Crypto & NFT Influencers Eat Themselves

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Given the speculative nature of NFTs, it should come as no surprise to anyone that the digital medium is rife with widespread controversy. Scams abound, some will tell you, and no one is immune.

The most recent firestorm is a little confusing, so bear with me, but it does contain some food for thought.

A guy named Beanie, who goes by @beaniemaxi on Twitter, is at the heart of this saga.

If you knowingly or unknowingly purchase a stolen Bored Ape from a hacker, you must legally return it to the theft victim for free. This is how property laws work.

If you knew it was stolen, you’re probably criminally liable as an accomplice. Because you intended to buy stolen goods.

— Beanie (@beaniemaxi) December 31, 2021

You may (but probably not) recognize Beanie as the guy who a month ago claimed that anyone who steals NFTs has to return them because “that’s how property laws work”.

Spoiler: that’s not how property laws work, especially when it comes to decentralized monkey cartoon collections.

Anyway, despite the bizarre shot above, Beanie was a highly respected member of the cypto/NFT world, consulting with NFT developers and managing the now-suspended GM Capital VC fund.

1/ In this thread, we will reveal the identity of one of the (currently) most (in)famous NFT influencers. But before we do that, we first explain our (philosophical) justifications and provide some important caveats.

— NFT Ethics (@NFTethics) January 17, 2022

On January 17, Beanie was the subject of an extensive report published as a lengthy Twitter thread by NFTethics, something of a self-proclaimed industry watchdog.

The NFTethics post accuses Beanie, real name apparently Charles Moscoe, of fraud ranging from casual deception to pump-and-dump scams.

For example, NFTethics alleges that Beanie leveraged authority in Discord chats and encouraged users to invest in his own businesses without disclosing that he owned them.

These efforts then closed, collapsed or otherwise disappeared, depriving investors of their funds.

Reputation is everything to me, and I don’t take allegations lightly. I work day and night with passionate Founders who help build some of the best NFT brands and communities that tens of thousands of people know and love. I have never scammed anyone in my life. Ngl, it hurts.

— Beanie (@beaniemaxi) January 17, 2022

The haters of beanies have fun with wild theories. I am an Internet OG and have invested in dozens of companies over the years. Many have failed. This is the life of an angel investor. Yes, I have a long history of working in the game. I will put my reputation in competition with anyone in this industry.

— Beanie (@beaniemaxi) January 17, 2022

I will respond shortly to each of the allegations against me in detail. I am proud of my accomplishments in this space and appreciate everyone who has stood up for me.

— Beanie (@beaniemaxi) January 18, 2022

This triggered a mini-explosion in NFT Twitter. More briefings followed and Beanie denied all charges.

He is apparently considering a libel suit against NFTethics, though the odds of successfully suing a random Twitter user are hard to gauge.

I’m talking to some lawyers today. Regarding defamation. Probably better, I won’t comment until then anyway. It’s a fud attack, nothing more.

— Beanie (@beaniemaxi) January 18, 2022

Meanwhile, third-party NFT initiatives like Pixel Vault and Wolf Game have moved away from Beanie, having openly collaborated with him in the past.

To the @pixelvault_ community: The accusations against Beanie are embarrassing. The Pixel Vault family has worked tirelessly to foster an atmosphere of community and trust, and allegations like this undermine that trust. TLDR: Beanie will no longer be affiliated with Pixel Vault.

— GFunk.eth aka Comicman.eth (@Gfunkera86) January 18, 2022

A note from the GT team:

We are aware of the statements on @beaniemaxi and take them seriously. He is a minority investor and advised us.

Our team builds and operates Wolf Game and makes all the decisions.

Our goal is to deliver the game with honesty and integrity.

— Wolf Game (@wolfdotgame) January 18, 2022

Other people made their own accusations about Beanie’s guilt and piled up, though a few supporters backed him up.

I would say the most important takeaway from the case is how NFT anonymity fuels conflict.

Our research has united the full spectrum of NFT: from moralists (who want to warn others about scams) to con artists (who see Beanie as a competitor) and from NFT skeptics who have their prejudices confirmed to NFT evangelists who consider this as an example of self-regulation❤️

— NFT Ethics (@NFTethics) January 19, 2022

Decentralization, touted as a primary strength of cryptocurrency and NFTs, is perhaps an even greater weakness.

It is entirely up to potential investors to decide whether these mediums are ponzi schemes, but it is clear to even the casual observer that many NFT scams occur (and go unpunished) despite the supposed transparency of blockchains, without talk about how crypto anonymity fuels evil.

It is increasingly clear that anonymity is not the future of Web3

Investors will grow weary of completely anonymous creators after all that’s happened, and rightly so.

— threadguy.eth 💫 (@DiscoverXnft) January 17, 2022

Of course, everyone’s privacy must be an inalienable right. Whether you’re a crypto savant or barely know how to use Google, we all deserve to be left to our own devices, both online and in IRL.

The problem is less with individual users and more with those unscrupulous influencers and sleazy guys behind the scenes who operate with ulterior motives in mind. NFT influencers like Beanie generally enjoy the same anonymity as other users — they’re certainly not as visible as Elon Musk, who is loudly manipulating crypto as he sees fit.

But maybe it would be better if more guys with so much to gain – or lose – from crypto and NFTs come out of the shadows.

Or, at least, if you’re following someone eager to share their investment wisdom with the world, maybe get to know them a little better before taking their advice.

SOA down jacket

entire studios

Mini Hozuki Snow Lantern

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