Re:Is crypto just one big Ponzi scheme?
by supernt on Friday April 29, 2022 @09:55AM
(#31205116)
The fine art world also falls under these various categories; zero-sum, greater-fool theory. Why pay $100m for a Basquiat? Because "number go up" of course; Yet no one is predicting its imminent demise.
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Re:Is crypto just one big Ponzi scheme?
by simonsarris on Friday April 29, 2022 @10:07AM
(#31205281)
Art has the immense advantage that, if everyone is in on the game, and prices keep rising, then someone can acquire a work at 2 million, value it 6 years later at 15 million, and donate it to a non-profit/foundation/etc for the 15 million value, to get a massive tax write-off. The chump in this case is the US Gov. No other Art player is hurt, only the taxpayer.