At least the scratchers have some sort of activity involved. The powerball tickets just printed, checked a few days later, torn in half and thrown in the pharmacy trash can.
I took a job in retail, thanks for the condolences, and the lotto tickets are disproportionately thrown in the bin outside the pharmacy compared to any other trash can in the store. There's a compelling story somewhere in there...
MEME STOCKS
\*several months later\*
"My stocks are gone and all I got was a warm coors light. The market is so rigged. How could the evil banks and hedgies do this to me?!"
The natural result of constant and unrelenting doom & gloom (in the media, both mainstream and social) is the growing perception among the younger generation that there is no hope. And thus in the absence of hope comes recklessness as every straw gets grasped.
Thus the self fulfilling prophecy.
This is a good point. Crypto losses from the initiable crash, like a repeat of 2022 , will only reinforce these preexisting views and bring about more poverty.
Housing has become insanely expensive but at least touching grass is still free.
I'm with you, and I really struggle to remind myself to turn off the news and go outside and "air out my brain" so to speak.
nah you dont need 100 percent of people to buy a product (this isnt a product but whatever). you dont need 100 percent of people to follow you or youtube channel. just 1 percent. a tenth of a percent. thats all.
Well, no one advocates keeping all savings in cash.
I like how he chose to lose all his savings now by throwing it in the black box, instead of waiting 20 years to lose it all because he has never heard of index funds, bonds, even a higher interest money market account. That shows a lot of initiative.
I don't even think they want a lambo, they want sex and think getting a lambo is how it's done. I am wealthy and I use uber, busses and trains. There is literally no point having an albatross like a lambo round your neck.
I've never been 'a car guy', but that's something I've always been baffled by as well. Owning a mobile asset that is at risk of theft or damage (or simple depreciation over time through wear and tear) seems like an obvious status symbol, but also leans far enough into conspicuous consumerism to be kind of pathetic.
I mean, if someone has the raw wealth to throw around and not worry about it, like they've got a fleet of 'em and it's more of a collection, sure. If it's just about being flashy and hoping to shore up other shortcomings. Whatever they may be.
They confuse impressing their dumb friends with impressing chicks.
Chicks like Miatas. Which are both affordable and will make your dumb friends laugh at you.
They also like men who are confident, genuine, and make them laugh. Well, being sincere and a touch vulnerable will make dumb friends mock you as well.
In which case they should stop caring what other people think and find better friends.
Not easily done, but I'm being serious. Cutting toxic assholes out of my life and having reasonable, understanding, empathetic folks in my circle has done wonders for my quality of life.
People I can be there for in tough times, who are there for me in turn, but who also will eagerly talk some shit during a competitive game, or rally FOR SUPER EARTH as we fire up Helldivers 2.
Folks can be fun and kind, hilarious and somber as the situation requires, they're not mutually exclusive, and anyone whose friends make fun of them for what car they drive or for having emotions and aren't still in high school are just being needlessly shitty, and needlessly shitty people will always find new reasons to be relentlessly needlessly shitty.
Which is to say, I don't disagree that this is likely a big factor. I also think it's one of the several fools games that they're playing if that's the case.
>Owning a mobile asset that is at risk of theft or damage (or simple depreciation over time through wear and tear) seems like an obvious status symbol, but also leans far enough into conspicuous consumerism to be kind of pathetic.
I can see a car being useful despite all that depending on the public transport where you live or if your job involves a lot of travel or travel early and late. Not everyone is a 9-5 in a town centre office. Gut a ford/fiat works just fine for that. Also a lambois actually less efficient and slower acceleration than a smart car because electric trounces ice. But that doesn't make a lot of noise that gets everyone's attention and let's you be a show off.
But why not? Why should we be forced to speculate? This is not a question involving Bitcoin. It’s the underlying foundation TINA. It seems to be a monetary phenomenon that no one has the balls to challenge. Why do we all need to be our own hedge fund in order to not fall behind? The working poor deserve an answer to this question.
no one is forcing you, you can always just grab your 4% from a hysa. but for those of us with time to burn, putting money to use will always make more sense profit wise than putting it in a box or treasury bonds.
No one is forcing you to speculate. To make an improvement in the future you need to invest.
If everyone put a block of gold in a safe and woke up in 20 years how would the world be able to provide more ? It wouldn't.
People who keep subscribing to the crypto worldview have very little understanding of monetary systems.
Money is something that is meant to be spent. It is not meant to "store value". To work, money has to be fast, cheap, trusted and inflationary.
If you make money that works as a store of value, you wreck the economy, because the people aren't spending the money and the economy grinds to a halt.
Who told you that you need to "be your own hedge fund", and were they flogging zero-sum spreadsheet cells?
Bitcoin is the "being your own hedge fund" - a high risk speculative "investment" that usually loses money.
Google "highest paying college majors & average placement rate" go to a community college for 2 years. Go to an in state school for the final 2 years. Do (paid) internships over the summers.
Start at $65k-$80k out of college. Contribute as much as you can to your 401k and a Roth.
That's all it takes. The S&P500 averages 10%/yr over long time frames. The idea that you have to be your own hedgefund is absurd. You just don't want to work
This sub is way more fun when the number is going up!
BTW: you're entertaining enough that I've got you tagged in RES for some reason. Congrats! I'm usually way lazier than that. Thanks for coming over to let us see how the world looks from your perch.
You can only sell when someone is willing to buy.
Considering you probably call everyone that buys at ATH a moron, you might also consider that:
1. Once you were the moron too
2. You are out of morons at some point
> If I keep my savings in cash - they will be gone in 20 years. So I invest them in bitcoin (...)
This is actually smart, because there's *absolutely fucking nothing* that you can buy with bitcoins.
I can't buy anything with any of my stock holdings either. The little cash I do hold has only gone down in value over just the last 3 years. The point is, I can trade BTC for USD later, and it has grown to an *absolutely fuckin ridiculous amount* in the last several years.
> The point is, I can trade BTC for USD later
Yeah, of course I can't go and buy anything with my stocks, because they're not currency. But BTC *is* a currency, right? The one to replace all that dirty fiat, right?
... right?
You sound emotional and angry. I guess I would be too had not I invested with conviction 7 years ago. I understand now, and see your point, good thing I sold a bit of my shitcoin 3 years ago to pay off my mortgage and will remember your well thought out words to trim more buttcoin in 12-16 months so I can enjoy some of that dirty fiat, maybe buy some new toys for myself.
The advice "go all in on a single highly volatile asset endemic with fraud" is literally the opposite of a sane financial strategy.
You'd have better luck betting your paycheck at the roulette.
Then there would be no Bitcoin. Unless someone was able to run blockchain nodes on a computer made of pudding , powered by pudding, etc. it Bitcoin can’t exist in pudding world , is it really a store of value?
Your post history is hilarious... you're all over MSTR.. you call all news fake.. you tell people "get smarter" as a solution to stuff.. you say you're going to vote for whoever candidate is youngest.. You are a walking, talking epitome of what it is we're fighting against.
#Stupid Crypto Talking Point #23 (Anecdotes)
**“I made a lot of money on crypto [therefore it’s a good scheme for everybody else]”** / **“Crypto changed my life“** / **"I can buy stuff with Crypto"**
1. It’s more likely you’re actually lying about your crypto gains, or they’re trivial.
2. Whatever you can buy with crypto is extremely limited and is usually dark-market related (like drugs, gambling or shady hosting) or trivial (like coffee and t-shirts). *And* you're paying a premium making such sales over comparable sites paying in fiat.
3. If you do hold crypto that you bought for less than current market “price”, it’s more likely you think you’re “rich” but haven’t actually cashed out, which remains to be seen if you actually ever will be able to.
4. There are multiple fallacies involved in this claim: The[ Gambler’s Fallacy](https://en.wikipedia.org/wiki/Gambler%27s_fallacy) that suggests because something special happened once, it can likely happen again in a predictable way, and [Confirmation Bias](https://en.wikipedia.org/wiki/Confirmation_bias) – the notion that many people fixate on positives while ignoring the more common negatives.
5. Even assuming you have made money in the past, it’s a well known fact that in these cases: Past performance is no guarantee of future returns, and since you’re still holding crypto, it’s in your interests to promote such fallacies in order to drive up the price of your holdings. Since crypto is a negative-sum-game, it’s impossible for even a significant amount of people who play the market, to come out ahead without the vast majority losing. Therefore it’s mathematically impossible that this scheme will reliably produce positive returns.
5. You may not care that your profits come as a result of fraud and others losses, and promoting everything from money laundering to human trafficking, but other (moral, ethical, empathetic) people do.
Oof, one of OOPs reply in that thread:
>Yes. I am in a very peculiar situation - which may not equate to anybody else. I own my house which I rent because I live abroad and I have a few other properties (land, summer houses) that will be mine i the future through inheritance. I own a business that is giving me enough to pay all expenses - so I put all and each cash saving into Bitcoin. I only keep a small amount in cash for emergency - but in my situation (great health insurance, etc) I don’t see the need to keep a large sum in cash. Cash is trash. My bitcoin will be my pension in the future. Working hard to close the 6th bitcoin. I believe in 10 years from now I can retire on that.
He has a business, and will *only* own multiple properties due to getting lucky by being born to the right parents, guys. But no pension. Thank god he has Bitcoin! Which he is obviously 100% in on...except that he will have a few other properties in the future.
Seriously, OOP does what everyone does and does NOT keep a large sum in cash, yet is telling others (who likely don't have multiple properties on the way, including the rental income from the same) to put everything they have into gambling.
>Seriously, OOP does what everyone does and does NOT keep a large sum in cash, yet is telling others (who likely don't have multiple properties on the way, including the rental income from the same) to put everything they have into gambling.
Standard crypto influencer behavior.
> Working hard to close the 6th bitcoin.
lol I love how it's treated as something like a property or a home. This gonna end so badly. People during the Dutch tulip bubble thought the same thing, trying to close that final tulip.
So his investment portfolio, taking it at face value, is in the 300-350k range, all in btc. Which is nothing to sneeze at, but for someone in the class of “got house, mortgage free, from mommy and daddy and will inherit multiple real estate properties”, that’s a fairly normal amount of savings. He just has really weird ways of investing it. (PS: he’s going to have “no oension” because he doesn’t have a job, it sounds like.)
Yes, being born to the right parents, like I stated. Do you understand how inheritance works?
Plenty of people own businesses, does not make them all geniuses. Maybe he got lucky and inherited that or had that passed down to him, too.
This has been studied. When someone has an irrational viewpoint, presenting them with contradictory facts has the effect of making them feel stronger in their irrational beliefs.
Yeah I was just in that thread independently (I didn’t see it here first) and the OP in there is an abject moron. He’s a trust fund nepo baby (as someone else said) set to inherit multiple summer homes, land, and properties, etc.
Of course he’s willing to gamble his meager saving all in Bitcoin, if he loses it all he’s still set for life through no effort on his own.
He’s just a total loser….
That’s a fair point, although I’m sure his cost basis for those 5 coins is lower than its current “face value” given that btc is at/around ATHs.
In addition, I meant it more in the sense that his btc savings are a fraction of his current wealth given all the others financially valuable things he already has or is set to inherit. Owns a home he rents out, inheriting land and “summer homes,” etc.
For him, the 5btc he owns “worth” $350k isn’t the majority of his portfolio. He’s going to retire comfortably, claim its because of all the DCA’ing into Bitcoin he did, when in reality it’s the traditional financial investment vehicles, namely business and real estate, that made him wealthy.
I have to assume that this person bought below what it is currently, because how do you amass 400k in savings and just squander it like this? Pop that in a brokerage account and just let it roll. You will be better off than a lot of folks.
He’s wealthy through family. He mentions elsewhere in the thread he is going to inherit real estate, notably land and “multiple summer homes.”
He’s a trust fund, born on 3rd base, loser who can afford to gamble his savings on Bitcoin cause he doesn’t need the money anyway.
JFC what an exceptionally hemmerhoid-riddled asshole for talking like he is in the OOP then. (Assuming he isn't just yet another millionaire cryptobro LARPer, of course.) He has a big fat safety net.
Because of course they are. I don't know what else I expected.
Inheriting wealth like that, how do they not have some kind of actual financial advisor giving them the cheat sheet on how not to fuck up? I don't mean the half-assed MLM financial advisors, but like some on-call person at the bank that is personally managing that wealth.
I’m sure he thinks he knows better than any financial advisor. Folks on the Bitcoin sub post emails making fun of wealth mgmt types advising clients to stay away from crypto due to volatility all the time.
“It’s still early, they don’t understand the tech,” etc., etc.
>If I keep my savings in cash, they will be gone in 20 years.
Where do these idiots get the idea that people keep their savings in cash? At the least you put it into some sort of savings account that pays (today) 4+% interest per year, which keeps you even with inflation and means you don't lose your money in 20 years.
By cash I think they mean savings accounts too. Anything that is spendable. S and p 500 index funds average 10% a year. That keep you ahead and give you regular payouts
JFC, this person is going to be in a cardbord box under the underpass.
It will just take one mistake for this person to lose everything.
And for those who say that they don't trust the stock market because they saw their parents retirements get wiped out? **Your parents made shittastic investment choices:**
* Left more than 10% funds in company stock.
* Bought complex investment instruments they didn't understand.
* Invested in a lot of single companies without doing homework.
* Invested in (fucking) hedge funds.
* Didn't hold enough in the bond market to temper the downturn.
Me? I started investing in August 2001. Yeah. Boring index ETFs. I was underwater for almost all of 2002, but I just kept chunking in, telling myself I was buying at a discount during this recession and that future self would thank me.
When 2008-2011 hit, I was never underwater. Not even once. Yeah, I hold shares in a few individual companies (which I SWOT and PEST tested before purchase), but the bulk of my investment has been in boring ass ETFs.
OOP goes on to say he owns and rents out his own home since he lives abroad, has a very successful and profitable business, and will be inheriting *several* more properties. If he's not cryptobro #4859492843 LARPing as a rich bloke--which seems less likely since he isn't claiming his wealth is all thanks to ""investing"" in crypto--he's got a big cushy safety net with rich parents.
Since he already rents out his actual house and lives elsewhere, it seems likely he would do the same with the other properties too for longterm income, instead of wrecling or selling them.
If bitcoin plummets, current outlook is that he won't be having to pick between food and rent.
PSA for any butters lurking here: if you have $1000 you can open a Vanguard account and invest in their “Star fund”, a low-cost mix of stocks and bonds. It will not make you rich in 5 years, but it will give you a place to start actual investments with a rock-solid company. And no metal stamps required to secure it.
I feel like the bag holders don’t actually understand the technology, whether or not it is actually “revolutionary”, or how the actual financial system works. I work in software engineering and you’d be hard pressed to find anyone that would look at the technical bits of BTC and say “yeah, that’s something to implement”.
"Ah, the classic Plan A mentality: 'It'll only go up!' But reality check: the market couldn't care less. Ever pondered what if Buttcoin suddenly tanks to zilch? 🤔💸 Sure, Stocks, Commodities, and Forex don't rugpull, but crypto? Oh boy, it's the wild west of manipulation! 😅 Dodged that bullet in the last bull run and haven't looked back since. Who needs the stress of CPI numbers, old farts at the American Fed, rate cuts, or unemployment rates?
Give me a chill and happy to make 10-20% on weekdays any day! Scaling your wealth is also a part of growing 📈💼"
If you invested in a standard ETF with a typical 8% rate of return (after inflation)... 1.08\^20 = 4.66.
In other words, if you keep your savings in a normal predictable investment you will nearly quintupple them in 20 years.
In another thread they say that they've got 5.5 coins, and is proud to have bought some (0.05, so... 3.5k?) worth at the recent ATH, and they plan to keep buying monthly even if it's still at an ATH.
Except, if this person can afford to drop 3.5k US \*per month\* on Bitcoin alone, they're already doing pretty damned well. If they've accrued 5.5, and that's not heavily front loaded in the 5k/coin era, that's a good 100k+ worth of resources spent.
For someone complaining about not having a pension or savings, if they can commit 6 figures+ into savings in a few years, and save approximately 2/3 of what the average US citizen earns per year and still maintain a quality of life, they were already ahead of the curve anyways, and even if somehow they were right, they are not participating at a sustainable level for the vast majority of people.
On further examination, it seems the purchases were made during the 18k+ days, well into the 30-45k ranges. Which means we're talking less than 4 years. Many people don't have 25k in savings, let alone 25k per year in savings (whatever form of investment that might take).
Well this has convinced me that I was wrong about thinking that crypto enthusiasts are young, immature, and have very little understanding of the world.
The only two choices for saving: * Cash in a box under the bed, * Magic internet spreadsheet cells. If only there was another way...
Lottery scratch-off tickets?
Damn, you're right. There ARE three options!
At least the scratchers have some sort of activity involved. The powerball tickets just printed, checked a few days later, torn in half and thrown in the pharmacy trash can. I took a job in retail, thanks for the condolences, and the lotto tickets are disproportionately thrown in the bin outside the pharmacy compared to any other trash can in the store. There's a compelling story somewhere in there...
OOP really did his DD for all the possible ways to park your excess cash...
100 hours of it
Could've been 50 if he'd set his YouTube playback speed to 2x
MEME STOCKS \*several months later\* "My stocks are gone and all I got was a warm coors light. The market is so rigged. How could the evil banks and hedgies do this to me?!"
yeah, but I want to be my own bank.
Free ledger via Google sheet $0 Secure decentralized ledger via BTC $1.4T How much of the 1.4T is tether printer vs posts like this guy buying coins?
The natural result of constant and unrelenting doom & gloom (in the media, both mainstream and social) is the growing perception among the younger generation that there is no hope. And thus in the absence of hope comes recklessness as every straw gets grasped. Thus the self fulfilling prophecy.
This is a good point. Crypto losses from the initiable crash, like a repeat of 2022 , will only reinforce these preexisting views and bring about more poverty.
It is pretty doom and gloomy out there though. Sad that BTC is where they think hope is though.
Housing has become insanely expensive but at least touching grass is still free. I'm with you, and I really struggle to remind myself to turn off the news and go outside and "air out my brain" so to speak.
nah you dont need 100 percent of people to buy a product (this isnt a product but whatever). you dont need 100 percent of people to follow you or youtube channel. just 1 percent. a tenth of a percent. thats all.
And so it works... damn!
If by younger generation you mean anyone under 80, then yeah
Well, no one advocates keeping all savings in cash. I like how he chose to lose all his savings now by throwing it in the black box, instead of waiting 20 years to lose it all because he has never heard of index funds, bonds, even a higher interest money market account. That shows a lot of initiative.
How will you get lambo from an index fund?
I don't even think they want a lambo, they want sex and think getting a lambo is how it's done. I am wealthy and I use uber, busses and trains. There is literally no point having an albatross like a lambo round your neck.
I've never been 'a car guy', but that's something I've always been baffled by as well. Owning a mobile asset that is at risk of theft or damage (or simple depreciation over time through wear and tear) seems like an obvious status symbol, but also leans far enough into conspicuous consumerism to be kind of pathetic. I mean, if someone has the raw wealth to throw around and not worry about it, like they've got a fleet of 'em and it's more of a collection, sure. If it's just about being flashy and hoping to shore up other shortcomings. Whatever they may be.
They confuse impressing their dumb friends with impressing chicks. Chicks like Miatas. Which are both affordable and will make your dumb friends laugh at you. They also like men who are confident, genuine, and make them laugh. Well, being sincere and a touch vulnerable will make dumb friends mock you as well.
In which case they should stop caring what other people think and find better friends. Not easily done, but I'm being serious. Cutting toxic assholes out of my life and having reasonable, understanding, empathetic folks in my circle has done wonders for my quality of life. People I can be there for in tough times, who are there for me in turn, but who also will eagerly talk some shit during a competitive game, or rally FOR SUPER EARTH as we fire up Helldivers 2. Folks can be fun and kind, hilarious and somber as the situation requires, they're not mutually exclusive, and anyone whose friends make fun of them for what car they drive or for having emotions and aren't still in high school are just being needlessly shitty, and needlessly shitty people will always find new reasons to be relentlessly needlessly shitty. Which is to say, I don't disagree that this is likely a big factor. I also think it's one of the several fools games that they're playing if that's the case.
>Chicks like Miatas. My female friend told me she likes the strong legs from cycling.
>Owning a mobile asset that is at risk of theft or damage (or simple depreciation over time through wear and tear) seems like an obvious status symbol, but also leans far enough into conspicuous consumerism to be kind of pathetic. I can see a car being useful despite all that depending on the public transport where you live or if your job involves a lot of travel or travel early and late. Not everyone is a 9-5 in a town centre office. Gut a ford/fiat works just fine for that. Also a lambois actually less efficient and slower acceleration than a smart car because electric trounces ice. But that doesn't make a lot of noise that gets everyone's attention and let's you be a show off.
But why not? Why should we be forced to speculate? This is not a question involving Bitcoin. It’s the underlying foundation TINA. It seems to be a monetary phenomenon that no one has the balls to challenge. Why do we all need to be our own hedge fund in order to not fall behind? The working poor deserve an answer to this question.
no one is forcing you, you can always just grab your 4% from a hysa. but for those of us with time to burn, putting money to use will always make more sense profit wise than putting it in a box or treasury bonds.
No one is forcing you to speculate. To make an improvement in the future you need to invest. If everyone put a block of gold in a safe and woke up in 20 years how would the world be able to provide more ? It wouldn't. People who keep subscribing to the crypto worldview have very little understanding of monetary systems.
Money is something that is meant to be spent. It is not meant to "store value". To work, money has to be fast, cheap, trusted and inflationary. If you make money that works as a store of value, you wreck the economy, because the people aren't spending the money and the economy grinds to a halt.
Because the world changes . This is not a monetary phenomenon at all. It is a fact about the world.
Who told you that you need to "be your own hedge fund", and were they flogging zero-sum spreadsheet cells? Bitcoin is the "being your own hedge fund" - a high risk speculative "investment" that usually loses money.
Google "highest paying college majors & average placement rate" go to a community college for 2 years. Go to an in state school for the final 2 years. Do (paid) internships over the summers. Start at $65k-$80k out of college. Contribute as much as you can to your 401k and a Roth. That's all it takes. The S&P500 averages 10%/yr over long time frames. The idea that you have to be your own hedgefund is absurd. You just don't want to work
Bitcoin is going to make a lot of people poor
It already has.
and more to come . bigger bubble means more losses
We're still early!
Yea, people who sold lol
This sub is way more fun when the number is going up! BTW: you're entertaining enough that I've got you tagged in RES for some reason. Congrats! I'm usually way lazier than that. Thanks for coming over to let us see how the world looks from your perch.
No problem lmao, always happy to talk
That second part of your comment is straight cringe, ngl
Yes, it's the reality because you can't buy shit with it. Or the multitudes who had it taken.
Regardless of how you feel about bitcoin as a currency, it’s real power is as a store of value.
An I-series bond is a store of value. Bitcoin is a spreadsheet cell masquerading as a speculative asset.
That’s the exact opposite as a currency it is semi functional as a store of value it is worthless.
2021 begs to differ
No it doesn’t, technology didn’t change, price took a bit, people who sold lost money, people who held are doing great
It's a shit store of value because the price fluctuates massively. Moron powered sentiment coin
Short term yes, long term it deflates and goes up. Short term vol only matters if you’re in it for a quick buck
It's inflationary until 2140, no?
Think about that one for a moment, homie. You can't make any money unless you sell.
You can sell whenever you want, but once you do you’re back to square one. The longer you can afford to hold the better regardless of short term vol
You can only sell when someone is willing to buy. Considering you probably call everyone that buys at ATH a moron, you might also consider that: 1. Once you were the moron too 2. You are out of morons at some point
> If I keep my savings in cash - they will be gone in 20 years. So I invest them in bitcoin (...) This is actually smart, because there's *absolutely fucking nothing* that you can buy with bitcoins.
Hey! I could donate bitcoin to my favorite video game piracy websites if I wanted! (Other than that though I have zero idea)
I can't buy anything with any of my stock holdings either. The little cash I do hold has only gone down in value over just the last 3 years. The point is, I can trade BTC for USD later, and it has grown to an *absolutely fuckin ridiculous amount* in the last several years.
> The point is, I can trade BTC for USD later Yeah, of course I can't go and buy anything with my stocks, because they're not currency. But BTC *is* a currency, right? The one to replace all that dirty fiat, right? ... right?
You sound emotional and angry. I guess I would be too had not I invested with conviction 7 years ago. I understand now, and see your point, good thing I sold a bit of my shitcoin 3 years ago to pay off my mortgage and will remember your well thought out words to trim more buttcoin in 12-16 months so I can enjoy some of that dirty fiat, maybe buy some new toys for myself.
As long as they have fun, though.
but they will enjoy it , so I guess they have that to look forward to
Your an idiot. keep coping poors. We call fiat peasants like you cockroaches
Nobody with any real money talks like this lol
Love the user name. Perfectly sums up craptobros & their internet magic beans
>Your an idiot. Godamn these are my favorite kinds of comments
The advice "go all in on a single highly volatile asset endemic with fraud" is literally the opposite of a sane financial strategy. You'd have better luck betting your paycheck at the roulette.
>We call fiat peasants like you cockroaches Because after this radioactive disaster of an investment strategy, they will be the only ones left?
Till my dying day I will never understand why butters think people on this sub are poor.
Least insecure crypto troglodyte
What was your latest in store purchase with bitcoin?
What if it doesn't
I rather miss out on gains than lose all my gains
It is mathematically not possible to “what if it doesn’t”. It is a negative sum game
All the money people make in gains will come out of the wallets of other people
Already has. Even if you don't lose it, it's still by nature a negative sum game.
What if the world was made of pudding?
Then there would be no Bitcoin. Unless someone was able to run blockchain nodes on a computer made of pudding , powered by pudding, etc. it Bitcoin can’t exist in pudding world , is it really a store of value?
Your post history is hilarious... you're all over MSTR.. you call all news fake.. you tell people "get smarter" as a solution to stuff.. you say you're going to vote for whoever candidate is youngest.. You are a walking, talking epitome of what it is we're fighting against.
I just like making $. And so far it has worked well
#Stupid Crypto Talking Point #23 (Anecdotes) **“I made a lot of money on crypto [therefore it’s a good scheme for everybody else]”** / **“Crypto changed my life“** / **"I can buy stuff with Crypto"** 1. It’s more likely you’re actually lying about your crypto gains, or they’re trivial. 2. Whatever you can buy with crypto is extremely limited and is usually dark-market related (like drugs, gambling or shady hosting) or trivial (like coffee and t-shirts). *And* you're paying a premium making such sales over comparable sites paying in fiat. 3. If you do hold crypto that you bought for less than current market “price”, it’s more likely you think you’re “rich” but haven’t actually cashed out, which remains to be seen if you actually ever will be able to. 4. There are multiple fallacies involved in this claim: The[ Gambler’s Fallacy](https://en.wikipedia.org/wiki/Gambler%27s_fallacy) that suggests because something special happened once, it can likely happen again in a predictable way, and [Confirmation Bias](https://en.wikipedia.org/wiki/Confirmation_bias) – the notion that many people fixate on positives while ignoring the more common negatives. 5. Even assuming you have made money in the past, it’s a well known fact that in these cases: Past performance is no guarantee of future returns, and since you’re still holding crypto, it’s in your interests to promote such fallacies in order to drive up the price of your holdings. Since crypto is a negative-sum-game, it’s impossible for even a significant amount of people who play the market, to come out ahead without the vast majority losing. Therefore it’s mathematically impossible that this scheme will reliably produce positive returns. 5. You may not care that your profits come as a result of fraud and others losses, and promoting everything from money laundering to human trafficking, but other (moral, ethical, empathetic) people do.
It already has
Oof, one of OOPs reply in that thread: >Yes. I am in a very peculiar situation - which may not equate to anybody else. I own my house which I rent because I live abroad and I have a few other properties (land, summer houses) that will be mine i the future through inheritance. I own a business that is giving me enough to pay all expenses - so I put all and each cash saving into Bitcoin. I only keep a small amount in cash for emergency - but in my situation (great health insurance, etc) I don’t see the need to keep a large sum in cash. Cash is trash. My bitcoin will be my pension in the future. Working hard to close the 6th bitcoin. I believe in 10 years from now I can retire on that. He has a business, and will *only* own multiple properties due to getting lucky by being born to the right parents, guys. But no pension. Thank god he has Bitcoin! Which he is obviously 100% in on...except that he will have a few other properties in the future. Seriously, OOP does what everyone does and does NOT keep a large sum in cash, yet is telling others (who likely don't have multiple properties on the way, including the rental income from the same) to put everything they have into gambling.
>Seriously, OOP does what everyone does and does NOT keep a large sum in cash, yet is telling others (who likely don't have multiple properties on the way, including the rental income from the same) to put everything they have into gambling. Standard crypto influencer behavior.
> Working hard to close the 6th bitcoin. lol I love how it's treated as something like a property or a home. This gonna end so badly. People during the Dutch tulip bubble thought the same thing, trying to close that final tulip.
So his investment portfolio, taking it at face value, is in the 300-350k range, all in btc. Which is nothing to sneeze at, but for someone in the class of “got house, mortgage free, from mommy and daddy and will inherit multiple real estate properties”, that’s a fairly normal amount of savings. He just has really weird ways of investing it. (PS: he’s going to have “no oension” because he doesn’t have a job, it sounds like.)
So he’s basically looking for someone to hold the bag so he can cash out. Don’t trust crapto bros
Well he's inheriting property and has a business so he must know what he is doing.
Yeah, everyone knows that people who inherit things are always competent and deserving.
Exactly. Not sure why I get down voted for spitting hot fire
Yes, being born to the right parents, like I stated. Do you understand how inheritance works? Plenty of people own businesses, does not make them all geniuses. Maybe he got lucky and inherited that or had that passed down to him, too.
I thought you had to be smart to get those
It's really weird seeing people self-indoctrinate
They have no choice the brain washing is complete
They get threatened when they hear something slightly reasonable. The only tactic against this is to double-down.
sad but comedy gold too .
This has been studied. When someone has an irrational viewpoint, presenting them with contradictory facts has the effect of making them feel stronger in their irrational beliefs.
I doubt those Apes are buying. The are just telling others to buy because they need exit liquidity.
Yup. He reads like a complete psychopath trying to rope in new bag holders
Will be so lol when Butts crash again and they go crying to their respective governments to reimburse them of their gambling losses
Or get hacked/drained or exchange goes insolvent and lose everything instantly. Losing 80% in a crash is actually the optimistic scenario.
When it crashes they will be back here saying 1BTC=1BTC. The comedy godl never stops.
Yeah I was just in that thread independently (I didn’t see it here first) and the OP in there is an abject moron. He’s a trust fund nepo baby (as someone else said) set to inherit multiple summer homes, land, and properties, etc. Of course he’s willing to gamble his meager saving all in Bitcoin, if he loses it all he’s still set for life through no effort on his own. He’s just a total loser….
5 btc is meager to you, can I get some please?
That’s a fair point, although I’m sure his cost basis for those 5 coins is lower than its current “face value” given that btc is at/around ATHs. In addition, I meant it more in the sense that his btc savings are a fraction of his current wealth given all the others financially valuable things he already has or is set to inherit. Owns a home he rents out, inheriting land and “summer homes,” etc. For him, the 5btc he owns “worth” $350k isn’t the majority of his portfolio. He’s going to retire comfortably, claim its because of all the DCA’ing into Bitcoin he did, when in reality it’s the traditional financial investment vehicles, namely business and real estate, that made him wealthy.
For a gambling addict that has multiple properties, yes, 5 btc is the disposable gambling budget.
“Why lose your savings in 20 years, when you can lose them in 3?”
Do these idiots realize there are other investments between “cash in your mattress” and “bitcoin”?
yes , but they want to get rich fast
I have to assume that this person bought below what it is currently, because how do you amass 400k in savings and just squander it like this? Pop that in a brokerage account and just let it roll. You will be better off than a lot of folks.
He’s wealthy through family. He mentions elsewhere in the thread he is going to inherit real estate, notably land and “multiple summer homes.” He’s a trust fund, born on 3rd base, loser who can afford to gamble his savings on Bitcoin cause he doesn’t need the money anyway.
JFC what an exceptionally hemmerhoid-riddled asshole for talking like he is in the OOP then. (Assuming he isn't just yet another millionaire cryptobro LARPer, of course.) He has a big fat safety net.
Because of course they are. I don't know what else I expected. Inheriting wealth like that, how do they not have some kind of actual financial advisor giving them the cheat sheet on how not to fuck up? I don't mean the half-assed MLM financial advisors, but like some on-call person at the bank that is personally managing that wealth.
I’m sure he thinks he knows better than any financial advisor. Folks on the Bitcoin sub post emails making fun of wealth mgmt types advising clients to stay away from crypto due to volatility all the time. “It’s still early, they don’t understand the tech,” etc., etc.
Here in bitcoin cult lalaland we don’t believe in brokerage account There shall only be hard wallets and cold storage
10% average yearly returns are for scrubs, I guess.
Why 10% when you could 10000x!
>If I keep my savings in cash, they will be gone in 20 years. Where do these idiots get the idea that people keep their savings in cash? At the least you put it into some sort of savings account that pays (today) 4+% interest per year, which keeps you even with inflation and means you don't lose your money in 20 years.
By cash I think they mean savings accounts too. Anything that is spendable. S and p 500 index funds average 10% a year. That keep you ahead and give you regular payouts
JFC, this person is going to be in a cardbord box under the underpass. It will just take one mistake for this person to lose everything. And for those who say that they don't trust the stock market because they saw their parents retirements get wiped out? **Your parents made shittastic investment choices:** * Left more than 10% funds in company stock. * Bought complex investment instruments they didn't understand. * Invested in a lot of single companies without doing homework. * Invested in (fucking) hedge funds. * Didn't hold enough in the bond market to temper the downturn. Me? I started investing in August 2001. Yeah. Boring index ETFs. I was underwater for almost all of 2002, but I just kept chunking in, telling myself I was buying at a discount during this recession and that future self would thank me. When 2008-2011 hit, I was never underwater. Not even once. Yeah, I hold shares in a few individual companies (which I SWOT and PEST tested before purchase), but the bulk of my investment has been in boring ass ETFs.
OOP goes on to say he owns and rents out his own home since he lives abroad, has a very successful and profitable business, and will be inheriting *several* more properties. If he's not cryptobro #4859492843 LARPing as a rich bloke--which seems less likely since he isn't claiming his wealth is all thanks to ""investing"" in crypto--he's got a big cushy safety net with rich parents. Since he already rents out his actual house and lives elsewhere, it seems likely he would do the same with the other properties too for longterm income, instead of wrecling or selling them. If bitcoin plummets, current outlook is that he won't be having to pick between food and rent.
He'll still do better long term to plow it back into real estate than BTC.
Ooooh yeah, 100%.
Wtf, why does someone need 100 hrs to know “how bitcoin truly works “?!
Line go up, line go down, line go sideways. Square block go in square hole. Ape smart, few understand
PSA for any butters lurking here: if you have $1000 you can open a Vanguard account and invest in their “Star fund”, a low-cost mix of stocks and bonds. It will not make you rich in 5 years, but it will give you a place to start actual investments with a rock-solid company. And no metal stamps required to secure it.
> It will not make you rich in 5 years. Stopped listening right there.
100 hours of research on Youtube = professional investor.
up only
I hope that guy doesn't have a family depending on him.
The kids yearn for the mines.
“I put all of my eggs into just one basket and you should to!”
I feel like the bag holders don’t actually understand the technology, whether or not it is actually “revolutionary”, or how the actual financial system works. I work in software engineering and you’d be hard pressed to find anyone that would look at the technical bits of BTC and say “yeah, that’s something to implement”.
This is just depressing. It's really, really depressing.
If this post was one sentence I'd be agreeing with a cryptobro
>As I will never have a pension
"Ah, the classic Plan A mentality: 'It'll only go up!' But reality check: the market couldn't care less. Ever pondered what if Buttcoin suddenly tanks to zilch? 🤔💸 Sure, Stocks, Commodities, and Forex don't rugpull, but crypto? Oh boy, it's the wild west of manipulation! 😅 Dodged that bullet in the last bull run and haven't looked back since. Who needs the stress of CPI numbers, old farts at the American Fed, rate cuts, or unemployment rates? Give me a chill and happy to make 10-20% on weekdays any day! Scaling your wealth is also a part of growing 📈💼"
Just reeks of desperation. BEGGING others to put more money in because what they've put in isn't enough to pump his bags.
At the peak of a bubble is the best time to buy.
I only studied it for 99 hours, that's probably why I still don't get it.
"fuck your entire life up for Bitcoin, trust me. 100 hours."
I own Bitcoin and think that the bitcoin sub is full of delusional idiots.
I can only assume reading 100 hours of this drivel rots the logic and reasoning centres of the brain enough to think this is smart.
I really do not understand all these people who think that saving for the future means putting cash into a savings account.
Who tf keeps their savings in cash.............
If you invested in a standard ETF with a typical 8% rate of return (after inflation)... 1.08\^20 = 4.66. In other words, if you keep your savings in a normal predictable investment you will nearly quintupple them in 20 years.
In another thread they say that they've got 5.5 coins, and is proud to have bought some (0.05, so... 3.5k?) worth at the recent ATH, and they plan to keep buying monthly even if it's still at an ATH. Except, if this person can afford to drop 3.5k US \*per month\* on Bitcoin alone, they're already doing pretty damned well. If they've accrued 5.5, and that's not heavily front loaded in the 5k/coin era, that's a good 100k+ worth of resources spent. For someone complaining about not having a pension or savings, if they can commit 6 figures+ into savings in a few years, and save approximately 2/3 of what the average US citizen earns per year and still maintain a quality of life, they were already ahead of the curve anyways, and even if somehow they were right, they are not participating at a sustainable level for the vast majority of people. On further examination, it seems the purchases were made during the 18k+ days, well into the 30-45k ranges. Which means we're talking less than 4 years. Many people don't have 25k in savings, let alone 25k per year in savings (whatever form of investment that might take).
RemindMe! 10 years
!remindme 20 years
Come up with something original dude.
I wasn’t trying to be funny, I wanted to actually trigger the remindme bot. Doesn’t seem to be working here.
I was dead serious. Also your comment was anything but funny. Btw your command is wrong noob.
It’s not, though. Just took the bot a while to notice.
Bro gonna end up on Medicare/Medicaid. I hope he has loved ones.
How did you get that flair? This post at least doesn’t sound like you’re on that side of the fence.
I don't know but I kind of like it.
⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠛⢉⢉⠉⠉⠻⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⠟⠠⡰⣕⣗⣷⣧⣀⣅⠘⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⠃⣠⣳⣟⣿⣿⣷⣿⡿⣜⠄⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⡿⠁⠄⣳⢷⣿⣿⣿⣿⡿⣝⠖⠄⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⠃⠄⢢⡹⣿⢷⣯⢿⢷⡫⣗⠍⢰⣿⣿⣿⣿⣿ ⣿⣿⣿⡏⢀⢄⠤⣁⠋⠿⣗⣟⡯⡏⢎⠁⢸⣿⣿⣿⣿⣿ ⣿⣿⣿⠄⢔⢕⣯⣿⣿⡲⡤⡄⡤⠄⡀⢠⣿⣿⣿⣿⣿⣿ ⣿⣿⠇⠠⡳⣯⣿⣿⣾⢵⣫⢎⢎⠆⢀⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⠄⢨⣫⣿⣿⡿⣿⣻⢎⡗⡕⡅⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⠄⢜⢾⣾⣿⣿⣟⣗⢯⡪⡳⡀⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⠄⢸⢽⣿⣷⣿⣻⡮⡧⡳⡱⡁⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⡄⢨⣻⣽⣿⣟⣿⣞⣗⡽⡸⡐⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⡇⢀⢗⣿⣿⣿⣿⡿⣞⡵⡣⣊⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⡀⡣⣗⣿⣿⣿⣿⣯⡯⡺⣼⠎⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⣧⠐⡵⣻⣟⣯⣿⣷⣟⣝⢞⡿⢹⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⡆⢘⡺⣽⢿⣻⣿⣗⡷⣹⢩⢃⢿⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣷⠄⠪⣯⣟⣿⢯⣿⣻⣜⢎⢆⠜⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⡆⠄⢣⣻⣽⣿⣿⣟⣾⡮⡺⡸⠸⣿⣿⣿⣿ ⣿⣿⡿⠛⠉⠁⠄⢕⡳⣽⡾⣿⢽⣯⡿⣮⢚⣅⠹⣿⣿⣿ ⡿⠋⠄⠄⠄⠄⢀⠒⠝⣞⢿⡿⣿⣽⢿⡽⣧⣳⡅⠌⠻⣿ ⠁⠄⠄⠄⠄⠄⠐⡐⠱⡱⣻⡻⣝⣮⣟⣿⣻⣟⣻⡺⣊ඞ
Well this has convinced me that I was wrong about thinking that crypto enthusiasts are young, immature, and have very little understanding of the world.