if you were ever in doubt about the scale of money prinitng going on....

winterland

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Quote from: DustyRah on December 04, 2017, 07:38:36 PM

Quote from: LFC_Bitcoin on November 17, 2017, 09:37:49 AM

I could think of a hell of a lot of much better, much more fun things to spend 592 million USD on if I had that kind of money. I’m not cultured but fuck that Grin

People who are extraordinarily rich find themselves investing in two things. One is anything that can save them time. The other is art because it is found to appreciate over time and possible to keep the entire affair private.

Like someone else stated, Bitcoin right now is similar to art. People all over the world are saying just that same thing about Bitcoin in that its ridiculous to pay $11,000 for something which does not even exist in front of their eyes. Well, soon just a single Bitcoin will be more than the value of this painting.

True art is always a good decision as an investment, at some point previous works are stolen or lost and when that happens the value of the art you posses goes up as a result, so for those that can afford it, it can be a great investment but for people like us there are other investments that can prove to be quite profitable.

DustyRah

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Quote from: LFC_Bitcoin on November 17, 2017, 09:37:49 AM

I could think of a hell of a lot of much better, much more fun things to spend 592 million USD on if I had that kind of money. I’m not cultured but fuck that Grin

People who are extraordinarily rich find themselves investing in two things. One is anything that can save them time. The other is art because it is found to appreciate over time and possible to keep the entire affair private.

Like someone else stated, Bitcoin right now is similar to art. People all over the world are saying just that same thing about Bitcoin in that its ridiculous to pay $11,000 for something which does not even exist in front of their eyes. Well, soon just a single Bitcoin will be more than the value of this painting.

winterland

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Quote from: Torque on November 24, 2017, 05:14:33 PM

For the last 8 years, Bitcoin has crushed inflation brought on by excessive money printing.

Just sayin'. Wink

Bitcoin has not only outpaced inflation but it has outpaced the real inflation that is not reported anymore, many investments claim to surpass the inflation of 4% but when you put real numbers like 8% to 12% of yearly inflation only bitcoin comes on top.

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For the last 8 years, Bitcoin has crushed inflation brought on by excessive money printing.

Just sayin'. Wink

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Quote from: jubalix on November 24, 2017, 02:50:43 PM

Quote from: davis196 on November 17, 2017, 06:49:09 AM

Quote from: 949miner on November 16, 2017, 06:20:43 PM

Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

If this painting is bought with "dirty money" ,the people who run the auction should be aware and should stop the transaction and call the police.What kind of ridiculous investment is this?Buying some overvalued painting and waiting for it`s price to go up.If some painting could cost that much,all the people that say "bitcoin is nothing,how can bitcoin cost 7000 USD?" have to shut up.
By the way,i think that the "Speculation" board is not the right place to post this thread.

QE money = "dirty money"

its worse than money laundering, its value stealing.

The fun part is that they cannot do this for ever. Eventually inflation will return and the central banks will start panicking. They will raise interest rates and try to regain control. But with independent virtual currencies circulating, there is only so much they can do.

jubalix

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Quote from: davis196 on November 17, 2017, 06:49:09 AM

Quote from: 949miner on November 16, 2017, 06:20:43 PM

Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

If this painting is bought with "dirty money" ,the people who run the auction should be aware and should stop the transaction and call the police.What kind of ridiculous investment is this?Buying some overvalued painting and waiting for it`s price to go up.If some painting could cost that much,all the people that say "bitcoin is nothing,how can bitcoin cost 7000 USD?" have to shut up.
By the way,i think that the "Speculation" board is not the right place to post this thread.

QE money = "dirty money"

its worse than money laundering, its value stealing.

fabiorem

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Quote from: 949miner on November 16, 2017, 06:20:43 PM

Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

Very common, but not for the media.

For the media only bitcoin is for money laundering. All the rest, they turn a blind eye.

winterland

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Quote from: 949miner on November 16, 2017, 06:20:43 PM

Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

I have no doubts that stuff like that happens but we are talking about a masterpiece here created by one of the most famous artist of all time, it is going to cost a fortune that is just the way it is, we may like it or not but that is the free market deciding how much something is worth.

AT101ET

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Quote from: 949miner on November 16, 2017, 06:20:43 PM

Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

I doubt this is a case of money laundering. You're talking about one of the largest auction houses in the world as well as one of the most famous artists to date.
Regarding the OP, I don't see anything wrong with this. Art is subjective and if a person/collector can afford this piece at the price he/she is willing to pay then so be it.
Every industry has inflation of all sorts. Professional athletes/entertainers are paid insane amounts of money because they are responding to a high demand for entertainments and sport. The same applies to art and other niches. The market responds to the demand. This auction set a record to date and I'm sure it will be beaten at some point in the near future. The market price was determined by natural market forces at the end of the day.

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I could think of a hell of a lot of much better, much more fun things to spend 592 million USD on if I had that kind of money. I’m not cultured but fuck that Grin

davis196

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Quote from: 949miner on November 16, 2017, 06:20:43 PM

Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

If this painting is bought with "dirty money" ,the people who run the auction should be aware and should stop the transaction and call the police.What kind of ridiculous investment is this?Buying some overvalued painting and waiting for it`s price to go up.If some painting could cost that much,all the people that say "bitcoin is nothing,how can bitcoin cost 7000 USD?" have to shut up.
By the way,i think that the "Speculation" board is not the right place to post this thread.

949miner

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Hahaha this is crazy, have you ever noticed that a lot of people are laundering money through those paintings? I heard about a painting from a unknown person who was valued on 2 million dollars, it was created by someone who was a normal person like you, and me.
But there are some organizations who are entire dedicated to try to launder money by this way, i doubt that this case is one of those, but it is pretty weird to see that they are putting a price of 592 millions just for a painting.

jubalix

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http://www.smh.com.au/business/world-business/why-592-million-for-this-da-vinci-painting-is-a-good-business-decision-20171116-gzn4wa.html

Topic: if you were ever in doubt about the scale of money prinitng going on.... (Read 566 times)