Quote:
Originally Posted by mineistaken
My point is very simple - that painting is not worth no where 46 million because no level of skill is required to make it. Any art school pupil/student could do that. I am being generous because I could say that not art students could do that as well.
So maybe hundreds, maybe thousands, ok staggering 100K. But nowhere close 46 mill.
This is a fact.
Stupidity is endless though and when you get few people to believe that it is worth 46mil you get it sold for that. Does not change the fact it is not worth that much.
And no, not everything in existence is overvalued. Far from it. 99% of goods are valued correctly. Take a look around your room and you would see that every item is priced correctly, maybe extra for brand names etc, but nowhere close to over valuation of that painting.
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But that final work of art provides value. I disagree it's a fact that a $46 million painting isn't worth $46 million. The value that the creation returns could very well be worth that. I also don't think an art school student can do what Picasso did. They may well be able to decently recreate a Picasso, but if they could create cubism, they would have. That's what you're paying for, among other things.
Also bitcoin wasn't invented to be used that way or the way it's being used. It's a currency by design. Just like a dollar bill. Just not officially backed.
Quote:
Originally Posted by woj
can't you use the same logic for USD or gold? Isn't a piece of paper that says "100" on it really worthless? but yet, people gladly exchange goods and services for that piece of paper....
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I'm with you, Same paper makes $1 bills!
