So, we’re tops for bitcoin mining AND money laundering… but I repeat myself…
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I made a joke about bitcoin default swaps a week ago.
“ Case in point: it’s now a thing to take out a loan and offer up an NFT as collateral. Take NFTFi, a peer-to-peer lending platform described by Coindesk as a “pawn shop for NFTs.”
“ NFTFi told Coindesk it had done over $12 million in volume since its launch in June 2020, with an average loan size of $26,000 and as high as $200,000. As you might expect, crypto-loans backed by JPEGs on the blockchain come with some risk for both parties. Default rates are just shy of 20 percent, the platform told Coindesk. Sometimes, that comes with some pain.”
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Why the everloving fuck would anyone accept a NFT (or anything crypto-related) as a collateral?
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The old, “I want to get in on this scam on the ground floor” reasoning?
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All the cool kids are doing it!
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Trading Monopoly money for quatloos.
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Yet again, Cream Finance skimmed by crooks: $130m in crypto assets stolen
Third time’s the unlucky charm for loan outfit
https://www.theregister.com/2021/10/28/cream_ethereum_theft/
Decentralized finance biz Cream Finance became further decentralized on Wednesday with the theft of $130m worth of crypto assets from its Ethereum lending protocol.
Cream (cream.finance and not creamfinance.com) reported the loss via Twitter, the third such incident for the loan platform this year.
[…]
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They should keep that buried in a coffee can in the backyard. Or under their mattress
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Did they even watch Squid Game before doing this?
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Buy on the dip!
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Cashing out is stealing? Isn’t that why folk speculate on cryptocurrency in the first place?
ETA: after actually reading the article (I know, right) yeah this had scam all over it
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It’s pretty much a take on the old penny stock pump and dump.
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Should have used blockchain! /s
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(Swiped from Rob Beschizza)
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Gang assaults founder of social network Tuenti in his Madrid home in apparent attempt to steal bitcoin fortune
American entrepreneur Zaryn Dentzel told police he was in his apartment with a technician when the assailants forced their way in, injuring him in the chest in a bid to get hold of his passwords
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