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A copy of 'Super Mario 64' sold for over $1.5 million, the most ever paid for a video game:
A copy of "Super Mario 64" has sold for more than $1.5 million, smashing the record for the most expensive sale ever of a video game at auction.
The sealed copy of the classic Nintendo 64 video game fetched $1.56 million including fees on Sunday.
Dallas-based auction house Heritage said it was the first time a game had gone for more than $1 million. The sale topped a record set just two days ago, when another Nintendo game, "The Legend of Zelda," was sold for $870,000, the auctioneers said.
[...] "After the record-breaking sale of the first game in the Zelda series on Friday, the possibility of surpassing $1 million on a single video game seemed like a goal that would need to wait for another auction," Heritage Auctions video games specialist Valarie McLeckie said in a statement.
"We were shocked to see that it turned out to be in the same one! We are proud to have been a part of this historic event," she added.
Previously:
"Legend of Zelda" Auction Sets Bar for the Most Expensive Video Game at $870,000
Unopened Super Mario Bros. Game from 1986 Sells for $660,000
(Score: 3, Insightful) by Runaway1956 on Monday July 12 2021, @02:00PM (24 children)
That old homily will never change.
(Score: 5, Insightful) by fakefuck39 on Monday July 12 2021, @03:56PM (23 children)
Very likely the sense here produced the dollars. People start companies they own, with a specific purpose. For example, when a builder buys a house to fix up and sell, they'll spin up an LLC specifically for that project. I had some software I wrote to sell to GE, I spun up a company specifically for that sale.
A guy who wants the game spins up a company that collects and resells things. He makes lots of money from selling stuff, that money is profit he's taxed on. Now he spends 1.6mil on a game, that's an expense, that profit is now gone. Now he has the game, and saves 37% of that amount on the taxes. That game actually cost him $1mil. He sells that game later for 1.6mil in a few years. His cost basis is the same as his selling price - no gains taxes. He just made $600k.
Is that the sense you're talking about? Or is it the sense to not assume you know money better than a guy who's clearly succeeded in making gobles of money, unlike you? Because yeah, someone is missing some basic sense here.
(Score: 2, Funny) by Runaway1956 on Monday July 12 2021, @04:10PM (17 children)
Maybe. Then again, the guy could have made millions because he's a freaking genius at $skill or $talent, but he's a freaking idiot with money.
(Score: 2) by fakefuck39 on Monday July 12 2021, @04:21PM
Yes, if your base assumption is that this fake scenario you've made up is true, then your point is true. Then again, he could have been a spaceman whose alien spaceship is powered by old nintendo games, and he needs it to get home to his planet, where the dollars are useless anywise. Both yours and the alien invasion scenarios are equally plausible, just like the scenario where this rich guy doesn't use business and financial advisors and takes care of all the money and investments himself.
(Score: 3, Insightful) by EJ on Monday July 12 2021, @06:03PM (15 children)
An idiot in what respect? What is someone will billions of dollars "allowed" to do with their money to not be considered foolish by you?
Are they supposed to put it all in a giant Scrooge McDuck style pool to swim around in?
What is the point of having billions of dollars if you can't spend it on stuff you want without giving a shit what other people think?
(Score: -1, Troll) by Anonymous Coward on Monday July 12 2021, @06:49PM (2 children)
Maybe leave the earth a better place than they found it? At least that backstabbing Bill Gates is making some kind of misguided attempt to do so, very late in life.
(Score: 0) by Anonymous Coward on Monday July 12 2021, @10:25PM
Ah, I see I wasn't the only one GP is going around modding posts troll for simply making the point that rich people can do something other than spend it all on toys.
(Score: 0) by Anonymous Coward on Monday July 12 2021, @10:37PM
https://archive.is/FUHTM [archive.is]
(Score: 2) by Azuma Hazuki on Monday July 12 2021, @09:17PM (11 children)
Money is useless if it isn't moving. Floating, fiat currency is a lot like electrical potential in that it's only useful when it's moving and therefore doing work. Money is an abstraction to the barter system; it's used to enable more convenient tracking of value--products, goods, and services--than would be the case if every transaction were a customized one-off.
With the wealthy hoarding money, goods, services, and capital, the end result is exactly like what happens when a disposable battery is out of juice: all the charge has been moved to the anode, nothing flows, and no work can be done. By definition, the degenerate case of capitalism is feudalism. A proper redistribution framework is like a rechargeable battery, in this analogy.
I am "that girl" your mother warned you about...
(Score: 2) by fakefuck39 on Tuesday July 13 2021, @01:58AM (10 children)
Your entire second paragraph is wrong, and the words of a crazy person who has strong opinions that make him pissed off, based on facts you made up, which you made up so you have something at which to be pissed off.
First, the wealthy are not hoarding money. The wealthy, more than the poor, invest that money, usually in economic growth. The wealthy, unlike the narrative Bernie and friends spin, are rich because of their holdings - they don't hold cash. But if they did, like you pulled out of your ass, it would be absolutely awesome for the poor man, while bad for the economy. Taking large sums of cash out of circulation causes deflation, so now your milk costs less, and your salary is the same. The rich hoarding money increases the buying power of the poor. Econ 101.
Now, as far as the rest... The wealthy are hoarding Services? How, pray tell, does one do that? They use up all the services? That's called creating jobs sherlock.
(Score: 3, Touché) by Runaway1956 on Tuesday July 13 2021, @03:02AM (2 children)
I don't know about that. I've heard the claim that they ARE hoarding money a number of times. How credible are those claims? I can't really say - but the claims are easy to find.
https://www.huffpost.com/entry/rich-americans-hoarding-cash_n_3720941 [huffpost.com]
https://www.financialsamurai.com/why-the-rich-hoard-so-much-cash/ [financialsamurai.com]
https://www.alternet.org/2014/06/5-reasons-rich-are-ruining-economy-hoarding-their-money/ [alternet.org]
https://www.rt.com/business/476400-worlds-super-rich-hoarding-gold/ [rt.com]
Whether they are actually hoarding or not, I don't see a lot of investment in things that stimulate the economy. The economy is contracting. The super wealthy have an ever increasing percentage of the wealth, and the rest of us share an ever shrinking percentage. Wages go down, automation increases, jobs are offshored, money disappears into offshore accounts - and the economy grows less healthy.
Yes, of course I understand that virtually all economists agree that stagnant money is wasted money. It's got to be invested, it's got to be in circulation, or the guy who owns it is losing money. I understand that. So, where's the money?
(Score: 2) by fakefuck39 on Tuesday July 13 2021, @04:57PM (1 child)
You don't know what "economy" means. It does not mean wages and how much cash the poor have. It means the GDP and stock prices. Which have both been steadily increasing.
You are also confused about what "rich" means. Your NBC study sites "half the millionaires" are holding cash. It's the huffpost - a shitty headline grabber site that calls them "rich." A house on my block in Chicago goes for about $2mil. People close to retirement have over $2mil in their 401k+IRA. Those are not rich people. Those are middle class people, close to retirement, who own their house, and as they get close to retirement they move more and more assets into cash and bonds. They might have $3mil in assets total, $2mil is their house, then 500k in stocks, and half in cash and bonds. This is a standard investment plan for fidelity and schwab.
Then you site a site with sentences like "The rich are bullish on the economy just like the investing middle class," and Moscow Times - a Russian propaganda network. Are you freaking kidding me?
The investment in the economy comes all from rich people. The poor have nothing to invest. You know how Bezos has wealth? It's amazon stock. You can pretend that it's cash, but that just makes you mentally handicapped. With their money, the rich invest in companies, buy up land, and don't put any cash in their mattress. Thinking they do just shows you have the mind of an angry 15yo.
(Score: 2) by Runaway1956 on Tuesday July 13 2021, @06:32PM
Oh, that's nice to know. So, all those people who hover under and above the poverty line contribute nothing to the economy. Interesting. Obviously, there isn't much point in investing in businesses that might tap into all that labor potential. Just as obviously, it wouldn't benefit the economy to help them out of poverty.
(Score: 2) by Azuma Hazuki on Tuesday July 13 2021, @05:48PM (6 children)
You don't read so good, do ya boy?
Listen, pal, you're not a winner in life. I know, you're doing better than most of those around you, but you ain't "in the club." The big boys don't even know you exist, and wouldn't give two shits if they did. Compared to someone like Bezos, you are on the same level as the poor homeless heroin addict, and they will treat you accordingly.
I am "that girl" your mother warned you about...
(Score: 1, Troll) by fakefuck39 on Tuesday July 13 2021, @06:53PM (5 children)
Correct, I am not in "the club." Glad you understand. I am upper middle class, I know how to invest, I know how taxes work, and I have accountants and financial advisors. Compared to me, you are at the same level as a street nigger, and I treat you accordingly. Yet people like you want to feel important, so you go online and try to "correct" people on a topic you know zero about, making yourselves look look like clowns. And that's why I'm on this site, while having real discussions with people "on my level" on nh. I'm here to laugh at you.
When a retard like yourself thinks people like bezos hide billions of cash under their pillow, and that causes inflation, all I can do is be very entertained by the retard-shit you say. I'm not here to teach you anything, I am not here to convince you of anything. When you play chess with a pigeon, he'll knock over the pieces, shit on the board, then strut around like he's won. We're not playing chess. The chess board is here so you knock over the pieces and shit on it, while I watch and laugh.
(Score: 2) by Azuma Hazuki on Wednesday July 14 2021, @12:31AM (1 child)
You don't seem to have understood a damn thing I said. It's amazing. You'd think all that money and all those brains and those financial advisors of yours could buy you a working cerebral cortex. Too bad no amount of money will ever, ever buy your soul out of the flame it's kindling for itself though...
I am "that girl" your mother warned you about...
(Score: 2) by fakefuck39 on Wednesday July 14 2021, @02:03AM
> You don't seem to have understood a damn thing I said
who cares. I'm not here to understand the ways of a pigeon shitting on the board. I'm here to laugh at the pigeon shitting on the board. surprise, I don't even bother reading half the mindless drivel you write before replying.
>buy your soul out of the flame it's kindling
case in point.
(Score: 0) by Anonymous Coward on Wednesday July 14 2021, @04:41AM (2 children)
LOL. Project much? Yeah, you wish you were upper class and had money. You wish you needed an accountant and financial manager. But no, you apparently have nothing better to do that sit around and troll SoylentNews, pretending like you're important, and that you know things that you don't and that you're hot shit and all that. And when you inevitably get called out on it, the only response you have is to start calling people retards and autistic, because flinging insults is the only thing your pathetic tiny little lizard brain can come up with to defend the crap you say. You're engaged in the internet equivalent of smearing your feces on the walls of the toilet stall, because you think it's outright hilarious that someone else will have to literally clean up your shit. Something only an asshole and a retard might do. Except that the retard might have an excuse, whereas you do not.
Why don't you just fuck off and die, you pathetic waste of of a human being.
(Score: 2) by fakefuck39 on Wednesday July 14 2021, @04:56AM
me: I'm not upper class.
you: yeah you wish you were upper class.
your definition of "called out:" a guy tells me that hoarding money causes inflation, the standard of living for the poor is how the economy is measured, and that an LLC pays income tax.
again, the chess board is here for you to shit on and dance on while. I'd never play chess with a pigeon.
>you apparently have nothing better to do that sit around and troll SoylentNews
yes, I have nothing better to do for the 5 minutes a day it takes me to type comments calling you an autistic hyperfocused retard who didn't take his medication. usually while I'm taking a shit, or sitting down to piss, because that's what us upper class people do - piss sitting down. flush.
>Why don't you just fuck off and die
have your wishes of your bully dying ever come true, or do you just end up the same autistic loser, but now with a black eye? I'm gonna live a nice long happy life. Mostly because I don't have a disease requiring medication with negative side effects, like you do. and because while not upper class, i have a much higher standard of living, medical care, and less worries in life than you do. one of the reasons I have less worries, is that while this thread is entertaining and lowers my blood pressure, it raises yours.
(Score: 0) by Anonymous Coward on Wednesday July 14 2021, @08:26AM
The guy repeatedly for endless months tells you the only reason he bothers replying to your AC posts is he enjoys pointing out that you have autism. Given that, you can't figure out why "the only response you have is to start calling people retards and autistic"? I guess this explains why you also keep getting called a retard. Have you ever come out of a bakery angry and confused that you couldn't order a rack of lamb with mint jelly?
(Score: 0) by Anonymous Coward on Monday July 12 2021, @10:58PM (2 children)
so.. lets carry this out.
- Receives money, taxes due on received money
- buys came with received money, net 0
- owes no taxes.
- inventory: 1.6mil (you said business collector/buyer/seller -- this becomes inventory, or it's not a valid expense.)
Ok. Then, at the end of the year, the buyer pays inventory taxes on his business. Well crap.
Next year (or this year), the buyer sells the game, originally purchased for $1.6mm. Now the collector has to pay either sales tax or income tax (if it wasn't billed as inventory). Sales tax, 7%. Income tax, 40%. Net return: probably $1mm, the same amount as you're saying he would have originally gotten.
Am I missing anything? (Tax fraud?)
(Score: 0) by Anonymous Coward on Monday July 12 2021, @11:24PM (1 child)
Oops, I said it wrong:
pays sales tax *AND* income tax. The whole sale is a profit (you already paid the expense, last year), so you'll be paying 7% sales tax and 40% tax on $1.6mm, possibly with inventory tax if you hold it through the year's end.
So, net, if you pull in $1.6mm, it doesn't matter how, tax is due.
(Score: 2) by fakefuck39 on Tuesday July 13 2021, @12:07AM
I'm not here t explain tax law to you if you think an llc pays income tax and don't know what a cost basis is. Indeed, you did 'say it wrong.' Because you have no dea what you're talking about.
(Score: 0) by Anonymous Coward on Tuesday July 13 2021, @01:29AM (1 child)
A business can't buy something, write it off on their taxes as a business expense, then turn around and sell it at full price and pocket the difference. Well, I suppose not unless they are planning to commit tax fraud.
How does something like this so completely wrong get modded up?
(Score: 0) by Anonymous Coward on Tuesday July 13 2021, @09:40PM
Isn't that basically what Trump has done over the last 40 years?