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Etherum Disaster  Rate Topic 
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 Posted: Tue Nov 20th, 2018 11:59 am
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Ultimark



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The route continues. The crypto’s are down 12 to 15% this morning.

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 Posted: Tue Nov 20th, 2018 03:35 pm
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Principal_Raditch



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The whole market is getting hammered so far this week. All the indices are going to end the year flat or down at this rate.

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 Posted: Tue Nov 20th, 2018 03:40 pm
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Ultimark



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Yes but the cryptos are really getting killed. Look at Etherum. That is scary over the past 9 months.

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 Posted: Tue Nov 20th, 2018 03:56 pm
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Principal_Raditch



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Here's a good story about getting killed in an investment My wife's ex husband works for Yellow Roadway (used to be Yellow Freight) When I first got married I used to hear from him all the time how he was going to retire early because the value of his Yellow Stock was soaring.  Towards the end of 2004 the stock was peaking, and he kept on telling me how he had @ 1 million in his company 401k, and he'd be done at age 55.  So then the company goes and buys Roadway, and the stock plummets....and plummets...and eventually does a multiple reverse stock splits, including a 1:25. 
So move ahead to current day...the value of that $1 million in 2004....is now a cool $15...Yes you read that right....$15. The stock lost more than 99.9% of it's value. He never sold any of it...always hoping it would rebound. Guy is going to be working till he dies now.

https://finance.yahoo.com/quote/YRCW/

Last edited on Tue Nov 20th, 2018 03:56 pm by Principal_Raditch

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 Posted: Tue Nov 20th, 2018 04:19 pm
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Ultimark



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Principal_Raditch wrote: Here's a good story about getting killed in an investment My wife's ex husband works for Yellow Roadway (used to be Yellow Freight) When I first got married I used to hear from him all the time how he was going to retire early because the value of his Yellow Stock was soaring.  Towards the end of 2004 the stock was peaking, and he kept on telling me how he had @ 1 million in his company 401k, and he'd be done at age 55.  So then the company goes and buys Roadway, and the stock plummets....and plummets...and eventually does a multiple reverse stock splits, including a 1:25. 
So move ahead to current day...the value of that $1 million in 2004....is now a cool $15...Yes you read that right....$15. The stock lost more than 99.9% of it's value. He never sold any of it...always hoping it would rebound. Guy is going to be working till he dies now.

https://finance.yahoo.com/quote/YRCW/
We had a friend who was a senior accountant for Internet Capital Group (ICGE) at the turn of the century.  She had a load of stock options at something like $10.  The stock goes up to $300 or a bit more and my wife begs her to exercise and sell at least half.  She never did.  Wound up worthless.   Just asked my wife about this - it was 7000 shares.  $2.1m and maybe a bit more.  Had the lottery ticket and didn't cash it in. 

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 Posted: Tue Nov 20th, 2018 05:38 pm
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Franchise
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I don’t expect much out of my 401k and never will. It’s something that’s there like my HSA and I think about both once a year.


I made a choice awhile back to invest in real estate and that’s the course I’m going to keep.



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 Posted: Wed Nov 21st, 2018 12:07 am
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srossi

 

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Principal_Raditch wrote: The whole market is getting hammered so far this week. All the indices are going to end the year flat or down at this rate.
Cryptos shouldn’t follow the conventional market. Logic says that with the market plummeting people should be pulling out and investing in crypto for an inverse effect. But clearly that hasn’t been the case. They have to put their money somewhere though. 



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 Posted: Wed Nov 21st, 2018 01:17 pm
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Ultimark



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srossi wrote: Principal_Raditch wrote: The whole market is getting hammered so far this week. All the indices are going to end the year flat or down at this rate.
Cryptos shouldn’t follow the conventional market. Logic says that with the market plummeting people should be pulling out and investing in crypto for an inverse effect. But clearly that hasn’t been the case. They have to put their money somewhere though. 
If the marketing plummeting then investors typically go to cash.  They don't go to a speculative risk asset.  The cryptos were not around during the last bear market so perhaps that will happen.  I would doubt it though. Capital preservation becomes to primary motivator for investors. 

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 Posted: Wed Nov 21st, 2018 06:48 pm
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katook



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Stocks and Cyrptocurrencies and investments are nothing more than rich people playing games with each others money, and suckering the poor and working class into propping up the shell game, a few will "win" and get rich while most will lose their asses and wonder what the fuck happened to their money.

Rich people will always be rich, and they will always be able to manipulate regular people into playing their games, it's really no better than suckering poor folks into playing the lottery hoping for that giant payoff, when in fact the best bet is to save your cash, and don't buy anything on credit to start with.

I truly do not understand how sane rational people work their asses off and put their money and future into the hands of people who are quite literally playing games of chance with it every single day.



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 Posted: Wed Nov 21st, 2018 09:42 pm
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broke



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The allure of "easy money" is too great to resist for some.



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 Posted: Wed Nov 21st, 2018 10:04 pm
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srossi

 

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katook wrote: Stocks and Cyrptocurrencies and investments are nothing more than rich people playing games with each others money, and suckering the poor and working class into propping up the shell game, a few will "win" and get rich while most will lose their asses and wonder what the fuck happened to their money.

Rich people will always be rich, and they will always be able to manipulate regular people into playing their games, it's really no better than suckering poor folks into playing the lottery hoping for that giant payoff, when in fact the best bet is to save your cash, and don't buy anything on credit to start with.

I truly do not understand how sane rational people work their asses off and put their money and future into the hands of people who are quite literally playing games of chance with it every single day.

This is exactly the attitude that keeps a lot of poor people poor. 



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 Posted: Thu Nov 22nd, 2018 01:51 am
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katook



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It also keeps us out of debt and fiscally responsible.

Rule #1 is if you do not have the cash money for something, do not purchase it, you end paying damn near double what something is worth when you use credit

Rule #2 is that a good, well maintained used vehicle is just as good as the new $40,000 car, I get it if you are rich and have more money than sense, but otherwise why go into debt over something as trivial as having to keep up with the Joneses? If it gets you from point A to point B, that's what it's for.

My 2004 Honda Odyssey van has over 250K miles on it, and I would trust it right now to go to California or anywhere else in the country, and I paid cash for it.

Rule #3 is to save at least 10% of your money every week, put it up somewhere and don't squander it on frivolous stuff like a new 60" TV or a heavy duty stereo, the show looks jus just as good on my $250 40" TV as it does on someone elses 60"4k theater

Rule #4 is don't waste money on buying a house. The so called "American dream" is deader than great grammas clit the government can steal your house and land at will, and you don't own it anyways, the bank does, thinking it is yours is an illusion.

Rent a place that is big enough for your needs, and if he time comes to move on, do so. Just be sure to not leave owing any monies or having trashed the place, and get a good reference from the property owner in writing and you will have no problems going elsewhere.

It also makes sense to be able to relocate without being burdened by a mortgage, especially in the economy these days where jobs are here today, gone tomorrow you need to be able to go where the money is

about 2 years ago I started to follow these simple rules and stopped playing the game, I sure as Hell am not "rich" but I have enough cash saved up that if I lost my job or became disabled tomorrow, or just decided to sit on my ass and be lazy that I could pay all of my bills for a year, that is good enough for me.





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 Posted: Thu Nov 22nd, 2018 01:51 am
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Franchise
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I think “a lot” is an over statement. Their are plenty of people that used to be rich that would have been better off not investing and instead putting everything in bank accounts and cd’s (not the music kind).


For every person who bought apple at the right time and held on probably 10 bought Aol at the wrong time and held on too long.


Crypto’s are weird and a large portion of the United States doesn’t trust them. I don’t know anyone in my real life who owns bitcoin and I know a rather economically diverse group.


The stock market is a funny thing and investment firms / brokers can be even funnier.



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 Posted: Thu Nov 22nd, 2018 02:19 am
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katook



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Franchise, I guess it comes down to what works for people and what doesn't work, as well as luck.

Personally I would rather live within my means and be debt free than live in the big house on top of the hill and be in debt that totals more than I make in a years time.


I'm not saying it's wrong for people to try to better themselves, but really, if you owe money on something it does not belong to you it belongs to someone else, every single thing I own belongs to me and only me, and I like it that way.



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since there doesn't seem to be a way to be vocal about being an Atheist without coming across as a condescending cock opening about it, you might as well go all the way with it.--Sek69
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 Posted: Thu Nov 22nd, 2018 02:43 am
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Franchise
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I don’t totally disagree with you Katook; we live within our means and have been fortunate over the last few years and hopefully outside of a car payment will be debt free by the end of 2019.

We aren’t crypto people and outside of our marginal 401k contributions we have mostly focused on paying down our house. We save for a rainy day and try not to waste. Next year will be our first real vacation and probably the last for many years.



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