Topic: Buy BTC sold for 16 BTC-1 mil USD (Read 894 times)

People don't buy these artwork because they are certain about the future value of the work skyrocketing profitably for them, anyone that has ever bought an NFT does it as with the ideology of every other investor going into the investment of any other common potential asset. For NFT just as it's been clearly narrated in the article you provided, I get it's value from the people, it's the people that gives it the value any NFT could possess, and just like the Bored Ape which was initially bought at the price of $200 but currently about a million $$ (don't you still it could depreciated below $300) now all still to the value from people such as the brand promotions it's getting with business products. It could still lose it's value in future if those promotions no more comes. What am I saying in essence? It's that whether be it the NFT that's making appreciation or others that aren't, they were all bought out of uncertainty about it's future value - investment risk

It's not solid to you, but it is to them. That piece of writing is valued by those who see value in it, just like some old forgotten African history arts and idols, which are worth a lot in the market by those who have needs for them.
 
No matter what the thing which is placed high value on there will definitely be people who will be interested in it and we be ready to pay anything just to grab it just like millions spend millions to acquire an art which took an artist just few days to draw

I think you've forgotten  that this is just a writing on a piece of paper with a signature  and on the other hand we have a SAT just like every other SAT being auctioned and sold at that huge price.
Their value can get pumped only by the same set of people who started the auction and are  interested  in keeping such ....it's  not really a solid collectible to me.

There is no certainty that the price of this artwork will appreciate in the future. Sina Estavi bought Twitter Co-founder, Jack Dorsey's first tweet as an NFT at the price of $2.9 million because he thought the price would skyrocket in the future. When he wanted to sell it the highest bidder priced it for $277. This example doesn't dispute the fact that other NFTs' value have increased.

Some NFT analysts believe that people buy these NFTs artwork to build brands around them. They gave an
example of the Bored Ape. This NFT artwork has been used by many companies to brand products. Since this artwork is popular business products can be branded and promoted with these NTFs.

people could actually buy collections for the sake of collecting, perhaps out of admiration, but there are those that buy for the sake of saving their money through collections, you see them buy many of these collections stack them for the future rather than having those money sitting in bank accounts where eyes could easily notice their networth. This is just how some of these wealthy people could choose to store their wealth against the future and  they can always sell any whenever they have a demand for bulksum of money and the chances are that the could sell at a price 2x of what they bought it.

I'm not a collector so I can't comment more harshly on their decision to buy RARE items related to Bitcoin, but to be honest, they actually want to make history, just imagine what's the point of those who buy a piece of paper "buy Bitcoin" worth tens of BTC! if not to make themselves famous, then many times the goal of rich collectors is just to find a big name or become a legend.

Well, in this case you could also argue the other way around and ask "why did he choose to give away some of his precious Bitcoin and didn't instead use fiat to show that people should get rid of their fiat and rather buy anything related to Bitcoin?"

Either way, El duderino_ was more referring to the question how to determine whether a certain value, a price paid for a collectible of that sort. I think it's dangerous to go for something because someone else did in a very unique case as you don't know who the person is. Someone could have bought a rare version of a paper or magazine he already owned and has some more lying around. Or whether it is someone who absolutely doesn't care what a piece costs when they want it. That skewes price efficiency for the average guy.

This same thing happens to those shitcoin people buys out there thinking is the best thing to invest on, same way I don't pay much attention to NFT's same i don't give a listening ears to NFTs because it could be manipulatives and same groups of people would keep playing over the price to drag the attention of other people to venture it to as you already, whom ever that wants to go into that should thoroughly do their research since is overly manipulated.

I disagree with you that is about ego, you don't cherry pick what you think is worth something to yourself and to somebody else. What you feel has value might not be seen as value to somebody else, and that is nature for you. let me even ask you, if those things you think have value where not having monetary attachment to them, whether the amount is big or small, do you think you will see those things as something of value, take for instance a diamond, which we all refer to as the precious stone, what if there is no monetary attachment to a diamond, would you still see it as something worthy of value?.
However My point is, people give monetary value to what they feel they're attached to, irrespective of what the world will think.

I had still been giving a lot of thoughts to this topic and I still feel that this wasn't a coincident or just some show off of wealth, I think he was trying to pass a message of BITCOIN IS THE BEST or get normal folks to see some kind of reason to get bitcoin, note he didn't pay in fait, I still believe that bitcoin is a better kind of money than fait and any wealth folk would already know that it's better to pay in fait than in bitcoin, ikay yeah if he didn't have any money around, its woudl be so easy for him to write a check or maybe a loan from the bank and that would be so easy for him, but rather he chose to pay in bitcoin, and what woudl do you think of that?, to me a it's a word of advice, if you want to get rich, BUY BITCOIN.

This is an interesting discussion to have, but I doubt there are any reliable frameworks to come up with a "true and fair" value. At the end of the day, it only needs one freakish investor down the line who wants that piece of paper from you and is willing to pay 3 times the price. I am sure that most of us here have been shocked at times reading how much people are willing to pay for the weirdest items. One example: First-generation iPhone sells at auction for $190,373, or nearly 380 times its original price

If I had ever thought that this would one day be possible, I'd have stocked up on those iPhones. I believe this things like the paper you mentioned can indeed have value. But how much? I stopped being shocked about collectible items or historical papers and how much they can make you in an auction. To anticipate values is so difficult because as a response some people will collect some electronics out of principle just to realize that those items will never be as valuable as this aforementioned iPhone generation.

I think it could be dependent on the narrative that you yourself could put out in public. If there was an auction of a pokemon card, isn't there huge incentive for the pokemon inventor (company or whoever) to go there and pay an absurd price? Stuff is all over the place in the media and people start buying these cards hoping they get lucky or something.

This all depends on the person who buys it and what it worths to them. Even if I had a billion dollars in my bank account, I am not even saying my networth or what my assets worth, I mean literally 1billion dollars in my bank account, I would still not spend a million dollars to this because I do not think that it worths anything, to be fair I would not be interested in this for even a dollar, it has no value to me at all, it's something I would trash and not even think about it twice.

However, according to some people apparently it had value and it did made some money for that person. Which is why what something worths is depending on the person who is willing to pay that much for that person and not for everyone around the world, quite similar to art as well.

That's just the point bro, if it's that's treasurable why didn't they kept it for themselves? These people knows how most of the rich thinks, and especially when the goods in question is being auctioned, they knows that their are crazy fellow out their that would just want to outbid everyone, just to prove his or her financial superiority among his or her pairs, and most times it's something that would not be useful or productive too them.

That's why I really do believe that this particular purchase is all about ego, the person that bought it just want to be among that very few people in the world who has the capacity to pull such a move, because I don't think he is going to make any tangible money out of it.

Every single thing that has given bitcoin the edge it has at this time deserves all the attention and recognition they are getting.
However 16 BTC with the current fiat value seems a bit high, it's very much okay to value such a historical piece that played a magnificent rule in bringing bitcoin to the limelight with such wonderful worth.
If satoshi white paper was not a popular resource that's in the public domain, it's most likely that he would have gotten similar worth as Albert Einstein.
At the end of the day what's more important, it's just a matter of contextual contribution to humanity, and when Bitcoin eventually gets the kind of public acceptance that Einstein's works has gotten globally. Then pieces as this we go a long way to becoming of a higher worth far above what we are currently evaluating it right now.

Usually auction items or items at low prices will be a special target for smart people who have a lot of money if they already know the true price of the item. And in fact we can also compare this to investors and traders who at the beginning of last year also took the opportunity to buy more Bitcoin at low prices with the aim of making more profits through that. And we ourselves, who have also seen this, don't want to just miss it, especially as we have also done research repeatedly on certain items or on Bitcoin which we are familiar with up to now.

This does works and the target can be completely clueless on what’s been done. That’s why auctions could be a madman’s den at times. Insane prices could go for just any piece from a famous dead guy who wasn’t very good in art or have an item featured in a famous battle or been to certain places.

More and more searches are lunched to getting these antiques, get it dated and there it goes with the price for collectors to pick it up. You wonder why they don’t keep ot for themselves or have it as a national treasure, which goes for some antiques and the nation of origin.

Well, am not a collector so I wouldn’t know, don’t see how am supposed to be amused with having this 16BTC in an item hanging somewhere if I don’t get to make money off it although, some of these could serve a means to preserve wealth and that’s only if you can be able to resale if need arises.

Either way, collections and collectors of stuff is another level of insanity, you really don’t get it if your not into that kind of stuff. I mean, trying to wrap my head around it alone tells me, I can’t find any reason and that’s just to say, you ain’t in that level to this yet. I hope I don’t be!

What you should understand is that in every investment two things are bound to happen, is either the value of a  potential asset drop or rise in a given period of time, the market value of every commodity or asset is been triggered by the market force or influx and this market force is cheered by investors, without investeors in bitcoin and other cryptocurrency they would have not been in existence, although we won't dispute the fact that in every investment, there are maximalist strategist, we shouldn't forget that maximalistic strategist have a way of adding value to the market.

Group of rich folks can decide to pump this paper in the next 2-3 years as you said with maximalist strategy and with this idea we may see this piece of paper going higher than we expect, lets not forget bitcoin value was not as it is today, but the progress bitcoin has made so far is because of whales and maximalist strategy which can also be applied in any other investment.

Its all a part of an investment risk just as any other investment you may know, the value go could peak high or get wasted low with years. All about these paper is that the source of it's value are the people and the people's view towards it is a veritable determinant in driving it's value. You could be shocked that the sign could worth beyond $2m in next 3yrs the next time it appears again on auction.

Manipulation too is another ploy used in giving value to some of these collections, they could just make it disappear from public for quite a long time and boom, one day they just showcase it into the market and you see a lot of hands bidding for it therefore topping it's value.

I ws just wandering if this Same piece of paper or that 1 SAT   could be auction at $2M  in the next 2~3 years.... let's see who's gonna make it value increase or we could just call it manipulations

I feel it's similar to how emotional attachment towards an object increases the value in cases of law suit.
Like say a watch whose value is just $10 and it's a family heirloom or even something that's emotionally of value to the owner
If an individual causes damage
The court wouldn't make the suspect pay the market value but also cover for emotional damages.
What am saying is value of any object is subjective
Your thoughts went into charity
While others into gaining more or immortalising themselves.