OpenSea head officer caught on insider trading

[bitcon]

I have heard the same story and it is one of the problems of the NFT-market that must be solved in the future. People can just buy their own works from other wallets to add value to their works. Nobody can be sure if all expensive works were bought by a real collector, or by its creator, for example.

This system is unregulated, so we can have only guesses and very few facts. 

[criket]

I have heard the same story and it is one of the problems of the NFT-market that must be solved in the future. People can just buy their own works from other wallets to add value to their works. Nobody can be sure if all expensive works were bought by a real collector, or by its creator, for example.

This system is unregulated, so we can have only guesses and very few facts. 

this drama must be finished immediately and must find a solution for the future.
if it's like this, and let it continue. an amateur can make an NFT work and buy it himself at a very high price. only to increase the popularity of his work. or rather to defraud some other investors in the NFT market.
The fear that had been disputed in the NFT project and market has finally become a reality. and we see one drama that might end badly for the NFT market.

[lizarder]

I have heard the same story and it is one of the problems of the NFT-market that must be solved in the future. People can just buy their own works from other wallets to add value to their works. Nobody can be sure if all expensive works were bought by a real collector, or by its creator, for example.

This system is unregulated, so we can have only guesses and very few facts. 

this drama must be finished immediately and must find a solution for the future.
if it's like this, and let it continue. an amateur can make an NFT work and buy it himself at a very high price. only to increase the popularity of his work. or rather to defraud some other investors in the NFT market.
The fear that had been disputed in the NFT project and market has finally become a reality. and we see one drama that might end badly for the NFT market.

Currently the drama cannot be controlled by the NFT, because what happens is that everyone can make art and sell it freely in the market from the work, although many frauds are carried out because there is no special prohibition they made to limit each work of art through the authorities. In certain cases, if this cannot be controlled, it is very likely that in the future NFT will have problems and will be increasingly abandoned in the future.

[vv181]

~snip~

Have you seen the latest update from them? I've updated it on my post, the one you quoted.

I think Opensea are letting the third party give em recommendations, they rely upon the third party to solve what should be done to the problem, I guess we can see your #1 and #2 points if it does become one of the recommendations that the third party give or not.

Regarding transparency, on the latest update, they emphasize a lot of the will to improve the transparency within the platforms. Anyway, We'll see how this will play out.

[Silberman]

As far as I can tell, the only reason he was discovered was is due to the fact that he was sloppy. He could have simply mixed his coins or exchanged them into fiat and back again, and no one would have ever discovered him. I don't think this case will be the last; there will be others who will follow in his footsteps. This is why centralized platforms are not the best choice for businesses such as this.

People need to remember this when they are trading or investing in altcoins, the manipulation in that market is extreme and most of the time you are not going to have any legal way to get that money back even if something like this eventually comes up, so I would advice people to be incredibly careful as once your coins are outside your wallet and then something like this occurs there is not chance you will see those coins back, however I doubt many people will follow this advice as the greed is too strong in this market.

[iTradeChips]

This is where the decentralization part will come in. Like many has said before, this is the wild wild west of cryptocurrency. There is really no big regulating committee or companies that regulate the use of cryptocurrencies and how it is being implemented. Of course like stock market, cryptocurrency can also be a front for inside trading where those who has access to valuable information will be powerful and will be able to amass so so much that it would be disadvantageous to those who will buy high. Such a sad thought of people also doing it in crypto.

[Silberman]

It’s common now!! Nowdays people so much greedy they Don't care about people they just care about money

Something like this was bound to happen as it happens in all the markets however that is not the problem, the problem is that there are no consequences for this kind of behavior, if this happened in the stock market even if the person doing it was very powerful you can be sure that they will spend some time in jail, do I believe this is going to happen in this case? Of course not, and as such something like this is going to keep happening until those which do this face the consequences of their actions.