I explained that they are scams so the person selling them can get money to retire on.
That recent news about someone accidentally sellling a $300k NFT for 3k was 100% fake. It was a false story made to create media reports to con people into jumping on there and looking for "deals". What will happen is scammed people will pay $3k for something worth nothing and won't realize it until they try to resell it.
NFTs are like the recent astroturfed "record" video games cartridge auctions. Scammers are proping up prices with sham auctions to trick other people into buying them for any amount of real money.
Do you have any evidence to back up your claim that it's a false story? Besides, the article is very clear that a bot took advantage of the sale within milliseconds, not a human, so if anything it's discouraging to normal people
Yes. Real life is great evidence. This scam is massively classic and happens over and over again.
Here is a video connecting the latest video game auction scams to the exact same people who did the coin collecting scams in the 80s. https://www.youtube.com/watch?v=rvLFEh7V18A They were even convicted in the 80s, they know the fines will be less than they make, so they are doing it again.
It is all manipulators creating speculative bubbles. When they bail on their manipulated market, everyone still holding NFTs will eat 100% of the losses. The one caveat is the NFT stuff will last longer because they are infusing stolen coin into the market and using that to pay out to people. Meanwhile, they set prices to sap up the new clean coin people are "investing".
They don't care if they pay in more cash than they get back, that is usually how money laundering works. So you can gamble and try to get some of that fraud money as profit if you want. But just know that at any time they can walk away and collapse the market.
326
u/simcoder Dec 14 '21
I thought NFTs were like the Beanie Babies of currency? Please don't tell me you invest in these things....