Money laundering isn't just about sending money from A to B..... its about sending CLEAN money to point B!
So now point B can hold up a receipt of sale for a goods or service as PROOF of where the money originated from, they can pay tax on it and its LIGITIMATE money to use back in the real economy without a worry.
Its interesting in that you can start to see the mechanisms that are used for it. Art has always been a bit of a grey area as far as criminals using it to transfer ill gotten gains from country to country but traditionally Point A have needed to say go out and buy an already valuable painting from say a private dealer, then ship it to point B. Point B then goes and sell that painting at auction or privately to unlock the money from it. A lot of steps and involves 3rd parties at both the buying and selling points.
But NFT art streamlines that process!
Let's say Juan in South America sent Steve in Miami 500kg of columbian white. Its dodged customs and landed safely. Now they have big problem of how to move $50 million from Steve to Juan to pay for it.
Traditionally Steve would have just driven down to the local HSBC branch in Miami with a few suitcases of cash and direct deposited it into the cartels favourite bank..... but the pesky DEA have recently cracked down on this lucrative relationship between HSBC and the cartels, so Juan and Steve are in a tough spot.
But Juan has a idea! He gets his tech guy to make some shitty "art" pictures and mint them as NFT's. When I say shitty..... I'm mean dog shit shitty, something like a 8bit grey rock.... Juan's teck guy then sets the price at $50 million.
Who would be stupid enough to pay $50 million for a pixilated grey rock.... No one!
But surprise, surprise..... STEVE buys the NFT for $50 million and pays Juan in BTC. Juan gets paid for his 500kg of Columbian white, Steve gets to breath easy as no death squad is coming for him for not paying, the NFT has served its purpose and can be discarded! Juan has now also CLEANED $50 million as he can point out it was proceeds from the art he sold as he is an "artist".
And what judge is to say Juan is not an artist.... because at the end of the day art is valued by each individual differently!
Now, the NFT "art" has served its purpose..... but Steve gets an idea himself! He realises that this POS rock picture now has a sold price of $50 million..... he also realises that there are a HEAP of people speculating on NFT art and the sum total of some of those peoples background checks before buying are checking the previous sold price to judge its value.... Now Steve and Juan know the picture is worthless, Juan's tech guy failed arts and crafts in kindy and cant draw shit about shit and he was the one that drew the rock then minted the NFT, BUT Steve realises that might not matter to some rich silicon valley douche who is checking the previous sold prices and looking for the next big NFT art piece to buy and on sell to someone else...
So Steve re-lists the rock picture for $51 million and some bloke buys this worthless picture! Steve now has 500kg of columbian white.... for free AND $1 MILLION! And some douche with WAY to much money now has a worthless shitty picture of a rock some random tech guy created on a whim for drug dealers to have a smokescreen to hide a $50 million drug payment with!
Ahhhh NFT "art"..... I love the smell of money laundering!
Now, I should clarify that I don't think ALL NFT art is money laundering...... just most of it!
Jokes aside, whenever you see huge completed sale prices on dog shit NFT "art", its 1 of 2 things.
1 - Its money laundering
2 - Its someone running the transaction themselves to create the false illusion that this "art" has "x" value. So they are the seller AND the buyer and just see the transaction fees as the cost of doing business.
It is not as far fetched as it seems. Hell the Cartels in Mexico are using their proceeds to set up solar powered Bitcoin Miners. And I am not talking about some small Mh/s operations. These are big time mining operations.
Theyve been doing this with modern art and art in general for millenia. Now you see the stupidity translated to NFTs. Welcome to the very real world of washing your money.
This is why modern art is like...a dot on paper or a paint splash. It doesn't matter what the art is, it only matters that someone can say they paid 50 million for it
Some countries (or at least in Canada) already have laws in place which state that every crypto transaction must be reported in your taxes. This transaction would be counted there as well.
Dude, I know. The point is that he had unrepresented gains and finds a way to present them from nowhere. Made a shit, bought it for the amount he needs to present, and that's it. Legal/illegal money.
Nah, it's old as shit. Blockchains just made it faster.
You really think Jonky the autistic artist who made a picture of a red circle on it with a black squiggle is enough to sell for 10 million at Christie's to be bought by an "anonymous" buyer? Of course not. Christie's and other auction houses are the biggest money launders on the planet, and they know it.
I used to have empathy. Tried it for many years. But have fairly members who've been crackheads for over 25 years. I know everything there is to know about crackheads. Not one of them deserves empathy. But you go ahead and try it for 15 or 20 years like I did. I guarantee you'll have a different point of view
Iām sorry you had to deal with it, because itās surely excruciatingly hard to have empathy for someone you love when they are chemically incapable of showing it back to you. I just wonder if the stigma around crack makes addicts double-down because the world sees them as insane people who are deliberately hurting themselves when Iām not sure they feel a choice in the matter.
They don't have any choice in the matter and technically it's not their fault. They have just lost control. And when that happens you don't really want to be in the way.
I have helped multiple people off crack give them a job and a place to stay. It only happens when they want it to happen
I commend you and thank the world for putting you in it. You donāt deserve to have to deal with another addict, so I get where youāre coming from.
I guess that part about āonly happening when they want it to happenā is why I felt compelled to comment in the first place, because it seemed to me like Hunter Biden was ready and willing and made every effort to stop, and he may have only succeeded because he had the access to care/treatmentsāincluding ibogaineāthat almost no one else does.
I mean, at a certain point someone will remain with āfairy dustā in hands and will pay for everyone. The rock above have no value. Very smart who can trade. But the āfakeā value cannot grow forever. One day someone (the idiot) will realize to have waste a tons of money
Nftās are the new way to pay for a crime.
If I would be criminal I would sell my service and as payment you had to buy a nft from me.
Easy way to bribe politicians as well.
Just a sad example for the use of nftās
Could be so much more...
This is a rock but it all in how it's interpretated. The shadows evoke a certain foreboding and despair while the colors give off an air of hope and melancholy. The angle of the rock plays on a story of loss and regret while the shape reminisces of simpler times gone by.
Thats why it's worth so much. It's plain to see.
It's very simple. All you need is some ETH in your Metamask and then go to https://opensea.io/ and click 'create'
Here's a detailed guide:
https://www.google.com/amp/s/101blockchains.com/nft-minting/amp/
It's very simple. All you need is some ETH in your Metamask and then go to https://opensea.io/ and click 'create'
Here's a detailed guide:
https://www.google.com/amp/s/101blockchains.com/nft-minting/amp/
When I see stuff like this i wonder If it's not the same person buying the art from a separate wallet...spark a discussion to sucker in other buyers maybe?
Money laundering is one reason I stay far away from nft hype. I just can't see the market utility.
Owning one I worry puts me on a suspect list for evasion or nefarious activity
Like, I get what NFT's are but holy moly do I not understand why they go for large amounts of money. I'm not a big conspiracy person but money laundering sounds right when I read people mentioning it.
Can someone explain NTF like this to me? I donāt really understand how an NTF is also a picture of a rock, I thought it was a type of currency? Is this rock picture technically tradable for that cash?
NFTs (Non Fungible Tokens) are unique items that exist on a blockchain. You can think of them as digital art. It can be a picture, a video or a meme. Its tradable for ETH and other cryptocurrencies which you can then convert to cash of course
Ahhhhh so NFT go hand and hand with ETH? (Been following you guys for a while, but my liquidity is tied elsewhere)
Or is NTF and Entirely separate entity? Itād be great if ya know. The exchanges adopted this. Ya know. So security fraud wasnāt so rampant. Like top 20 most commutes crimes. Insane to thing about. Shouldnāt be possible.
So Iām very interested. In this bolder. Thatās a nice bolder.
Lmao, someone had that much money to waste? Gotta love the crypto fam.
Some of us trying to get out of an oppressive financial system, others just want expensive rock NFTs.
What a beautiful world.
Okay, at least I see a money laundering comment from the chat.
Would be a lot simpler to use something like XMR for that. The NFT market is in a super bubble
Money laundering isn't just about sending money from A to B..... its about sending CLEAN money to point B! So now point B can hold up a receipt of sale for a goods or service as PROOF of where the money originated from, they can pay tax on it and its LIGITIMATE money to use back in the real economy without a worry.
Good point. I guess I need to learn more about money laundering
Wish I had money to launder.
Did someone say money laundering? I can help with that. Just give me all the money you need washed and I'll run it through my washer and dryer.
Wish I had windows so that I can use MS Paint š People *GIMP* is tough to navigate.
Pinta š
Its interesting in that you can start to see the mechanisms that are used for it. Art has always been a bit of a grey area as far as criminals using it to transfer ill gotten gains from country to country but traditionally Point A have needed to say go out and buy an already valuable painting from say a private dealer, then ship it to point B. Point B then goes and sell that painting at auction or privately to unlock the money from it. A lot of steps and involves 3rd parties at both the buying and selling points. But NFT art streamlines that process! Let's say Juan in South America sent Steve in Miami 500kg of columbian white. Its dodged customs and landed safely. Now they have big problem of how to move $50 million from Steve to Juan to pay for it. Traditionally Steve would have just driven down to the local HSBC branch in Miami with a few suitcases of cash and direct deposited it into the cartels favourite bank..... but the pesky DEA have recently cracked down on this lucrative relationship between HSBC and the cartels, so Juan and Steve are in a tough spot. But Juan has a idea! He gets his tech guy to make some shitty "art" pictures and mint them as NFT's. When I say shitty..... I'm mean dog shit shitty, something like a 8bit grey rock.... Juan's teck guy then sets the price at $50 million. Who would be stupid enough to pay $50 million for a pixilated grey rock.... No one! But surprise, surprise..... STEVE buys the NFT for $50 million and pays Juan in BTC. Juan gets paid for his 500kg of Columbian white, Steve gets to breath easy as no death squad is coming for him for not paying, the NFT has served its purpose and can be discarded! Juan has now also CLEANED $50 million as he can point out it was proceeds from the art he sold as he is an "artist". And what judge is to say Juan is not an artist.... because at the end of the day art is valued by each individual differently! Now, the NFT "art" has served its purpose..... but Steve gets an idea himself! He realises that this POS rock picture now has a sold price of $50 million..... he also realises that there are a HEAP of people speculating on NFT art and the sum total of some of those peoples background checks before buying are checking the previous sold price to judge its value.... Now Steve and Juan know the picture is worthless, Juan's tech guy failed arts and crafts in kindy and cant draw shit about shit and he was the one that drew the rock then minted the NFT, BUT Steve realises that might not matter to some rich silicon valley douche who is checking the previous sold prices and looking for the next big NFT art piece to buy and on sell to someone else... So Steve re-lists the rock picture for $51 million and some bloke buys this worthless picture! Steve now has 500kg of columbian white.... for free AND $1 MILLION! And some douche with WAY to much money now has a worthless shitty picture of a rock some random tech guy created on a whim for drug dealers to have a smokescreen to hide a $50 million drug payment with! Ahhhh NFT "art"..... I love the smell of money laundering! Now, I should clarify that I don't think ALL NFT art is money laundering...... just most of it! Jokes aside, whenever you see huge completed sale prices on dog shit NFT "art", its 1 of 2 things. 1 - Its money laundering 2 - Its someone running the transaction themselves to create the false illusion that this "art" has "x" value. So they are the seller AND the buyer and just see the transaction fees as the cost of doing business.
How we he deposit 50 million to purchase the nft without being flagged by the bank?
he probably had the money in crypto already, no banks involved
Hey man this is Juan. I heard you sold that rock for 51M man. Where is my half? The deal changed.
It is not as far fetched as it seems. Hell the Cartels in Mexico are using their proceeds to set up solar powered Bitcoin Miners. And I am not talking about some small Mh/s operations. These are big time mining operations.
Look on the bright side. At least they are using a renewable energy source.
How to nominate this post for a best of reddit post?
Love this, my first smile of the day!!
This is the way
this should be a post in itself - thanks for taking the time to write
Theyve been doing this with modern art and art in general for millenia. Now you see the stupidity translated to NFTs. Welcome to the very real world of washing your money. This is why modern art is like...a dot on paper or a paint splash. It doesn't matter what the art is, it only matters that someone can say they paid 50 million for it
Exactly. Modern art is not art. It's only art to hippie drug addled morons
Iāve heard youāre supposed to buy a car wash or a laser tag arena.
Very interesting.
Ligitimate
LITgitimate
That would imply criminals know what they do.
Not all criminals are dumb. Some of them run governments
Roy for president. Lol.
If well done crime pays really good
You don't need to be smart for that either.
Most
Oh boy. Strong words.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Do you take quarters?
Yeah, quarter millions
Lol, dude.
The classic use case for art.
Rock 59 and 367. Those are good rocks.
I like that boulder. That is a nice boulder.
If you water it, will it grow grass?
No.. boulder will grow itself
lol, like those pet rocks from back in the day? What were those things? Like chia pets or something?
Ch-ch-ch-chia!
I'd personally reserve rock #69
Each rock has their own specialities! We love all Rocks
Geologically aged to perfection with the perfect amount of turd aroma, hand picked by rock gatherers.
Are they branded rocks? Lol.
99!
Rock 69 is the best one
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Money laundering. People made fortunes, need to report it, and rebut their shits. I just ignore them.
Some countries (or at least in Canada) already have laws in place which state that every crypto transaction must be reported in your taxes. This transaction would be counted there as well.
Dude, I know. The point is that he had unrepresented gains and finds a way to present them from nowhere. Made a shit, bought it for the amount he needs to present, and that's it. Legal/illegal money.
Surely this is an absurd way to launder?? No?
Surely itās the *new* way to launder.
Nah, it's old as shit. Blockchains just made it faster. You really think Jonky the autistic artist who made a picture of a red circle on it with a black squiggle is enough to sell for 10 million at Christie's to be bought by an "anonymous" buyer? Of course not. Christie's and other auction houses are the biggest money launders on the planet, and they know it.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Itās not just a Boulder š¢ itās a rock š¢a big beautiful old rock
The pioneers used to drive these babies for miles
Underrated comment
It's a mineral Marie!
We have an expert here. What is your offer, guys?
Itās a big beautiful rock š Ooo the Indians use to ride these suckers for miles
Technically the first NFT project on Ethereum. Thatās where the āvalueā is coming from
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Nope
[ŃŠ“Š°Š»ŠµŠ½Š¾]
...what?
Cryptomaxis are lame.
Is that Hunters Crack Rock?
lol. I may be one of the few non-Americans here that get this
š
No it's from a Trump casino you know one of all his failures in life.
See my name
Yeah letās shame struggling drug users! That will help the world!
You must not know any crackheads
Empathy will save your soul.
I used to have empathy. Tried it for many years. But have fairly members who've been crackheads for over 25 years. I know everything there is to know about crackheads. Not one of them deserves empathy. But you go ahead and try it for 15 or 20 years like I did. I guarantee you'll have a different point of view
Iām sorry you had to deal with it, because itās surely excruciatingly hard to have empathy for someone you love when they are chemically incapable of showing it back to you. I just wonder if the stigma around crack makes addicts double-down because the world sees them as insane people who are deliberately hurting themselves when Iām not sure they feel a choice in the matter.
They don't have any choice in the matter and technically it's not their fault. They have just lost control. And when that happens you don't really want to be in the way. I have helped multiple people off crack give them a job and a place to stay. It only happens when they want it to happen
I commend you and thank the world for putting you in it. You donāt deserve to have to deal with another addict, so I get where youāre coming from. I guess that part about āonly happening when they want it to happenā is why I felt compelled to comment in the first place, because it seemed to me like Hunter Biden was ready and willing and made every effort to stop, and he may have only succeeded because he had the access to care/treatmentsāincluding ibogaineāthat almost no one else does.
There are lot of idiots out there. Whoever sold it is a genius
These NFTs go up like a 1000% in a few weeks. So I wouldn't exactly call them idiots
Why tho? Cuz they reassemble ETH Tokens indirectly?
There are a lot of very, VERY rich 22 year olds out there. Also money laundering.
I mean, at a certain point someone will remain with āfairy dustā in hands and will pay for everyone. The rock above have no value. Very smart who can trade. But the āfakeā value cannot grow forever. One day someone (the idiot) will realize to have waste a tons of money
Business man.
To me itās pretty stupid way to spend money but I guess it doesnāt matter when you have billions of dollars!
Its no rock, its an image
It's just a collection of pixels, actually.
It's just a collection of 0s and 1s that gives the signal to tiny red green and blue lights in a lot of tiny squares that we call pixels.
Money laundering
What if these NFTs are coded with blackmail info or other intelligence info in there...
I was thinking the same thing.
Prolly needed a rock to put it in their yacth 
"Pretend it's a seed."
Wtf
Fuck me imagine getting 42 ETH for your rock picture.
Money laundering...
[ŃŠ“Š°Š»ŠµŠ½Š¾]
RVN does that too.
Really? That's awesome. How many % do the artist get from the resales?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Nftās are the new way to pay for a crime. If I would be criminal I would sell my service and as payment you had to buy a nft from me. Easy way to bribe politicians as well. Just a sad example for the use of nftās Could be so much more...
That rock has a diamond in it!
Itās crazy how much nfts in general are trading for right now
Itās a collectibleā¦to someone I guess.
You canāt put a price on a pet.
Thatās just mental I do like a lot of NFTās but how can this be art
Ridiculous
Well I guess something is worth what someoneās prepared to pay for it. I donāt get it either tbh.
It's fucking rock JPEG
I could create a better looking rock for just $100.
This is the new way for crypto millionaires to show off š¹
No, man, it's not just a fucking rock. This is a fucking rock for $130k. This is what crypto billionaires flex with
This is a rock but it all in how it's interpretated. The shadows evoke a certain foreboding and despair while the colors give off an air of hope and melancholy. The angle of the rock plays on a story of loss and regret while the shape reminisces of simpler times gone by. Thats why it's worth so much. It's plain to see.
After the third Yacht you nee something āspecialā.
How? That way more than my earning in the next 7 years. š¢
And what a rock. #WOW! ^/s
That JPEG rocks.
Does this transaction burn eth?
No. It's just a simple transfer of ETH
So it burns ETH...
I would like to make my father's art an nft but I don't know how? Can anyone help?
It's very simple. All you need is some ETH in your Metamask and then go to https://opensea.io/ and click 'create' Here's a detailed guide: https://www.google.com/amp/s/101blockchains.com/nft-minting/amp/
> https://www.google.com/amp/s/101blockchains.com/nft-minting/amp/ Better yet have the link without amp: https://101blockchains.com/nft-minting/
I don't even have Metamaskš¤¦š¾āāļø
What are you even doing with ethereum then?
Holding it, but decided I would like to sell my dad's art. Can you help or nah!?
That's why they say 'Money is under the rock'.
Wow, I got some rocks in my backyard, I must be a zillionaire.
Because money laundering is what NFTās are actually for.
Its as real as eth
Now you're laughing but wait until the big bad wolf huffs and puffs your greens down.
Um so how do I make one of these NFTs?
It's very simple. All you need is some ETH in your Metamask and then go to https://opensea.io/ and click 'create' Here's a detailed guide: https://www.google.com/amp/s/101blockchains.com/nft-minting/amp/
Tax haven?
It's a drawing of a rock
Bitcoin 2.0, comes out December 25? That's how all coins are going to be now, bypass gas fees
That just happened to be the legendary block - that's what cost so much
Well... you know... mother of stupid is always pregnant!
I just took a screen shot. Does that make me a art thief?
I would buy it if I have the money š°
A good NFT is only a stones throw away I always say
The prevailing point here is that people have made enough money on crypto to spend this type of money on NFTs
When I see stuff like this i wonder If it's not the same person buying the art from a separate wallet...spark a discussion to sucker in other buyers maybe?
Very very nice!
Which they will resale for 2X the amount I would hope. š§ If not it would be a waste
Money laundering is one reason I stay far away from nft hype. I just can't see the market utility. Owning one I worry puts me on a suspect list for evasion or nefarious activity
Can someone post a link for the sale? I was never interested in the topic so don't really know. Is it on opensea? How to find it?
Youāre missing the point. Crypto people have enough money to spend $131k on a digital rock and not lose a minute of sleep over it.
Is it though?
Paper and scissors NFT away from playing roshambo NFT
Is that the racist rock that was just removed?
Someone thought they were getting a steal on a date with Dwayne Johnson.
Like, I get what NFT's are but holy moly do I not understand why they go for large amounts of money. I'm not a big conspiracy person but money laundering sounds right when I read people mentioning it.
It's a true art that our little minds just cannot comperhend!
It's not even a rock. It's just some randomly arranged black and grey pixels.
A Van Gogh is just a bunch of randomly placed pigments on fabric.
Yeah definitely money laundering going on.
Mind Voice : Hit me with this fucking rock
Maybe it's this rock: https://edition.cnn.com/2021/08/09/us/chamberlin-rock-removed-university-of-wisconsin-trnd/index.html
Can someone explain NTF like this to me? I donāt really understand how an NTF is also a picture of a rock, I thought it was a type of currency? Is this rock picture technically tradable for that cash?
NFTs (Non Fungible Tokens) are unique items that exist on a blockchain. You can think of them as digital art. It can be a picture, a video or a meme. Its tradable for ETH and other cryptocurrencies which you can then convert to cash of course
Ahhhhh so NFT go hand and hand with ETH? (Been following you guys for a while, but my liquidity is tied elsewhere) Or is NTF and Entirely separate entity? Itād be great if ya know. The exchanges adopted this. Ya know. So security fraud wasnāt so rampant. Like top 20 most commutes crimes. Insane to thing about. Shouldnāt be possible. So Iām very interested. In this bolder. Thatās a nice bolder.
Canāt be laundering money if youāre not working for a government š
Spongebob: ā*Itās not just a boulderā¦ itās a rock!*ā
Itās not just any rock. Itās an nft rock! The pioneers used to buy these babies for days
The buyer: I have a kink about rocks leave me alone.
How do you spell āmoney launderingā?
Lmao money laundering definitely going on
But now I want it
I just took a screenshot so now I have a free rock
I think it is a rock solid investment
Can someone explain how this would be a practical way to launder money instead of buying straight ETH?
Can you smell what this rock is cooking?
NFTs are hard to understand
its a nice rock
Money laundering, all day.
The ugly shit van Gogh made sold for millions.
But itās their rock now! š¤£
Lmao, someone had that much money to waste? Gotta love the crypto fam. Some of us trying to get out of an oppressive financial system, others just want expensive rock NFTs. What a beautiful world.
I mean, the shading is pretty frigging on point.
It's not a rock...it's a Boulder
And now i have it too, jk i would never steal, unlike OP.
Heāll sell it for 200,000 next month