Buy BTC sold for 16 BTC-1 mil USD

[teamsherry]

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.

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.

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.

[El duderino_]

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.

[El duderino_]

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.

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.

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.

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.

[Stablexcoin]

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.

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.

[Promocodeudo]

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.

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. 

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.

[Lida93]

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.

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.

What makes some whales spend money the way they do is not that they do have it so much so that they don't know what to do with it  but some just care so much about history to the extent that they just want their path or name to be held in history even after they have long gone by doing what other whales that don't give a damn about history wouldn't bother about despite how wealthy they are.

Just as you had rightly said, "that it's now a thing in your book of significant happenings",
and this is not just you doing this there could be a thousands of  others that would have also saved the date as significant too. And probably that was what the buyer of the piece had visioned in mind before taking the step to acquire that sign. And achieving this aim alone could be sufficing to him more than what he would probably sell it for in the future.

[El duderino_]

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.

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.

The main problem in early stages will be

A lot of people knowing each other driving the price of a few specific items and creating higher prices for them… then a unknowing person buying at a to high price for a worthless piece being stuck to it… but yeah DYOR and buy what you deem worthy I guess

[Coyster]

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 intention appeals more to me, i do not think some of the rich people who buy these collectibles actually want to sell it in the future. For example, if bitcoin continues to grow like it is doing, then this "buy bitcoin" sign might be worth more than it was bought for in the long run; but i don't think most people who buy these historical items think like this.

They basically want to hodl a part/piece of history and i am pretty sure that is so much of a good feeling, of course one must have the money to buy and own it, but the end goal is prolly not to make more money from it later on.

[Lucius]

~snip~

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?[/size]

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...

It somehow seems to me that such a sign with the "signature" of the US president (regardless of who he is) would be worth much more than 16 BTC and in any case more than $1 million. I'm just starting from the fact that the US president is perhaps the most recognizable political figure for many, whether it's the US, the EU or the UK, and that a lot of people would be willing to pay a lot of money for such "art".

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.

This is very likely possible, because regardless of the fact that $1 million seems like a lot of money to us, for some others it can be a real trifle. However, everything depends on what will happen with Bitcoin in the following years, because the value of such items will largely depend on how popular Bitcoin is at some point. Anyone who ever wants to sell it should choose the right moment, because the previous owner obviously judged very well when to offer his "work" to the market.

[Ever-young]

Also make me thinking

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

Probably a lot more than we can imagine, they seem to tag price and value on them based on how uncommon what they want to pay for appears to be, and for whales, which so much care about being the first or only person to hold the very first pieces of it, that's if it's on NFT form, is ever ready to offer what other whales can't, that single first ever sat they will boldly tell you it's priceless and whatever price they tag on it is definitely worth it. 

[Hazink]

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.

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.

The main problem in early stages will be

A lot of people knowing each other driving the price of a few specific items and creating higher prices for them… then a unknowing person buying at a to high price for a worthless piece being stuck to it… but yeah DYOR and buy what you deem worthy I guess

In the NFT market, what actually happens most of the time is that one person can appear to be three different bodies with a lot of funds under their control. Now they create different wallets, not linking any of them to the other, come for a particular NFT, use one account to place it in the market, and use the other to buy it at a specific price.
 
After some time, they use another account to buy it at a much higher price. The more they continue rotating this either within a different wallet controlled by one person or the same body, the more they are also becoming aware of how that particular NFt has been making so much gain.
 
Whoever buys those lies will become the victim, as they will be ready to pay twice the present price just to acquire it, hoping to sell it back to the market at a much higher price. Most of the time, it all ends up with them unless another whale falls prey.

[fadhilz123]

The main problem in early stages will be

A lot of people knowing each other driving the price of a few specific items and creating higher prices for them… then a unknowing person buying at a to high price for a worthless piece being stuck to it… but yeah DYOR and buy what you deem worthy I guess

I think apart from the items that we often use in everyday life, only Bitcoin is more worthy of attention and continuous purchase and this can be done by people who don't like keeping cash in their own wallets. DYOR is necessary because it will lead everyone to think independently about what they want to buy. But in the end there are always many people who are willing to admit Bitcoin as the best to buy even though they have previously spent more time doing research on anything in order to find something more worthy.

[blckhawk]

My problem with this "epic sat" being auctioned and sold for 33.3 bitcoin is that it tends to make people believe that bitcoin is non-fungible when indeed it is fungible, this sat now has a different value and can no longer be interchanged with another sat of equal value, when ordinarily it should.

I don't have a problem when things like the "buy bitcoin" paper is being auctioned, of course it is non-fungible and there is something that makes it unique and differentiates it from other pieces of paper or similar writings on them, but bitcoin as a currency is fungible and any utxo should be interchangeable with another one of the same value.

That would be the case but I don't think that anything changes to bitcoin, that sat will eventually get mixed with the other sats out there, what's the big deal? It's a stupid thing that they're doing this thing, it's NFT all over again in my opinion. I can only imagine this person not being careful and then selling this exact sat, that would suck if it upholds it's value and it didn't become as you've said just like any other satoshis out there in circulation.

[Barikui1]

The main problem in early stages will be

A lot of people knowing each other driving the price of a few specific items and creating higher prices for them… then a unknowing person buying at a to high price for a worthless piece being stuck to it… but yeah DYOR and buy what you deem worthy I guess

I think apart from the items that we often use in everyday life, only Bitcoin is more worthy of attention and continuous purchase and this can be done by people who don't like keeping cash in their own wallets. DYOR is necessary because it will lead everyone to think independently about what they want to buy. But in the end there are always many people who are willing to admit Bitcoin as the best to buy even though they have previously spent more time doing research on anything in order to find something more worthy.

It's actually true that Bitcoin is one of the most sorted after asset in the world right now, and we are a big fan of it no doubt, but that shouldn't blind our eyes to be wasting our money, by buying something like this that is a total waste, though I haven't gotten up to that level were I will even think of spending on these kind of things, but I would rather invest in something more better, which is real estate, than spending  a crazy amount of money on a stupid thing, just to message my ego.

Lastly, it's very good and logical to do your own research in any investment you want to venture into, so as to be more enlightened on what you are venturing into, because I believe that if a proper research was done, that investor will also sees it from the same angle we are seeing it, which is a total waste, unless he just want to sell it to someone as crazy as he is.

[sokani]

Pay $1,000,000 dollars for a piece of paper... Is it a page from the book of life? Will my name be written on it that will guarantee me a place in heaven?

I cannot fathom why anyone would pay such a crazy amount for a piece of paper that would add no value to his or her life and I wouldn't do that even if I was the richest man on earth. People are suffering all over the world and if I should give it to charity, thereby putting smiles on their faces or giving them hope not to give up, then it'd be money well spent.

[fillippone]

The main problem in early stages will be

A lot of people knowing each other driving the price of a few specific items and creating higher prices for them… then a unknowing person buying at a to high price for a worthless piece being stuck to it… but yeah DYOR and buy what you deem worthy I guess

Actually, this is the only scheme, and not only a lot of people knowing each other, but often just only one person, acting with different wallets.
Market rigging at its bests, like good old times in traditional markets.

[Ambatman]

Pay $1,000,000 dollars for a piece of paper... Is it a page from the book of life? Will my name be written on it that will guarantee me a place in heaven?

I cannot fathom why anyone would pay such a crazy amount for a piece of paper that would add no value to his or her life and I wouldn't do that even if I was the richest man on earth. People are suffering all over the world and if I should give it to charity, thereby putting smiles on their faces or giving them hope not to give up, then it'd be money well spent.

I feel it's similar to how emotional attachment towards an object increases the value in cases of law suit.
Like say a watch whose value is just $10 and it's a family heirloom or even something that's emotionally of value to the owner
If an individual causes damage
The court wouldn't make the suspect pay the market value but also cover for emotional damages.
What am saying is value of any object is subjective
Your thoughts went into charity
While others into gaining more or immortalising themselves.

[promise444c5]

I ws just wandering if this Same piece of paper or that 1 SAT   could be auction at $2M  in the next 2~3 years.... let's see who's gonna make it value increase or we could just call it manipulations

[letteredhub]

I ws just wandering if this Same piece of paper or that 1 SAT   could be auction at $2M  in the next 2~3 years.... let's see who's gonna make it value increase or we could just call it manipulations

Its all a part of an investment risk just as any other investment you may know, the value go could peak high or get wasted low with years. All about these paper is that the source of it's value are the people and the people's view towards it is a veritable determinant in driving it's value. You could be shocked that the sign could worth beyond $2m in next 3yrs the next time it appears again on auction.

Manipulation too is another ploy used in giving value to some of these collections, they could just make it disappear from public for quite a long time and boom, one day they just showcase it into the market and you see a lot of hands bidding for it therefore topping it's value.

[Promocodeudo]

I ws just wandering if this Same piece of paper or that 1 SAT   could be auction at $2M  in the next 2~3 years.... let's see who's gonna make it value increase or we could just call it manipulations

What you should understand is that in every investment two things are bound to happen, is either the value of a  potential asset drop or rise in a given period of time, the market value of every commodity or asset is been triggered by the market force or influx and this market force is cheered by investors, without investeors in bitcoin and other cryptocurrency they would have not been in existence, although we won't dispute the fact that in every investment, there are maximalist strategist, we shouldn't forget that maximalistic strategist have a way of adding value to the market.

Group of rich folks can decide to pump this paper in the next 2-3 years as you said with maximalist strategy and with this idea we may see this piece of paper going higher than we expect, lets not forget bitcoin value was not as it is today, but the progress bitcoin has made so far is because of whales and maximalist strategy which can also be applied in any other investment.