The best use cases of cryptos are ransom payment and money laundering.(well, and ponzi running, but let's not go there) Since ransom payment is fairly well understood, let's discuss how money laundering works. From u/pleasetrimyourpubes "Send grandma an email with malware that locks her grandkids pictures. Tell grandma you need X crypto before she can get her pictures back. Grandma complies, you get your crypto. Grandmas son finds out and calls the police and reports the crypto wallet address to one of he anti-crypto scam sites. Coinbase and other exchanges need to Know Your Customer. They will see where the crypto was transferred from, will check the scam sites, and then see that you scammed, or at least the wallet address you got your coin from, scammed grandma. They will ask questions, where did you get the crypto, can you show the exchange of goods, etc. In comes turning stolen fiat into "not stolen" fiat. Make an NFT and buy it from yourself using the stolen crypto. Now the crypto NFT website isn't caring one damn who buys or sells the crypto, they "don't know their customer." They are seeing numbers. And they aren't recording the numbers or tracking them (the feds are though). Transfer your coinage to Coinbase, now you can say "I sold a pretty picture online, and people gave me money for it!" Boom. Coinbase now has no responsibility and no liability and they can just send you your fiat. This is why regulation is coming. Crypto is actually very, very, fucking ripe for strong regulation. It's like stealing a bicycle or electronics. If someone steals your electronics and sells it to a pawn shop, the pawn shop is out the money, and they will tell the police who the guy is that sold it to them was. Crypto, by definition, is like a serial number. So grandmas bitcoin she bought to give to the scammer is hers in every sense of the word. The scammer, buying an NFT, is then holding the NFT seller liable for grandmas bitcoin. Regulation is coming so hard in all of these spaces and NFTs were a last breath of these completely corrupt practices."
When you look back on the Beanie Babies fad you ask yourself, "They're cute, but why was there that much demand for them?" When you look at the NFTs fad you ask yourself, "Why is there ANY demand for this garbage at all?"
Well then we could say the same about a real life painting that people pay thousands of dollars for. How are we supposed to know it's not used for laundering?
One could also say that about any RE or luxury goods. Intent and where that intent is exercised knows no boundaries.
Yes, unfortunately, crypto scams and money laundering are a relatively common thing. The FCA actually recently announced that it will be cracking down on financial scams, more specifically on fraudulent crypto investment firms. The British watchdog has reportedly opened 300 fresh cases related to unlicensed crypto firms. Many of these are considered as scams. There are currently 50 live investigations going on against these companies.
Anyone who read past this first inane sentence wasted their time. This old failed "trader" clown has no idea what defi and crypto are all about. And the Hunter Bidens of the world can money launder all they want with fake Fed "dollars."
what's sad is you bitch about common people but no mention of the terrorist communist party known as the U.S.A. government.