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(KPBS San Diego)   She downloaded the Robinhood app and got involved in Crypto.... Aaaaand it's gone   (kpbs.org) divider line
    More: Facepalm, Tom Brady, Matt Damon, Michelle Milkowski, Inflation, end of last year, Gisele Bndchen, Quarterback Tom Brady, Milkowski's new pastime  
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933 clicks; posted to Business » and Main » on 27 Jul 2022 at 10:45 AM (10 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



42 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-07-27 10:18:47 AM  
There's one born every minute, and one manufactured every second....
 
2022-07-27 10:21:05 AM  
The crypto hype working exactly as intended then.
 
2022-07-27 10:48:07 AM  
Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?
 
2022-07-27 10:50:12 AM  

Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?


You would still have lost everything.
Crypto currency is a scam.
 
2022-07-27 10:53:20 AM  

Weaver95: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

You would still have lost everything.
Crypto currency is a scam.


Yeah, but if you get into the Ponzi scheme early...
 
2022-07-27 10:55:58 AM  
This is the face of the schmos that the whales have unloaded their crypto beanie babies dutch tulips on.

Every scam needs a sucker to be left holding the bag. In this era you aren't even left with a pretty garden or toys for the kids.
 
2022-07-27 10:56:05 AM  

Weaver95: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

You would still have lost everything.
Crypto currency is a scam.


I bought some bitcoin years ago, and made a tidy profit when I sold just before it peaked a few years ago.

I bought some with the full understanding that I could easily lose the lot and only spent what I could happily lose. I wish I'd bought more with hindsight, but I still made a decent profit.
 
2022-07-27 10:56:09 AM  
Milkowski, who is a manager for a large insurance company

Bwhahahaha!
 
2022-07-27 10:57:25 AM  

Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?


And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.
 
2022-07-27 11:00:12 AM  

Weaver95: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

You would still have lost everything.
Crypto currency is a scam.


That's a pretty broad brush you're painting with, but okay.
 
2022-07-27 11:01:43 AM  
That's a shame.
 
2022-07-27 11:01:50 AM  
When you blindly follow analysis such as "💎👐🚀🌛"...
 
2022-07-27 11:02:22 AM  

Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?


I know the feeling. In early 1996, when Apple was near its low, I had inherited a bunch of money and as part of the stocks I bought, I seriously considered buying $10k worth of Apple. I decided not to because I was emotionally invested in the company and if they went out of business losing money would just make it worse.
 
2022-07-27 11:02:29 AM  
She sounds just like two tradesmen who've been doing work in my house.  Both commented to me they're "studying crypto" to try and figure it out.  I just now my head and change the subject.  One swears he knows a guy who made a fortune; however, I think that person bought in way back when prices were low.
 
2022-07-27 11:05:55 AM  

MusicMakeMyHeadPound: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.


Oh, I know. That's why I'm not buying any now. But it's the same feeling as "Wish I had bought stock in Apple in the early 2000s", where if I could time travel I'd be rich as hell. Idle daydreaming, I guess.
 
2022-07-27 11:08:37 AM  

MusicMakeMyHeadPound: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.


I first heard of Bitcoin when it was $8.

I tried to read up on it and I couldn't figure out how it was worth $8 and why anyone would sell and take Bitcoin as payment( outside of the Silkroad).

The whole thing just reeked of a huge Bernie Madeoff type scam.
 
2022-07-27 11:15:38 AM  

mcreadyblue: The whole thing just reeked of a huge Bernie Madeoff type scam


It is, but it's still ongoing.
 
2022-07-27 11:17:59 AM  

MusicMakeMyHeadPound: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.


Username checks out...
 
2022-07-27 11:21:45 AM  
The purpose of bitcoin was to provide a decentralized medium of exchange that didn't have the same strings as national currencies.

If you just wanted to play in bitcoin as an investment vehicle, you had to know that had an expiration date and were banking on getting out before that hit. If you didn't, well, sorry but you gambled and lost.
 
2022-07-27 11:27:49 AM  

madgonad: This is the face of the schmos that the whales have unloaded their crypto beanie babies dutch tulips on.

Every scam needs a sucker to be left holding the bag. In this era you aren't even left with a pretty garden or toys for the kids.


Whenever you get invited to be involved in any kind of scheme, look around for the sucker.  If you can't immediately identify the poor sap that is being taken advantage of, that's a clear sign that the sucker is YOU!
 
2022-07-27 11:29:31 AM  

Chief Superintendent Lookout: She sounds just like two tradesmen who've been doing work in my house.  Both commented to me they're "studying crypto" to try and figure it out.  I just now my head and change the subject.  One swears he knows a guy who made a fortune; however, I think that person bought in way back when prices were low.


There's a pizza spot by me with a kid driving a 2022 audi to deliver pizzas, he told me he bought the car after cashing out his bitcoin a while ago. I asked him if he had worked out the tax situation yet and he just gave me a blank stare.

I was earnestly happy for him that he could get a sweet car, that's a big deal and a vagina mobile when you're that age but I don't think he's going to have it for long.
 
2022-07-27 11:44:00 AM  

HotWingConspiracy: Chief Superintendent Lookout: She sounds just like two tradesmen who've been doing work in my house.  Both commented to me they're "studying crypto" to try and figure it out.  I just now my head and change the subject.  One swears he knows a guy who made a fortune; however, I think that person bought in way back when prices were low.

There's a pizza spot by me with a kid driving a 2022 audi to deliver pizzas, he told me he bought the car after cashing out his bitcoin a while ago. I asked him if he had worked out the tax situation yet and he just gave me a blank stare.

I was earnestly happy for him that he could get a sweet car, that's a big deal and a vagina mobile when you're that age but I don't think he's going to have it for long.


Not if the stories of big Lotto winners going back to broke two years later have any credence.
 
2022-07-27 11:51:45 AM  

HotWingConspiracy: Chief Superintendent Lookout: She sounds just like two tradesmen who've been doing work in my house.  Both commented to me they're "studying crypto" to try and figure it out.  I just now my head and change the subject.  One swears he knows a guy who made a fortune; however, I think that person bought in way back when prices were low.

There's a pizza spot by me with a kid driving a 2022 audi to deliver pizzas, he told me he bought the car after cashing out his bitcoin a while ago. I asked him if he had worked out the tax situation yet and he just gave me a blank stare.

I was earnestly happy for him that he could get a sweet car, that's a big deal and a vagina mobile when you're that age but I don't think he's going to have it for long.


Driving an Audi to deliver pizzas.  Kid is going to get a very ex$pensive lesson in owning an Audi.  Plus depreciation. And the inevitable repairs.  I can't even imagine what his insurance rates are.
 
2022-07-27 12:05:26 PM  
Your time-travelling wish shouldn't be for buying bitcoin a decade ago.  You should travel back to January and buy some GameStonk or one of those other WSB fads.  You'd also know when to stop hloding.
 
2022-07-27 12:17:36 PM  

Chief Superintendent Lookout: HotWingConspiracy: Chief Superintendent Lookout: She sounds just like two tradesmen who've been doing work in my house.  Both commented to me they're "studying crypto" to try and figure it out.  I just now my head and change the subject.  One swears he knows a guy who made a fortune; however, I think that person bought in way back when prices were low.

There's a pizza spot by me with a kid driving a 2022 audi to deliver pizzas, he told me he bought the car after cashing out his bitcoin a while ago. I asked him if he had worked out the tax situation yet and he just gave me a blank stare.

I was earnestly happy for him that he could get a sweet car, that's a big deal and a vagina mobile when you're that age but I don't think he's going to have it for long.

Driving an Audi to deliver pizzas.  Kid is going to get a very ex$pensive lesson in owning an Audi.  Plus depreciation. And the inevitable repairs.  I can't even imagine what his insurance rates are.


If you're going to mile up a car like that, do the luxury level of Lyft/Uber.
 
2022-07-27 12:26:52 PM  

HotWingConspiracy: Chief Superintendent Lookout: She sounds just like two tradesmen who've been doing work in my house.  Both commented to me they're "studying crypto" to try and figure it out.  I just now my head and change the subject.  One swears he knows a guy who made a fortune; however, I think that person bought in way back when prices were low.

There's a pizza spot by me with a kid driving a 2022 audi to deliver pizzas, he told me he bought the car after cashing out his bitcoin a while ago. I asked him if he had worked out the tax situation yet and he just gave me a blank stare.

I was earnestly happy for him that he could get a sweet car, that's a big deal and a vagina mobile when you're that age but I don't think he's going to have it for long.


Why should he have to pay taxes?  Isn't Bitcoin a religion?
 
2022-07-27 12:27:41 PM  

MusicMakeMyHeadPound: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.


Yep.  I knew someone that bought some way back when - he did it with his fun money - what he budgeted for gambling or going out to a show or to some drinks or whatever.  Figured why not?  But he also said if/when it it did reach X price, he'd sell it immediately, because otherwise he'd be caught in the trap you've elaborated on, and fark that who needs that shiat?  Otherwise he just ignored it

/insofar as I recall his sell point was 10X what he paid for it - so he set the bar high
//it hit that early on in the bubble, and he did indeed sell it
///he didn't make omg top of the market selling money on it - but he did make a nice profit on a fark it why not throwaway
////without turning half his life into an obsession with a market that's inherently an even bigger farking mess than stocks
 
2022-07-27 12:32:21 PM  
There are dozens if not hundreds of listed stocks you could have made a mint off of if you had bought and sold at the right over this same time period. And you would not have had to endure all the scammers and 'wallets' that have gone insolvent or gotten hacked. This is not unlike being upset you didn't bet it all on black that time.
 
2022-07-27 12:46:36 PM  
No one told her line go down.
 
2022-07-27 12:57:58 PM  
Ms. Lettuce Hands
 
2022-07-27 1:49:35 PM  

AsparagusFTW: Ms. Lettuce Hands


Still less worrisome than Ms. Salad Fingers
 
2022-07-27 3:32:33 PM  

MusicMakeMyHeadPound: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.


There are less stupid ways of approaching the situation than the scenarios you presented. For example there's a simple rule of "wait for the price to double and then sell half". Your first sale (if it happens) returns your original investment while leaving you in the game to take advantage of future growth.

Imagine if you bought one Bitcoin in November 2013 for $1000.
Fark user imageView Full Size


You would be roundly mocked on Fark as the price of your "Internet Tulip" fell from its all-time high to below $400, then below $200 in early 2015.

Time passes. By 2017 the price is heading up again, and in late May it triggers your first sale of 0.5 BTC at $2000/coin. In August it hits $4000/coin and you sell 0.25 BTC. Mid-November, you pocket another $1000 and are left with 1/8 of a BTC. You sell once more in December at $16k/coin before prices crash again.

When January 2021 rolls around, if you can still remember your passphrase you're able to take out another $1000 for 1/32 of a BTC. You just miss an opportunity in April before prices crash below $30k, but do get one final sale in before the end of the year at $64k/coin.

Net result at the end of
2013: own 1 BTC; down by $1000 USD
2017: own 1/16 BTC; up by $3000 USD
2021: own 1/64 BTC; up by $5000 USD

Obviously this is a cherry-picked example and past performance does not guarantee future returns, but this scenario does illustrate that there was room for people to do quite well in cryptocurrency even if they bought in at the worst possible time in a given year.
 
2022-07-27 3:46:33 PM  

Ivo Shandor: There are less stupid ways of approaching the situation than the scenarios you presented.


Ok. Yes, that's a rational way to gamble, you're right.

But you've been to these threads for years: how many people into crypto even acknowledge that it's gambling?
 
2022-07-27 3:54:20 PM  

Ivo Shandor: Obviously this is a cherry-picked example and past performance does not guarantee future returns, but this scenario does illustrate that there was room for people to do quite well in cryptocurrency even if they bought in at the worst possible time in a given year.


That requires cashing out at those intervals.

Remember that we are talking about the HODL crowd.
 
2022-07-27 4:01:18 PM  

madgonad: Ivo Shandor: Obviously this is a cherry-picked example and past performance does not guarantee future returns, but this scenario does illustrate that there was room for people to do quite well in cryptocurrency even if they bought in at the worst possible time in a given year.

That requires cashing out at those intervals.

Remember that we are talking about the HODL crowd.


You might be. I'm considering a larger community with the "HODLers" on one side and the "crypto: not even once" brigade on the other. There are people in the middle too.
 
2022-07-27 4:10:23 PM  

Ivo Shandor: madgonad: Ivo Shandor: Obviously this is a cherry-picked example and past performance does not guarantee future returns, but this scenario does illustrate that there was room for people to do quite well in cryptocurrency even if they bought in at the worst possible time in a given year.

That requires cashing out at those intervals.

Remember that we are talking about the HODL crowd.

You might be. I'm considering a larger community with the "HODLers" on one side and the "crypto: not even once" brigade on the other. There are people in the middle too.


How many of those pulled the money out of ALL crypto. Selling half when returns double only works if you pull all the way out. Selling half of the BTC and buying Doge isn't going to help.
 
2022-07-27 4:21:59 PM  

madgonad: How many of those pulled the money out of ALL crypto. Selling half when returns double only works if you pull all the way out. Selling half of the BTC and buying Doge isn't going to help.


100% of those surveyed in my living room fell into that category (+/- 3% margin of error, 19 times out of 20). I don't have global statistics but I do know I'm not the only one on Fark.
 
2022-07-27 4:31:16 PM  

Ivo Shandor: There are people in the middle too.


I can only ever speak for myself: if what you're doing is working out for you then that's great and, from the bottom of my heart, good for you.

My ire is reserved for the people who certainly don't know what they're doing who rope dupes like the people in the article and together they bumble into some real damage.
 
2022-07-27 4:46:34 PM  

MusicMakeMyHeadPound: Bootleg: Don't get me wrong, I totally wish I had dropped a few thousand on Bitcoin back in '11 or '12. I didn't, and I refuse to spend that much now, but if I had bought in when it was like $5 a coin?

And then what?

If you sold it at $10 a coin you'd be mad that you missed out on what came later despite your quite respectable 100% gain.

And if you held it until it was at its peak of $68,000 you'd be horrifically anxious that might be selling it too soon.

And if you still held it you'd be really upset you didn't sell it at $68,000.

There's no rhyme or reason to this. Your thought processes aren't in need of honing. The whole thing is a crazy pathos.


I lost what is now worth $2.2 million in BTC, too. But as you say, it doesn't matter, because if it hadn't lost it, I would have sold it when it was worth about $5000. 😂
 
2022-07-27 5:03:46 PM  

Ivo Shandor: madgonad: How many of those pulled the money out of ALL crypto. Selling half when returns double only works if you pull all the way out. Selling half of the BTC and buying Doge isn't going to help.

100% of those surveyed in my living room fell into that category (+/- 3% margin of error, 19 times out of 20). I don't have global statistics but I do know I'm not the only one on Fark.


Ditto. I took a chunk from ChainLink and got the hell out.
 
2022-07-27 5:08:17 PM  

madgonad: This is the face of the schmos that the whales have unloaded their crypto beanie babies dutch tulips on.

Every scam needs a sucker to be left holding the bag. In this era you aren't even left with a pretty garden or toys for the kids.


But I get a free bag?
 
2022-07-27 5:12:40 PM  

born_yesterday: madgonad: This is the face of the schmos that the whales have unloaded their crypto beanie babies dutch tulips on.

Every scam needs a sucker to be left holding the bag. In this era you aren't even left with a pretty garden or toys for the kids.

But I get a free bag?


Maybe

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