[iteratethis]

Your housing analogy is incomplete and inaccurate.

Imagine that I overhear you wanting that home but I front run you. Not because I also love that house, I just buy it because I heard you like it and so that you can't have it. I don't do anything with the house. I don't live in it. I don't consider the house to have any value other than you wanting it.

That's not the same thing as 2 home buyers appreciating hot property.