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(Marketwatch)   My cheapskate buddy paid me in crypto rather than actual money. It's hit 700x the value & now wants me to return it all & get paid invoice. What do?   (marketwatch.com) divider line
    More: Dumbass, Employment, part of the contract, contract work, United States dollar, purpose of the contract, value of the cryptocurrency, terms of his contract, terms of payment  
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1139 clicks; posted to Business » on 04 May 2021 at 3:55 AM (4 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



27 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
4 days ago  
Smile and transfer to another wallet in case he has your private key
 
4 days ago  
I hope you at least cashed out the original value when the price shot up. Bull runs are much more fun when you are playing with house money.
 
4 days ago  
Telling him to go pound sand should work. You can't beat the classics.
 
4 days ago  
Silly question from the get go.
If payment for services was crypto currency, and both parties agreed. So be it. Transfer completed? The money is yours. There's no recourse.
Save any correspondence relating to the agreement. (Print hardcopies)

This reminds me of points on a music album.
 
4 days ago  
Solid contracts are a thing of joy.

The former Spirits of St. Louis ABA pro basketball team had an AMAZING contract with the NBA when the ABA merged into the NBA and their team was left out.

At the time, the NBA was barely on television... late night replays only. Hardly any revenue.

Instead of a buyout, they asked for a cut of ALL FUTURE television money...FOREVER... as long as the NBA exists... and got it.
Wasn't much money for some time, but then started costing the NBA a FORTUNE.

Best contract ever.
Many tries to break the contract, but it held.

A contract's a contract.

https://en.wikipedia.org/wiki/Spirits​_​of_St._Louis
 
4 days ago  
This is like the time I gave out lottery tickets to my employees for Christmas, but when one of them won $200000 I just took the ticket back and paid him the $2 it initially cost.
 
4 days ago  

nytmare: This is like the time I gave out lottery tickets to my employees for Christmas, but when one of them won $200000 I just took the ticket back and paid him the $2 it initially cost.


Should I retire on 700 years' worth of employment right this minute or should I give the boss back all that free money? Decisions, decisions....
 
4 days ago  
Sorry, it was hacked.
 
4 days ago  
Tell him to f*ck off.  End of story.  The value was the value at the time, you agreed the price at the time and that was it.  It was presumably his choice to pay in crypto, and I doubt he'd be rushing to top you up if crypto had crashed and left you with nothing?

Why are you friends with this moron?
 
4 days ago  
Tell him tough tits. He wanted to pay with crypto, and he paid with crypto. Whatever happens to the value of it after the transaction is concluded is outside the scope of the deal.

Crypto sent. Crypto accepted. Transaction concluded. End of story.
 
4 days ago  

bloobeary: Tell him tough tits. He wanted to pay with crypto, and he paid with crypto. Whatever happens to the value of it after the transaction is concluded is outside the scope of the deal.

Crypto sent. Crypto accepted. Transaction concluded. End of story.


*turns on Wayback Machine*

Rent-a-Center: "Our sales rep didn't notice the typo saying you'd pay for only 16 weeks instead of 16 months. Could you please honor the contract we thought we wrote?"

Me: "I wouldn't have signed it if it had said 16 months, so...no."

RAC: "Did you know that you're supposed to have a stereo cabinet, too?"

*man brings it, builds it in my apartment, tries good-naturedly to get me to change my mind*

Me: "Thank you ever so much. Have a great day!"
 
4 days ago  
I would not have been able to answer the guy ... through all the laughing!
 
4 days ago  
First let's get this out of the way 700% != 700 times. It's 7 times.
That said, cash out quickly and look for another gig. If your employer gives you trouble, tell him you were cashing out all along, because you needed to pay rent and eat and... wait a minute.
Yeah, this is bullshiat. You've been getting paid all this time and you haven't spent any of it? You're independently wealthy?
Nope, I call shenanigans.
 
4 days ago  
I have worked with this person for many years, and he has a tendency to try to change the terms of payment after agreeing on a certain way of operating.

These two things do not belong together.
 
4 days ago  
Let's get something straight:

He's your buddy, but you're not his.
 
4 days ago  
I agree with the entirety of the above but it does sound like part time cold calling for a startup that hasn't made any sales yet (so cold calling achieved fark all) as a favour to a friend

Even if it's a 700% increase, it's probably not actually much money.

I'd still tell him to pound sand, but it might be just a handful of hours at the equivalent of minimum wage - that happened to shoot up to "still not much money"
 
4 days ago  

Cafe Threads: nytmare: This is like the time I gave out lottery tickets to my employees for Christmas, but when one of them won $200000 I just took the ticket back and paid him the $2 it initially cost.

Should I retire on 700 years' worth of employment right this minute or should I give the boss back all that free money? Decisions, decisions....


If $200000 is 700 years worth of employment to you, you might as well retire now. You could make much than that just wandering around and picking up whatever coins you find.
 
4 days ago  

montreal_medic: I agree with the entirety of the above but it does sound like part time cold calling for a startup that hasn't made any sales yet (so cold calling achieved fark all) as a favour to a friend

Even if it's a 700% increase, it's probably not actually much money.

I'd still tell him to pound sand, but it might be just a handful of hours at the equivalent of minimum wage - that happened to shoot up to "still not much money"


Minimum wage x 7 is a lot more than minimum wage x 1, especially to someone willing to work for minimum wage.
 
4 days ago  
annnnnd it's gone.......
 
4 days ago  
Return his "payment" and keep the difference. Make sure to give him a receipt. After he cashes your check tell him you've decided to go in another direction and no longer wish to do business on his level.

And wish him Good Day!

/ remember, if the crypto had dropped in value he would not have lost one wink of sleep over ripping you off.
 
4 days ago  
Give him the crypto back. As long as he pays current value for it.
 
4 days ago  
new phone...there's no Mark here.
 
4 days ago  
Go beat his ass for being such a whiny little bastard.
 
4 days ago  
It's stupid that the letter writer calls the other guy his friend. Friends don't foist the risk of owning cryptocurrency onto friends and then try to harvest the profit for themselves when that risk pays off.
 
4 days ago  

thurstonxhowell: Cafe Threads: nytmare: This is like the time I gave out lottery tickets to my employees for Christmas, but when one of them won $200000 I just took the ticket back and paid him the $2 it initially cost.

Should I retire on 700 years' worth of employment right this minute or should I give the boss back all that free money? Decisions, decisions....

If $200000 is 700 years worth of employment to you, you might as well retire now. You could make much than that just wandering around and picking up whatever coins you find.


THAT's what I do NOW, matter of fact.

/ the kids broke me
 
4 days ago  

E.S.Q.: Smile and transfer to another wallet in case he has your private key


with another seed phrase.
 
3 days ago  
Did the contract specify a dollar amount that was then converted to crypto, or did idiot boss promise x bitcoins/week
 
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