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Etherum Disaster  Rate Topic 
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 Posted: Wed Nov 14th, 2018 06:08 pm
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Ultimark



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Just got a call from my brother.  He bought Etherum last February (even though I begged him not to) at $980.  He took $8,000 out of his 401(k) which was about 20% of his balance.  Has to play tax and a penalty of 10% and has lost 80-90% of his investment.  
I am always amazed that people jump into these things after they have gone way up. Not just the cryptos but EVERYTHING.  It happens over and over again (for hundreds of years, the same pattern) and I am convinced that hedge funds pretty much exist because dumb asses like my brother are around. 
He asked me who he should sue.  I told him to look in the mirror.  He is solely responsible.  Although, it is curious that my half literate brother (he can hardly read) was somehow able to open an account.  He did this because a neighbor was up big on this currency.  Well, now the neighbor is only up a bit.  I guess he didn't sell at a thousand. 
The price could go back up.  I get that.  I also get that the underlying blackchain technology has utility.  However, the currencies have not proven to have any real utility yet.  This reminds me of cabbage patch dolls and Pokemon.  There is literally no intrinsic value.  If you are SRossi and invested early, that is awesome.  I actually know an extremely smart investment person who always has a little bit of money in 10 emerging trends, even if they don't seem logical.  It only takes one to hit to make big money. 
For the rest of us, I just don't get it.  I am amazed that people forever keep making the same mistake.  

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 Posted: Wed Nov 14th, 2018 06:18 pm
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Superstar
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Cryptocurrency is truly the "Widgets" that they teach you about in economics class in college. I will never be rich because I'm too cynical to buy into all the bullshit.



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 Posted: Wed Nov 14th, 2018 06:51 pm
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srossi

 

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There is nothing wrong with investing in crypto if you're smart.  It's finally stabilizing.  I haven't followed other coins as carefully but Bitcoin has been trading in that $6,000-$7,000 range since summer.  That's a great thing!  I bought it at $2,500 and it seems like it's fair value price is at least $6,000.  But what happened last year was nuts and everyone knew it was unsustainable.  Nothing goes up 100%, 300%, 500% in months and if it does you know it's crashing hard.  He don't take money out of your 401(k) to invest AFTER it goes up that much.  Actually, you never take money out of your 401(k) to invest in anything.  Ethereum is going to come back eventually, and Bitcoin might hit $20,000 again, but this time it will take years, not weeks.  I am extremely bullish on crypto though and very happy with my investments. 

I would actually say that this is a great time to look at Bitcoin and Ethereum again now that there has been little movement for months.  It's behaving like a real currency, but the upside is still immense.   Of course, as I always said, all it takes is a new adapter to come along and apply the blockchain technology more efficiently or in a different way, and in 50 years everyone could be using crypto but you could still lose your entire investment because Bitcoin was too soon.  Like believing in Netscape, and being right, but then Google comes along.

  

Last edited on Wed Nov 14th, 2018 06:57 pm by srossi



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 Posted: Wed Nov 14th, 2018 07:20 pm
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Ultimark



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srossi wrote: There is nothing wrong with investing in crypto if you're smart.  It's finally stabilizing.  I haven't followed other coins as carefully but Bitcoin has been trading in that $6,000-$7,000 range since summer.  That's a great thing!  I bought it at $2,500 and it seems like it's fair value price is at least $6,000.  But what happened last year was nuts and everyone knew it was unsustainable.  Nothing goes up 100%, 300%, 500% in months and if it does you know it's crashing hard.  He don't take money out of your 401(k) to invest AFTER it goes up that much.  Actually, you never take money out of your 401(k) to invest in anything.  Ethereum is going to come back eventually, and Bitcoin might hit $20,000 again, but this time it will take years, not weeks.  I am extremely bullish on crypto though and very happy with my investments. 

I would actually say that this is a great time to look at Bitcoin and Ethereum again now that there has been little movement for months.  It's behaving like a real currency, but the upside is still immense.   Of course, as I always said, all it takes is a new adapter to come along and apply the blockchain technology more efficiently or in a different way, and in 50 years everyone could be using crypto but you could still lose your entire investment because Bitcoin was too soon.  Like believing in Netscape, and being right, but then Google comes along.

  
Bitcoin is down 11% today.  Selling around $5400

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 Posted: Wed Nov 14th, 2018 08:01 pm
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Superstar
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srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991



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 Posted: Wed Nov 14th, 2018 08:21 pm
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Ultimark



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Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991
At some point, it becomes the greater fool thing.  Not talking about you Rossi!  As it goes up in price, there is a greater fool ready to buy.  You mention baseball cards.  That is one I fell for back in 1990.  I had a part time job at school and with the GI bill paying for quite a bit, I had a few extra $.  I plowed it into a case of Score baseball cards.  They were hot!!  Then, Score decided to dump them on every Kmart in the country.  The value plummeted.  I think I spent $500.  I still have the cards of the better players and I highly doubt I could get even $200 for all of them.  However, there was a period where they were worth a lot.  
As for the cryptos, I don't know.  Anything is possible I guess.  But I don't trust anything that doesn't have instinsic value.  

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 Posted: Wed Nov 14th, 2018 11:32 pm
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srossi

 

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Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991

Well yeah, I could show you a $100 bill and you could easily say, “At the end all that you have is a piece of paper with a picture of a dead President on it.”  That’s kind of the reason people started Bitcoin in the first place. It’s not like fiat currencies in other countries have never become worthless, as recently as last year. And it’s not like that’s never happened in America before either, unless you’re willing to buy a billion Continentals from me for $1,000. 



Last edited on Wed Nov 14th, 2018 11:34 pm by srossi



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 Posted: Thu Nov 15th, 2018 04:16 pm
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Superstar
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srossi wrote: Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991

Well yeah, I could show you a $100 bill and you could easily say, “At the end all that you have is a piece of paper with a picture of a dead President on it.”  That’s kind of the reason people started Bitcoin in the first place. It’s not like fiat currencies in other countries have never become worthless, as recently as last year. And it’s not like that’s never happened in America before either, unless you’re willing to buy a billion Continentals from me for $1,000. 



If you show me a $100 bill I'll say that you have some money.  If you show me your crypto portfolio I'll say you have a computer.  Take me to a bank and get me your bitcoins so that I can see them.  I fully admit that I'm not "future thinking" when it comes to this type of thing, but I also know that my $100 bill is going to be worth $100 tomorrow regardless of how much stuff it can buy.  Your $100 bitcoin could be worth $60 tomorrow and nothing else has changed.



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 Posted: Thu Nov 15th, 2018 04:35 pm
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srossi

 

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Superstar wrote: srossi wrote: Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991

Well yeah, I could show you a $100 bill and you could easily say, “At the end all that you have is a piece of paper with a picture of a dead President on it.”  That’s kind of the reason people started Bitcoin in the first place. It’s not like fiat currencies in other countries have never become worthless, as recently as last year. And it’s not like that’s never happened in America before either, unless you’re willing to buy a billion Continentals from me for $1,000. 



If you show me a $100 bill I'll say that you have some money.  If you show me your crypto portfolio I'll say you have a computer.  Take me to a bank and get me your bitcoins so that I can see them.  I fully admit that I'm not "future thinking" when it comes to this type of thing, but I also know that my $100 bill is going to be worth $100 tomorrow regardless of how much stuff it can buy.  Your $100 bitcoin could be worth $60 tomorrow and nothing else has changed.

Makes no sense though.  Bitcoins aren't physical so you can't see them at a bank, but I can sell them online as quickly as I sell stocks and have that money deposited into my bank account instantly.  I've done it plenty of times.  Considering that even most USD are just numbers on a computer screen now, I'm not sure where the disconnect is.  If you show me your bank balance on Chase.com I can't see the dollars either.  Of course the price of Bitcoin fluctuates more, as does any investment.  If it's worth x amount of dollars right now, I have no problem cashing out for that amount within seconds though. 



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 Posted: Thu Nov 15th, 2018 04:48 pm
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Superstar
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srossi wrote: Superstar wrote: srossi wrote: Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991

Well yeah, I could show you a $100 bill and you could easily say, “At the end all that you have is a piece of paper with a picture of a dead President on it.”  That’s kind of the reason people started Bitcoin in the first place. It’s not like fiat currencies in other countries have never become worthless, as recently as last year. And it’s not like that’s never happened in America before either, unless you’re willing to buy a billion Continentals from me for $1,000. 



If you show me a $100 bill I'll say that you have some money.  If you show me your crypto portfolio I'll say you have a computer.  Take me to a bank and get me your bitcoins so that I can see them.  I fully admit that I'm not "future thinking" when it comes to this type of thing, but I also know that my $100 bill is going to be worth $100 tomorrow regardless of how much stuff it can buy.  Your $100 bitcoin could be worth $60 tomorrow and nothing else has changed.

Makes no sense though.  Bitcoins aren't physical so you can't see them at a bank, but I can sell them online as quickly as I sell stocks and have that money deposited into my bank account instantly.  I've done it plenty of times.  Considering that even most USD are just numbers on a computer screen now, I'm not sure where the disconnect is.  If you show me your bank balance on Chase.com I can't see the dollars either.  Of course the price of Bitcoin fluctuates more, as does any investment.  If it's worth x amount of dollars right now, I have no problem cashing out for that amount within seconds though.
I don't do any banking at Chase.  They are thieves...



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 Posted: Thu Nov 15th, 2018 05:07 pm
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Ultimark



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The point is that bitcoin can fluctuate to 0. The USD will not.

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 Posted: Thu Nov 15th, 2018 05:17 pm
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The difference for me in my lifetime is that $100 U.S. has always been worth $100 U.S. but the amount of goods and services you could acquire for that $100 U.S. has fluctuated.

Bitcoin is the opposite as it can fluctuate at a rate more violatily than the goods and services can.

At least from what I’ve seen.



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 Posted: Thu Nov 15th, 2018 11:15 pm
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Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991

Lost my ass on Todd Van Poppel over here.  :)



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 Posted: Sun Nov 18th, 2018 02:52 am
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Blazer wrote: Superstar wrote: srossi wrote: There is nothing wrong with investing in crypto if you're smart. 

There's nothing wrong with investing in baseball cards if you are smart too.  But at the end of the day all you have is a piece of cardboard with a photo on it.  With bitcoin, you don't even have anything tangible - and I know it's the same as so many other things - but just one thing goes wrong and your online monopoly money is POOF gone into thin air.  At least with baseball cards, you've still got 1000 Kevin Maas rookie cards to hold in your hands when he inevitably stops hitting HRs in 1991

Lost my ass on Todd Van Poppel over here.  :)


Mo Vaughn & Damon Stoudamire for me.



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 Posted: Sun Nov 18th, 2018 05:18 pm
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TVP was all over ESPN back in the days, the way they pimped him out I thought he was going to win the Cy Young award 20 years in a row.



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