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> did that person actually earn that money, or just win it from the Bitcoin slot machine? Is it convertible to USD which can easily be used to buy kitchen appl

by anm89 6y ago

> did that person actually earn that money, or just win it from the Bitcoin slot machine? Is it convertible to USD which can easily be used to buy kitchen appliances, and pants and flights? If so who cares?

tablespoon 6y ago
> Is it convertible to USD which can easily be used to buy kitchen appliances, and pants and flights? If so who cares. $6.6 million is going to be treated a lot differently by someone who worked hard to build that fortune, vs. someone who won it (e.g. from a lotto ticket or by buying $1000 of bitcoins on Mt. Gox on a lark for a $1/per).
- anm89 6y ago
  Sure. I hope they commission a $6 million dollar painting of themself with Napoleon's body and unicorns in the background. It's their money. They can waste it however they want. And unlike your extremely simplistic worldview, it's very possible they'll do something that will create long term value for them. They don't owe it to you to do that though.
  - tablespoon 6y ago
    > Sure. I hope they commission a $6 million dollar painting of themself with Napoleon's body and unicorns in the background. It's their money. They can waste it however they want. You're missing the point: the question is what this $6.6 million transaction for this token mean? Does it mean these NFTs are starting to be taken seriously? Does it mean someone's hyping the tech through a shady transaction? Or does it mean some bozo who won the lotto was willing to blow some money on one? Winning lotto tickets can also be convertible to USD, which can easily be used to buy kitchen appliances, and pants and flights. Noting that doesn't reveal anything about the differences between how lotto winners spend vs. other people. > And unlike your extremely simplistic worldview Excuse me?
    - anm89 6y ago
      No need to be excused
    - Smithalicious 6y ago
      How would you know? I feel like it's the principle of charity to assume a transaction is not some kind of shady conspiracy in absence of evidence to the contrary
zenexer 6y ago
The point the parent was making was that someone could simply “buy” the NFT from themselves, and nobody would be the wiser. They more or less just transferred $X between their virtual bank accounts, but we can’t tell that apart from an actual sale. It’s not proof that $X actually changed hands.
- anm89 6y ago
  If they are paying themselves, why would it matter if they made the money gambling? Also, I don't see the issue with someone buying an asset from themself for some inflated price.
  - drcongo 6y ago
    They're not actually buying or selling it though, just making it look like they are.
    - anm89 6y ago
      Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like.
      - tablespoon 6y ago
        > Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like. Lets say I run a lunar land registry like this: https://lunarland.com/ https://lunarland.com/. I have a friend of mine buy a worthless deed from me for $10, then "sell" it to himself for $10,000. Now $10,000 is the "market price." I then use that transaction as "evidence" to hype the idea that lunar land deeds are serious things, part a growing market, good investment opportunity, etc. In the ensuing tulip mania, I pocket a pretty penny selling a lot more worthless deeds to lunar land. The victims are the people convinced my misleading hype to invest in them. Now I'm not claiming something like is actually happening here, but the whole thing is fishy and I think it's a serious possibility to be considered.
      - 6y ago

by anm89 6y ago

tablespoon 6y ago

> Is it convertible to USD which can easily be used to buy kitchen appliances, and pants and flights? If so who cares. $6.6 million is going to be treated a lot differently by someone who worked hard to build that fortune, vs. someone who won it (e.g. from a lotto ticket or by buying $1000 of bitcoins on Mt. Gox on a lark for a $1/per).

anm89 6y ago
Sure. I hope they commission a $6 million dollar painting of themself with Napoleon's body and unicorns in the background. It's their money. They can waste it however they want. And unlike your extremely simplistic worldview, it's very possible they'll do something that will create long term value for them. They don't owe it to you to do that though.
- tablespoon 6y ago
  > Sure. I hope they commission a $6 million dollar painting of themself with Napoleon's body and unicorns in the background. It's their money. They can waste it however they want. You're missing the point: the question is what this $6.6 million transaction for this token mean? Does it mean these NFTs are starting to be taken seriously? Does it mean someone's hyping the tech through a shady transaction? Or does it mean some bozo who won the lotto was willing to blow some money on one? Winning lotto tickets can also be convertible to USD, which can easily be used to buy kitchen appliances, and pants and flights. Noting that doesn't reveal anything about the differences between how lotto winners spend vs. other people. > And unlike your extremely simplistic worldview Excuse me?
  - anm89 6y ago
    No need to be excused
  - Smithalicious 6y ago
    How would you know? I feel like it's the principle of charity to assume a transaction is not some kind of shady conspiracy in absence of evidence to the contrary

zenexer 6y ago

The point the parent was making was that someone could simply “buy” the NFT from themselves, and nobody would be the wiser. They more or less just transferred $X between their virtual bank accounts, but we can’t tell that apart from an actual sale. It’s not proof that $X actually changed hands.

anm89 6y ago
If they are paying themselves, why would it matter if they made the money gambling? Also, I don't see the issue with someone buying an asset from themself for some inflated price.
- drcongo 6y ago
  They're not actually buying or selling it though, just making it look like they are.
  - anm89 6y ago
    Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like.
    - tablespoon 6y ago
      > Who's the victim here? As far as I know it is legal to sell your self digital assets at any price you'd like. Lets say I run a lunar land registry like this: https://lunarland.com/ https://lunarland.com/. I have a friend of mine buy a worthless deed from me for $10, then "sell" it to himself for $10,000. Now $10,000 is the "market price." I then use that transaction as "evidence" to hype the idea that lunar land deeds are serious things, part a growing market, good investment opportunity, etc. In the ensuing tulip mania, I pocket a pretty penny selling a lot more worthless deeds to lunar land. The victims are the people convinced my misleading hype to invest in them. Now I'm not claiming something like is actually happening here, but the whole thing is fishy and I think it's a serious possibility to be considered.
    - 6y ago