NFTs Are a Pyramid Scheme and People Are Already Losing Money

Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by skyzadev on Sunday March 21, 2021 @09:40AM (#26530351)

Seems plausible if you can cover all traces of where your crypto came from, and considering NFTs stay unregulated by legislation/governments.

If NFTs remain a thing after all the hype & fake demand fades then I am sure regulation for NFT purchases will come into effect to combat such practices.

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Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by CryptoPunk on Sunday March 21, 2021 @10:01AM (#26530507)

Letting people in law enforcement, and the banks deputized by the AML enforcement agencies, monitor all private financial interactions, in a warrantless dragnet manner, to make a 1% dent in crime [1], is a terrible trade-off.

[1] https://www.ledgerinsights.com/anti-money-laundering-has-les...

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Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by skyzadev on Tuesday March 23, 2021 @12:10PM (#26556681)

Today it's really hard to exchange crypto for fiat without proving your identity first.

Seeing as NFTs are in the same space, I can imagine similar regulations will get enforced for NFC market places.

As for the effectiveness of such measures, well, that is another discussion for another time!

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Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by CryptoPunk on Saturday March 27, 2021 @05:56AM (#26601194)

NFTs aren't money, by definition (they are literally called non-fungible tokens, and money, by definition, is fungible). From a financial perspective, buying/selling them is no different than buying/selling traditional art work, and thankfully there are no AML/surveillance law requirements to report these types of transactions to the government.

So sorry, there will be no warrantless mass-surveillance/KYC of NFT transactions that unmasks the parties to the transactions.

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