You can buy the rank Premium on Pvpfest for in-game money. Although, this rank will not transfer to other servers because you have to buy the rank in buycraft.
The fact that everyone has at least a million (unless a reset happened i've been busy with homework) this shouldn't be implemented
The reason ranks are bought with real-life money is because when you buy them you are donating to the server to keep it running. Minetime wouldn't be up and successful if ranks were bought with in-game money.
I am not concerned for the server shutting down if this happens. I am concerned over flooding of prestiged players ruining the game.
Well, they already have that on pvpfest, you can buy premium for $400. I'm not sure if you can buy it right now because of the insane money glitch.