Topic: Buy BTC sold for 16 BTC-1 mil USD - page 4. (Read 2038 times)

I concur on this. Rich folks like doing crazy things just to gain attention from people. Maybe  $1,000,000 might looks like 1k in his eyes but that doesn't mean he should waste It on a piece of paper.if a billionaire can waste millions of dollars just to visit the already wreck Titanic Ship very deep beneath the ocean,then I am not surprised on this one. They love wasting money just for pleasure

I am pretty sure that this is yet another attempt for money laundering and nothing more, or maybe just a method to tax deduction and nothing more. Those two reasons are quite common in the art world, when you see something and it goes for a million dollars and say "this painting is just red canvas and nothing more!!  how could it be a million dollars!!" well that is the point, they do money laundering, and artists are aware of it and in on it.

You end up paying that much, and you launder the money, OR you just pay that much, and deduct that from tax, then give it to your friend for two million next year, who deducts it, and then he gives... and it goes on. Real art and fake art are obvious from each other, you will understand the reason when you see a fake one. This smells the same way.

This.....

Might still feel so hard to buy for some of these peoples
Some only priorities on the pleasure  with nothing to gain in return.....
Although to me I don't feel like it's some kinda  investment but if someone sees it that way then he/she is free to invest like you said what  feels like a $1 might look like a $1000 for another

Currently, many people know that Bitcoin is the best asset worth buying because those who like to buy it have also seen clearly that Bitcoin can still increase again after experiencing a decline in prices in the market. And those who take advantage of this are not only rich people, but simple people who are not yet rich also take advantage of certain moments to be able to buy Bitcoin when that person already knows about Bitcoin. So something like this is certainly not surprising because everyone who buys it is also based on the abilities they have at that time.

Everyone's priorities are different regarding anything, but for Bitcoin, I think almost everyone has goals that are not much different when they find out that Bitcoin can be used as an investment for the future. So the rich people who buy Bitcoin of course also have a goal in essence, even though they don't reveal this goal to the public so that other people who see their activities only want to collect it. Even though they have more goals than just collecting them, if what they buy is Bitcoin.

I wouldn't pay this amount for an item as well... but I did pay more for certain things as what they where worth initially. Not the nrs worth mentioning like the paper etc.
Now in wealth comparison what for me is 1k can easily feel the same like 1m for somebody else ... so being super rich is a factor. 1k and 1m being the same feeling for different people comes in play.
I would say even if i'm the richest person in the world I wouldn't pay for such thing... But maybe when i'm in debt or have 0 savings I would say the same for an article of a few 1000 dollars... So not being the richest kind of people makes us say we wouldn't buy such things. But what if we where among the richest then certainly some kind of guilty pleasure would come in mind something we crave for... I think most people wouldn't give it all up for charity and maybe give a small part up for it, but surely most people would buy the stuff they want. Could be luxury items or crazy houses and holidays etc... But actually buying things like the paper isn't that bad bc it cover some important aspects it could serve as a guilty pleasure that makes you happy and being an investment at the same time, not losing wealth and being an investment at the same time... There are so many ways of discussing these things that it becomes more and more intresting.
On the one way I would say never buying on the other way I would say its a genius thing to buy.

To be honest, 16 is not a small amount, for those who don't know clearly and then find out about the reality, maybe they will feel that they are dreaming and may even faint. However, considering that BTC tends to be profitable, in the long term it will definitely be profitable. because I think BTC is something that is developing all the time, even though there are times when it goes down, it doesn't rule out the possibility that it will rise again skyrocketingly.

Of course, everyone's priorities are different and I don't think that's a problem, the important thing is to respect each other. with those who can buy it, I think they are rich people who are really rich, of course they do this and they must have certain reasons, maybe like collecting them.

You are right here. When it comes to digital acts, not the artwork that is most beautiful or realistic. I have seen abstract paintings and some symbolic paintings that are worth more than a regular painting that looks so beautiful.

The thing is that most of those abstract painting conveys deep emotional messages and drive a feeling to the collector. Thus, such a painting has value, any collector would bid so high ti have that painting.

No, the point was that it was still in its original packaging. But you can see that it is hard to understand how the original packaging makes a difference given the fact that these items circulate in the millions around the world. But why did somebody now come up with with the idea to pay $190,373 for that iPhone at a public auction? I question the intent people have to pay seemingly unjustified prices for some items. As I said, maybe the buyer has some more of those items himself and is trying to establish a certain value perception to then profit from that later down the road? Could be the same with other things like discussed here in the thread, could be many reasons.


That's the point. Once you got it to the auction house, the item gets the visibility needed to draw attention from some guy who has been looking for whatever reason for this particular item. In a best case scenario there are two guys, but the thing is that auctions enfold this dynamic among people who have initially not even been interested in that item. But once someone says price A, someone else rich enough might feel tempted to give it a shot, too.

You don’t need to on this one.
I just jumped on eBay to see if I could find the item, first generation iPhones and it was right there, offered for sales by some vendors. Some still comes with a price ranged $80-400 but others was in the range of $1.5k and below. I guess these are the once that have heard the news on what it’s going for in auctions and decided to up the price while, the once with lower prices either haven’t heard the news or are replicas.

I’ve got reasons to think that the one that sold for an insane price as stated in the auction could be the prototype but, shouldn’t that be an Apple’s priceless item, well that’s the point, owning the supposedly priceless item but, it doesn’t mean much either. I would still be seeing just how much I spent to get that thing should it not be giving me some return on investment.

By some means, it’s a matter of getting these things to the auction house, have a baked story for it and yeah, it’s got to be original, then your sure some dude with just enough dollar to not have needs for it would pick it up as his or her collection.

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.