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Started By
Message
1
Posted on 7/24/23 at 9:49 am to umrebel2009
quote:
Some NFTs actually sell for alot but I think there's alot of fake sales also.
If I sell a NFT to myself for 10k you'll think you're getting a steal when you see me list it for 5k
Illegal wash trading accounts for up to 70% of crypto volumes, finds study
quote:
A report from the National Bureau of Economic Research in the US, published in December 2022, found that illegal wash trading may account for almost three quarters (over 70%) of average trading volumes on unregulated exchanges.
Researchers from Cornell University in the US, Newcastle University in the UK and Tsinghua University in China conducted systematic tests exploiting robust statistical and behavioural patterns in trading to detect fake transactions on 29 cryptocurrency exchanges.
These fabricated volumes, effectively the result of firms (and exchanges) illegally trading with themselves, can amount to trillions of dollars annually. The fraudulent practice can offer a false impression of liquidity, resulting in an improved (but inaccurate) exchange ranking, as well as temporarily distorting prices.
Posted on 7/24/23 at 11:18 am to euphemus
i completely forgot about NFTs
Posted on 7/24/23 at 11:39 am to Nonetheless
There are decent uses for NFT's and similar technologies (property deeds, digital art work, digital identification documents, etc.) but the industry is trashed because people were paying a million dollars for pictures of gorillas.
Posted on 7/24/23 at 5:18 pm to euphemus
I thought it was a way to launder drug money
Posted on 7/24/23 at 7:22 pm to Drunken Crawfish
quote:
property deeds
Disagree that a read only database is any good for property deeds. Better faster solutions adjust exist and you need a central authority to resolve disputes.
quote:
digital identification documents
See above, plus would have to be a private Blockchain. Which in itself already means much better solutions adjust exist.
NFTs are just a solution still looking for a problem
Posted on 7/24/23 at 7:54 pm to SuperSaint
quote:
Jones will be here soon to tell you your IQ must too low to understand the value of these one of a kind tokens.
I've gotta think I Love Bama must have some NFT exposure, but maybe not.
Posted on 7/24/23 at 10:26 pm to UltimaParadox
quote:
NFTs are just a solution still looking for a problem
Great way to put it
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