Notch Buys Beverly Hills Mansion • Hacker News Board

Re: Notch Buys Beverly Hills Mansion

#31

Post by krig » Mon, Jan 05, 2015, 1:20 PM UTC

mike-cardwell wrote: post #28

I know this is primarily a forum for American capitalists, but am I the only person here who would feel utterly ashamed of myself for spending 70 million dollars on a house? I'd feel outright embarrassed to admit it to any of my friends. The good you could do with that sort of money... And then to just blow it on a house.

I think it is difficult to imagine what it would actually be like to have that kind of money, the Minecraft success is such a ridiculous outlier. He pretty much went from being an average swede with little savings to having more money than everyone. At this point, he can give away millions of dollars every month and still end up having more money than he started with.

In theory I agree with you in your sentiment, but I have a hard time truly imagining my life with that kind of money.

Re: Notch Buys Beverly Hills Mansion

#32

Post by jahnu » Mon, Jan 05, 2015, 1:20 PM UTC

pgl wrote: post #8

jahnu wrote: post #6

Earlier quoted context omitted.

The top 0.1% are doing really really well http://equitablegrowth.org/research/exploding-wealth-inequal...

I think the top 0.1% are always doing really well, by definition, no?

Well yes but they continue to be doing even better than they have been for a long time thus growing the luxury property market at rates not seen since perhaps the roaring 20s.

Re: Notch Buys Beverly Hills Mansion

#33

Post by rertrree » Mon, Jan 05, 2015, 1:21 PM UTC

krig wrote: post #31

mike-cardwell wrote: post #28

I know this is primarily a forum for American capitalists, but am I the only person here who would feel utterly ashamed of myself for spending 70 million dollars on a house? I'd feel outright embarrassed to admit it to any of my friends. The good you could do with that sort of money... And then to just blow it on a house.

I think it is difficult to imagine what it would actually be like to have that kind of money, the Minecraft success is such a ridiculous outlier. He pretty much went from being an average swede with little savings to having more money than everyone. At this point, he can give away millions of dollars every month and still end up having more money than he started with. In theory I agree with you in your sentiment, but…

I'd be careful if I were him. His income is gone as far as I know. Unless he does some smart investing with the current cash reserve he could be broke in ~10 years.

Just an interesting observation; Minecraft was sold for 2.5B $, let's assume Notch got 1.5B $ out of it. Buying that house alone cost him 5% of his entire wealth.

Re: Notch Buys Beverly Hills Mansion

#34

Post by johnyzee » Mon, Jan 05, 2015, 1:23 PM UTC

I freaking love everything about the story of Notch and Minecraft, including this. I want to live in a world where a geek can sit in his bedroom and create some cool shit, that enables him buy a $70 million mansion in Beverly Hills.

Re: Notch Buys Beverly Hills Mansion

#35

Post by Udo » Mon, Jan 05, 2015, 1:23 PM UTC

There are certain aspects about Notch's rise to fame and fortune that make his story more inspiring to me than practically any other celebrity. He got wealthy doing what he loved, he never bullied anyone or got into any kind of real drama, he didn't need to build an oppressive empire, his product was something that enabled and inspired people in itself, and when it wasn't fun anymore he just quit and is (from the looks of it) currently enjoying life.

It's immensely comforting to know that this is possible, unlikely and unconventional as it may be. I'd much like to see more Notches out there making it big, as compared to the flood of Steve Jobs-wannabe assholes who are on a perpetual mission of conquest and destruction.

Re: Notch Buys Beverly Hills Mansion

#36

Post by boracay » Mon, Jan 05, 2015, 1:24 PM UTC

mike-cardwell wrote: post #28

I know this is primarily a forum for American capitalists, but am I the only person here who would feel utterly ashamed of myself for spending 70 million dollars on a house? I'd feel outright embarrassed to admit it to any of my friends. The good you could do with that sort of money... And then to just blow it on a house.

I think it's pretty much a tragedy. But it's not necessarily a bad decision from an economic perspective.

Re: Notch Buys Beverly Hills Mansion

#37

Post by glomph » Mon, Jan 05, 2015, 1:26 PM UTC

krig wrote: post #31

mike-cardwell wrote: post #28

I know this is primarily a forum for American capitalists, but am I the only person here who would feel utterly ashamed of myself for spending 70 million dollars on a house? I'd feel outright embarrassed to admit it to any of my friends. The good you could do with that sort of money... And then to just blow it on a house.

I think it is difficult to imagine what it would actually be like to have that kind of money, the Minecraft success is such a ridiculous outlier. He pretty much went from being an average swede with little savings to having more money than everyone. At this point, he can give away millions of dollars every month and still end up having more money than he started with. In theory I agree with you in your sentiment, but…

For me that is what makes such uses of wealth so shocking. Doesn't notch have a better idea just how much 70m is and what it could do for other people.

Re: Notch Buys Beverly Hills Mansion

#38

Post by jhonovich » Mon, Jan 05, 2015, 1:31 PM UTC

boracay wrote: post #36

mike-cardwell wrote: post #28

I know this is primarily a forum for American capitalists, but am I the only person here who would feel utterly ashamed of myself for spending 70 million dollars on a house? I'd feel outright embarrassed to admit it to any of my friends. The good you could do with that sort of money... And then to just blow it on a house.

I think it's pretty much a tragedy. But it's not necessarily a bad decision from an economic perspective.

So you think someone is going to pay significantly more than $70 million for that house in the future?

Re: Notch Buys Beverly Hills Mansion

#39

Post by maxerickson » Mon, Jan 05, 2015, 1:33 PM UTC

rertrree wrote: post #33

krig wrote: post #31

Earlier quoted context omitted.

I think it is difficult to imagine what it would actually be like to have that kind of money, the Minecraft success is such a ridiculous outlier. He pretty much went from being an average swede with little savings to having more money than everyone. At this point, he can give away millions of dollars every month and still end up having more money than he started with. In theory I agree with you in your sentiment, but…

I'd be careful if I were him. His income is gone as far as I know. Unless he does some smart investing with the current cash reserve he could be broke in ~10 years. Just an interesting observation; Minecraft was sold for 2.5B $, let's assume Notch got 1.5B $ out of it. Buying that house alone cost him 5% of his entire wealth.

The house is an asset. It's a relatively expensive asset to hold (because of risk and maintenance), but it's not all that likely to depreciate by $10 million any time soon, never mind the full value.

Re: Notch Buys Beverly Hills Mansion

#40

Post by boracay » Mon, Jan 05, 2015, 1:33 PM UTC

Udo wrote: post #35

There are certain aspects about Notch's rise to fame and fortune that make his story more inspiring to me than practically any other celebrity. He got wealthy doing what he loved, he never bullied anyone or got into any kind of real drama, he didn't need to build an oppressive empire, his product was something that enabled and inspired people in itself, and when it wasn't fun anymore he just quit and is (from the loo…

I would imagine the biggest opportunity of "unexpected wealth" is that you have the benefit of knowing better. As in that you don't have to value the same things as society at large and can go on and do things that really matter. Seems like he's wasting that opportunity.