have bought into this for some reason, but I can for the life of me find it what it is. What is the reason they have been told that the value of said ape will go up? I suppose really I know the answer is, they're just loving idiots and number go up. But I just find people who fall for Nigerian prince scams more understandable than anyone willingly buying an NFT of a jpeg of an ape Illuminti fucked around with this message at 06:22 on Nov 10, 2021 |
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Nov 10, 2021 06:16
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D-Pad posted:This gets repeated ad nauseum and it's like that "there are so many mattress stores because they are money laundering fronts" myth. This poo poo is so dumb that we reflexively look for a rational explanation and money laundering seems to be one, and while it does take place, it's a tiny percentage of the money changing hands in the NFT market. People just really are that dumb and there are really that many of them that have money. It's a greater fool pyramid that hasn't hit the top yet. [citation needed]
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Nov 10, 2021 06:18
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D-Pad posted:Definitely. The NFT market was specifically kicked into high gear through fraud with the original Beeple sale which was a setup from start to finish and was sold to a group that included Beeple himself that only bought it to produce the exact effect it did. The same thing happened in the graded vintage video game market with collusion between the Heritage Auctions owner and the Wata Games grading company owner plus a few rich guys, the Heritage Auction owner having been convicted in the 80s of doing the same thing in the collectible coin market. I'd still frame the "legit" trades as fraud since they are starting from a poisoned well and have no actual value - it's like a hot trade in Official Star Name Registry Certificates. That idiots think they have value has no bearing on the fact they are intrinsically worthless, and the musical chairs game might go on for a while but almost certainly has a shelf life (it's both surprising and sad that it is still going at this point).
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Nov 10, 2021 06:22
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Money laundering isn’t “just” for people running drugs and hookers. Sometimes it’s about moving money across borders, sometimes it’s just normal ol’ tax fraud. With botnets and truly horrible record keeping (by design) it’s hard to keep track of it all for the government but also luckily it’s permanent (also by design lol) so if they discover one dude’s operation it probably implicates a bunch of other dudes who then go on to reveal a bunch of other idiots. Old saying about criminal poo poo: there’s no one better at finding criminals than someone who sells things exclusively to criminals.
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Nov 10, 2021 06:22
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I'm just there are just a bunch of people who are casually spending $100,000,000 on hyperlinks to the shittiest "art" ever made. That's way more likely than wash trading and money laundering.
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Nov 10, 2021 06:29
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