UK makes first seizure of NFTs in tax crackdown

[tacomancer]

UK makes first seizure of NFTs in tax crackdown

British tax authorities said on Monday they had made their first seizure of non-fungible tokens in a crackdown on suspected criminal activity to hide money.

www.cnn.com

It looks like the libertarian wet dream of using crypto to create a shadow economy might be overrated. The governments can get to it too.

 

[Monica33]

Not if you use Crypto correctly as any knowledgeable person will .

 

[PoS]

UK makes first seizure of NFTs in tax crackdown

British tax authorities said on Monday they had made their first seizure of non-fungible tokens in a crackdown on suspected criminal activity to hide money.

www.cnn.com

It looks like the libertarian wet dream of using crypto to create a shadow economy might be overrated. The governments can get to it too.

NFTs are not crypto. You might want to brush up on your knowledge before making a silly statement like that.

 

[tacomancer]

NFTs are not crypto. You might want to brush up on your knowledge before making a silly statement like that.

You might want to brush up on how NFTs work before your silly statement as they are subject to the same type of potential obfuscation that crypto is.

 

[PoS]

You might want to brush up on how NFTs work before your silly statement as they are subject to the same type of potential obfuscation that crypto is.

Do you even know what NFT stands for? I'll give you a hint: crypto is fungible.

 

[tacomancer]

Do you even know what NFT stands for? I'll give you a hint: crypto is fungible.

And the security is still based on being able to hide your account in a blockchain, whether it is a NFT or a crypto currency directly. The acronym of Non Fungible Token adds nothing to this discussion The obfuscation of an account being a hexidecimal address is still the same either way and it was broken by the UK. Crypto and NFTs are shown to be traceable and taxable since they both rely on the same mechanism I outlined.

Sorry libertarians, but your religious faith in this technology has been dashed.

Also, so far your argument is based on the idea that I don't understand the basics of this technology (its not especially complicated, its just a shared database with a consensus mechanism fueled by brute forcing hash calculations) is something that is a bit silly. Obviously I do understand it and you should try and come up with a more sophisticated response.

 

[Crovax]

Do you even know what NFT stands for? I'll give you a hint: crypto is fungible.

Australian Man Just "Pirated" All NFTs on Ethereum and Solana

All NFT images that were minted on Ethereum and Solana are now available on PirateBay

u.today

 

[tacomancer]

 

[bomberfox]

UK makes first seizure of NFTs in tax crackdown

British tax authorities said on Monday they had made their first seizure of non-fungible tokens in a crackdown on suspected criminal activity to hide money.

www.cnn.com

It looks like the libertarian wet dream of using crypto to create a shadow economy might be overrated. The governments can get to it too.

Compared to general crypto even, NFTs are just a flat out scam. US law would not uphold NFT contracts because you cant sell moments, copyright only applies to human created IP and not computer generated art, and while the software parts have some usable applications, the NFTs themselves are basically glorified receipts that crypto bros buy from themselves to jack up the price.

 

[Deuce]

Do you even know what NFT stands for? I'll give you a hint: crypto is fungible.

We know, but they use similar methods for tax avoidance which is why this thread exists.

 

[nvflash]

Compared to general crypto even, NFTs are just a flat out scam. US law would not uphold NFT contracts because you cant sell moments, copyright only applies to human created IP and not computer generated art, and while the software parts have some usable applications, the NFTs themselves are basically glorified receipts that crypto bros buy from themselves to jack up the price.

It's an interesting question on copyright, take one of the more popular NFT's, the NBA's TopShot. I mean they license it to me and I bought it, I should own the copyright as far as my own use of it.

That's kind of abstract so let me explain what I mean. So let's say a buy an NFT of Jordan dunking all over someone, just a small video clip. Normally the NBA holds the copyright, so if say I record a game and cut a clip of a dunk, then I transcode it to a GIF, I can't share that GIF on the internet even with my friends because NBA copyright covers all sights, sound, pictures, and descriptions of the game. Hell, I can even describe how some player just dunked all over your team, but that is hardly enforceable unless I try and monetize a spots podcast/broadcast.

Now we have the case of this NFT, in theory I should own some sort of limited copyright of it, the NBA sold it to me. Let's say we are having a nice debate on the internet and I want to jam a point home, I should be able to post my copy of Jordan dunking all over someone on the internet, as I paid for my copy, no?

I'm not sure what type of copyright I get with these TopShot NFT's, but they are worthless if I can't share them with others. Anyone know the laws or copyright agreement with the TopShot NFT's?

 

[nvflash]

Anyone know the laws or copyright agreement with the TopShot NFT's?

Hmmm...

NBA Top Shot | Terms of Service

Learn the ins and outs of what Top Shot is and how to get in the game

nbatopshot.com

 

[bomberfox]

I dont even hate crypto bros so my anyalysis of NFTs isnt blinded by that.