The virtual real estate market is just fine

There is clearly something idiotic about spending $635,000 on nothing.

 

What's in the Mystery Meat?

 

I don't know whether to be impressed, or sad.

 

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

In a few paragraphs you've well described how bubbles are created and fortunes are lost. Better yet, you've described in a few paragraphs the end of an empire.

Create and own things of utility. Of intrinsic value.

The rest is just paper.

 

If I use mark-to-market accounting, my net worth is $100 trillion.

 

Paintings, baseball cards, comic books - they have no intrinsic value other than the cost of the materials and labor to produce them.
But they can have market value well in excess of their cost of production.

Even anitquities fall into this category. A statue pulled from an Egyprtian tomb and put on display in the Museum of Natural History has value because we assign value to it.

 

I will say this: A rich guy spending 635,000 on something idiotic is better for the economy than a rich guy hoarding $635,000 under his mattress.

 

It is if he's buying American.

 

I just opened a real estate office on my Planet Cleveland. I've got some nice condos I can let you guys have for $225,000 prior to virtual construction.

No pets, though.

 

Even as a fictional construct, no one wants to live in Cleveland.

 

Buck's taking his talents to Planet South Beach.

 

Nah, I think he's going to Planet Dolphin