Cryptocurrencies and NFTs

Turns out he also had fake passports.

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Crypto is very slowly but steadily passing “fuck around” and heading toward “finding out” at scale.

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I watched a car show recently that included this kid trying to buy a car - a 60k Rambler-based drag car - having never raced, barely even driven, bragging about how much money he has, and then trying to pay in crypto, trying to sell them on it as maybe being worth twice as much tomorrow as he paid today.

The salesman/negotiator of the group basically went “Absolutely not, it could also be worth nothing tomorrow, either front folding cash or fuck off”, just point blank absolutely refuses to take it. Suddenly this dude gets super sheepish and hedging his bets, and finally admits he can only really get his hands on 40k-ish worth of money, and will have to pay them the rest later. As far as I can find out, they still have the car, and 40k worth of his money, and are still waiting on the other 20k.

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The U.S. Securities and Exchange Commission (SEC) has taken its first-ever action against an NFT project for operating as an unregistered security. This groundbreaking move has raised discussions about the implications for the NFT ecosystem and the overarching impact on the digital art and collectibles market. The SEC's enforcement action, which was announced recently in a blog post, marks a pivotal moment in the NFT landscape. The regulatory body settled with the SEC impact theory, the issuer of NFTs, accusing them of conducting an unregistered securities offering. This legal action has sparked debates about the classification of NFTs as securities and its implications for the rapidly growing NFT market.
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At various points during Sam Bankman-Fried’s cross examination, I saw jurors shake their heads, frown so hard their lips disappeared, and make prolonged eye contact with each other.

This article is a hilarious and delightful read. Seriously.

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Sam Bankman-Fraud has been found guilty on all 7 charges of money laundering.

He could be facing life in prison.

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DOJ press release on this:

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They estimate $3 billion in fraud.