News for hackers. Stuff that matters.

A comment on NFTs Are a Pyramid Scheme and People Are Already Losing Money. Parent comment

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!

[ Parent | on HN ]
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.

[ Parent | on HN ]