As a crypto laymen, is it fair to convert the Eth to USD (~$20), or is that not correct, as traders would have a supply of Eth already, which they would pull from, and not need to purchase.
Another cool startup idea would be a search engine for websites, where you type in keywords or phrases and the search engine returns relevant sites. I really hope someone implements this.
Some NFTs have a smart contract which takes a cut for the originator on ownership transfer. To get around that problem, those NFTs need to be owned by another smart contract without that feature, so they can be freely traded. So far, nobody seems to have done that.
I assume there would be tax issues and liabilities for these swaps if it was done through and exchange or broker. So maybe just better to hold or hodl as they say.
100%, swapping assets, e.g. bartering, does not remove any tax liabilities on the gains received. But Fred is a smart guy and must know that.
Maybe the idea is that swapping NFTs may theoretically allow one to avoid a valuation event, thus avoid any tax liabilities? That is the key idea behind this?
Oh, that's funny. Look at their order book.[1] All items have zero bids. Is there a list of completed transactions?
I said this was going to be like Beanie Babies on eBay, and I was right. Long lists of items for sale at high asking prices with zero bids. eBay lets you look at the completed transactions, where you see prices maybe 1% of the asking prices.
The supply of greater fools with money is limited.
Agreed, it's a waste of resources and capital which could be invested in something that have real value, I.e you have a real stake in a company, property etc, not ownership of a URL which will rot.
They give people the feeling of being "cool, rich, smart, part of an exclusive club" with the click of a button while they sit on their couch doing nothing of importance.
Yes, this space which could not have been invented to better harbor get rich quick schemes, tax evasion, money laundering, and high volatility speculation during the biggest bull market ever -- a space which quickly converts attention into dollars in the age of social media influencers -- is definitely mostly popular because of the revolutionary tech, and "im cool im part of something" motivations. Definitely.
I don't understand how the author didn't run into these.