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Based on my reading of the "12 million dollars stuffed shark"¹, this has the same mechanics as the market of a piece of contemporary art (I'd go as far as considering that this is, essentially, an art piece).

In such markets, pieces are status, which has nothing really to do with matter (in a physical sense). Specifically:

- status is sold; Jack Dorsey is famous, and his first tweet is strongly symbolic;

- status is acquired/purchased; the buyer has the money for the purchase, and he'll fits the item likely in a sort of private collection.

The status interpretation can make more intuitive the nature of the transaction/item, dispelling the insanity interpretation.

It needs to be considered also that this can be very conventional speculation; in this sense, it would appear intuitively "not insane", like financial instruments (of course, in another sense, they are fundamentally insane :)).

¹=https://www.amazon.com/Million-Stuffed-Shark-Economics-Conte...




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