TuscanyTile2 Posted November 12, 2022 Share Posted November 12, 2022 On 11/11/2022 at 7:03 AM, Biggs said: If my portfolio goes up or down my net worth goes up and down. Beckham took a horrendous beating. If he actually bought back at a lower price he would have taken a bigger beating. There’s nothing wrong with having a small percentage of investments in a high risk assets with no future earnings. It’s dumb to have a major investment in it and average down your cost when it’s a falling knife. If you’re regularly rebalancing you might average down by adding if you still wanted to maintain the small percentage of a high risk assets in your portfolio. If you haven’t lost so much net worth that you could no longer finance your lifestyle. Bitcoin price like all risk assets does terribly in an inflationary environment when reserve banks are pulling liquidity out. They will likely hit bottom when reserve banks are again adding liquidity or the market perceives the will add again soon to fight deflation. That’s when investors will be looking toward risk assets to get returns again. Bitcoin supposedly a hedge against inflation has been routed during a period of extremely high inflation. That’s because the story ignored the fact that reserve banks would actually destroy liquidity in the system to fight it. I agree with your general sentiment here. I just think you're showing BTC way too much respect by calling it a "risk asset". I don't even see how it's an asset. It's just a mirage that people have bought into. The fact that BTC is still worth almost $17K per coin is absolutely ludicrous to me. It's also a sign of the collective insanity going on in the world right now. That being said, if you want to gamble on the "greater fool theory" then by all means do. Just be able to handle potentially losing your entire "investment". Fwiw, I've gambled a small amount of money in crypto myself (and I'm way down). Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 8 minutes ago, TuscanyTile2 said: Lol. Yeah "incompetent". Sure. Call it what you like. When you transfer billions to a sister company in the name of helping them out without thinking this isn't your money really, I would call that incompetent. 1 Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 Just now, More Cowbell said: Call it what you like. When you transfer billions to a sister company in the name of helping them out without thinking this isn't your money really, I would call that incompetent. Was Madoff incompetent? 1 Quote Link to comment Share on other sites More sharing options...
Popular Post The Crusher Posted November 12, 2022 Popular Post Share Posted November 12, 2022 3 minutes ago, TuscanyTile2 said: I agree with your general sentiment here. I just think you're showing BTC way too much respect by calling it a "risk asset". I don't even see how it's an asset. It's just a mirage that people have bought into. The fact that BTC is still worth almost $17K per coin is absolutely ludicrous to me. It's also a sign of the collective insanity going on in the world right now. That being said, if you want to gamble on the "greater fool theory" then by all means do. Just be able to handle potentially losing your entire "investment". Fwiw, I've gambled a small amount of money in crypto myself (and I'm way down). That’s why I invest the bulk of my wealth in groceries. 4 4 Quote Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted November 12, 2022 Share Posted November 12, 2022 1 minute ago, Matt39 said: Was Madoff incompetent? Couldn't have summed it up any better than this. Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 1 minute ago, Matt39 said: Was Madoff incompetent? No, Madoff was a thief. From what I read, this wasn't a ponzi scheme, it's what happens when you trust a bunch of kids to run a multi billion dollar company. Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 3 minutes ago, More Cowbell said: Call it what you like. When you transfer billions to a sister company in the name of helping them out without thinking this isn't your money really, I would call that incompetent. 3 Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 Just now, More Cowbell said: No, Madoff was a thief. From what I read, this wasn't a ponzi scheme, it's what happens when you trust a bunch of kids to run a multi billion dollar company. No he was stealing lol. Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 2 minutes ago, TuscanyTile2 said: Couldn't have summed it up any better than this. Theranos. I mean it’s fraud. Plain and simple. 1 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 2 minutes ago, Matt39 said: No he was stealing lol. Well he did a pretty bad job of it seeing how he in now bankrupt. Quote Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted November 12, 2022 Share Posted November 12, 2022 Just now, Matt39 said: Theranos. I mean it’s fraud. Plain and simple. I think if there was a way to see what was really going on, people would be blown away by how much fraud there is in the financial system. I still remember this article from 2016. https://abcnews.go.com/US/bernie-madoff-sleuth-harry-markopolos-warns-ponzi-scams/story?id=36578436 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 2 minutes ago, TuscanyTile2 said: I think if there was a way to see what was really going on, people would be blown away by how much fraud there is in the financial system. I still remember this article from 2016. https://abcnews.go.com/US/bernie-madoff-sleuth-harry-markopolos-warns-ponzi-scams/story?id=36578436 Ok, but this wasn't a ponzi scheme, this was massive stupidity. Quote Link to comment Share on other sites More sharing options...
VJphillyfan Posted November 12, 2022 Share Posted November 12, 2022 5 minutes ago, TuscanyTile2 said: I think if there was a way to see what was really going on, people would be blown away by how much fraud there is in the financial system. I still remember this article from 2016. https://abcnews.go.com/US/bernie-madoff-sleuth-harry-markopolos-warns-ponzi-scams/story?id=36578436 1 Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 6 minutes ago, More Cowbell said: Ok, but this wasn't a ponzi scheme, this was massive stupidity. Lol. 1 Quote Link to comment Share on other sites More sharing options...
VJphillyfan Posted November 12, 2022 Share Posted November 12, 2022 8 minutes ago, More Cowbell said: Ok, but this wasn't a ponzi scheme, this was massive stupidity. All this crypto crap is a ponzi 3 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 Just now, Matt39 said: Lol. That still doesn't constitute a ponzi scheme. What Madoff did was give false statements to show huge profits to clients so they will invest more money which he used to enrich himself. He then moved the money around to pay people who wanted withdrawals or actually coned investors into giving him money to pay off other investors. That isn't what happened here. This was just really bad business. One thing we probably both agree on though is, Sam should be sent to prison for what he did. Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 Just now, More Cowbell said: That still doesn't constitute a ponzi scheme. What Madoff did was give false statements to show huge profits to clients so they will invest more money which he used to enrich himself. He then moved the money around to pay people who wanted withdrawals or actually coned investors into giving him money to pay off other investors. That isn't what happened here. This was just really bad business. One thing we probably both agree on though is, Sam should be sent to prison for what he did. You seem to be confusing con artist with bad business. 2 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 4 minutes ago, VJphillyfan said: All this crypto crap is a ponzi Look, I am not a crypto guy. I can't value it so I have never invested. To me it's pure gambling like buying puts and calls. 1 Quote Link to comment Share on other sites More sharing options...
More Cowbell Posted November 12, 2022 Author Share Posted November 12, 2022 2 minutes ago, Matt39 said: You seem to be confusing con artist with bad business. Honestly, I don't think you are following the story. If he did what you think he would have been arrested by now. Quote Link to comment Share on other sites More sharing options...
VJphillyfan Posted November 12, 2022 Share Posted November 12, 2022 22 minutes ago, More Cowbell said: Look, I am not a crypto guy. I can't value it so I have never invested. To me it's pure gambling like buying puts and calls. Reeks of .com and ARM mortgages going people making $8 an hour 1 Quote Link to comment Share on other sites More sharing options...
Matt39 Posted November 12, 2022 Share Posted November 12, 2022 23 minutes ago, More Cowbell said: Honestly, I don't think you are following the story. If he did what you think he would have been arrested by now. He’s friends with the big guy I think. 1 Quote Link to comment Share on other sites More sharing options...
T0mShane Posted November 12, 2022 Share Posted November 12, 2022 A few years ago one of my coworkers started telling everyone about some crypto he had “found” online that turned $500 into $14k in a week. Bonfire, it was called. Long story short, you couldn’t even buy that sh*t directly from CoinBase or the major exchanges and when you tried to find information about who was running Bonfire, it was basically a pack of unnamed dudes from Latvia or some sh*t. Half the dudes in my company lost thousands when Bonfire pulled the rug out. Cool story, Tom. 3 Quote Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted November 12, 2022 Share Posted November 12, 2022 34 minutes ago, Matt39 said: He’s friends with the big guy I think. 1 Quote Link to comment Share on other sites More sharing options...
Biggs Posted November 12, 2022 Share Posted November 12, 2022 1 hour ago, TuscanyTile2 said: I agree with your general sentiment here. I just think you're showing BTC way too much respect by calling it a "risk asset". I don't even see how it's an asset. It's just a mirage that people have bought into. The fact that BTC is still worth almost $17K per coin is absolutely ludicrous to me. It's also a sign of the collective insanity going on in the world right now. That being said, if you want to gamble on the "greater fool theory" then by all means do. Just be able to handle potentially losing your entire "investment". Fwiw, I've gambled a small amount of money in crypto myself (and I'm way down). Well said. I’m showing respect to high risk assets and Bitcoin investors. I think as an asset class it’s less valuable than dog sh*t which in a pinch can be used as a fertilizer. 1 Quote Link to comment Share on other sites More sharing options...
static14 Posted November 12, 2022 Share Posted November 12, 2022 Ultimately it's karma for Brady for pushing his "immunity booster" vitamin crap during a pandemic. And before anyone cries foul, science is as political as math. It doesn't give a f&*#k what you believe. I lost a family member to covid (as I'm sure some other folks here did as well) so I have no sympathy for garbage that cashes in on fear and misinformation. 2 Quote Link to comment Share on other sites More sharing options...
VJphillyfan Posted November 12, 2022 Share Posted November 12, 2022 3 minutes ago, static14 said: Ultimately it's karma for Brady for pushing his "immunity booster" vitamin crap during a pandemic. And before anyone cries foul, science is as political as math. It doesn't give a f&*#k what you believe. I lost a family member to covid (as I'm sure some other folks here did as well) so I have no sympathy for garbage that cashes in on fear and misinformation. 3 Quote Link to comment Share on other sites More sharing options...
Larz Posted November 12, 2022 Share Posted November 12, 2022 Be like Larry Quote Link to comment Share on other sites More sharing options...
Larz Posted November 12, 2022 Share Posted November 12, 2022 2 hours ago, VJphillyfan said: All this crypto crap is a ponzi Quote Link to comment Share on other sites More sharing options...
Larz Posted November 12, 2022 Share Posted November 12, 2022 2 hours ago, More Cowbell said: No, Madoff was a thief. From what I read, this wasn't a ponzi scheme, it's what happens when you trust a bunch of kids to run a multi billion dollar company. Crypto isn’t a ponzi because there is no fake revenue stream. It’s value is determined by trading. FTX was an exchange, not a currency so it’s even further away from being a Ponzi scheme Quote Link to comment Share on other sites More sharing options...
Beerfish Posted November 12, 2022 Share Posted November 12, 2022 15 minutes ago, Larz said: Crypto isn’t a ponzi because there is no fake revenue stream. It’s value is determined by trading. FTX was an exchange, not a currency so it’s even further away from being a Ponzi scheme imo 'just trading' is fake revenue. You give money, it produces nothing You just hope someone else buys some and the next guy buys some so your stake goes up in value. Quote Link to comment Share on other sites More sharing options...
TokyoJetsFan Posted November 12, 2022 Share Posted November 12, 2022 Never invest in anything that you don’t understand. Buffet never fully grasped tech stocks so they are mostly absent from his portfolio. At the very least your investment should be able to show how its profitable (EPS,OP, EBIT, etc.). Not saying crypto is a ponzi scheme, but it’s pretty close. Lots of FOMO (fear of missing out) investing. It’s like the Dutch Tulip bubble in the 1600s, except those people at least got Tulips in the end. 1 Quote Link to comment Share on other sites More sharing options...
clayton163v Posted November 13, 2022 Share Posted November 13, 2022 https://en.wikipedia.org/wiki/Gregor_MacGregor Nothing new here. My favorite of this type. I also recommend Voltaire's Candide. Funny, instructive and short. Quote Link to comment Share on other sites More sharing options...
JoeNamathsFurCoat Posted November 13, 2022 Share Posted November 13, 2022 This aged well I’m sure everyone who got suckered into FTX is grateful, Tommy 1 Quote Link to comment Share on other sites More sharing options...
Barry McCockinner Posted November 13, 2022 Share Posted November 13, 2022 3 hours ago, Larz said: Crypto isn’t a ponzi because there is no fake revenue stream. It’s value is determined by trading. FTX was an exchange, not a currency so it’s even further away from being a Ponzi scheme FTX actually had it's own token though. So they basically created some fake horse crap token out of thin air and used it a a reserve. Stay away from any exchange that has it's own token *cough* binance *cough* bitcoin, not crypto people who call bitcoin a ponzi understand neither bitcoin nor what a ponzi scheme is. I agree w/you on that. Stay away from anything that isn't bitcoin though - they're all a scam and you will lose long term. I can see people make short term gains if they get out quickly but it's all a scam. ETH included. Quote Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted November 13, 2022 Share Posted November 13, 2022 5 hours ago, VJphillyfan said: Horse semen? Maybe try turning off mainstream news. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.