No one is gonna buy any NFTs for millions lmao

As crazy as it sounds, some people do.

It’s a great way to launder money.

Mmm, considering NFTs are all on transparent blockchains, I don’t know that I would choose that particular method to accomplish that.

The transparency is the feature that makes it great. I can buy drugs or whatever, and exchange you buy an NFT from me of equal value. Now when the bank comes and says “where did this >$15k transaction come from?” I can point to the blockchain and say that I sold my fancy monkey pic.

This has been a thing in the physical art world for a while, complyadvantage.com/…/art-money-laundering/, this just made it easier.

Yeah, I know it’s happened for a while, but my big question would be why are you having to put your money back in the bank instead of leaving it on a blockchain such as Monero. The dollar is about the biggest scam around along with all other government fiat currencies.

Because sometimes even criminals need to buy things that aren’t illegal, I guess. And the legitimate people who have those things don’t want to play games dealing with fake internet money.

If I want to buy a jetski, the place I buy it from isn’t going to take crypto because the people that sell the parts for it don’t take crypto and the people who build it can’t pay for food in crypto.

No matter how you personally feel about it, crypto is only useful for rug pull scams, money laundering, and black-market transactions. It’s real innovation is undoing centuries of banking regulations so that people can learn the hard way why all those regulations exist.

For now, sure. However, i will say that i have been buying food woth crypto for over a year now and havent starved yet. And if i wanted a jetski and wanted to pay in crypto i could do so. Fundamentally, crypto and banking are two totally different things because with a bank somebody holds your money. With crypto, you hold your money.

With crypto, you hold your own money

You own a cryptographic key that a bunch of strangers have decided points to a spot on a ledger. These strangers have no legal connection to you, but things have been working out pretty well so far because your incentives align.

As a bunch of Ledger owners are finding out, there are reasons for FDIC insurance of banks and that reason is so that people don’t have to be exposed to the dangers of storing all their money under their mattresses. Everyone recommends getting your crypto into a hardwallet, but what happens when a Ledger update bricks it? Or the company decides to backdoor it to escrow your “private” keys? And what can you do with those hardwallet funds besides HODL? Can you imagine if every time you wanted to spend part of your dirty fiat savings, you had to expose all of it to danger to do so?

As a bunch of Ledger owners are finding out, there are reasons for FDIC insurance of banks and that reason is so that people don’t have to be exposed to the dangers of storing all their money under their mattresses

The FDIC is a scam. If JPMorgan or Wells Fargo failed they would not have enough to cover the loss. In fact they only hold ~2% of what they insure which would leave 98% of people with nothing. The only reason the FDIC is not bankrupt is because a cascade of banks have not failed all at once

what happens when a Ledger update bricks it?

The recent incident was a software supply chain attack. I am not aware of a bricked update but thats not saying much since i dont follow them closely

the company decides to backdoor it to escrow your “private” keys?

You lose all trust in them as you should and no longer use their products.

what can you do with those hardwallet funds besides HODL?

That is the point of a hardware wallet to hold your funds securely until you want to use them.

expose all of it to danger to do so?

Your hardware wallet acts as savings and use a hot wallet as a spend account with less money in it.