While I was headed home today with my teenage son Michael in tow, he informed me that he learned on Reddit that a CS:GO (that’s Counter-Strike Global Operations for you uninformed) Cloud 9 team player just sold a skin (brand new with stickers) for a record price of $61,000.
I asked him if that was paid in real money; he nodded yes. So I asked him, “Why would anyone pay $61,ooo for a digital artifact that doesn’t exist in the real world?” At which point he got very excited and said buying a digital artifact is no different than buying a car. I protested by saying that “if computers didn’t exist, this item would have no value.” He countered “If they didn’t have car companies than cars wouldn’t exist.”
Go figure; there is a future for cryptocurrencies. I’m not sure those of us born before 1980 will understand that, though.
Meanwhile, back in the “real world” the stock market as measured by the DJIA finished at 23,858, down over 1000 points or 4.16% from yesterday thus entering correction territory (over 10% reduction from its high of 26,616). S&P was down 3.9% to 6,777, down over 10% from its 7,505 high achieved in January. Bitcoin was trading at 8,285, up about 2% for the day but still down over 55% from its high in December of 19,870.