LogFAQs > #980226310

Gobstoppers12 posted...

No, no. That is not what we've said.

The exact wording of what was said is that it's "worth what someone is willing to pay for it."

If it sells for a lowball price due to one or more parties lacking sufficient market information, that doesn't lower the item's value.

The person who's willing to pay $3.25 million doesn't have to be in the room with the item for said item to be worth $3.25 million. He just has to exist somewhere out there in the market.

Because if you paid $1 for an item worth $3.25 million, you essentially made a deal with a $3,249,999 profit.

Ah, so it's "lacking sufficient market information" if it sells for less, but "lacking brain cells" doesn't matter for if it sells for more? If everyone is offering oil changes for $50 but a provider manages to fool someone into paying $100 for the same service, does that mean the real value of an oil change is $100 and everyone other than the one scammer is "lacking sufficient market information"?