Unregulated markets provide rich people lots of creative ways to exploit taxes, asset valuation and also just scam other rich people.
This type of stuff has gone on in the physical art collection market for centuries, and it happened too fast for crypto for people to catch up.
What I’m talking about is if you have $1 million you create an NFT, buy it from yourself anonymously and now you have $1 million (minus gas fees), plus an NFT that last sold for $1 million.
It’s an infinite money glitch and they found it! Later then you add in hype and get celebrities behind it, you end up with actual ignorant wealthy folks forking up real money for these thinking they’re status symbols. This keeps the market inflated so the mint and dump can continue
So the visible layer is rich people flexing, the invisible layer puppet Masters are just whales moving things around between wallets and creating value from thin air
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