The virtual real estate market is just fine

http://blog.games.yahoo.com/blog/160-man-drops-record-setting-335-000-on-virtual-game-property

A man recently spent $635,000 to purchase a luxury resort ... on an asteroid ... in a video game.

Yes. Real-world money, virtual resort ... on an asteroid.

In a game called Entropia Universe players use real money to buy virtual property, merchandise, services, etc.

Oh, and the guy who sold the resort? He originally purchased the asteroid for $100,000, thus making $535,000 profit, nevermind the other money he has earned from it, such selling off the mining rights etc.

This all makes my head hurt.

 

A poster child for why the top 2 percent of earners deserve to have their taxes raised.

 

LOL

 

This is one crazy fucking world we live in.

 

Very well played.

 

So there's a virtual housing bubble?

 

Punishing success. Anyone smart enough to figure out how to sell virtual property on a make believe asteroid for a profit of half a million dollars should be helping run our country.

 

Why? It's an investment, at its core the same as dropping $600,000 into IBM. If people are spending real money in this environment, and they must be if someone can flip a virtual asteroid for a 550% profit, then why not enter the fray? It doesn't matter whether you think it's worth the money, what matters is that someone else does, and you can give it to them for that.

 

Person A has something
Person B wants something
Person A sets the price on something
Person B determines whether the price is worth it
IF YES: Person B buys it, end of transaction
IF NO: Person B determines whether to negotiate the price
IF NO: Person B walks away, end of transaction
IF YES: Person A and B determine a price both can live with
IF YES: Person B buys it, end of transaction
IF NO: Person B walks away, end of transaction

That's how this works, whether it's cars, bubble gum or pretend real estate. If someone decides to spend $600,000 on something, then that's what it's worth. And there ain't nothing idiotic about a fivefold profit.

 

Last I checked, IBM actually exists. There are buildings, they put out a product, they have living, breathing (I think) workers.

Planet Calypso exists only in the outer reaches of someone's mind.