Some of you probably already heard about NBA Top Shot

If not this video is great explanation:

So the idea is basically "If people pay for old sports cards why not make a digital version of a sports card with an NBA highlight in it and sell it"

Deal is... people already pay up to 300k for a frkn video that you can watch for free on YouTube and the only reason they do this is bc they want to flip it later on for more money

So I guess this whole concept showcases how bonkers our society and economy is. Bc if you think about it those highlights are not that different than Bitcoin for example. Those things have value bc we believe that value.

How did we end up in a place where you pay 300k for something that has literally NO value and the price depends on some IT guy writing an HTML paragraph that says "we made only 100 of those" instead of "we made only 100 thousand of those"

It so crazy to me and so hard to grasp...
Rn people are paying millions of dollars for something that can one day simply disappear. People will pay up to 300k for an NBA highlight and one day people wake up and say "this is absolutely useless" and boom your mp4 file worth 300k is now worth absolutely 0$

Crazy...

With bitcoin it at least has a second layer where you're investing in a completely anonymous currency and you actually can buy things with bitcoin. The question is the price of this things bc "real" money also has no real value since it's not backed by gold anymore

But here? You buy a highlight that's only purpose is to... be sold later to someone who wants to buy it JUST so he can... sell it later. And the circle goes on.

Unbelievable. Why are people voluntarily playing that game?!

Why do green pieces of paper have value?

F*** it bottle caps as currency

Yeah dude if you read the thread I mention "real" money there

The question is still valid

Do you know the answer?

if you can buy a clip of a video for 200k or w/e then you're obviously dealing with and watching a bunch of very rich people play a game with money they can throw away. Same reason why someone will buy rare pokemon/yugioh cards, or some rare action figure for insane prices. The collectors market has always been a space for people with money to spend on things they like.

These things aren't comparable to bitcoin and other coins which we can use to actually pay for or help make commerce easier.

Some people (older, mostly white men) are being paid to sit at home. Bank interest rates are at an all time low, with some German banks I saw charging people to deposit money and hold money. As such, these people are looking for different places to store and flip their money, and they've chosen to tap into nostalgia with pokemon cards and basketball highlights.
We're definitely in the middle of an "asset" bubble.

It’s literally just so people can try to make easy money without doing anything. I don’t think it’ll have any lasting value once it dies down. Things like Bitcoin and Ethereum have actual purposes that determine their value so I don’t think the comparison is there

Exactly.

The guy who paid 200k for a zion highlight has set the record for a buy 4x. He's a rich guy playing around seeing if he can make some money

Because the surplus value stolen from common workers is so plentiful that the bourgeois don't even know what to spend it on. Not very different than leaf gold and superyachts.

Always a day late and a dollar short when it comes to cool s*** like this smh

its all gambling

Yep but a lot more than a dollar short

Topshot stupid af tbh

money laundering

People are susceptible to bad ideas during tough times.

Shiieeeeeet let’s go even deeper

Why are we here and how did we get here

Bitcoin’s current state is completely detached from its original purpose.

if you're filthy rich you can gamble a lot of money on really speculative stuff and it feels like a rush

that's part of the reason i think ppl play that game

did the man who invented college go to college

All I know is I'm about to rip this pack open and get my bread up