NFT for money laundering? - page 3. | Bitcointalksearch.org

BigBos

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Quote from: bbc.reporter on December 10, 2021, 09:36:33 PM

This picture explains the pricing standards of today’s NFT hehehe.

Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

LOL, this is a complete manipulation, or even a scam. well, if it's like this, we just need to be a careful buyer.
well, we didn't know that it was money laundering. we are only guessing from the current state. however, if we think about it, NFT art can indeed be used for money laundering, except for a few. Many people think that how can things that you can easily make in the real world, can cost tens or hundreds of dollars on the internet. well, however, some of the people making NFT are also currently benefiting from it.

laredo7mm

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Quote from: bbc.reporter on October 07, 2021, 11:17:50 PM

I have speculated that NFT will be the next part of the cryptospace where much of the money laundering and tax evasion might occur. Why is this? This is because NFT is art and much of the art world is unregulated.

However, the lawmakers are beginning to crackdown on the art market. I reckon for the first time in the cryptospace, the government might be there ready, waiting in advance and backed with regulations hehehe.

This year, the treasury department is expected to complete a study on whether there is evidence of money laundering in the broader art market. The Senate banking committee will then use the findings to determine whether the same anti-money laundering provisions applied to antiquities dealers should apply to all art dealers.

According to one art law attorney, the outcome of that study is “a foregone conclusion: an alliance of government regulators, class-conscious legislators, and art market critics will seize upon the opportunity to convince the Biden cabinet to regulate the art business,” says Michael McCullough of the New York firm Pearlstein and McCullough.

Read in full https://news.artnet.com/art-world/what-will-stricter-us-oversight-of-the-antiquities-trade-look-like-1935081

To be honest I think NFT is like the most expensive caviar for some special class people. Most of the NFT doesn't have any use case except using your profile picture. People are buying some jpg files with millions of dollars and many people are unaware of the fake price of those NFTs. People should understand that collector's item is not meant for everyone and it takes time to find the right man who will buy your item for the actual value.

bbc.reporter

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Quote from: jostorres on December 11, 2021, 02:44:24 PM

Quote from: bbc.reporter on December 10, 2021, 09:36:33 PM

This picture explains the pricing standards of today’s NFT hehehe.

Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

This has been speculated as such. I do believe that not every single NFT is like that, cryptopunks for example doesn't need these kind of moves and it is hyped price is already silly without needing anything extra. Not saying that it does worth that much but some people value it that high for some weird reason.

However, it has been told many many times so far that NFT is not only used for money laundering for bad people, who end up buying NFT pieces from "good" people and then get some of it back, effectively laundering their money without a trouble, or there are people who speculate the price with their own money or even a combined money as well.

We could get together as 100 people, put in 100k (1k each) and then create an NFT series and pump it to crazy levels, we could all buy 100k or 50k or whatever on each piece using the very same amount since the money will go back to us anyway, and then give each other 100 of these NFT's as well, when the job is finished we get back the 1k, maybe there would be some costs so even if we get back 500 dollars, then we would also have 50k+ worth NFT in our wallets as well. I say that is a good trade off.

How are you quite so certain that these cryptopunks NFT do not need these kinds of moves? How do we know that it did not begin with whales minting them, then selling them with each other to bid up the price? The NFT market is not a regulated market similar to the ICOs of 2017. Whales and scammers will of course use the most popular type of NFTs to trick newbies. This is an old trick used on a new platform.

yohananaomi

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Quote from: Google+ on December 11, 2021, 11:07:29 AM

Quote from: fvb on December 11, 2021, 07:23:00 AM

I think yes, this is one of the most convenient ways to launder money. Even classical artists and other artists were divided. Some call it a fraud, while others call it art culture. This market is huge.

Everyone has a different assessment in this matter, so don't pay attention to their words as long as you can do what's best for yourself and also for others as a benefit, keep working to the best of your ability.

I think you are right, the most important thing is that it is clear from us first to always act according to the rules, it will be the best thing.
all of them still give conclusions that will always be different, especially since it is still very new that art is made digital and not many people understand it.
actually anything if the intention is to abuse the rules will be able to do money laundering, so for that there needs to be binding rules so that there is no misuse.

jostorres

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Quote from: bbc.reporter on December 10, 2021, 09:36:33 PM

This picture explains the pricing standards of today’s NFT hehehe.

Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

This has been speculated as such. I do believe that not every single NFT is like that, cryptopunks for example doesn't need these kind of moves and it is hyped price is already silly without needing anything extra. Not saying that it does worth that much but some people value it that high for some weird reason.

However, it has been told many many times so far that NFT is not only used for money laundering for bad people, who end up buying NFT pieces from "good" people and then get some of it back, effectively laundering their money without a trouble, or there are people who speculate the price with their own money or even a combined money as well.

We could get together as 100 people, put in 100k (1k each) and then create an NFT series and pump it to crazy levels, we could all buy 100k or 50k or whatever on each piece using the very same amount since the money will go back to us anyway, and then give each other 100 of these NFT's as well, when the job is finished we get back the 1k, maybe there would be some costs so even if we get back 500 dollars, then we would also have 50k+ worth NFT in our wallets as well. I say that is a good trade off.

Kavelj22

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Quote from: budlo on December 11, 2021, 08:46:27 AM

Fraud is an art of its kind Grin

Nft is modern ownership of something and it costs money and everything that is connected with money can be falsified for value.
While the market is growing I think we will not notice large cases of fraud in the NFT for the purpose of money laundering but when the market falls we'll see several such cases.

I can understand how many different assessments are made around this subject. I want to make clear that money laundering is made by someone for his own benefits without the need to deceive anybody unless he is leaded by greediness to offer the same fake valuable NFT for sale to other users depending on the price history he created by himself (see the example in image above comment).

masterrex

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That was a very serious problem and might catch the attention of the authorities and government regulators, that speculation might be true because the global artwork market is not regulated, how much more like NFT a digital form and it can easily pass anywhere else in the world using Blockchain that's another headache for the government if that speculation will happen.

OddyseyGames

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Quote from: bbc.reporter on December 10, 2021, 09:36:33 PM

Quote from: turneps on November 12, 2021, 11:35:49 AM

In fact, NFT is not used to launder money, but it can be said that NFT is a golden opportunity for those who want to launder money. Reason:
NFT uses blockchain technology. So it increases the difficulty in tracing the identity of the person who wants to launder money.
NFTs dealing with “artistic” topics are overvalued. Because simply, it is "art", but "art" does not have any pricing standards. If you argue, just say "I find it beautiful and valuable!". So it can cost anything, meaning the money launderer can launder as much as he wants.
NFT is inflated in terms of technology value. And in that wave of FOMO, multi-million dollar to tens of million dollar transactions are “normal”. Since then, these "normal" transactions have become "mirrors" in the media. But no longer under the suspicion of the public.
NFT has not yet received adequate attention from regulators. Rather, it is not strictly controlled for tax arrears and identity requirements for high value transactions. So, while regulations are being abandoned, this is a golden opportunity for money launderers.

This picture explains the pricing standards of today’s NFT hehehe.

Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

I completely agree. It seems to me that NTF is overrated, but NTF games are already perversions. We also entered the blockchain from game development, NTF can be used as an item, but not at all as characters or cats. It can be part of collections, achievements, awards.

P.S I laughed from the picture 10 minutes. Thank you Cheesy

Google+

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Quote from: fvb on December 11, 2021, 07:23:00 AM

I think yes, this is one of the most convenient ways to launder money. Even classical artists and other artists were divided. Some call it a fraud, while others call it art culture. This market is huge.

Everyone has a different assessment in this matter, so don't pay attention to their words as long as you can do what's best for yourself and also for others as a benefit, keep working to the best of your ability.

aseprebel

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Quote from: budlo on December 11, 2021, 08:46:27 AM

Fraud is an art of its kind Grin

Nft is modern ownership of something and it costs money and everything that is connected with money can be falsified for value.
While the market is growing I think we will not notice large cases of fraud in the NFT for the purpose of money laundering but when the market falls we'll see several such cases.

Because art is so subjective and in the eye of the beholder, the NFT often does not get oversight from lawmakers and regulators. This aspect of art is the main reason why it is used as a means of illicit financial flow.

budlo

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Fraud is an art of its kind Grin

Nft is modern ownership of something and it costs money and everything that is connected with money can be falsified for value.
While the market is growing I think we will not notice large cases of fraud in the NFT for the purpose of money laundering but when the market falls we'll see several such cases.

fvb

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I think yes, this is one of the most convenient ways to launder money. Even classical artists and other artists were divided. Some call it a fraud, while others call it art culture. This market is huge.

Republikcoin.com

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Quote from: EmmaGod on December 10, 2021, 10:10:14 PM

The cryptocurrency space in general is a hub for money laundering. The use of NFT is only one of the most obvious way. I believe this explains why some countries are formulating regulations to discourage the citizens from the industry. Money launders are always thinking of ways to convert their illicit wealth to clean money and there would always be more ways than we can imagine.

If it is launders, then try to give a way that can make everything halal at this time, because in this technological era, there are many things that can be done and do not have to rely solely on the launders, because in general things Money laundering is not good for life, so I want you to give more opinions on this.

EmmaGod

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The cryptocurrency space in general is a hub for money laundering. The use of NFT is only one of the most obvious way. I believe this explains why some countries are formulating regulations to discourage the citizens from the industry. Money launders are always thinking of ways to convert their illicit wealth to clean money and there would always be more ways than we can imagine.

bbc.reporter

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Quote from: turneps on November 12, 2021, 11:35:49 AM

In fact, NFT is not used to launder money, but it can be said that NFT is a golden opportunity for those who want to launder money. Reason:
NFT uses blockchain technology. So it increases the difficulty in tracing the identity of the person who wants to launder money.
NFTs dealing with “artistic” topics are overvalued. Because simply, it is "art", but "art" does not have any pricing standards. If you argue, just say "I find it beautiful and valuable!". So it can cost anything, meaning the money launderer can launder as much as he wants.
NFT is inflated in terms of technology value. And in that wave of FOMO, multi-million dollar to tens of million dollar transactions are “normal”. Since then, these "normal" transactions have become "mirrors" in the media. But no longer under the suspicion of the public.
NFT has not yet received adequate attention from regulators. Rather, it is not strictly controlled for tax arrears and identity requirements for high value transactions. So, while regulations are being abandoned, this is a golden opportunity for money launderers.

This picture explains the pricing standards of today’s NFT hehehe.

Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

chaser15

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Quote from: matjas on November 27, 2021, 03:08:55 AM

That is probably what is happening, we all know how the OpenSea admitted that they are doing inside trading with promoted NFTs, because they were caught right handed. Who know what other dirty stuff is happening behind the closed doors over there.
The volume and money which is turning around NTF space is just too big to not take advantage at.

You have a point. To think that there are no anomalies in an NFT space where big cash is flowing is somehow not possible. What else can we do?

Let's just hope that is something that won't lead to a much worst situation.

This NFT craze will be hype for a long, therefore, taking advantage of it will be run for long too.

matjas

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That is probably what is happening, we all know how the OpenSea admitted that they are doing inside trading with promoted NFTs, because they were caught right handed. Who know what other dirty stuff is happening behind the closed doors over there.
The volume and money which is turning around NTF space is just too big to not take advantage at.

ansarose1

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I don't think so, for me this is just a suspicion about NFT since it involves huge amount of money. For every project that has deposited or invested in it, there is no doubt it could go to the point and suspected as money laundering since smurfing large amount into crypto investments could be a reason for it. Besides a new trend has always obstacle that it can receive negatives feedbacks and issues such as like this.

goldkingcoiner

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Well, as far as money laundering with NFT's goes, I can only speak from the perspective of my own countries laws and regulations. As I understand it, it does not matter whether its an NFT or actual, real physical Artwork. If you sell it for a profit, you need to be able to explain where the money came from. In my country you can easily come under fire from the authorities if you cannot explain the origin of a sale worth 10k or more. This also goes for incremental sales worth 10k or more together.

The origin must be documented as well as the buyer and his government ID.

So I don't see a way to launder money here.

DrBeer

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NFT is a virtual asset, the value of which is not guaranteed and, in fact, is not backed by anything. Compared to works of art, they have historical, real artistic value, real uniqueness and exclusivity. And real objects of art, every year, are almost guaranteed to rise in price and have high liquidity. NFT is still more complicated. So far, these are just some unique intangible assets, with an artificial value that has no real collateral. I would not risk laundering money through the purchase of such assets. It's my personal opinion.

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