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Etherum Disaster  Rate Topic 
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 Posted: Thu Nov 22nd, 2018 01:48 pm
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srossi

 

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I’m just saying that literally the only way to move from one class to another is through investments, whether it’s starting your own business, or getting involved in property, stocks, whatever. The idea that you can generate serious wealth by working 9 to 5 is silly. Once upon a time you could get to a certain level at least by doing that, but in the last 30 years that barely even exists anymore. Poor people work their asses off in retail and stay poor, middle class people work their asses off in some desk job and stay middle class, etc. Generating wealth for others will never generate wealth for yourself. Of course there’s a risk to investing, you don’t make money without taking a risk.



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 Posted: Fri Nov 23rd, 2018 01:34 pm
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Ultimark



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srossi wrote: I’m just saying that literally the only way to move from one class to another is through investments, whether it’s starting your own business, or getting involved in property, stocks, whatever. The idea that you can generate serious wealth by working 9 to 5 is silly. Once upon a time you could get to a certain level at least by doing that, but in the last 30 years that barely even exists anymore. Poor people work their asses off in retail and stay poor, middle class people work their asses off in some desk job and stay middle class, etc. Generating wealth for others will never generate wealth for yourself. Of course there’s a risk to investing, you don’t make money without taking a risk.All true.  However, people and institutions move $ to assets with less risk during times of increased volatility.  I see no way they move to an asset with zero intrinsic value.  All these coins are now making lower lows.  Could that change?  Sure.  My sense is that the people that drove the prices to their highs in Jan and Feb have all made their $ and have bolted.  There are no quarterly disclosures.  Big players could be selling and talking it up at the same time.  
I said this when Bitcoing was at 15,000 and I still believe it today - I wouldn't invest a dime because this asset class doesn't meet my criteria for investment.   I am not afraid of risk but this all seems to be a shell game to me.  

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 Posted: Fri Nov 23rd, 2018 01:37 pm
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Ultimark



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I also get what you are saying about 9-5. In Jan of 2000 I took out my entire 401(k) to fund my new business. Everyone told me not to do that. However, my other options were not appealing. I wanted to own 100% of the business.

Yea, very few can build wealth with a 9-5 job. Still, not sure crypto is the answer either.

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 Posted: Sat Nov 24th, 2018 05:55 am
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Principal_Raditch



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So I researched this before on what % of households have liquid assets worth $1 million or more not including home value. There's not a set number, but the consensus seems to be somewhere @ 7-9%. So even as a whole having a million, while not like 20 or 30 years ago, still separates the overwhelming majority of the country fiscally.

Now my wife and I do ok. Combined we make more than 90% of households annually, but we're at the bottom end of that range and the gap between us and the truly wealthy is also a world apart. But even for us to get to this point....our house payed off, retirement and investment accounts that should be able to replicate 80% of our current income at retirement puts us in a safer spot than I realize most of the country is in. It took me though being consistent since my 20's in selecting certain stocks to move in/out of . In Kansas City real estate just doesnt move like other markets...which is great for people buying a house, but not good for rental units or reinvesting in comparison to larger urban centers. If all I had done was dump $$ in bonds or conservative funds there's no way we'd be where we are just based on our income. The problem I see at work is that there are a lot of people earning good combined incomes with their spouses, but who will never be able to replicate it come retirement. They might make 150-200k combined in a city where living is cheap, but here they are in their 50's and have maybe 100k saved, and have no clue that once they retire, they'll be bringing in 1/4 of what they were once earning and forced to readjust their lifestyle.

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 Posted: Thu Dec 20th, 2018 04:49 pm
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srossi

 

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As the stock market continues to have a historically bad December, major institutional funds are moving back into crypto. Bitcoin is back over $4,000 and Ethereum was around $125 last time I checked.



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 Posted: Thu Dec 20th, 2018 04:51 pm
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Ultimark



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Yea, I noticed the bounce. Still wouldn't touch it. Maybe Etherum if it hits $40. No intrinsic value. Even at $125, it is down more than 85% yoy. People who know this stuff tell me Etherum is superior to Bitcoin.

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 Posted: Thu Dec 20th, 2018 05:37 pm
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Bought in Feb at $980, is now $125. That's an $855 loss per share. Took $8k out of 401k to do it means forgetting about the early withdrawal, that $8000 investment is now worth about $1000. Wow. That would completely gut me if I did that.



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 Posted: Thu Dec 20th, 2018 05:39 pm
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srossi

 

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Ultimark wrote: Yea, I noticed the bounce. Still wouldn't touch it. Maybe Etherum if it hits $40. No intrinsic value. Even at $125, it is down more than 85% yoy. People who know this stuff tell me Etherum is superior to Bitcoin.
It is as far as practical application goes, which is why so many are still very bullish on it.  Bitcoin still has the name recognition and is the entryway into crypto, but that could change in the next couple of years.



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 Posted: Thu Dec 20th, 2018 05:45 pm
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Ultimark



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Superstar wrote: Bought in Feb at $980, is now $125. That's an $855 loss per share. Took $8k out of 401k to do it means forgetting about the early withdrawal, that $8000 investment is now worth about $1000. Wow. That would completely gut me if I did that.If you knew my brother you would not be surprised.  I purposively texted him twice not to do that because I wanted to have it in writing.  So, he did try to blame me saying I am the one with business sense and I should have told him to not do it.  I then resent the texts.  Haven't heard from him since.  I don't feel bad. I told him not to do it.  

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 Posted: Thu Dec 27th, 2018 08:43 pm
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Ultimark



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A neighbor just told me a story about his son investing $20.000 in something called coin. Now his investment is worth $1500.

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 Posted: Wed Jan 9th, 2019 06:16 pm
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Ultimark



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The story with my brother gets worse. When Etherum hit $87 or so and he was blaming me (despite me flat out telling him not to invest), I told him he had no real option now but to hold on and hope. I thought he had. Nope. Sold out at $88. Cannot get out of his own way.

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 Posted: Wed Jan 9th, 2019 07:06 pm
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srossi

 

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Ultimark wrote: The story with my brother gets worse. When Etherum hit $87 or so and he was blaming me (despite me flat out telling him not to invest), I told him he had no real option now but to hold on and hope. I thought he had. Nope. Sold out at $88. Cannot get out of his own way.
LOL  What was the point of selling that low?  He already lost it all, you HAVE to let it ride at that point unless you're convinced that crypto is going to zero this year, which no way in hell it is. 



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 Posted: Wed Jan 9th, 2019 07:17 pm
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Ultimark



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srossi wrote: Ultimark wrote: The story with my brother gets worse. When Etherum hit $87 or so and he was blaming me (despite me flat out telling him not to invest), I told him he had no real option now but to hold on and hope. I thought he had. Nope. Sold out at $88. Cannot get out of his own way.
LOL  What was the point of selling that low?  He already lost it all, you HAVE to let it ride at that point unless you're convinced that crypto is going to zero this year, which no way in hell it is. 
He's a fucking moron with money.  Always has been, always will be.

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 Posted: Wed Jan 9th, 2019 09:53 pm
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Buy high sell low that’s the way



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 Posted: Thu Feb 7th, 2019 07:03 pm
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Big Garea Fan

 

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This is one of the big reasons why I am leery of cryptocurrency:
https://www.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html
Hong Kong (CNN Business)The death of a Canadian entrepreneur has left a huge stash of cryptocurrencies locked off from the people who own them.Quadriga, Canada's biggest cryptocurrency exchange, said it's unable to gain access to $145 million of bitcoin and other digital assets after Gerald Cotten, its 30-year old CEO and co-founder, died of complications arising from Crohn's Disease while traveling in India.Many of the digital currencies held by Quadriga are stored offline in accounts known as "cold wallets," a way of protecting them from hackers. Cotten is the only person with access to the wallets, according to the company.

The unusual case highlights the risks investors face looking after their assets in the thinly regulated industry. Cotten's death has plunged Quadriga into crisis and left it struggling to figure out how to refund more than 100,000 of its users.On Tuesday, the company said it was granted creditor protection in the Nova Scotia Supreme Court as it tries to sort out its financial mess."For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets," Quadriga said in a statement on its website. "Unfortunately, these efforts have not been successful." Cotten's widow, Jennifer Robertson, said that the laptop that Cotten used to run the currency exchange is encrypted, according to a copy of her affidavit posted online by cryptocurrency news site CoinDesk."I do not know the password or recovery key," she said. "Despite repeated and diligent searches, I have not been able to find them written down anywhere."
The company has hired tech experts in an attempt to hack into Cotten's laptop and other devices to retrieve the missing cryptocurrencies, but Robertson warned that at least some of them "may be lost."Quadriga, which is based in Vancouver, also owes about 70 million Canadian dollars ($53 million) in cash that it's unable to pay back, she said, citing difficulties accessing funds through the traditional banking system.The Nova Scotia court appointed financial services firm Ernst & Young as an independent monitor that will oversee Quadriga's efforts to resolve its financial problems.The Canadian High Commission in New Delhi told CNN that it was aware of Cotten's death and had "provided consular assistance," but declined to reveal further details.While the case is unusual, it isn't the first time the cryptocurrency industry has been hit by security concerns. Hundreds of millions of dollars' worth of digital currencies have been stolen by hackers over the past few years. The spectacular boom and bust in the prices of bitcoin and other cryptocurrencies have presented a quandary for governments around the world, which have taken differing approaches in trying to regulate their use.

Janet DiGiacomo, Jethro Mullen, Sugam Pokharel and Ahiza Garcia contributed to this report.

Last edited on Thu Feb 7th, 2019 07:03 pm by Big Garea Fan

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