FTX’s balance sheet was bad

Re:FTX’s balance sheet was bad by waynesonfire on Monday November 14, 2022 @04:21PM (#33601293)

I think artwork also works this way. I have 10 piece of art drawn by Mr. Artist. My friend buys a piece for 1 million dollars, I now have ~9 million dollars of "assets".

These shenanigans have been going on for a long time in wealthy groups.

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Re:FTX’s balance sheet was bad by smsm42 on Monday November 14, 2022 @05:34PM (#33602307)

That's why you see all kinds of fintechs trying to push art investment into the masses nowdays. They want the stupid money.

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Re:FTX’s balance sheet was bad by pseudo0 on Monday November 14, 2022 @06:17PM (#33602802)

And then you donate the art to a foundation or charity and pocket a fat tax credit, thus avoiding the problem of having to actually find a sucker to pay $1 million. Some jurisdictions have cracked down on this, but for a long time it was a popular way to game the system.

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