WTF is Crypto Art?

General art-related discussion.
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maddog76
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Sat Nov 20, 2021 6:23 pm

ygolohcysp wrote:
Sat Nov 20, 2021 4:49 pm
It's all public. Show me the "scam" sales and tell me why you think they are so
You know who the buyers an sellers are? You can track which accounts are funded by the minters?

This is a pyramid pump and dump.
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maddog76
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Sat Nov 20, 2021 6:29 pm

acidburn wrote:
Sat Nov 20, 2021 6:12 pm
ygolohcysp wrote:
Sat Nov 20, 2021 6:00 pm
acidburn wrote:
Sat Nov 20, 2021 5:38 pm
At what point do you think you will realize that these sales are scams to drive up the price?
Scam sales? Yea no. I have 3 friends who have made anywhere from 10-50k in the last 24 hours and the money is in their account. This whole thing has been kind of crazy. I made that first post before everything happened today. I don't even know what to do because I can mint something else in the game.
It's all public. Show me the "scam" sales and tell me why you think they are so
No one will ever prove anything to you. Thats how this all works. You just have to know what works for you and thats all.

And before reads this and says "see FINANCIAL BROS, thats what its all about!" This is a play to earn game so yea its all about making money. Its like an NFT casino with tokenomics.
Right what I'm saying is if someone comes in here yelling "SCAM YOU SO DUMB" I'd at least like to see some proof, considering all the transactions are public.
there will never be proof by anyone that screams that. You will be linked back to one article that was found on google from "one whale" that I always see.

Listen. Does the market have malicious people in it? Sure. Every market does. Newsflash. Major art auctions, many high profile ones are bid on by the gallery or friends of a gallery that are having a show next month. Its used as an advertising tactic. Does that mean all auctions are not good? No. Should we all be ashamed that we collect art and end it? No.

You can't just base an entire market on a small percentage who might be doing stupid things. Applies to anything.
What stops you from giving me 100k and having me buy out a new show of bullshit paintings by artist X and then selling more painting by artist X on ebay with the caption "check recent sales, this artists last show sold out, he's hot, but lucky for you these works are now discounted, what a deal". TAX LAW.

As soon as the new Biden legislation passes and these scammers have to pay taxes on the fake sales, market crashes.

To be super honest, seeing you post all his NFT bullshit with pixelated sheep is drymounting embaressing. This "art" is garbage and your not even buying the art, your buying digital receipts to prove you have the art in your wallet? What??

just admit your stoked on this cause your making money of idiots and leave it at that.
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ygolohcysp
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Sat Nov 20, 2021 6:45 pm

maddog76 wrote:
Sat Nov 20, 2021 6:23 pm
ygolohcysp wrote:
Sat Nov 20, 2021 4:49 pm
It's all public. Show me the "scam" sales and tell me why you think they are so
You know who the buyers an sellers are? You can track which accounts are funded by the minters?

This is a pyramid pump and dump.
Yes and yes, it's all public. Which transactions specifically look shady to you and why do they look that way?
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acidburn
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Sat Nov 20, 2021 7:01 pm

First off, you're extremely aggressive with your posts. You're not having a conversation. You're attacking. Whenever you come in here, you just throw out something with no backing and just bounce.

Lets start off with this part:
To be super honest, seeing you post all his NFT bullshit with pixelated sheep is drymounting embaressing. This "art" is garbage and your not even buying the art, your buying digital receipts to prove you have the art in your wallet? What??
You were probably in attack mode that you didn't read anything I wrote above. I'm not in this for the art of pixelated sheep. I'm in it to make money. This is a play to earn game. It's me gambling and to go back to what you said earlier, many of my friends have won. I can win now but I'm choosing to play more.
just admit your stoked on this cause your making money of idiots and leave it at that
I dont think anyone going to a casino is an idiot. They go into knowing there is a chance to lose money. It's the risk.
As soon as the new Biden legislation passes and these scammers have to pay taxes on the fake sales, market crashes.
Ah yes the vague crypto tax line that you see all outlets picking up. I think well be fine and I always pay my taxes. And even though you still had to declare all these years, we all have to adapt just like many of you that sell over $600 in posters via friends and family will soon have to start declaring that too.

If it does crash then guess thats a chance I took. It's been a fun 6 year run.
derivitive
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Sat Nov 20, 2021 7:40 pm

Shoutout to acidburn for the honest. "I'm in it to make money". Nothing wrong with that.

Some things to consider when talking about "transparency" on the blockchain. The transactions are public, but that's as far as it goes. You can log into Heritage Auction and view all the results...but you don't know who the buyer actually is. Back when the Banksy hype was going on in 2020, I think I was watching Forum Auctions and saw two user IDs buy up 90% of an auction. It was obvious the market was being manipulated when you see behavior like that. Taglitellia Gallery in NY did something similar with Invader a few years back.

Some accounts have crypto that they cannot ever convert to fiat for legal/illegal reasons, it costs them nothing to keep rolling the virtual money into NFTs and pumping things up. I did something similar a decade ago with king.com and gambling from an IP in New Jersey, but I lived in Florida and could never actually legally transfer the money to my bank...so I just kept rolling it back into tournaments and winning.

Anyone can have multiple wallets and transact between them, costing them only transaction fees while increasing the floor price.

I've seen accounts sell for less than half of what they paid for something. And that's calculating the actual USD equivalent How does that make sense?

If you want actual example of a suspect account, this one is constantly moving over a Currency from Heni and selling it, converting it to DAI, and doing the same thing again: https://opensea.io/HAL_9000?tab=activity

And regarding taxes, the $600 transaction ceiling is bullshit and really only hurts low income individuals. The previous ceiling was $10,000.

If the crypto tax goes into the effect in 2023, it wouldn't be surprising at all to see everything come crashing down at the end of 2022. Some places like Coinbase I believe already issue 1099-MISC (correct me if I'm wrong here).
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acidburn
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Sat Nov 20, 2021 7:52 pm

Yes its an NFT Play to Earn game. Not trying to cover that up lol. The whole concept is to make money. To the people that do enjoy this and maybe saw the post earlier, could have done well for themselves for only like $300. That $300 is probably $6500 now.

Coinbase has been issuing it for a couple years and the market is doing just fine.

And I agree on the $600 thing but you were supposed to be reporting it all of these years. I imagine a majority of you guys do really well off reselling prints and don't but hey crypto tax evasion
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ygolohcysp
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Sat Nov 20, 2021 8:01 pm

Cheating on your taxes is dumb af. Nearly everything is digital. All it takes is one IRS cowboy to learn a few good queries.

Anytime you receive more than $600 from the same source you're on the hook to report the income. You're still supposed to report it anyways regardless of the source or amount. Ignorance is never a valid excuse, and it certainly doesn't reduce the penalties.
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mattlew69
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Sat Nov 20, 2021 8:10 pm

^^^^^ This.

I already have my NFT excel file started.....
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acidburn
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Sat Nov 20, 2021 8:25 pm

ygolohcysp wrote:
Sat Nov 20, 2021 8:01 pm
Cheating on your taxes is dumb af. Nearly everything is digital. All it takes is one IRS cowboy to learn a few good queries.

Anytime you receive more than $600 from the same source you're on the hook to report the income. You're still supposed to report it anyways regardless of the source or amount. Ignorance is never a valid excuse, and it certainly doesn't reduce the penalties.
Yes but how many ppl flipping posters really report it? Is the entire market made up evil tax evaders?
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ygolohcysp
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Sat Nov 20, 2021 8:36 pm

acidburn wrote:
Sat Nov 20, 2021 8:25 pm
ygolohcysp wrote:
Sat Nov 20, 2021 8:01 pm
Cheating on your taxes is dumb af. Nearly everything is digital. All it takes is one IRS cowboy to learn a few good queries.

Anytime you receive more than $600 from the same source you're on the hook to report the income. You're still supposed to report it anyways regardless of the source or amount. Ignorance is never a valid excuse, and it certainly doesn't reduce the penalties.
Yes but how many ppl flipping posters really report it? Is the entire market made up evil tax evaders?
That's tough to say. I know one person that tries to avoid by using multiple PayPal accounts and keeping each under $20k/200 transactions. That is dumb so I don't expect there to be too many others following suit.

I imagine most people don't willfully exclude parts of their income when filing their taxes. So I'll take a guess at answering your question and say at least 75% of people flipping posters are truthful when declaring their income. It's all digital! I think most people realize this and then there's a small amount of people that think they're smarter and try to cheat.
derivitive
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Sat Nov 20, 2021 8:51 pm

ygolohcysp wrote:
Sat Nov 20, 2021 8:36 pm
acidburn wrote:
Sat Nov 20, 2021 8:25 pm
ygolohcysp wrote:
Sat Nov 20, 2021 8:01 pm
Cheating on your taxes is dumb af. Nearly everything is digital. All it takes is one IRS cowboy to learn a few good queries.

Anytime you receive more than $600 from the same source you're on the hook to report the income. You're still supposed to report it anyways regardless of the source or amount. Ignorance is never a valid excuse, and it certainly doesn't reduce the penalties.
Yes but how many ppl flipping posters really report it? Is the entire market made up evil tax evaders?
That's tough to say. I know one person that tries to avoid by using multiple PayPal accounts and keeping each under $20k/200 transactions. That is dumb so I don't expect there to be too many others following suit.

I imagine most people don't willfully exclude parts of their income when filing their taxes. So I'll take a guess at answering your question and say at least 75% of people flipping posters are truthful when declaring their income. It's all digital! I think most people realize this and then there's a small amount of people that think they're smarter and try to cheat.
The only time multiple accounts would make sense is if a married couple was filing separately. Otherwise it's going back to your bank accounts and SSN. You can still make cash transactions that would not be digital. Or trades.

And to be clear, in 2021, if you "win" more than $1200 in a single transaction it gets reported, but the threshold for private gifting is still $10,000. I haven't looked into how the new rule will impact that. It will suck if casinos have to issue for 1099s for anything over $600 in 2022.
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maddog76
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Sat Nov 20, 2021 9:06 pm

acidburn wrote:
Sat Nov 20, 2021 7:01 pm
First off, you're extremely aggressive with your posts. You're not having a conversation. You're attacking. Whenever you come in here, you just throw out something with no backing and just bounce.
You're right. NFTs, anti-vaxxers, Trumpers piss me off. I get upset when I see really dumb people have really dumb beliefs. NFTs are insanely dumb. You are paying thousands for jpgs you dont actually own and you need to waste electricity to prove you "own" nothing. Pretending those ugly stupid apes and god awful lions are actually good, just drymounting hurts my soul.

Seeing someone like Jeff Soto scam his own fans buying selling them this dogshit does make me mad.
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acidburn
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Sat Nov 20, 2021 11:56 pm

maddog76 wrote:
Sat Nov 20, 2021 9:06 pm
acidburn wrote:
Sat Nov 20, 2021 7:01 pm
First off, you're extremely aggressive with your posts. You're not having a conversation. You're attacking. Whenever you come in here, you just throw out something with no backing and just bounce.
You're right. NFTs, anti-vaxxers, Trumpers piss me off. I get upset when I see really dumb people have really dumb beliefs. NFTs are insanely dumb. You are paying thousands for jpgs you dont actually own and you need to waste electricity to prove you "own" nothing. Pretending those ugly stupid apes and god awful lions are actually good, just drymounting hurts my soul.

Seeing someone like Jeff Soto scam his own fans buying selling them this dogshit does make me mad.
Im sorry to hear that. Its obviously not for you and everyone should respect that opinion. I just can't imagine why you would want to put yourself into such a negative mindset where it gets you this angry.
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lebantz
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Sat Nov 20, 2021 11:59 pm

I think most just feel like they are missing out on money that is being spent.

Seems avatars are more popular if they look like an elementary school kid made them. Some Art teacher out there making NFT's from her kids work on the side.
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HisBobness
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Sun Nov 21, 2021 12:45 am

We're still very very early in the NFT universe. Hell, even the NFL is putting NFTs on tickets. There is money to be made.

If you don't like it, then you can git out.

Go shhit in another thread.
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