it is an interesting development, would say even, expected, there is a lot of possibilities and people are using them
OpenSea is most traded market at the moment, and being on the front page is massive for any NFT, but OpenSea as well did not go crypto-way, with decentralization, they are involving large funds, and the goal is to make profit, not to put users first
but, it is hard not to use OpenSea and be involved into NFT market, most NFT's are first there, and than spread around
Topic: OpenSea head officer caught on insider trading - page 2. (Read 244 times)
NFTs are a promising innovation that is being exploited to the hilt now. It has become a closed club with this system of "drops" that are communicated to your closest friends and then you all together shill it to the plebs. The result is that you sell a lot of copied 3D "Art" hyped on twitter at over-blown prices.
The opensea guy seems to have taken this a step further. He is not even taking the pain of generating the art. He selectively pumps these NFTs and the "floor price" is artificially raised. They then shill it through the group of people who are all collaborating with each other to hype it up. This is all just pretty demotivating to see because something that starts with such idealistic promises and then gets exploited so easily by bad actors. This happens all the time in crypto and the time of reckoning (atleast for those companies that are based out of the US) is pretty nigh.
The opensea guy seems to have taken this a step further. He is not even taking the pain of generating the art. He selectively pumps these NFTs and the "floor price" is artificially raised. They then shill it through the group of people who are all collaborating with each other to hype it up. This is all just pretty demotivating to see because something that starts with such idealistic promises and then gets exploited so easily by bad actors. This happens all the time in crypto and the time of reckoning (atleast for those companies that are based out of the US) is pretty nigh.
That's one quite expensive mistake if you are a victim of those pump and dump fools. Their site is known for its fairness and convenience for buying and selling NFTs and it was just too bad for them if they are guilty of these accusations but we still need some solid proof to conclude our speculations with their platform. Nevertheless, this is just some kind of accusation until they are proven guilty and right now everything seems normal on their platform and nothing new has changed.
We will see how this drama unfolds, this is an accusations that needs to be answered by Nate himself.
The accuser has shown has some proof, so the ball is on the hand on Nate to disproved it. Otherwise it will put a dent on OpenSea reputation as we all know that his marketplace is now the go to as far as NFT is concern. So it people within are taking advantage of it and making profits illegally, then the trust will be in big question here.
The accuser has shown has some proof, so the ball is on the hand on Nate to disproved it. Otherwise it will put a dent on OpenSea reputation as we all know that his marketplace is now the go to as far as NFT is concern. So it people within are taking advantage of it and making profits illegally, then the trust will be in big question here.
Crypto trading is in large part a Wild West. Where there is no regulation, the door is open to abuse through insider trading, pump and dumps and other forms of abuse. But this is not a new problem, it is part of the crypto market. And I think due to its decentralized nature is will remain a part for a long time. So this news is not a surprise.
I don't feel surprised. There may be groups of people doing insider trading with Opensea to promote value for NFT works. That is also the reason that recently GAS fees have increased continuously. Most of the transaction costs come from Opensea.
It seems that @natechastain, one of the OpenSea executives, was caught on insider trading.
source: https://twitter.com/zuwutv/status/1437921263394115584
According to twitter user @ZuwuTV, here is one tx on returning profits to the main 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet after flipping the item currently on the front page of the OpenSea platform: https://etherscan.io/tx/0x54bcb222978a0daa91276edce9d59fab8d276439c797d123c29fadf4ccacf316
What is your opinion on this? I am looking forward to watching this drama unfold.
source: https://twitter.com/zuwutv/status/1437921263394115584
According to twitter user @ZuwuTV, here is one tx on returning profits to the main 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet after flipping the item currently on the front page of the OpenSea platform: https://etherscan.io/tx/0x54bcb222978a0daa91276edce9d59fab8d276439c797d123c29fadf4ccacf316
What is your opinion on this? I am looking forward to watching this drama unfold.
Jump to: