> 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?
Is it convertible to USD which can easily be used to buy kitchen appliances, and pants and flights? If so who cares?
As well: I can buy my $200k house from myself for $5m, but I still need to get the $5m. At that level maybe I can game the system (owning 5 properties on that block and selling when the “neighbourhood is valuable”), but this kind of system gaming is as old as money itself.
However wash trading is rampant in crypto.
Also, I don't see the issue with someone buying an asset from themself for some inflated price.
To the rest of the world, it looks like the value of this NFT grew by 2 orders of magnitude in a week. In reality, that person is leveraging the pseudonymous nature to just make it appear that way, in hopes that when they list it for $200k, someone else will actually buy it. They cleared $190k for making a couple of garbage auctions.
Lets say I run a lunar land registry like this: 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.
It is. But if you register it as a sale, you get to pay taxes on "the profit".
$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).
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.
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?