There are much better instruments to speculate... I'm talking about the concept of assuming that some type of intervention in the impersonal free market based on personal opinions of morons about the future would do any good.
FT: What happens when bitcoins market cap overtakes world GDP!
- Thread starter just21
- Start date
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https://en.wikipedia.org/wiki/List_of_most_expensive_paintings
Hi everyone.
One thing I don't understand. If a piece of colored canvas can be worth $450M, and nobody talks about it as a bubble, why can't a bitcoin be worth some $k?
I mean, the value always lies in the idea and usefulness behind the product, more than in the product itself. So, for the years to come, what will probably be more useful - and for more people, aside from art lovers - the blockchain or very expensive paintings?
Not disputing, just trying to understand.
Hi everyone.
One thing I don't understand. If a piece of colored canvas can be worth $450M, and nobody talks about it as a bubble, why can't a bitcoin be worth some $k?
I mean, the value always lies in the idea and usefulness behind the product, more than in the product itself. So, for the years to come, what will probably be more useful - and for more people, aside from art lovers - the blockchain or very expensive paintings?
Not disputing, just trying to understand.
Humans place value:
- On things that are unique.
- On things that are rare.
- On things that will remain rare.
- On things that are difficult to produce.
- On tangible things that can be admired and connected to memories.
- On tangible things that can be easily 'shown off' to others.
- On things that others desire.
tl;dr
Supply and Demand.
For art lovers, very expensive paintings will be more useful, because they can laud it with their art-loving friends. For the other people, blockchain will be more useful.
First, there are bubbles in art and fashion too. Art investors lost lots of money, specially when they had to get ride of the item quickly or at market downturns. It is usually a long term and very illiquid investment.
Also it is mostly about bragging rights though. A few billionaires showing off their dick sizes.
If they were just truly art lovers they could commission a copy that is almost as good as the original and costs 0.01% as much. So obviously it is not about the art.
In short, if art items can be bubble so can bitcoin. But they are really not in the same category, after all nobody pays 15K for a coin so they can print out the wallet address, frame it and hang it on the wall.
Here is a story of an 80% drop:
https://www.bloomberg.com/news/arti...ainting-bought-to-flip-yours-for-about-20-000
The other way around. Believers are anti-freedom.