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The vast majority of NFTs are now worthless, new report shows
(www.theguardian.com)
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this post was submitted on 23 Sep 2023
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Technology
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NFTs will fix future financial fraud by utilizing blockchain tech to keep public trades accountable. True audits
Doesn't have to be a JPG
Not sure I’d say ‘will’ because the people who have to implement it are the same people that benefit from the current system.
I'm not against this. And as far as I can tell it isn't a get rich scheme. I mean the tech companies implementing and maintaining it would probably make a killing, but that goes for any enterprise that supports big finance.
@pomodoro_longbreak @Zuberi
NFTs, like crypto in general, is nothing more than a ponzi scheme.
Only it's worse because there is no one to go after when it collapses. As you can see with the NFT collapse... there is no "Madoff" you can identify to send to prison.
I guess I'm talking more about blockchain? I never got too deep into this world. But like a way to hash transactions made with real money in a way that would be harder to commit fraud with. I dunno, maybe accountants already do this some way.
I'm imagining an example where you couldn't disappear a line item because then the ledger's hash wouldn't come out right, and bingo bango, tax evasion charges incoming.