Topic: Buy BTC sold for 16 BTC-1 mil USD - page 6. (Read 2038 times)

Although rich people has a different mindset and they easily identify things that can generate money for them no matter how the poor and average people see it, many things acquired by rich people today that's later sold at a very high price is just because it rotates around them, this things are been owned by only them alone thats why it gets much attention and hype, a rich man chase money at all cost but a poor man always evaluate risk because they understand the negative effect if they eventually lose the money but a rich perosn already know how rich he or she is, so losing a pinch will not have any effect on them.

Rich fellows take more risk to make money but a poor or average people doesn't see risk as a good thing, realistically most time this mindset of not taking risk at all keeps individuals in a particular state because I believe that calculative risk do exist and if anyone wants to grow financially, risk must be involved.

You are right here. Collectibles strengthen the value of owning digital properties. Over the years there will be scarcity which would give them some uniqueness thereby creating value. This goes beyond traditional digital files which can be easily duplicated or copied. Up till these days, the passion for arts is increasing so much. The rich now buy digital art for millions or billions of dollars not just because they are expensive but because they know that in decades to come the value of that art will be sold 10 times what they had bought it.

The secrets is give value to any collectible and you can choose to give it a price you want. Since your not a fan of NFT then it is good that you are a huge fan of digital art. Such that you are willing to collect as much as you can afford.

I'm not for NFT's myself.. But it proves that digital property has value in collecting, main thing is prices will have to surge over years to become clear what the real prices will be... atm its just anyone guess and wild things happening as to many collections are coming everyday.

I don't own NFT's bc i'm not into it. But I do believe digital art will be a thing for some kind of collecting.

This threat also learning me a lot of different thinking about "collectors" about "collectors" intentions etc

ofc...

We have the I wanna do a Boss style action and be cocky spending a shit load of money/BTC bc I can and its like proving something similar like people going out to a festival (TML for example) and taking the best table with 100 bottles of alcohol paying 10-20-100k... just bc they can and want to be the Boss in their world of thinking.

Then we have the calculated thinker, knowing they buying a hyped piece which will be worth more in their mind and buying for re selling later and gain more, if it works then well calculated action. Buying and making profit is smart.

Then the collectioneur at heart... just collecting things they really appreciate and by buying giving things a value... Could be discussed, but by bidding and buying they set a standard for certain objects ... This also makes other pieces more valuable. Some people collecting stuff really appreciate it and they are happy with owning it and owning piece of that history. It's charming some people just are so interested that they wanna hold such specific things...
For me its the same like people owning cars, not to drive but collect, or wines not to drink but collect those are things that can be used for consumption or fun. Not like that paper or Einstein paper or paintings... But still those things also are being bought not for what they can use it for or for its purpose but just for collecting.

We can always discuss either if its worth it or would we yes/no pay such money if we would own that kind of money etc, but people is people and everyone is different, I wouldn't pay for it, but I can appreciate those things happening and be able to think about it, putting it in perspective.

Almost same thign as buying a lame NFT, i never really could wrap my head about NFTs or why they should have value but that's what it is. If an NFT could be bought for huge amounts then I dont think this buyer is crazy enough to buy this piece of paper, maybe he thinks it has value equal to what he spent on it.

What a crazy world you really can expect anything.

Also make me thinking

The very very first sat.... What kind of BTC would be paid for that 

I wouldn't either buy it.... But it is a thing in my book of significant happening, it made some mainstream visibility and some good meme's etc ... also just the act of doing such thing is cool imho.

Nah pay more... for first a paper has to been spoken over and need to gain some popularity over years... so in BTC terms it will always be difficult to beat.
Imagine 1 BTC= 200,000$ then 16 BTC would be way more ...

Also the feeling of a copy thing just to sell it bc another one did well isn't what collectors are looking for, originality, rarity, historical etc matters

That last part would be special, but I don't think it would be worth more.... back in the day (Yellen) then BTC was still more under the radar, not known as today... and it would feel like a copycat etc therefor I don't think the value would be close to the same.... BUT I do think if that same individual would draw a simular original and is close by the president on an important speech then maybe yes...

I also think over time the one who bought it for 16 BTC will be able selling it for more in FIAT terms (BTC difficult to say, depends on price surge) and especially on certain timings.

Hmm the sat doesn't necessarily has another value for everyone... it still can be spend as another sat, will not be spend as another one probably and will remain in cold storage until someone else want to buy it at a higher price (if the owner want to sell it) ... but its still just a sat.

It is not everyday that a "Buy bitcoin" sign is flashed in the U.S congress when the Federal Reserve chair is giving a speech, that is what makes it unique and there is no such paper like it in the world, that is why it is rare. Mind you that i would not spend anything close to this amount for this, but maybe i cannot be sure about that as i am not as rich as the BTC whale who bought it, it is better to talk about certain decisions when you actually can afford it.

I think it is still a normal satoshi but it's also rare at the same time. I know there is now an NFT in BTC and maybe this epic sat is truly considered to be one of it? If so then I don't see anything wrong when people believe on that but it's up to you if you won't join them. We are not forced here anyway. Some people are only greedy and will always find a way on how can they make more money.

For me, I think what is crazy is not the epic sat but that piece of paper there called "buy bitcoin". In my opinion, it's not that even rare and anyone can do that. Sometimes I don't understand what is happening here in the world or with the people, lol.

For me I don't think it's only about the show of, most persons just attach value to what they like. for what it's worth, people who don't have that much of wealth too would want to do same thing if the opportunity presents it's self, so at some point too the money to gives the wealthy people the leverage to make people's passion come into fruition.

Sometimes people buy a painting of different inscription with millions of dollars which most people will see the painting as worthless stuff, However it doesn't show that they are wasting their money, they are buying things that are of value to them, the world may see it differently, but it doesn't change anything for the person that has bought it, because at the end of the day people will still have something to say regardless of the situation.

That's just it, most of this wealthy people does all this things to just show off or just to be among that few individual who have the financial power do it, it might sound stupid to the common man, but to the rich, it means a lot to them, and of a fact, this is just one of the stupid things the rich people spend more on, something they mostly don't need, and just as orpichukwu has already said, if they no longer needs it, they might decide to sell it to another crazy rich fellow, so that's just the reality.

And lastly, you also need to understand that most of this wealthy people sees money as nothing, because they have actually not faced what an average person usually face, so they spend money on things an average person will call stupid, just as this, so the truth of the matter is that, the rich, average and poor people all think differently.

This is you sharing your own opinion on how you feel about it. On the other side, a lot of us wouldn't try to acquire any piece of paper or art that has no use to us, but these collectors, who like collectibles a lot, think differently, especially those rich Wahala's who are looking for means to spend and make some BTC and make things popular. 
 
What I see here is that some people use money to get more money or fame. That paper is hyped and is the perfect piece to get the kind of attention they need. It could easily be sold out again to another wahala with just a little hype on it. 

I wouldn't buy that sign even if I was a billionaire, because I don't see any significance in it. Yeah a dude held it and it generated some hype in Bitcoin community for a week - so what? In my book that wasn't a significant moment in Bitcoin's history. The fact that it was sold for $1M is just another example that there are Bitcoin whales who sit on large amounts of coins and can easily spend $$ millions on some overpriced stuff.

Personally I think I was more about sending a message to the public to impose some kind of thought to buy bitcoin, unless so I don't see a reason worth spending a million dollar on a piece of paper.

Compared to Einstein note I think this piece of paper could one day be sought for as a memorable historical art of bitcoin from its early days and it could be some kind of relic that bitcoin enthusiast would want to have, maybe to hang on
a wall or some collectibles etc, the rich have this habit of buying stuffs out of passion.

Thigns are priced by the amount of value given to them by a person or the public at large, so yeah it's possible to continue to grow in value as long as people continue to view it that way.

Someone will definitely pay more for it, hamans wants differs at every point in time and there is no way we can generalize what one will  want to do with his or her money with  that of others, am asserting that someone will pay more probably to break the record of the previous and gain fame as to this regards where references can also be made just as what we are doing now even in the future generations to come, there are those who derives joy standing out of the crowd to do what others can not possibly do which will give them a hedge over the others and make then feel they are the top class stratification that will always be talked about. However, every man will only make that informed decisions of spending based on his or her financial ability,  dreams and aspirations.

That paper has some value if it is placed in the context of the moment and time in which it was created - that is, as some kind of message to the system, given that it appeared behind Janet Yellen while she was giving some kind of speech in front of the US Congress. For this reason, I can find justification that someone paid 16 BTC for the same, especially if that person has so much BTC that this amount does not represent any significant expenditure.

There will always be some items that will be valuable to collectors, but only their "originality" and rarity will determine their price. If someone managed to write that same message on paper and take a picture with, say, the current president of the US - would someone pay more or less for that piece of paper than the one that was recently sold?

@barikui1, we aren't ready for this debate right now, all am saying is wait till a man is in bastard money that's when we can say of his character but until then all I know is that there is that amount of money a person will have and he will go to places and do things he never was known for.  Some may not want to do them openly to public knowledge but privately.

Do your check carefully, there are other areas that man must be spending his money.