Bad Code

Price Rationale

Bad Code is a 2019-11-02 SuperRare XCOPY 1/1 with clean provenance, one exact-token sale at 0.6 ETH / 111.99 USD on 2019-11-12, no current ask, no current best bid, no OTC history, and no grail flag. The closest supplied peers, Pteron and LA_h-u-m-a-n, confirm the same 0.6 ETH November 2019 cluster but do not provide recent clearing evidence. I weight the comparable-sales, exit-liquidity, and cultural appraisals most heavily while treating the USD/ETH cycle appraisal as a useful caution against importing peak-cycle premiums. The final 82 ETH mark sits just above the cultural 80 ETH estimate and below the 90-95 ETH liquidity/comparable estimates, with a 50-130 ETH bid/ask range for thin, negotiated liquidity.

What Caps The Price

Values around 140-145 ETH, and especially any reading of Pteron's 999 ETH ask, overstate the supplied evidence. Bad Code has no live bid, no target ask, no recent exact-token sale, no OTC sale, and no grail or flagship marker in the packet. Stronger 2019 XCOPY clears in the broader snapshot are upper context, not direct marks for this same-tier 0.6 ETH cluster work.

What Supports The Price

The 50 ETH cycle-only appraisal is too punitive because it leans heavily on absent current USD/ETH context and thin liquidity while underweighting the repricing of authenticated 2019 SuperRare XCOPY 1/1s. The original 0.6 ETH sale was a very early primary-era print, and the supplied XCOPY universe shows non-grail works with materially higher later clearings, so fair value should remain well above the stale 2019 mark.