First ever epic sat sold for 33.3 BTC

Asuspawer09

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Probably just to make some fun right? but 33.3 Bitcoin was just crazy for sure in exchange for 1 Satoshi but I guess it's speculative so if someone is willing to pay that price for it then we could value it to that price.

Is there some way that we could have some kind of identification as the first satoshi, something like on NFTs since they do have the indication of what number they are, so some could value them better than the other numbers depending on the supply or mints? Like having the number 1 on NFTs would surely could have an even higher value compared to others that just have random numbers depending on the value of the project. We could probably Identify the first-ever sat but it just doesnt make sense and it wouldn't make any value or indication that it was known as the first one it doesnt make sense at all.

I guess if you're super rich you could do anything to your money, it's your money anyway.

Well, are we going to see the first Ethereum ever?

Quote from: un_rank on April 27, 2024, 01:38:29 AM

I instantly think 'money laundering' when I see auctions like this, over $2 million dollars worth of Bitcoin has moved hands, probably will get liquidated and it is entirely clean money now. This is a thought I have for the entire art industry.

- Jay -

It all makes sense now Shocked

GbitG

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WTF, what's that, Guy? Huh

It's crazy some people didn't think about what they were doing.

But anyway if I have a billion of dollars and someone one offer me to buy something like this shit. So I will not be buying it. Even if I have billions of dollars, even if someone offers me the same bullshit, I will never buy it. Because investing money in pointless things like this is the highest level of stupidity. In fact, this kind of behavior is often found in those people who have got a lot of free money from their parents or what they earn from gambling/betting. So money doesn't matter to them. They want to get what they want at any price. But I think this is not a wise act.

If a billion of dollars come to me, I will invest them in different things instead of taking some shit stuff on them.

dothebeats

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I'd never really understand rich people. They have all these weird affinity towards something 'historical' that sometimes doesn't even make sense. This event feels like exchanging 1000 dollars for a single cent. I mean, collectors do it all the time for tangible stuff but bitcoin? That's just ridiculous!

It's possible that this is also just a ruse to pass some money around without anyone getting suspicious just like what rich people do in art auctions. We care more about the insanity but not something more mundane like transfer of money from one party to another.

Renampun

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this month, news like this is really surprising, yesterday there was also the iconic "buy bitcoin" text sold for 16 BTC, I thought hard about why there are people who want to buy things like this, what is their real goal, they might have so many bitcoins that they are confused about where they want to direct their assets lol

Dr.Bitcoin_Strange

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Apart from the case of money laundry, which has already been mentioned above by un_rank, another thing that gives me concern is how foolish some people can be in believing in these kind of piece of art crap about Bitcoin, which is not even a real thing supported in the Bitcoin community. Those people that invest in such crap don't even ask themselves a question like, "How about if they don't get to sell this shit at the bought price or perhaps never even get to sell it to anybody because of zero interest of buyers?"?

If actually that's not a case of money laundering, then it's a money that is obtained through other cybercrime like hacking, etc. There's no way a very sensible investor will not think of the risk before they agree to dish out such a heavy load of money on just one senseless thing.

HeRetiK

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Quote from: Don Pedro Dinero on April 27, 2024, 03:02:44 AM

Quote from: HeRetiK on April 27, 2024, 02:45:07 AM

Also NFTs. Obviously one can only ever speculate about each specific case (I guess once you reach a certain amount of wealth, money becomes mostly meaningless), but this is how you launder money in the big leagues. And you don't even have to get your hands dirty by dealing with mixers and the like.

I had already heard about NFTs for money laundering and now this is added. I mean, is it that easy? You have undeclared money from drug or arms sales and you sell something worth one satoshi for a couple of millions, that's it? The only thing is that you will pay 20% tax or so depending on where your tax residence is but you already have clean money. Although I'm sure from that moment on the eyes of the authorities will be on you, if they weren't already.

More the other way round: Say you want to sell arms and drugs wholesale. You can't just receive a couple of millions in fiat or cryptocurrency, lest you'll have to answer a couple of questions. You can't write a fake invoice for goods and services either, because someone will notice that the goods don't exist or that they've been sold way above market. But selling a JPG of an ugly monkey? Might give some media attention but also enough plausible deniability since there's no such thing as above-market for a non-fungible rare good (if you want to call it that). There's nothing to objectively compare it to.

All of that is purely speculative, of course, and I'm sure a lot of folks are in the market just for the hype and speculation. I'm just saying that this is how such a scheme probably would work. It's a bit of a loophole, much how it isn't corruption if it's called lobbying and how it isn't a bribe if a politician goes into "consulting".

sokani

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Quote from: Gladitorcomeback on April 27, 2024, 09:21:56 AM

~

There's nothing wrong in buying collectibles, but the amount people are willing to pay for it that's what makes it crazy. Recently, CryptoPunk #635 NFT was sold for 4000 ETH, making it the sixth most expensive CryptoPunk NFT. Except auctions like these are perfect cover to launder money, but if it's just for bragging rights, then it's plain stupidity. People are suffering all over the world and such money could make a little difference in their lives. If it was sent to charity or to help people in war torn areas like Ukraine or Gaza, it'd have been money well spent.

serjent05

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Quote from: Gladitorcomeback on April 27, 2024, 09:21:56 AM

People saying it's bullshit, a waste of money, and whatever are forgetting that some people used to spend millions of dollars to buy an NFT collectible, it might still be happening but I don't keep an eye on NFT marketplaces anymore. I remember when a guy spent more than 400 ETH on a single NFT which at that time was worth around $240m or something, and this wasn't the only incident where people spent enormous amounts of money on NFTs and other stuff that aren't worth it in my opinion.

So, we shouldn't be surprised because there will always be people in this world who would have enough money to spend a portion of it in things that we consider useless and a waste of money but they don't think the same because they like to collect such things and this money might not have much value for them.

This is not the first time people use this kind of scheme to launder money. Aside from that, we don't know whether this auction is staged just to make a news. Only people who are involved in this trade know whether it is a genuine sale or just some scheme.

In my point of view, this kind of trading is insane, I would not dare even if I am the richest person on earth to buy this kind of item but yeah some people will spend huge amount of money just for the bragging right...

Solosanz

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I don't understand why people are treating Bitcoin as non fungible? Huh

First people normalize "tainted" coins, then ordinals, then "Satoshi" sats, then "rare pizza" sats, then runes... and there might be other name will coming.

Will people value USD that used by Biden higher than other USD? it must be "scarce" since not all USD that circulated in the world is used by Biden.

Gladitorcomeback

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People saying it's bullshit, a waste of money, and whatever are forgetting that some people used to spend millions of dollars to buy an NFT collectible, it might still be happening but I don't keep an eye on NFT marketplaces anymore. I remember when a guy spent more than 400 ETH on a single NFT which at that time was worth around $240m or something, and this wasn't the only incident where people spent enormous amounts of money on NFTs and other stuff that aren't worth it in my opinion.

So, we shouldn't be surprised because there will always be people in this world who would have enough money to spend a portion of it in things that we consider useless and a waste of money but they don't think the same because they like to collect such things and this money might not have much value for them.

Cantsay

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Quote from: sokani on April 26, 2024, 07:27:08 PM

If you were super rich, would you spend such amount of money on an epic sat?

Indeed money makes people go crazy! Because what I just read in the op is a crazy thing for someone to do.

I don’t understand, why? Why waste that amount on a single sat? Aren’t there other things that are more value to buy with that amount that would provide more returns? What if anything bad happens to bitcoin would they still be able to sell their epic sat for a profit? The questions are just crazy.

For me, if I had 1,000 btc I don’t think I’ll trade 1btc for an epic sat unless there’s a way for me to sell it instantly for x5 profits.

Text

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If I were super rich, I wouldn’t spend such an amount of money on that epic sat cause for me I don’t see it as a unique investment opportunity, I don’t consider its significance in the crypto community. I’d rather prefer to use the money for meaningful purposes or allocate the resources elsewhere like business and charitable.

Well, it comes down to personal priorities and values, for some, the allure of owning such a rare and significant artifact might outweigh the cost.

Frankolala

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I would not ever try throwing my funds on such epic unit for 33.3btc. It is better to give money to charity than wasting it on what does not worth it. However, everyone have the right to do whatever he wants with his bitcoin, so I don't blame whoever will pay such amount for this.

Whales can do unimaginable things just to show off, and get attention.

Lucius

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Quote from: mk4 on April 27, 2024, 03:53:58 AM

Would I pay 33.3 BTC for that? Nope, simply because I'm not even close to having 33.3 BTC lmao. Am I surprised? Am I against it? Not really. People pay for dumb shit every day from overpriced handbags to unnecessarily expensive NFTs, but to each their own. Free markets innit?

Even if I had 3333 BTC, I wouldn't decide to invest in something like this, because realistically there are much better things to spend that much money on. And yet I have nothing against people spending their money the way they want, of course if it doesn't endanger me and other people.

It must be admitted that some people are really enterprising and know how to sell things that others would never think of. Smart people always say that money is all around us, you just have to decide to take it.

Darker45

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This is purely nonsense. I don't really see a good reason why somebody would buy 1 Satoshi with 33.3 BTC, around $2.1 million for now, much bigger in the near future. I doubt even the greater fool theory would apply here. Would a greater fool buy this same Satoshi in the future with a bigger amount? I don't think so. This particular Satoshi might even be forgotten someday. And there will be 33 halvings all in all. But then there's money laundering that un_rank talks about and all of this suddenly makes sense.

dansus021

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whatttt

I know that is going super rare but definitely Im not gonna pay for it haha maybe because Im poor now but Even tho Im rich there is so much meaningful thing to do with that huge amount of money. But Super rich faimly or a person didnt care to buy hundreds or million dollar to buy something, but still that is huge chunck of money. and like everyone else said it could be a money laundry or something like that haha

TheUltraElite

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So anyway, I applied as a merit source :)

Money laundering might be one way to explain why the person would have done it. Or it can be that someone told them that it was a rate collectible and they would have to spend so much money to get that. The person paid that 33.3BTC in FIAT money and then the person who is misguiding them converted it to BTC to for that the EPIC sat and went their way.

Bizarre indeed, but there seems to be more than what meets the eye. We dont know the other side of the story.

DeathAngel

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This seems like money laundering to me, probably an early adopter bidding for his own sat to clean dirty money from the past. I never trust all these type of things, also high price NFT’s, they just look like a vehicle for money laundering.

mk4

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Would I pay 33.3 BTC for that? Nope, simply because I'm not even close to having 33.3 BTC lmao. Am I surprised? Am I against it? Not really. People pay for dumb shit every day from overpriced handbags to unnecessarily expensive NFTs, but to each their own. Free markets innit?

shield132

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I think that this is a well-planned, long-term scam attempt. A few months ago I read on Reddit one guy's post, he said that he created an NFT, a silly pixel image with no value of art, then he put it on auction, bid himself 1 BTC, bought it and then sold it for the higher price thanks to the new dumb buyer. He created money out of thin air, gave it a fake value and sold it to someone stupid.

I think that we are experiencing the same here. They try to give fake value to fakely invented "rate sats". Someone stupid with money will think that it's a good opportunity to invest in rare sats and some people will make lots of bitcoins via this scheme.

Topic: First ever epic sat sold for 33.3 BTC (Read 370 times)