Nyan Cat on the Blockchain

Re:Nyan Cat on the Blockchain by rmorey on Friday February 19, 2021 @03:00PM (#26197370)

> If you want to take it to the next level, you could re-list the Nyan Cat NFT and then re-buy it from yourself using a second wallet that isn't obviously linked to the first.

pretty sure this would be securities fraud

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Re:Nyan Cat on the Blockchain by PragmaticPulp on Friday February 19, 2021 @03:27PM (#26197643)

Definitely. Blockchain is incredibly attractive for this type of fraud because wallet addresses aren't bank accounts. Anyone can create new wallets or even use tricks to hide the source of funds (send to exchange, withdraw from exchange to different wallet).

Cryptocurrencies are a dream come true for perpetrators of fraud like this. Buyer beware.

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Re:Nyan Cat on the Blockchain by xur17 on Friday February 19, 2021 @03:02PM (#26197386)

Is the Nyan Cat a security?

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Re:Nyan Cat on the Blockchain by eljee on Friday February 19, 2021 @04:42PM (#26198404)

It's called wash trading and for securities, it is illegal. I dont think the Nyan Cat NFT is a security. Its more like a commodity. And yes, wash trading and money laundering via art is an age-old practice.

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Re:Nyan Cat on the Blockchain by xur17 on Friday February 19, 2021 @04:55PM (#26198536)

My point was that the Nyan Cat NFT likely isn't a security, and hence wash trading might not be illegal.

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Re:Nyan Cat on the Blockchain by rmorey on Friday February 19, 2021 @03:06PM (#26197440)

IANAL so I'm probably misusing the term. But it definitely feels like buying and selling the asset secretly to inflate it's market value is some sort of fraud

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