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(International Business Times)   More financial giants are being seduced by the allure of Bitcoin Babies   (ibtimes.com) divider line
    More: Fail, Investment, Finance, Bank of America, financial heavyweights, biggest US bank, investment sideshow, own personal advice, financial players  
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572 clicks; posted to Business » on 13 Jun 2021 at 5:45 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-06-13 12:56:21 AM  
Bitcoin tanked just because of Elon Musk. This is sound investing?
 
2021-06-13 1:11:03 AM  

syrynxx: Bitcoin tanked just because of Elon Musk. This is sound investing?


Of course not. But this is about the investment houses that are willing to give you an opportunity to be very stupid with your money.

I mean...why not?  Especially when basic arbitrage activity has huge margins in crypto right now.

And if you can't help back an asset class that is popular with your underworld clientele, what kind of banker are you?
 
2021-06-13 1:34:45 AM  
non-fungible stuff is the "we have always been at war with" of Economics.

Bit-coin (crypto) is a wildly fluctuating ponzi scheme.

It all seems like some bullshiat flash to attract successful (white collar) kids of hard working (blue collar) parents who were never particularly 'market savvy'.

There are funds for that... Vanguard comes to mind but it's not an endorsement.
 
2021-06-13 2:15:38 AM  
Billion Satoshi Babies?
 
2021-06-13 7:13:15 AM  
Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

Fark user imageView Full Size
 
2021-06-13 7:48:05 AM  

wejash: syrynxx: Bitcoin tanked just because of Elon Musk. This is sound investing?

Of course not. But this is about the investment houses that are willing to give you an opportunity to be very stupid with your money.

I mean...why not?  Especially when basic arbitrage activity has huge margins in crypto right now.

And if you can't help back an asset class that is popular with your underworld clientele, what kind of banker are you?


bingo. the stock exchange makes a lot of farking money from know-it-all dads who think they are clever enough to double or triple their kid's college fund(s). two of my BIL's did it and found out the hard way. both guys have college degrees and earned damn good money. they just didn't know shiat about investing, like most folks.
 
2021-06-13 8:44:43 AM  

johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]


All Bitcoin clowns get funny votes. That's what clowns are, amusing.
 
2021-06-13 8:51:21 AM  

NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.


Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.
 
2021-06-13 9:01:17 AM  

johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.


What should a Bitcoin cost in dollars?  Answer that question and you'll be a billionaire by the time it does.
 
2021-06-13 9:15:27 AM  

johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image 850x102]


You've been holding a grudge for 6 months because of four "funny" votes? A real diamond hands hodler wouldn't be fazed by random comments on Fark.
 
2021-06-13 9:23:43 AM  

Rapmaster2000: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

What should a Bitcoin cost in dollars?  Answer that question and you'll be a billionaire by the time it does.


What should dollars be worth? Answer that question and you'll be a billionaire.
 
2021-06-13 9:24:22 AM  
You'll all be sorry when I'm king of the bitcoins! Bwah hahahahha!
 
2021-06-13 9:25:47 AM  

KarmicDisaster: You'll all be sorry when I'm king of the bitcoins! Bwah hahahahha!


King of bitcoins is already the Ether.
 
2021-06-13 9:28:36 AM  
I am unsure if this is allowed, is posting a cross thread ok? It is leading to clicks... if not delete it, I won't try to repost. Here goes:

In this thread I talk about some of the nuances of cryptography, if you are interested in what is going to cripple society in about 10 to 15 years, read here: https://www.fark.com/comments/1​1503483​/Of-COURSE-I-stormed-Capitol-to-protes​t-election-I-didnt-bother-to-vote-in
 
2021-06-13 9:46:11 AM  

johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]


Now youve done it. Gonna piss off the Geezers here. At least wait until after the nurse gives them their morning meds or they get all antsy.
 
2021-06-13 9:48:51 AM  
All of these articles are about investing in cryptocurrencies, which is totally unrelated to using them as currencies.

Hell, using them as assets actually makes it less likely that they'll ever be used as currencies.
 
2021-06-13 9:56:30 AM  
johnphantom: In this thread I talk about some of the nuances of cryptography, if you are interested in what is going to cripple society in about 10 to 15 years, read here: https://www.fark.com/comments/11​503483/Of-COURSE-I-stormed-Capitol-to-​protest-election-I-didnt-bother-to-vot​e-in

Anybody who funnies this has to answer in that thread with the scientists at Google that say they will be cracking all cryptography in (yes I know I am pulling that out of my ass, they want to have a computer capable of it by) 10 years, which I said will break everything you have ever encrypted that passed over the net, never mind what breaking ALL cryptography will do everything.
 
2021-06-13 10:02:46 AM  
God, Carl Sagan and Mr. Rogers did a horrible thing telling people their uneducated opinion is as valid as any.
 
2021-06-13 10:53:05 AM  

johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.


I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.
 
2021-06-13 10:55:42 AM  

keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.


My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.
 
2021-06-13 11:00:35 AM  

johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.


The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.
 
2021-06-13 11:03:19 AM  
Oh BTW, two things: my brother invests in all kinds of new things, especially games, and second, you should see the room full of board games covering entire walls he has, if you don't believe the part about selling 10 "baseball" cards for $20k.
 
2021-06-13 11:04:44 AM  

Lexx: johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.

The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.


Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.
 
2021-06-13 11:20:38 AM  

johnphantom: Lexx: johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.

The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.

Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.


Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate, he would've likely got more investing in 2012 unless he bought at the peak that year. If he wouldn't have bothered to try and time the markets his 20k Bitcoin investment would've been worth over 53 million, but he's smarter than that and likely timed the markets soo given the annual swing and even averaging in and out of the "dips" and "peaks" he should be sitting in nearly 100m by now being the savy investor he is.

assuming you are telling the truth and he made over 1M on his Bitcoin investments but isn't in the 50m plus range then it sounds to me like he smartly diversified at some point, likely when he started to see it becoming a massive gambling house. Sounds like he "won" as I would say. I hope he continues to win. Genuinely I hope you all win but the value growth is unsustainable, there is nothing to justify its growth other than pure speculation and we've all see where those sorts of assets end up.
 
2021-06-13 11:22:49 AM  

johnphantom: johnphantom: In this thread I talk about some of the nuances of cryptography, if you are interested in what is going to cripple society in about 10 to 15 years, read here: https://www.fark.com/comments/11​503483/Of-COURSE-I-stormed-Capitol-to-​protest-election-I-didnt-bother-to-vot​e-in

Anybody who funnies this has to answer in that thread with the scientists at Google that say they will be cracking all cryptography in (yes I know I am pulling that out of my ass, they want to have a computer capable of it by) 10 years, which I said will break everything you have ever encrypted that passed over the net, never mind what breaking ALL cryptography will do everything.


And...you think Bitcoin will solve this? Be magically immune to the entire internet imploding? Digitally distributed ledgers and mining based on cryptographic techniques somehow will survive? I'm confused why you think cryptocurrencies are a hedge against this.
 
2021-06-13 11:22:56 AM  

NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.


Farkied for eventual ridicule.
 
2021-06-13 11:33:08 AM  

keldaria: johnphantom: Lexx: johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.

The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.

Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.

Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at th ...


Who cares if bitcoin's amazing run is sustainable? I'm not going to marry it, but I'm riding the wave until something changes. I take profits here and there and let the rest ride. Given what is going on with the dollar, I think we have at least five years of run left.
 
2021-06-13 11:43:48 AM  

keldaria: Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.


Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate, he would've likely got more investing in 2012 unless he bought at the peak that year. If he wouldn't have bothered to try and time the markets his 20k Bitcoin investment would've been worth over 53 million, but he's smarter than that and likely timed the markets soo given the annual swing and even averaging in and out of the "dips" and "peaks" he should be sitting in nearly 100m by now being the savy investor he is.

assuming you are telling the truth and he made over 1M on his Bitcoin investments but isn't in the 50m plus range then it sounds to me like he smartly diversified at some point, likely when he started to see it becoming a massive gambling house. Sounds like he "won" as I would say. I hope he continues to win. Genuinely I hope you all win but the value growth is unsustainable, there is nothing to justify its growth other than pure speculation and we've all see where those sorts of assets end up.


Bolded: He has a house and cars out of it, along with many other investments, and he did make millions during the dot.com bubble due to being employee #76 at Covad, what is now still part of the major backbone of the West coast - under different ownership and name - through at one point buying $78 shares for about $0.03 a share due to his contract. Cryptocurrencies are a large part of what he has but it is not nearly all of it. Again, he manipulated the markets. Underlined: he always knew it was gambling.

He has lost significant amounts of money at times, this is not without risk, it is certainly gambling, but hey, you are gambling when you cross the damn street.
 
2021-06-13 11:45:21 AM  
Rationality never made anyone rich. Godspeed to those playing the crypto game as all of us Luddites waste away for the company's dime. I wish I had been smarter in 2013.
 
2021-06-13 11:45:56 AM  

keldaria: Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate,


Oh I didn't catch this. It was sometime around then it shot up to $200 a bitcoin. That is when he bought.
 
2021-06-13 11:48:46 AM  
April 10, 2013
Peak price: $266
Price decline: 61 percent
Like last month's crash, Wednesday's decline left the currency's value where it started out the month. Obviously, it was a very painful experience if you bought bitcoins in the last couple of days, but anyone who bought bitcoins at last week's price of $140 is still significantly ahead. And people who bought at any time before this month have made a significant profit.
 
2021-06-13 11:50:54 AM  

hawcian: johnphantom: johnphantom: In this thread I talk about some of the nuances of cryptography, if you are interested in what is going to cripple society in about 10 to 15 years, read here: https://www.fark.com/comments/11​503483/Of-COURSE-I-stormed-Capitol-to-​protest-election-I-didnt-bother-to-vot​e-in

Anybody who funnies this has to answer in that thread with the scientists at Google that say they will be cracking all cryptography in (yes I know I am pulling that out of my ass, they want to have a computer capable of it by) 10 years, which I said will break everything you have ever encrypted that passed over the net, never mind what breaking ALL cryptography will do everything.

And...you think Bitcoin will solve this? Be magically immune to the entire internet imploding? Digitally distributed ledgers and mining based on cryptographic techniques somehow will survive? I'm confused why you think cryptocurrencies are a hedge against this.


No not at all bitcoin will be one of the victims. You know, what I said above is pretty clear. Why don't you go read the thread?
 
2021-06-13 11:51:22 AM  

Earl of Chives: keldaria: johnphantom: Lexx: johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.

The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.

Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.

Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at th ...

Who cares if bitcoin's amazing run is sustainable? I'm not going to marry it, but I'm riding the wave until something changes. I take profits here and there and let the rest ride. Given what is going on with the dollar, I think we have at least five years of run left.


Genuinely? The same reason I'm against Ponzi schemes. Because when it comes apart somebody is going to be left holding the bag, hopefully it won't be anyone who need that money for savings or retirement that can't afford to lose it. I highly doubt the bag holders are going to be some rich wallstreet tycoon or investment bank, primarily because their exit will be the cause that triggers such an event.

I don't give 2 craps about anyone's money who wants to take it to the casino and let it ride, but I do care that many people are getting drawn in like this is a normal. Those who know they are gambling by all means gamble, I do that with some of my "extra" funds too, but it's not a sound long term investment strategy.

So if you want to gamble, sure gamble but represent it as that and stop the BS "Bitcoin" is the future, Bitcoin is an investment crap. Bitcoin is a highly volatile asset based on nothing more than demand. Eventually demand stops increasing, especially since as a "cryptocurrency" is a pretty bad one and isn't likely to ever be a currency of the future. We're just waiting on a better alternative to take center stage, some think it will be one of the other currencies, I think it'll likely be an extension of an already existing fiat currency like many central banks have already discussed.
 
2021-06-13 11:54:26 AM  

johnphantom: it is certainly gambling,


Exactly. And if I were 25, I'd have 10% of my portfolio in cyber.
There's not a damn thing wrong with gambling, as long as you keep it under control.
But gambling isn't investing, and poker chips aren't a "currency".
 
2021-06-13 11:57:23 AM  

johnphantom: keldaria: Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.


Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate, he would've likely got more investing in 2012 unless he bought at the peak that year. If he wouldn't have bothered to try and time the markets his 20k Bitcoin investment would've been worth over 53 million, but he's smarter than that and likely timed the markets soo given the annual swing and even averaging in and out of the "dips" and "peaks" he should be sitting in nearly 100m by now being the savy investor he is.

assuming you are telling the truth and he made over 1M on his Bitcoin investments but isn't in the 50m plus range then it sounds to me like he smartly diversified at some point, likely when he started to see it becoming a massive gambling house. Sounds like he "won" as I would say. I hope he continues to win. Genuinely I hope you all win but the value growth is unsustainable, there is nothing to justify its growth other than pure speculation and we've all see where those sorts of assets end up.

Bolded: He has a house and cars out of it, along with many other investments, and he did make millions during the dot.com bubble due to being employee #76 at Covad, what is now still part of the major backbone of the West coast - under different ownership and name - through at one point buying $78 shares for about $0.03 a share due to his contract. Cryptocurrencies are a large part of what he has but it is not nearly all of it. Again, he manipulated the markets. Underlined: he always knew it was gambling.

He has lost significant amounts of money at times, this is not without risk, it is certainly gambling, but hey, you are gambling when you cross the damn street.


I'm not sure how you cross the street but I typically don't walk out in traffic without looking each way. That's not gambling on chance, that's making an informed decision.

I am perfectly fine with gambling, just call it that and don't be afraid to own it. Tell anyone that is all in on Bitcoin that they are gambling and I guarantee nearly all would disagree and I know at least a few farkers that would call you a bankster, or old white guy who doesn't get it.
 
2021-06-13 12:03:28 PM  

keldaria: Earl of Chives: keldaria: johnphantom: Lexx: johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.

The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.

Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.

Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at th ...

Who cares if bitcoin's amazing run is sustainable? I'm not going to marry it, but I'm riding the wave until something changes. I take profits here and there and let the rest ride. Given what is going on with the dollar, I think we have at least five years of run left.

Genuinely? The same reason I'm against Ponzi schemes. Because when it comes apart somebody is going to be left holding the bag, hopefully it won't be anyone who need that money for savings or retirement that can't afford to lose it. I highly doubt the bag holders are going to be some rich wallstreet tycoon or investment bank, primarily because their exit will be the cause that triggers such an event.

I don't give 2 craps about anyone's money who wants to take it to the casino and let it ride, but I do care that many people are getting drawn in like this is a normal. Those who know they are gambling by all means gamble, I do that with some of my "extra" funds too, but it's not a sound long term investment strategy.

So if you want to gamble, sure gamble but represent it as that and stop the BS "Bitcoin" is the future, Bitcoin is an investment crap. Bitcoin is a highly volatile asset based on nothing more than demand. Eventually demand stops increasing, especially since as a "cryptocurrency" is a pretty bad one and isn't likely to ever be a currency of the future. We're just waiting on a better alternative to take center stage, some think it will be one of the other currencies, I think it'll likely be an extension of an already existing fiat currency like many central banks have already discussed.


So very very concerned.
 
2021-06-13 12:07:31 PM  

keldaria: Bolded: He has a house and cars out of it, along with many other investments, and he did make millions during the dot.com bubble due to being employee #76 at Covad, what is now still part of the major backbone of the West coast - under different ownership and name - through at one point buying $78 shares for about $0.03 a share due to his contract. Cryptocurrencies are a large part of what he has but it is not nearly all of it. Again, he manipulated the markets. Underlined: he always knew it was gambling.

He has lost significant amounts of money at times, this is not without risk, it is certainly gambling, but hey, you are gambling when you cross the damn street.


I'm not sure how you cross the street but I typically don't walk out in traffic without looking each way. That's not gambling on chance, that's making an informed decision.

I am perfectly fine with gambling, just call it that and don't be afraid to own it. Tell anyone that is all in on Bitcoin that they are gambling and I guarantee nearly all would disagree and I know at least a few farkers that would call you a bankster, or old white guy who doesn't get it.


Well if you went and read that other thread I posted above about cryptography, you would see that I am at least educated and informed about what this is, so what do you think someone like my brother that has more money invested in cryptocurrencies than you do in your house, I am sure, knows about cryptography?

Never mind I'll tell you. I had a bet with my brother. He bet he could write 128bit cryptography in 1992 (if you have an inkling as to what this means, it was extreme for the time and there were huge hurdles to overcome) faster than I could write a device driver for this board:

Fark user imageView Full Size


Who do you think won?
 
2021-06-13 12:10:29 PM  

johnphantom: keldaria: Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate,

Oh I didn't catch this. It was sometime around then it shot up to $200 a bitcoin. That is when he bought.


So that wouldn't be 2012, but rather 2013, that makes a big difference. It also matters that he bought it at nearly the peak of the year.

This is one of my pet peeves is these "I know a guy that made millions" stories because they fly soo loose on the facts that even the simplest of fact checking blows them apart. There was a farker claiming he took 15 bitcoins in 2011 for a $1500 debt someone owed him claiming to be the smartest person ever without even bothering to check and see  that Bitcoin was worth pennies per coin at the time making his claim that he took less than $5 worth of Bitcoin for a $1,500 debt easy to see bullshiat, yet he got about a half dozen smart votes until I pointed out his flawed logic.

I have no idea if your guy is real or not at this point, he appears to be a Bitcoin millionaire, made a ton of money during the dotcom bubble and has flawless MTG cards worth tens of thousands that he used for Bitcoin seed money even though he made a fair amount during the dotcom boom. Honestly it sounds just like you are describing the moves you wish you made rather than a real person but if he does exist then I'm genuinely happy for him. I have nothing against people who get lucky or win when they gamble. I do well enough for myself, so I harbor no pettiness against those who do better... unless they don't pay taxes then fark them.
 
2021-06-13 12:12:18 PM  

Karne: keldaria: Earl of Chives: keldaria: johnphantom: Lexx: johnphantom: keldaria: johnphantom: NuclearPenguins: johnphantom: Yeah I said to buy at $22k on 12/18/2020. Again, now is the time to buy at $36k. I will been screenshotting this, to show you all how people funnied it, with the 4 funnies and 0 smarts of what is below:

[Fark user image image 850x102]

All Bitcoin clowns get funny votes. That's what clowns are, amusing.

Yeah. You say this in the face of the biggest bank in the richest country in the World saying they are going to invest in it.

Brilliant.

I mean a few years before Bitcoin hit the scene the economy was crippled because banks decided to invest in a giant highly leveraged gambling machine they thought had more upside than downside. The result was millions in losses to their customers and they got an bailout and made millions on the stimulation of the economy they made necessary...

Soo where banks choose to invest doesn't really mean it's a smart play, just that they see money to be made, as do most people claiming "now is a good time to buy" on an "asset" that has appreciated in value over a thousand percent based on nothing more than more people wanting in the gambling house.

As with any other investment, I hope you win.

My brother has already intelligently manipulated over $1m off a $20k investment he started in 2012 with bitcoin, which he got from selling like 10 of his otherwise worthless 10,000+ card collection of Magic the Gathering.

The big question is "does he have $1,000,000 in the bank, or does he have $1,000,000 worth of crypto?".  Because if it's the latter, that's the equivalent of going to a roulette table, putting it all on black, and winning...and winning...but letting it ride each time.

Yeah, his new cars, new house with a $70k cash investment to put in a pool? I told you, he manipulated the markets. That means he pulled money out and put it in, if you don't understand.

Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at th ...

Who cares if bitcoin's amazing run is sustainable? I'm not going to marry it, but I'm riding the wave until something changes. I take profits here and there and let the rest ride. Given what is going on with the dollar, I think we have at least five years of run left.

Genuinely? The same reason I'm against Ponzi schemes. Because when it comes apart somebody is going to be left holding the bag, hopefully it won't be anyone who need that money for savings or retirement that can't afford to lose it. I highly doubt the bag holders are going to be some rich wallstreet tycoon or investment bank, primarily because their exit will be the cause that triggers such an event.

I don't give 2 craps about anyone's money who wants to take it to the casino and let it ride, but I do care that many people are getting drawn in like this is a normal. Those who know they are gambling by all means gamble, I do that with some of my "extra" funds too, but it's not a sound long term investment strategy.

So if you want to gamble, sure gamble but represent it as that and stop the BS "Bitcoin" is the future, Bitcoin is an investment crap. Bitcoin is a highly volatile asset based on nothing more than demand. Eventually demand stops increasing, especially since as a "cryptocurrency" is a pretty bad one and isn't likely to ever be a currency of the future. We're just waiting on a better alternative to take center stage, some think it will be one of the other currencies, I think it'll likely be an extension of an already existing fiat currency like many central banks have already discussed.

So very very concerned.


I have empathy for others, I never claimed I didn't.
 
2021-06-13 12:15:49 PM  

keldaria: johnphantom: keldaria: Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate,

Oh I didn't catch this. It was sometime around then it shot up to $200 a bitcoin. That is when he bought.


So that wouldn't be 2012, but rather 2013, that makes a big difference. It also matters that he bought it at nearly the peak of the year.

This is one of my pet peeves is these "I know a guy that made millions" stories because they fly soo loose on the facts that even the simplest of fact checking blows them apart.


You picked one minor fact that was off by 4 months. You don't want to invest in crypto, that is up to you. Don't talk about it since you know nothing about it. See my reference above to Carl Sagan and Mr. Rogers.
 
2021-06-13 12:28:06 PM  

johnphantom: keldaria: Bolded: He has a house and cars out of it, along with many other investments, and he did make millions during the dot.com bubble due to being employee #76 at Covad, what is now still part of the major backbone of the West coast - under different ownership and name - through at one point buying $78 shares for about $0.03 a share due to his contract. Cryptocurrencies are a large part of what he has but it is not nearly all of it. Again, he manipulated the markets. Underlined: he always knew it was gambling.

He has lost significant amounts of money at times, this is not without risk, it is certainly gambling, but hey, you are gambling when you cross the damn street.


I'm not sure how you cross the street but I typically don't walk out in traffic without looking each way. That's not gambling on chance, that's making an informed decision.

I am perfectly fine with gambling, just call it that and don't be afraid to own it. Tell anyone that is all in on Bitcoin that they are gambling and I guarantee nearly all would disagree and I know at least a few farkers that would call you a bankster, or old white guy who doesn't get it.

Well if you went and read that other thread I posted above about cryptography, you would see that I am at least educated and informed about what this is, so what do you think someone like my brother that has more money invested in cryptocurrencies than you do in your house, I am sure, knows about cryptography?

Never mind I'll tell you. I had a bet with my brother. He bet he could write 128bit cryptography in 1992 (if you have an inkling as to what this means, it was extreme for the time and there were huge hurdles to overcome) faster than I could write a device driver for this board:

[Fark user image image 850x381]

Who do you think won?


You sound smart... so please explain why you think this has anything to do with Bitcoins past value, present value or future value because it literally means nothing to what it is currently trading at. Just because you are smart in technology doesn't mean you understand bitcoin or where it's going, in fact it's likely to mislead you as you focus on the part about bitcoin you know, the technology, and less about the thing you don't know/understand, the forces driving the market.

You've already admitted bitcoin is gambling which is way ahead of anyone else that is so eager to defend it, so let's just leave it at that shall we. You know you're gambling, that's good, I'm satisfied with that and won't feel bad about you loosing money should things go off the rails for you, and I'm genuinely happy for you if you come out ahead just like anyone else at the casino that hits it big on the roulette wheel.
 
2021-06-13 12:29:00 PM  

johnphantom: Bolded: He has a house and cars out of it, along with many other investments, and he did make millions during the dot.com bubble due to being employee #76 at Covad, what is now still part of the major backbone of the West coast - under different ownership and name - through at one point buying $78 shares for about $0.03 a share due to his contract. Cryptocurrencies are a large part of what he has but it is not nearly all of it. Again, he manipulated the markets. Underlined: he always knew it was gambling.

He has lost significant amounts of money at times, this is not without risk, it is certainly gambling, but hey, you are gambling when you cross the damn street.


Lot easier to gamble when you're already rich, and losses don't matter all that much.
 
2021-06-13 12:32:33 PM  

trialpha: johnphantom: Bolded: He has a house and cars out of it, along with many other investments, and he did make millions during the dot.com bubble due to being employee #76 at Covad, what is now still part of the major backbone of the West coast - under different ownership and name - through at one point buying $78 shares for about $0.03 a share due to his contract. Cryptocurrencies are a large part of what he has but it is not nearly all of it. Again, he manipulated the markets. Underlined: he always knew it was gambling.

He has lost significant amounts of money at times, this is not without risk, it is certainly gambling, but hey, you are gambling when you cross the damn street.

Lot easier to gamble when you're already rich, and losses don't matter all that much.


Well you are not rich unless you clear a million a year, at least in my book. My brother is well off and managed the money he had into enough to live well, and certainly not excessively. Unless you call a new pool excessive.
 
2021-06-13 12:33:42 PM  

keldaria: Who do you think won?


You sound smart... so please explain why you think this has anything to do with Bitcoins past value, present value or future value because it literally means nothing to what it is currently trading at. Just because you are smart in technology doesn't mean you understand bitcoin or where it's going, in fact it's likely to mislead you as you focus on the part about bitcoin you know, the technology, and less about the thing you don't know/understand, the forces driving the market.

You've already admitted bitcoin is gambling which is way ahead of anyone else that is so eager to defend it, so let's just leave it at that shall we. You know you're gambling, that's good, I'm satisfied with that and won't feel bad about you loosing money should things go off the rails for you, and I'm genuinely happy for you if you come out ahead just like anyone else at the casino that hits it big on the roulette wheel.


You are still going to argue. Fine, Ill quote myself so you can see what I wrote about Carl Sagan and Mr. Rogers:

johnphantom: God, Carl Sagan and Mr. Rogers did a horrible thing telling people their uneducated opinion is as valid as any.

 
2021-06-13 12:41:15 PM  

johnphantom: keldaria: johnphantom: keldaria: Bitcoin was at 13.30 on Jan 1st 2013 meaning a $20k investment would net 1503 Bitcoin at that rate,

Oh I didn't catch this. It was sometime around then it shot up to $200 a bitcoin. That is when he bought.


So that wouldn't be 2012, but rather 2013, that makes a big difference. It also matters that he bought it at nearly the peak of the year.

This is one of my pet peeves is these "I know a guy that made millions" stories because they fly soo loose on the facts that even the simplest of fact checking blows them apart.

You picked one minor fact that was off by 4 months. You don't want to invest in crypto, that is up to you. Don't talk about it since you know nothing about it. See my reference above to Carl Sagan and Mr. Rogers.


I picked Jan 1st 2013 because it was the best way to conservatively gage what a market investment in 2012 was worth because if they bought earlier than that it should've been worth more. Not only did you miss the year but you claim they bough at near the high point that happened the next year as an example of savy investment that got in at the right time. If it happened, great that's awesome, it worked out for him, but buying at the top also goes against that savy market manipulation that he's capable of, but maybe it was just at the beginning of his investment choices and he learned the pattern from there.

Ether way it shouldn't be bothering you, he invested smartly and has a nice home, cars and expensive pool, so a stranger on the internet is questioning if it happened, that shouldn't matter as he and you presumably float on the pool during your visit on the Fourth of July.

My point is everyone, especially people in support of bitcoin on fark, have these "I know someone who got rich on bitcoin" stories. It gets old, especially when they can't even post a story that holds up to even a minimalist amount of scrutiny, then the story changes to fit the new facts presented. Look, bitcoins rise makes it inevitable that some people did get rich, and the internet is full of "I mined hundreds of bitcoin during its launch but lose the wallet" stories, but I treat anyone with a high degree of skepticism when they claim it, especially if they can't get their facts reasonably straight.

If it happened and it's real, seriously good for him and you.

Either way, don't get mad if I point out inconsistencies in your story and definitely don't get mad because I point out that bitcoin is gambling and not investing, because there are many people who just see an asset going up by leaps and bounds eager to invest money they can't afford to lose because they fear being left behind.
 
2021-06-13 12:44:47 PM  

johnphantom: Well you are not rich unless you clear a million a year, at least in my book. My brother is well off and managed the money he had into enough to live well, and certainly not excessively. Unless you call a new pool excessive.


Your brother had enough money to basically throw $20k away on a crazy gamble (as bitcoin certainly was in 2013). That's rich enough.
 
2021-06-13 12:44:51 PM  

keldaria: johnphantom:


None of what you said matters. I did not come here to brag about my brother, I only used him to illustrate my point. What you should be doing is learning. You refuse to educate yourself. You do not get the benefits of this then. Worse, 10-15 years from now you will be here crying about how society is being torn apart by cryptography being destroyed.

You have no clue.
 
2021-06-13 12:49:33 PM  

johnphantom: keldaria: Who do you think won?


You sound smart... so please explain why you think this has anything to do with Bitcoins past value, present value or future value because it literally means nothing to what it is currently trading at. Just because you are smart in technology doesn't mean you understand bitcoin or where it's going, in fact it's likely to mislead you as you focus on the part about bitcoin you know, the technology, and less about the thing you don't know/understand, the forces driving the market.

You've already admitted bitcoin is gambling which is way ahead of anyone else that is so eager to defend it, so let's just leave it at that shall we. You know you're gambling, that's good, I'm satisfied with that and won't feel bad about you loosing money should things go off the rails for you, and I'm genuinely happy for you if you come out ahead just like anyone else at the casino that hits it big on the roulette wheel.

You are still going to argue. Fine, Ill quote myself so you can see what I wrote about Carl Sagan and Mr. Rogers:

johnphantom: God, Carl Sagan and Mr. Rogers did a horrible thing telling people their uneducated opinion is as valid as any.


But that's just it, I'm not arguing with you, to have an argument both sides actually have to have a point to make. My point is that your experience with technology has nothing to do with bitcoins current or future valuation and your point is what exactly?

Are you suggesting you would have a better understanding of what I do for a living because you know how the computer I work on operates? Understanding one thing doesn't mean you understand all things tangentially related to that thing

I think your quote does apply to one of us in this conversation but I'm not entirely convinced you understand who.
 
2021-06-13 12:50:12 PM  

johnphantom: None of what you said matters. I did not come here to brag about my brother, I only used him to illustrate my point. What you should be doing is learning. You refuse to educate yourself. You do not get the benefits of this then. Worse, 10-15 years from now you will be here crying about how society is being torn apart by cryptography being destroyed.


What's your goal here, besides "the end is near!"?
 
2021-06-13 12:50:28 PM  

trialpha: johnphantom: Well you are not rich unless you clear a million a year, at least in my book. My brother is well off and managed the money he had into enough to live well, and certainly not excessively. Unless you call a new pool excessive.

Your brother had enough money to basically throw $20k away on a crazy gamble (as bitcoin certainly was in 2013). That's rich enough.


Funny how Bezos makes $350,000 a minute - what does he do again? I'd like that job. Too bad we have to start at $7.50 loading boxes. Maybe some day!
 
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