Are Trump's NFTs a Money Laundering Scheme?

[Wandering Monk]

Possibly to move money covertly to avoid penalties in NY? Are the NFTs a way for foreign entities to move money to Trump or for Trump to extract money from them?

Interesting possibility considering NFT Int'l shady past.

 

[Subduction Zone]

I think that it is just a way of scamming his most ardent followers. Plus it appears that he is doing a little extra profiteering on the side. There are about 1,000 of the most "valuable" NFT's held by one "wallet" that wallet also has royalty rights to the after market sales involved with this. It sounds as if Trump is double and triple dipping in this scheme.

 

[Wandering Monk]

I think that it is just a way of scamming his most ardent followers. Plus it appears that he is doing a little extra profiteering on the side. There are about 1,000 of the most "valuable" NFT's held by one "wallet" that wallet also has royalty rights to the after market sales involved with this. It sounds as if Trump is double and triple dipping in this scheme.

Do you think his most ardent supporters know how to buy these things? Do they know thing one about digital wallets? These sold out in 24 hours.

 

[Subduction Zone]

Do you think his most ardent supporters know how to buy these things? Do they know thing one about digital wallets? These sold out in 24 hours.

A lot of them have business savvy and it would only take a very very small percentage of them foolish enough to do so.

But I have not watched the video yet. I promise to do so later. They may make a good case for it.

 

[Twilight Hue]

Possibly to move money covertly to avoid penalties in NY? Are the NFTs a way for foreign entities to move money to Trump or for Trump to extract money from them?

Interesting possibility considering NFT Int'l shady past.

No, but NFTs are clearly a scam all the same.

 

[crossfire]

Possibly to move money covertly to avoid penalties in NY? Are the NFTs a way for foreign entities to move money to Trump or for Trump to extract money from them?

Interesting possibility considering NFT Int'l shady past.

It is possible it might be a distraction to draw attention away from a more subtle scheme.

 

[Subduction Zone]

Do you think his most ardent supporters know how to buy these things? Do they know thing one about digital wallets? These sold out in 24 hours.

Interesting video that raises a lot of questions. It could be.

 

[Altfish]

What does NFT stand for?

 

[ADigitalArtist]

What does NFT stand for?

Nonfungible token. It placed a digital 'stamp' on a block chain that points to an image or tweet or post on a server. It's like a baseball card trading scheme but even less material and a whole lot more ponzi scheme.

 

[Altfish]

Nonfungible token. It placed a digital 'stamp' on a block chain that points to an image or tweet or post on a server. It's like a baseball card trading scheme but even less material and a whole lot more ponzi scheme.

Thank you, we have football (soccer) cards here but I've never heard that term used until the Orange Man appeared selling them.

 

[ADigitalArtist]

Thank you, we have football (soccer) cards here but I've never heard that term used until the Orange Man appeared selling them.

It was big news in the art world because people's art was getting added to these NFT sale websites without their consent. Still is quite a lot of art theft in the NFT world.

 

[Revoltingest]

It seems that many misunderstand exactly what money laundering
or Ponzi schemes are. They have specific meanings, & aren't just
an insult or expletive for any financial impropriety.

1) Money laundering is taking profit from an illegitimate source,
eg, meth sales, & pretending the money came from a legitimate
source like a car wash. This converts unexplained money into
cromulent wealth. Then the crook fully launders the lucre by
paying income tax on it. (Remember how they got Al Capone?)
Squeaky clean!

2) A Ponzi scheme is using money from new investors to pay
old investors. When the crook has insufficient new investors,
the scheme collapses. Thank you, Mr Ponzi.

Trump's plan is to create something of value (an NFT), & sell it.
This is entirely legitimate....although the actual value is dubious.

 

[Subduction Zone]

It seems that many misunderstand exactly what money laundering
or Ponzi schemes are. They have specific meanings, & aren't just
an insult or expletive for any financial impropriety.

1) Money laundering is taking profit from an illegitimate source,
eg, meth sales, & pretending the money came from a legitimate
source like a car wash. This converts unexplained money into
cromulent wealth. Then the crook fully launders the lucre by
paying income tax on it. (Remember how they got Al Capone?)
Squeaky clean!

2) A Ponzi scheme is using money from new investors to pay
old investors. When the crook has insufficient new investors,
the scheme collapses. Thank you, Mr Ponzi.

Trump's plan is to create something of value (an NFT), & sell it.
This is entirely legitimate....although the actual value is dubious.

And it is the contention of the maker of the video that it is a possible money laundering scheme. The businesses behind it all appear to be rather shady. Plus setting up and using an account using something like bitcoin is not something that all many Tumpistas could do. He lays out a fairly good case. Not a slam dunk, but it made me think about it.

 

[Revoltingest]

And it is the contention of the maker of the video that it is a possible money laundering scheme. The businesses behind it all appear to be rather shady. Plus setting up and using an account using something like bitcoin is not something that all many Tumpistas could do. He lays out a fairly good case. Not a slam dunk, but it made me think about it.

How is it money laundering if real people
are actually buying the NFTs....or is it
claimed that the buyers are fictitious?

 

[PoetPhilosopher]

How is it money laundering if real people
are actually buying the NFTs....or is it
claimed that the buyers are fictitious?

I think some people in this thread don't believe it's all real, unattached buyers.

 

[Subduction Zone]

How is it money laundering if real people
are actually buying the NFTs....or is it
claimed that the buyers are fictitious?

What makes you think that it is real people that bought all of those NFT's?

 

[Subduction Zone]

I think some people in this thread don't believe it's all real, unattached buyers.

One of the reasons to use a form of bit coin. It makes it easier to explain the money since it is harder to trace than regular money.

 

[Revoltingest]

What makes you think that it is real people that bought all of those NFT's?

Because someone as reckless as Trump would
need tech help to set up NFTs & a purchase
system. This would make a conspiracy to launder
money very likely to be exposed.
Is he that dumb?
Possibly.
But the better explanation is that he expects his
loyal MAGAs to buy these digital gimcracks.

 

[Father Heathen]

It was big news in the art world because people's art was getting added to these NFT sale websites without their consent. Still is quite a lot of art theft in the NFT world.

That, and people would take popular, high value NFTs, save as jpeg or whatever, then "mint" a new NFT of that image, and sell it. The whole concept is full of holes, and people are only buying be a use they believe they'll appreciate in value, but only the creators are making profit. That is until the bubble bursts.

"Blockchain" tech is interesting, but the whole scene has always been shady and volatile. Crypto was treated like stocks rather than currency (save for dark web black market ****) and a game of "pump 'n dump".

 

[Subduction Zone]

Because someone as reckless as Trump would
need tech help to set up NFTs & a purchase
system. This would make a conspiracy to launder
money very likely to be exposed.
Is he that dumb?
Possibly.
But the better explanation is that he expects his
loyal MAGAs to buy these digital gimcracks.

Come on! Do you seriously think that was his only argument? Watch the video. It is not too long. And there definitely are such followers of Trump. A money laundering operation works best when it takes in real money too. A store front only visited by men carrying large bags in and nothing out is extremely suspicious.