this post was submitted on 19 May 2025
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Me neither. Please explain. Something with mushrooms, surely.
Something that is fungible is not unique.
An NFT is essentially a number tied to another number in a block chain that establishes ownership.
It provides a history of who owns it to. It's very useful when validating contracts and preventing fraud. Somehow it got turned into little graphics exchanged for money and I still don't understand how that happened.
So, for instance, since the owners of the NFTs know that the wallet is compromised, the recipients of the NFTs after this point in the block chain are recipients of stolen goods. So anyone tracing the validity of an NFT knows that these are now all worthless.
Step 1: Say blockchain to an investor
Step 2: Tell them you will use it to sell a new thing.
Step 3: Tell them that no one has ever done it before, and it'll be the next hot thing.
What if we took the art market, where prices can be whatever, so it's really easy to launder money. Then we let people easily set up multiple accounts for wash trading. And we supported currencies held in stupidly large amounts by people who can't legally use them for anything useful.
It's all fun and games until they're prosecuting you under the RICO act ;)
Then you just pay the president for a pardon. No worries.