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onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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May 21st, 2021 at 8:00:57 AM permalink
Quote: SOOPOO

I’ll bet you $100 that next April and May there will be no day BTC is less than $25k. You interested?

Offer valid until Sunday night.

I would prefer to make that bet in 30 minutes when BTC is already under $25000. Are you SHAMU? It makes sense Satashi!
I am a robot.
billryan
billryan
Joined: Nov 2, 2009
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May 21st, 2021 at 10:28:26 AM permalink
I was talking to my nephew this morning. A month ago he had almost $800,000 worth of crypto and was planning on selling half when it got to a million and buying a house. Yesterday his holdings were worth just north of $400,000 and he was thinking about cashing in some stocks my mom left him to buy more crypto to recoup his losses. He says his total investments are under $65,000 so far so he is still up, just nothing like he was last month. I can understand why it is so tempting, on the one hand, but you'd think this week's results would have taught him something. he still thinks this is the way to get rich quickly.
The difference between fiction and reality is that fiction is supposed to make sense.
gamerfreak
gamerfreak
Joined: Dec 28, 2014
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May 21st, 2021 at 10:37:32 AM permalink
Quote: billryan

I was talking to my nephew this morning. A month ago he had almost $800,000 worth of crypto and was planning on selling half when it got to a million and buying a house. Yesterday his holdings were worth just north of $400,000 and he was thinking about cashing in some stocks my mom left him to buy more crypto to recoup his losses. He says his total investments are under $65,000 so far so he is still up, just nothing like he was last month. I can understand why it is so tempting, on the one hand, but you'd think this week's results would have taught him something. he still thinks this is the way to get rich quickly.


I never have invested large amounts in bitcoin, but if I had just held what I had I would have been a millionaire.

But I don’t think that ever could have happened.

When bitcoin it $1k I was shocked thought that was as high as it would ever go

At $10k I thought the same thing

And $20k, and $40k….

I have a really solid understanding of how crypto works from a technical standpoint, but that is almost useless when it comes to making actual money from it.
darkoz
darkoz
Joined: Dec 22, 2009
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May 21st, 2021 at 10:49:06 AM permalink
Quote: billryan

I was talking to my nephew this morning. A month ago he had almost $800,000 worth of crypto and was planning on selling half when it got to a million and buying a house. Yesterday his holdings were worth just north of $400,000 and he was thinking about cashing in some stocks my mom left him to buy more crypto to recoup his losses. He says his total investments are under $65,000 so far so he is still up, just nothing like he was last month. I can understand why it is so tempting, on the one hand, but you'd think this week's results would have taught him something. he still thinks this is the way to get rich quickly.



So the guy went from $65,000 to $400,000 and you believe it's not a good way to make money
For Whom the bus tolls; The bus tolls for thee
billryan
billryan
Joined: Nov 2, 2009
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May 21st, 2021 at 10:55:37 AM permalink
Quote: gamerfreak

I never have invested large amounts in bitcoin, but if I had just held what I had I would have been a millionaire.

But I don’t think that ever could have happened.

When bitcoin it $1k I was shocked thought that was as high as it would ever go

At $10k I thought the same thing

And $20k, and $40k….

I have a really solid understanding of how crypto works from a technical standpoint, but that is almost useless when it comes to making actual money from it.



I thought the idea was silly when I heard about it in 2009 or whenever, and still do.
Now that the world's second-biggest economy has banned the use of crypto-currency, it will be interesting to see if others follow.
I'm sure the US is waiting with bated breath for a chance to get their share of the sale of these coins the last week or so. I wonder what it feels like to lose half your portfolio only to get hit with short term capital gains taxes on the rest.
The difference between fiction and reality is that fiction is supposed to make sense.
darkoz
darkoz
Joined: Dec 22, 2009
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May 21st, 2021 at 11:02:00 AM permalink
Quote: billryan

I thought the idea was silly when I heard about it in 2009 or whenever, and still do.
Now that the world's second-biggest economy has banned the use of crypto-currency, it will be interesting to see if others follow.
I'm sure the US is waiting with bated breath for a chance to get their share of the sale of these coins the last week or so. I wonder what it feels like to lose half your portfolio only to get hit with short term capital gains taxes on the rest.



That actually wouldn't make the concept of crypto a bad idea.

That would just make government oversight intrusive and crippling to the crypto market.

If you feel crypto is a silly idea it makes no sense that that your criticism is it's success being cut down by government.

EDIT:. China launched recently their own government sponsored crypto currency which they didn't shut down. If you can't understand why they are banning the rest, you should stick to comic book evaluation.
For Whom the bus tolls; The bus tolls for thee
billryan
billryan
Joined: Nov 2, 2009
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May 21st, 2021 at 11:46:47 AM permalink
Why would you think my criticism of digital cryptocurrency has anything to do with it's " success" being cut down by the government.
Your edit makes no sense, given what is actually going on in China, as opposed to what you seem to think is happening.
But, hey. If you thought bitcoin was a good investment last week in the $50,000 plus range, you should be buying the hell out of it now that it's under $40,000.
I thought it was ridiculously overpriced then, and think it still is now.
Perhaps if I was well past middle-aged and in desperate need of kick-starting my portfolio, I might take a shot at it, but I charted my path to success years ago and achieved it by sticking to the plan.
I don't worry about beating the market, I worry about beating inflation and that is not all that difficult.
The difference between fiction and reality is that fiction is supposed to make sense.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 212
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Thanks for this post from:
darkoz
May 21st, 2021 at 12:19:22 PM permalink
Quote: billryan

Why would you think my criticism of digital cryptocurrency has anything to do with it's " success" being cut down by the government.
Your edit makes no sense, given what is actually going on in China, as opposed to what you seem to think is happening.
But, hey. If you thought bitcoin was a good investment last week in the $50,000 plus range, you should be buying the hell out of it now that it's under $40,000.
I thought it was ridiculously overpriced then, and think it still is now.
Perhaps if I was well past middle-aged and in desperate need of kick-starting my portfolio, I might take a shot at it, but I charted my path to success years ago and achieved it by sticking to the plan.
I don't worry about beating the market, I worry about beating inflation and that is not all that difficult.


Objection. This man deserves his own corner. Maybe 2 corners or just a wall. Additionally I think 2/3 of his posts should not count towards top contributors. Most of the time it is triple posts and really not adding anything at all and he is abusing a technicality. I don't know why he wants to post so uselessly, but I don't want to see his name up there. If you have to promote him as a mod to fix it, do it.
I am a robot.
rxwine
rxwine
Joined: Feb 28, 2010
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May 21st, 2021 at 1:49:31 PM permalink
Quote: billryan

I was talking to my nephew this morning. A month ago he had almost $800,000 worth of crypto and was planning on selling half when it got to a million and buying a house. Yesterday his holdings were worth just north of $400,000 and he was thinking about cashing in some stocks my mom left him to buy more crypto to recoup his losses. He says his total investments are under $65,000 so far so he is still up, just nothing like he was last month. I can understand why it is so tempting, on the one hand, but you'd think this week's results would have taught him something. he still thinks this is the way to get rich quickly.



You'll know when you have enough money when the only reason you complain about taxes is amusement.
The Hall of Unverified Claims is a vast place with many shelves.
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 217
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May 21st, 2021 at 2:06:49 PM permalink
Quote: rxwine

You'll know when you have enough money when the only reason you complain about taxes is amusement.



You'd be surprised how many people simply don't factor taxes into their plans. That and thinking medicare is going to provide you with free health care.
The difference between fiction and reality is that fiction is supposed to make sense.

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