Wtf is this, This BS nft sold for $270k

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hold on, You are speaking to a billionaire now
Last $300? :suspicious:
I spent 3-4 hours and almost $200 on a nft on rarible. It has exactly .... 1 like till date. And ofcourse no bid (i don't mind as it was just a test). Then I see these stupid things being sold for a fortune. World is unfair.
Haha , now please don't suicide or if you do make sure you write the name of this nft in note
 
This is getting more and more ridiculous day by day! I have a feeling that it will all come crashing down eventually. As with everything, there will be a few winners and majority losers.
 
Yall gotta understand that NFT's are money laundry, at least this stupid once sold for huge numbers.
 
i think those nfts are sold when the price of eth was so low and now it looks like it cost millions , the price is going up as eth price raise, and they saying that is sold for 250k but it sold for 1 cent
 
Billionaires buy crappy art with LARGE AMOUNTS of money to avoid paying taxes, I never understood why they do it until I saw it in a video on YT.

For you (and me) it's a stupid piece of crap (literally) for the person that bought it, it's probably a method to save money by avoiding taxes, and the best way to give the government the middle finger, and a nice way to decorate his office as well! (or basement in this case xD)

If you think about it, it's not stupid after all.
Only as long as his tax jurisdiction allows him to deduct that purchase from his income and therefore reducing his tax base. In most countries, buying a piece of art will not allow you to pay less taxes on say stock dividend income.

On the other hand, buying art may be a fairly portable (for a physical asset of this value) and inconspicuous way to move large sums of money around. As with any scheme, the problem is not hiding or moving it, the problem is when you want to spend it. That is when you raise all sorts of alarms. I was talking about this a while ago that at a certain level, you have to have political protection from prosecution or you get fucked or bullied by other competing interests that do have such protection. It is not a "method", when only a few can use it that have the right people in their pockets. Quality tax optimization should be a function of money and knowledge, not who you know that can cover for you, when you trip a bunch of automated systems that our financial system has in place.
 
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Only as long as his tax jurisdiction allows him to deduct that purchase from his income and therefore reducing his tax base. In most countries, buying a piece of art will not allow you to pay less taxes on say stock dividend income.

On the other hand, buying art may be a fairly portable (for a physical asset of this value) and inconspicuous way to move large sums of money around. As with any scheme, the problem is not hiding or moving it, the problem is when you want to spend it. That is when you raise all sorts of alarms. I was talking about this a while ago that at a certain level, you have to have political protection from prosecution or you get fucked or bullied by other competing interests that do have such protection. It is not a "method", when only a few can use it that have the right people in their pockets. Quality tax optimization should be a function of money and knowledge, not who you know that can cover for you, when you trip a bunch of automated systems that our financial system has in place.
Also, In some countries sales of art has less tax. So people make NFTs, then sell/buy off themselves. Then just declare they have sold an NFT so don't need to pay as much tax.
 
I think majority of these types of sales are merely a way to launder money. If it’s legit, oh god I would love to read an article or maybe listen a podcast where buyer justifies their buying.
 
Only as long as his tax jurisdiction allows him to deduct that purchase from his income and therefore reducing his tax base. In most countries, buying a piece of art will not allow you to pay less taxes on say stock dividend income.

On the other hand, buying art may be a fairly portable (for a physical asset of this value) and inconspicuous way to move large sums of money around. As with any scheme, the problem is not hiding or moving it, the problem is when you want to spend it. That is when you raise all sorts of alarms. I was talking about this a while ago that at a certain level, you have to have political protection from prosecution or you get fucked or bullied by other competing interests that do have such protection. It is not a "method", when only a few can use it that have the right people in their pockets. Quality tax optimization should be a function of money and knowledge, not who you know that can cover for you, when you trip a bunch of automated systems that our financial system has in place.
Interesting point of view!

Money is just a form of power, and as any other type of power, it also has it's limitations, you HAVE to spend it wisely, and you have to be GENEROUS in order for it to be effective.

Jack Ma learned that the hard way, you can't just make more money than powerful politicians in your country and expect to get away with it, powerful people will take a share of your money sooner or later, one way or the other. (either by taxes or other methods)

Money goes hand in hand with politics, it's just not obvious in small (or medium) business, but it always been like that.
 
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