Posted on 10/29/2021 7:11:02 AM PDT by DUMBGRUNT
A white-haired, green-eyed pixelated character known as a CryptoPunk 9998 just sold for more than half a billion U.S. dollars -- or so it appeared -- the latest wild development in the booming non-fungible token space. But the Ethereum blockchain shows the money from the NFT trade ended up right back where it started, raising the question of why anyone bothered.
The process started Thursday at 6:13 p.m. New York time, when someone using an Ethereum address beginning with 0xef76 transferred the CryptoPunk to an address starting with 0x8e39.
About an hour and a half later, 0x8e39 sold the NFT to an address starting with 0x9b5a for 124,457 Ether -- equal to $532 million -- all of it borrowed from three sources, primarily Compound.
(Excerpt) Read more at msn.com ...
Hunter will soon be using cryptocurrency.
I hope the IRS can peal away their attention on my $600 to take note.
Money laundering and corruption.
It’s also just a way to catch suckers.
Read the article:
Larva Labs, which created the CryptoPunks, said on Twitter that “someone bought this punk from themself with borrowed money and repaid the loan in the same transaction.” Evidently, this isn’t the first time this has happened. “Some recent large bids were done the same way. The ether is offered and removed in a single transaction. So, while technically briefly valid, the bid can never be accepted. We’ll add filtering to avoid generating notifications for these kinds of transactions in the future.”
i fail to see how this works
if i can SEE the image, i can copy it! what i care if it’s a copy?
IMO, it does not pass the smell test.
—”if i can SEE the image, i can copy it! what i care if it’s a copy?”
And most of the time the NTF is simply a supposed right on the first copy of an image.
There is no there there.
Same as most crypto coins.
The first NFTs were Dutch tulips 400 years ago.
insanity writ large!
hope they have multiple backups... wait they can’t cause of BC, right?
can there be “back-ups” of a one of a kind set of electrons?
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