NFTs

[NateB]

When I first heard about Bitcoin, it was 40 or 50 cents a coin. I remember thinking it was just how people bought drugs on the web and wouldn't last. I really wish I had let $50 or so ride it out.

Oh well, I have made a few dollars trading crypto on Robinhood now and then. My profits have bought me a few cups of coffee. I still don't get NFTs.

 

[speed]

I don't think so.

Your right about the $600. The Biden administration backed off that limit. It was going to be $600 per year.

Biden admin backs down on tracking bank accounts with over $600 annual transactions​

https://abcnews.go.com/Politics/bid...ng-bank-accounts-600-annual/story?id=80665505
$10,000 transactions are still reported.

 

[mh9162013]

Your right about the $600. The Biden administration backed off that limit. It was going to be $600 per year.

Biden admin backs down on tracking bank accounts with over $600 annual transactions​

https://abcnews.go.com/Politics/bid...ng-bank-accounts-600-annual/story?id=80665505
$10,000 transactions are still reported.

Once again, I think you're confusing IRS income reporting requirements and a general requirement that any transaction involving a set amount of money must be reported to the feds.

 

[Daddyisabar]

CBDC will save us all! I have requested Miniplently to program mine requiring 30% of my AGI be allocated to Model Rocketry activities and products. TRF logo NFT is top of the list. Happiness, we are all in it together! I have already filled out my request form 27B-6! I am not an agent of Goldstein!

 

[Alan15578]

The whole NFT scam is that all NFTs really do is certify the ownership and authenticity of a digital file, but the file itself is typically worthless. A picture of a bored ape? Who cares that you own that? And the idea that you actually “own” it is pretty much BS too if anyone can copy and use the file or capture a good enough copy that no one could tell the difference. Total scam.

And then there is this nugget:

I don't pretend to understand NFT or crypto. However, I thought the NFT binds the asset with its provenance.

 

[mh9162013]

I don't pretend to understand NFT or crypto. However, I thought the NFT binds the asset with its provenance.

I believe it does. The problem is that NFTs are attached to digital items where provenance doesn't really matter, like a picture.

It's one thing to say you have a letter hand-written by George Washington. With this, authenticity and chain of ownership will mean everything to the buyer. But a picture of that letter? Who cares if you have the original digital picture when there are practically perfect copies of that picture floating around online for free?

 

[ThirstyBarbarian]

I don't pretend to understand NFT or crypto. However, I thought the NFT binds the asset with its provenance.

Correct. If you buy an NFT, it means you own a digital graphic, video, or text file. But what does it actually mean to ”own” a digital graphic, video, or text file when almost identical copies of those files are infinite in supply?

I remember there was a lot of trolling of NFT purchasers who used their NFTs for profile pics on various platforms where anyone could basically take a screen capture of the image then post it back at the owner with the text “Mine now”. The troll did not own the NFT, but they could use a basically indistinguishable image.

Buying an NFT does not give you a copyright. So it’s kind of legally complicated what you actually own when you buy a “token”, as opposed to what you own when you buy a physical object of art, or you buy the copyright to an original artwork.

Also, some of the so-called “art“ represented by the NFT isn’t really worth owning in the first place, even if you did own the copyright.

 

[Antares JS]

Also, some of the so-called “art“ represented by the NFT isn’t really worth owning in the first place, even if you did own the copyright.

ThirstyBarbarian spittin' facts again. So many of them were just dumb cartoons.

 

[TheTank]

Your right about the $600. The Biden administration backed off that limit. It was going to be $600 per year.

Biden admin backs down on tracking bank accounts with over $600 annual transactions​

https://abcnews.go.com/Politics/bid...ng-bank-accounts-600-annual/story?id=80665505
$10,000 transactions are still reported.

Transactions over 600$ are tracked and reported. Not annually, but per transaction. The article you posted is from 2021. IRS postponed implementation from 2022 to the 2023 tax year for all the third party transaction processors and financial entities.

https://www.irs.gov/newsroom/irs-an...or-third-party-payment-platforms-forms-1099-k

 

[Tyeeking]

So you’re saying that the NFT my friend bought of a Hunter Biden finger painting is worthless?