Are Trump's NFTs a Money Laundering Scheme?

[Revoltingest]

Come on! Do you seriously think that was his only argument? Watch the video.

I've something else I'm watching.
So I deal with what RFers post.

 

[Subduction Zone]

I've something else I'm watching.
So I deal with what RFers post.

Okay. As I said, it is not a slam dunk for it being a money laundering scheme. The maker does not claim that either. He just lays out how it is a very suspicious business.

 

[Father Heathen]

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.

When it comes to crypto and NFTs, the transactions are supposed to be extremely hard to trace, which is where the laundering comes into play, and are popular with criminals for this reason. At least that's what I've read.

 

[Revoltingest]

When it comes to crypto and NFTs, the transactions are supposed to be extremely hard to trace, which is where the laundering comes into play, and are popular with criminals for this reason. At least that's what I've read.

The NFTs were discussed here in dollars, not
crypto currencies. That would mean banking
systems, eg, PayPal, Venmo. Are you saying
that they're sold using crypto, not dollars?

 

[Father Heathen]

The NFTs were discussed here in dollars, not
crypto currencies. That would mean banking
systems, eg, PayPal, Venmo. Are you saying
that they're sold using crypto, not dollars?

I believe people convert USD to crypto, then use that to buy NFTs off the same blockchain network.

 

[Revoltingest]

I believe people convert USD to crypto, then use that to buy NFTs off the same blockchain network.

The $ usage will leave an easy audit trail.
So if money laundering is claimed, what's the
evidence...something more than speculation?
Why prefer that to the obvious explanation that
MAGAs are the kind of people who'd buy such
huckstered products?

 

[Subduction Zone]

The $ usage will leave an easy audit trail.
So if money laundering is claimed, what's the
evidence...something more than speculation.

Perhaps. Now I am thinking of the sales tax owed.

 

[Father Heathen]

The $ usage will leave an easy audit trail.
So if money laundering is claimed, what's the
evidence...something more than speculation?
Why prefer that to the obvious explanation that
MAGAs are the kind of people who'd buy such
huckstered products?

I'm not claiming that Trump is laundering money with this. I'm just saying that crypto/NFT has a shady rep regarding laundering, black market, etc.
I know very little about it. My only experience was winning some "dogecoin" from Burger King, which at it's height was worth a quarter but now only a nickel.

 

[Revoltingest]

Perhaps. Now I am thinking of the sales tax owed.

What about sales tax?

 

[Revoltingest]

I'm not claiming that Trump is laundering money with this. I'm just saying that crypto/NFT has a shady rep regarding laundering, black market, etc.
I know very little about it. My only experience was winning some "dogecoin" from Burger King, which at it's height was worth a quarter but now only a nickel.

I can't address reputations.

 

[Father Heathen]

I can't address reputations.

If people want to invest their money in crypto or NFTs then more power to them, although it doesn't seem very wise from my perspective.

 

[Subduction Zone]

What about sales tax?

How did Trump and company collect it? How do they pay it?

 

[Revoltingest]

How did Trump and company collect it? How do they pay it?

I don't know.
But I'm not the one making the claims,
just addressing those made by others.

 

[Ponder This]

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.

Ben Meiselas from Midas Touch gives egregiously biased political commentary. At least he is open about his views of Democrats and Republicans, but I still recommend that you reconsider anything that he says. I don't just give him zero credibility. His bias is egregious enough that I give him negative credibility.

 

[SkepticThinker]

Yes. It's Trump.

 

[Vinayaka]

I'd far rather own a pet rock. (For those who don't know, it was an actual thing.)
Pet Rock - Wikipedia.

 

[fantome profane]

I'd far rather own a pet rock. (For those who don't know, it was an actual thing.)
Pet Rock - Wikipedia.

Yes, Pet Rocks are real. Unlike NFT's which are just make believe.