Who was the crypto guy on the board?
- Thread starter Shmuley
- Start date
I thought I was the only guy who lost money on crypto. I dipped my toe in pretty late in the boom, but fortunately it was just 1 toe.
I keep on buying dips. Still looks good long term.
There were a few. I think Wagstaff was the leader of the group with his "Probably Nothing" posts. Haven't seen him since baseball season though.
I get sweaty palms when I think about how close I was to opening a Celsius account.
You’re one of the few that will admit to losing money on crypto. But you’re definitely not the only one who lost. At least you didn’t get hurt bad.
My positions are down(I’ve technically lost money) but I’m in it for the long term. And, I only buy ethereum.
Buying the dips relies on a very big assumption. That the price will rebound. Buying WorldCom or Enron on the dips didn’t turn out to be a good strategy.
I’m not the crypto guy touting anything. I think it’s wise to diversify and only have 5% of my assets in Ethereum. Wish I had balls to put more in. Check back in 5 years.
Probably no urgency. Supply of ethereum is starting to decrease, but it’s gonna take a while.
I just found it funny to see the comment 'still looks good long term'. Like...why?
- its a currency, not an investment.
- its a popular currency for NFTs...which has plummeted faster than crypto.
It could close out '22 at $500 or $4000. There is simply no actual educated reason to say one way or the other.
Things like inflation reports, recent mid-terms, the strength of the US dollar vs global currencies, and whatever the Fed has in store of us all are all impact drivers for how the price will be in 3 months and 3 years. How anyone can take all those unknowns in and say 'still looks good long term' is confusing. It doesnt look good or bad long term to me. Its a complete guess.
I am not claiming it will continue to drop. I am not claiming its bad to buy right now. I am saying its just a guess and to suggest the long term outlook is good means you either know something that nobody else knows, or worse, you mistake gambled hope for actual fundamentally sound investing.
For the record, I think its cool you are willing to discuss something like this. I think very few would be so willing and accepting. As you point out, its a small % of your investing and so I do see it as- why not try? Thats awesome and such calculated risk will hopefully be rewarded.
I agree with you. But the price of Ethereum ,at this moment, after the “crash” is
Everything you say is correct. Every financial advisor I have said don’t touch crypto. They also said not to touch Ford when it was hovering around 7 bucks or somewhere close. Said the same about American Airlines during COVID. Said the same about INSYS. I invested heavily in all three of those, lost my *** in INSYS but more than made up for it with the other two. Didn’t know the massive opioid lawsuits were coming and didn’t foresee MJ becoming legal this quickly. But that’s the point. It’s a gamble and this isn’t money I need for retirement or to pay the mortgage. I was able to purchase an apartment complex because of these gamble investments…now the rent is skyrocketing and I’m in a good spot. Now, I’m using this “gamble” money to try to get a vacation home before I’m 40.
As for crypto, I ignored it until I had lunch with a close friend. This friend started a tech company in college and has more money now than I’ll ever make in my lifetime. You could probably guess one of his partners who was the figurehead. The thought process is certainly not my own. This was before the crash last year. We were talking about gold…but he then started talking to me about ethereum. He understands it’s intrinsic value (I don’t) and understood where the developers are taking it (I still don’t). Said to stay away from Bitcoin. Thinks Ethereum will be worth more in a decade.
It was around 2k at the time and that’s where I am (a little lower cause I’ve been making some purchases when it dropped under 1k). That’s it. I trust the guy, he has the tech knowledge to back it up, and is way more invested in it (even asset percentage wise) than I am. My friend could be completely wrong, but if he is half right, I’ll be thrilled. If he is wrong, I’ll write it off somewhere down the road.
You have multiple financial advisers? Suck on that, Fishwater.
I know Cameron Lawrence did, and if he had a financial advisor that was worth a ****, he exchanged it all for American dollars as soon as humanly possible.
I think you are right. Has he posted at all since the decline? I can't recall if he chimed in on sports related things or not. Hopefully not too much of his portfolio was at risk or he took enough profit earlier to weather this.
Once he convinced enough SPSers to buy in, he CASHED OUT! You'll never hear from him again. Mwha-ha-ha-ha!
Probably no time - financial gurus like that hump it 80 hours a week at Goldman Sa...ah, I mean Golden Corral.
He hung around through baseball season when it first hit the $18k level. Wagstaff was a solid baseball poster.
I feel for anyone that has had more than 5-10% portfolio allocation into crypto. This FTX debacle is going to run off all of the institutional money for many years.
Pension and retirement plans will probably ban investment allocation into crypto and the government bureaucrats are coming with pitchforks to get some hides.
The FTX guy Sam Bankman-Fried was basically held in the same regard for crypto as Jamie Dimon is for banking. This deal is not like Lehman (they were just stupid), its Enron and WorldCom with a splash of Madoff. Bro is going to jail for what he did.
If you have money on exchanges holding crypto I'd either pull out the USD or put the crypto into cold storage if you're a true believer. Unlike banks there are no backstops and FTX was the 3rd largest exchange in the world and it went up in smoke overnight.
Stay frosty.
I’m wondering how this is affected by the Central Bank Digital Currency that is to operate alongside the US dollar? Will Etherium be the solution to people with low social credit scores that result in low funds from a dystopian government like the Chinese are doing? Of course this is an anonymous friend who posted this, not me.
It pains me when the crypto bros run through their talking points like store of value, inflation hedge, use case, etc. I’d hate for my store of value to drop from $68,000 to $15,000 in a year; same for my inflation hedge. As far as a use case, that’s laughable as well. No one trusts crypto, and Screech set that potential to trust back years. Crypto trades like a micro/small cap tech stock. It’s impacted by the same macro economic factors that they are and the bros that think it’s anything different at this point are delusional.
I also find it funny that most people who pound the table on crypto have so little actual money in it. I’d hardly want to take investment advice from someone that turned $5k into 20k and then back into $5k.
I also find it funny that most people who pound the table on crypto have so little actual money in it. I’d hardly want to take investment advice from someone that turned $5k into 20k and then back into $5k.
Looks to me Tom has downgraded his standards on his women by that photo.
It's looking pretty bad in crypto world. Much of the gains over the last 2 were created by leveraged traders using these stablecoins that appears were created out of thin air as collateral. The biggest of which is Tether.
Turns out the Chief Compliance Officers for Tether and FTX were together as Chief Compliance Officers for Ultimate Bet and it's holding comping Excapsa... If you don't remember, Ultimate Bet was the online poker company that let their premium users see the other players cards during the games. Legit crooks with a history of corruption are the compliance officers for FTX, which has already been busted and Tether.
Article Here
When concerns were raised over this stuff in the past Bitcoin maximalists call it FUD. But that argument can no longer be made. I'd be really concerned.
Turns out the Chief Compliance Officers for Tether and FTX were together as Chief Compliance Officers for Ultimate Bet and it's holding comping Excapsa... If you don't remember, Ultimate Bet was the online poker company that let their premium users see the other players cards during the games. Legit crooks with a history of corruption are the compliance officers for FTX, which has already been busted and Tether.
Article Here
When concerns were raised over this stuff in the past Bitcoin maximalists call it FUD. But that argument can no longer be made. I'd be really concerned.
I'm gonna bet Tom did not know that ***** was using the company for his own personal playground.
If I don’t understand it, I don’t invest. A lot of what some people call investing is just high stakes gambling albeit done in a way that looks more businesslike than dropping everything on black.
What little I’ve got, I hold on a Trezor, NOT on an exchange and it still makes me nervous. According to this article, there could be more and bigger trouble ahead:
www.revolver.news
FTX on Steroids: Is "Tether" the Biden World's Crypto BCCI? - Revolver News
Is crypto's entire infrastructure perpetuated and kept alive because unseen cabals have decided its survival is more useful than its demise?
www.revolver.news
"Professional Athletes" arent known for their investment strategies. Multiple articles out there touting how many of them are broke w/in a few years of leaving the game.
As it turns out, all the people who told me I just don’t understand it were wrong. Turns out I understood it pretty well.
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