Wednesday, September 5, 2018

If cryptocurrency is so valuable, then why did someone just waste over $170,000 on a virtual cat

Many early adopters of Bitcoin and other cryptocurrencies love to flaunt their toys and try to let everyone know how rich they are.  And while there is alot of merit in buying priceless art as both an investment and an accent for your domicile, one has to ask just how valuable buying a virtual cat is with $172,000 worth of crypto?


Meet CryptoKitty #896775. Her name is Dragon. 
She has chestnut coloured eyes, her base colour is "cottoncandy". According to her bio she "bit Rebecca Black once" and finds spying on neighbours "exhilarating". 
She is a digital cat and Tuesday someone bought her for the equivalent of $172,000.
Yep, that's $172,000 in US dollars, or 600ETH (Ethereum) to be precise. Welcome to 2018. 
She is now owned by the user Rabono. - Cnet

At least during the Beanie Baby phase, you actually got to hold in your hands a rare animal toy, and at the most it might cost you a few hundred bucks.

And is it any wonder why investors today would rather own a paper promise for real assets than to actually hold them in their hands like gold or silver?

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