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So, let's say you needed to turn 23 million into legit revenue. Well, you might slightly overpay for something that a partner has for sale, the "over" part of

So, let's say you needed to turn 23 million into legit revenue. Well, you might slightly overpay for something that a partner has for sale, the "over" part of that "pay" being money that you are turning into legit revenue. You could even have them overpay for something back from you, if you needed it to end up in your actual bank account, all clean and sparkly fresh. But, what is "overpay"? Well, something more than what other people are paying for that. What if most of the people are trying to "overpay"? Well, the price of that thing would spiral upwards. If it were something of no intrinsic value, that would actually be a bonus, since it's oddly more difficult to spot the overpayment part if it's a rational thing, for which there is a clear market price. What I wonder is, how much of the overpayment for non-digital art in the 20th century was like this?

vmception 5y ago
> What I wonder is, how much of the overpayment for non-digital art in the 20th century was like this? Hundred billion dollar question. Blockchains are just providing immediate transparency for big markets that we didn't have the transparency for. I just consider it price discovery, where all price discovery is better than the absence of it. I noticed it is easy for me to accept things that others have trouble with due to two or three things: 1) To me, all price discovery is good 2) I don't care what prices the price discovery reveals 3) It isn't controversial to me that prices can go down, or that liquidity can evaporate, whereas with others this seems to be something they think is their missionary duty to reveal to people. Speculation does not matter to me, be objective about your own risk profile. Don't worry about other people's lack of objectiveness, if you are a smarter market participant then the market will reward that. This isn't supposed to be some libertarian free market theory, its just shocking that people are operating under a less effective set of rules for a market based economy, these are assumptions that work really well because thats what is happening.

vmception 5y ago

> What I wonder is, how much of the overpayment for non-digital art in the 20th century was like this? Hundred billion dollar question. Blockchains are just providing immediate transparency for big markets that we didn't have the transparency for. I just consider it price discovery, where all price discovery is better than the absence of it. I noticed it is easy for me to accept things that others have trouble with due to two or three things: 1) To me, all price discovery is good 2) I don't care what prices the price discovery reveals 3) It isn't controversial to me that prices can go down, or that liquidity can evaporate, whereas with others this seems to be something they think is their missionary duty to reveal to people. Speculation does not matter to me, be objective about your own risk profile. Don't worry about other people's lack of objectiveness, if you are a smarter market participant then the market will reward that. This isn't supposed to be some libertarian free market theory, its just shocking that people are operating under a less effective set of rules for a market based economy, these are assumptions that work really well because thats what is happening.