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https://gizmodo.com/101-bored-ape-nfts- ... 1847652032

Crypto art is booming. $240K for each of the jpegs below:

I presume this is a way of money laundering and certain goods were exchanged for the money.

Cornfed wrote: ↑

September 20th, 2021, 9:48 am

I presume this is a way of money laundering and certain goods were exchanged for the money.

Interesting theory. I took the story at face value. Namely, some guy who got rich on crypto thought early examples of crypto art would be valued in the future simply because they were early examples, then got carried away bidding the price up against some other fool who thought the same way.

If a true story, I was actually thinking of you, among others here, when I posted. A lot easier to make money on these new era digital scams than doing real work like teaching English in person.

Shemp wrote: ↑

September 21st, 2021, 4:42 am

Cornfed wrote: ↑

September 20th, 2021, 9:48 am

I presume this is a way of money laundering and certain goods were exchanged for the money.

Interesting theory. I took the story at face value. Namely, some guy who got rich on crypto thought early examples of crypto art would be valued in the future simply because they were early examples, then got carried away bidding the price up against some other fool who thought the same way.

If a true story, I was actually thinking of you, among others here, when I posted. A lot easier to make money on these new era digital scams than doing real work like teaching English in person.

However, there's one flaw with that theory.

All cash transactions $10,000+ must be reported by banks in the United States. Maybe foreigners can avoid the IRS tax return requirement but they need to declare cash entering the United States. That's much easier than trying to declare physical cash exiting the United States.

In the European Union, people must provide "proof of funds" for anything including crypto deposits and probably any crypto transaction.

There's a reason why money launderers prefer cash businesses. Laundromats were the most preferable and so were casinos, restaurants (many organized criminals now run restaurants, bars, and strip clubs).

A crowdfunding campaign would be better for Money Laundering than cryptocurrency.

Cornfed wrote: ↑

September 20th, 2021, 9:48 am

I presume this is a way of money laundering and certain goods were exchanged for the money. A lot of cryptopeople say that even Tether is a scam but its price chart looks promising.Here it is for you to check yourself.

No doubt. It is not ok when a simple jpg costs millions of dollars.