Fed? Authority? LOL A painting by van Gogh is not real (just a piece of cloth with paint) and has no backing of the Fed or any other entity ... As long as people are willing to transact, that is all that matters. Tulips cannot be compared with Bitcoin because they have limited life time. Beanie babies probably closer to Bitcoin yet they have infinite supply. The truly comparable physical thing is the Snoopy set sold by McDonald back in 1999. At the height of the euphoria you see real wild prices on those tiny snoopy figurines. After that, the price return to normal collectible price range based on availability and completeness. Still, the Snoopy set does not have the abstract function as a generic store of value. That puts Bitcoin in a very unique position.
Thank you. Now I get it. I'm going all in today, at any price, and borrowing what I can to leverage up . Thanks again for your amazing insight
Im not into art but I don't think a van gogh drops in value by 50% in a day. Maybe if it had a ticker we would see these types of moves..who knows..
exactly. btw Looks like it's topping out when stocks run out of steam. Some Bitcoin hypsters would almost deserve to be shot. I never understood the concept of hyping your investments, if you truly want to be right about your investment ideas, you don't need to hype them.
Sad, but this comment will be here forever, and you won't be able to say you were kidding. "I can't believe I revealed my stupidity"
To some people, even those they have a lot of money, they would not even pay a dime for paintings. They just think these paintings do not worth it. To these people, the famous paintings are "not real" - the paint on a piece cloth is just paint on a piece of cloth, nothing more. For art collectors, however, there is this market where they would price the items in their special ways that normal people cannot understand. That's why I mentioned beanie babies and snoopy set - the availability matters so do the participation size. The beanie babies craze crashed after several significant swings. Yet after the crash, they settle at collectible price levels for the rare ones. Same thing happened to other cheap collectible items like snoopy set from McDonald.
Read above comment. A market exists only if the participants are willing to transact. Art collections are one of those oddities in the high societies.