http://news.bbc.co.uk/2/hi/technology/5167388.stm
While I agree that it was clever of the man to use emotional appeal to the people he traded with in order to artificially increase the value of the items he traded, I think the process definitely benefitted him far too much at certain stages.
This whole story sounds like the guy used deception based on perceived (emotional) value of items to the next person in the trade chain in order to artificially increase the value of what he traded up for. The values of the items, as I see it:
One red paper clip - 1c (Okay, the picture shows a huge paper clip, worth a dollar at most.)
Novelty pen - 5.00-10.00 (This is, at minimum, a 500% increase in value.)
Ceramic doorknob - 50.00 (Emotional appeal)
Camping stove - 75.00 (Fair value trade)
1,000-watt generator - 100.00 (Fair value trade)
Beer keg with neon sign - 400.00 (Fair value trade)
Snowmobile - 6000.00 minimum
Now hang on a sec - yes a keg and sign are pricy, but nowhere near as pricy as a motorized vehicle. This, to me, is the first case of major overvaluing on the part of the traders.
Vacation - 6000.00 (Fair value trade for a snowmobile)
A large van (for coming along on the trip) - $30k
Okay, granted this was a gift for letting that person come on the trip, but still a 500% increase.
One recording contract - 30k (Fair value trade)
One year rent-free in Phoenix - 30k (Fair value trade)
Afternoon with Alice Cooper - priceless
No, I'm not trying to steal Mastercard's slogan there. Yes, you could probably pay a fee to have a band show up at your house, but this sounds like personal time, and should not be given a cash value. The chain should have stopped here.
Snow globe - 50.00
This is my personal valuation of a snow globe. Anyone paying $5,000+ for a snow globe is an idiot. I feel the same way about other items that qualify as useless knickknacks.The final two trades were therefore not of fair value at all.
Hollywood movie role - thousands to millions
House in Kipling - $500k
Lies and deception. That is all.
While I agree that it was clever of the man to use emotional appeal to the people he traded with in order to artificially increase the value of the items he traded, I think the process definitely benefitted him far too much at certain stages.
This whole story sounds like the guy used deception based on perceived (emotional) value of items to the next person in the trade chain in order to artificially increase the value of what he traded up for. The values of the items, as I see it:
One red paper clip - 1c (Okay, the picture shows a huge paper clip, worth a dollar at most.)
Novelty pen - 5.00-10.00 (This is, at minimum, a 500% increase in value.)
Ceramic doorknob - 50.00 (Emotional appeal)
Camping stove - 75.00 (Fair value trade)
1,000-watt generator - 100.00 (Fair value trade)
Beer keg with neon sign - 400.00 (Fair value trade)
Snowmobile - 6000.00 minimum
Now hang on a sec - yes a keg and sign are pricy, but nowhere near as pricy as a motorized vehicle. This, to me, is the first case of major overvaluing on the part of the traders.
Vacation - 6000.00 (Fair value trade for a snowmobile)
A large van (for coming along on the trip) - $30k
Okay, granted this was a gift for letting that person come on the trip, but still a 500% increase.
One recording contract - 30k (Fair value trade)
One year rent-free in Phoenix - 30k (Fair value trade)
Afternoon with Alice Cooper - priceless
No, I'm not trying to steal Mastercard's slogan there. Yes, you could probably pay a fee to have a band show up at your house, but this sounds like personal time, and should not be given a cash value. The chain should have stopped here.
Snow globe - 50.00
This is my personal valuation of a snow globe. Anyone paying $5,000+ for a snow globe is an idiot. I feel the same way about other items that qualify as useless knickknacks.The final two trades were therefore not of fair value at all.
Hollywood movie role - thousands to millions
House in Kipling - $500k
Lies and deception. That is all.
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