Where are the bitcoin lovers now?

wifehunter

wifehunter

Master Don Juan
Joined
Dec 6, 2015
Messages
5,192
Reaction score
3,319
Age
50
Location
Hoe County, California
B

BackInTheGame78

Moderator
Joined
Sep 10, 2014
Messages
14,533
Reaction score
15,641
Imagine how much he could have made if he bought a bunch at 6K back then instead of trash talking it hahaha
 
P

PRW63

Master Don Juan
Joined
Feb 5, 2020
Messages
637
Reaction score
522
Age
61
Location
Illinois within driving distance of St Louis, Mo
J

jaygreenb

Master Don Juan
Joined
Jul 24, 2012
Messages
1,119
Reaction score
559
PRW63 said:
I'd be more concerned about what someone who has to be careful with their money would do.
Click to expand...
Not sure what this means. Like who? Miller is one of the greatest investors of our generation, would follow him over someone who doesn't have the experience.
 
P

PRW63

Master Don Juan
Joined
Feb 5, 2020
Messages
637
Reaction score
522
Age
61
Location
Illinois within driving distance of St Louis, Mo
jaygreenb said:
Not sure what this means. Like who? Miller is one of the greatest investors of our generation, would follow him over someone who doesn't have the experience.
Click to expand...
Filthy rich guys can make all the stupid reckless trades they want because they are still filthy rich even if the whole trade goes bad and they have enough money to make up for it on the next trade. Anyone who dumps 50% of their net-worth on one position (particularly "crypto") is just stupid and reckless. Having money doesn't make you smart it just makes you dangerous. But even if he loses the whole 50% he still has billions to work with the make it back up.

A "normal" guy has to be smart about their trades because they can lose their whole life savings and never be able to recover. They have to be smart about it. I do Options trading and had to go through the training to be certified with my broker before I did it so that I actually know what I am doing. I could have my entire account wiped out in about 20 minutes if I don't know what I am doing.

Crypto isn't even "real", it is just numbers in a computer that can be wiped out by a keystroke or a wide spread data loss (by accident or on purpose or by a war). Fiat currency has it's obvious problems too, but crypto is even worse.

That article comes from one of the gazzillion ad-ridden popup-farm "finacial web-media" sites out there. There is always an agenda. They all know from the last time Musk lipped off about Bitcoin that it plunged massively in one day. They know all it takes is for some big name guy to do something or say something and all the Dumb Money will go into a frenzy following them. So with crypto having a hard time lately,...if they can tell everyone that some big name guy just put a bunch into crypto then they might trigger a feeding frenzy from the Dumb Money which could pump up the price and rescue the current crypto investors who are deeply in the red right now. If it can get them back in the green then they dump it and move to something else,...while the Dumb Money will end up being a mix of some winners and a bunch of losers when the hysteria wears off in a few days or weeks.
 
Last edited:
J

jaygreenb

Master Don Juan
Joined
Jul 24, 2012
Messages
1,119
Reaction score
559
PRW63 said:
Filthy rich guys can make all the stupid reckless trades they want because they are still filthy rich even if the whole trade goes bad and they have enough money to make up for it on the next trade. Anyone who dumps 50% of their net-worth on one position (particularly "crypto") is just stupid and reckless. Having money doesn't make you smart it just makes you dangerous. But even if he loses the whole 50% he still has billions to work with the make it back up.

A "normal" guy has to be smart about their trades because they can lose their whole life savings and never be able to recover. They have to be smart about it. I do Options trading and had to go through the training to be certified with my broker before I did it so that I actually know what I am doing. I could have my entire account wiped out in about 20 minutes if I don't know what I am doing.

Crypto isn't even "real", it is just numbers in a computer that can be wiped out by a keystroke or a wide spread data loss (by accident or on purpose or by a war). Fiat currency has it's obvious problems too, but crypto is even worse.

That article comes from one of the gazzillion ad-ridden popup-farm "finacial web-media" sites out there. There is always an agenda. They all know from the last time Musk lipped off about Bitcoin that it plunged massively in one day. They know all it takes is for some big name guy to do something or say something and all the Dumb Money will go into a frenzy following them. So with crypto having a hard time lately,...if they can tell everyone that some big name guy just put a bunch into crypto then they might trigger a feeding frenzy from the Dumb Money which could pump up the price and rescue the current crypto investors who are deeply in the red right now. If it can get them back in the green then they dump it and move to something else,...while the Dumb Money will end up being a mix of some winners and a bunch of losers when the hysteria wears off in a few days or weeks.
Click to expand...
Couple things here, obviously you did not listen to the interview. He didn't start out as 50%, he started buying at $200 and that position was much smaller percentage initially. It has performed so well comparatively it ballooned into a large position. This has happened to many people in this space who have been involved a decent amount of time, myself included. He had a similar experience with Amazon and Netflix and sold off positions way too early. It is not smart to cut your winners, especially technology that get a hold of network effects. I do agree though, when you hit certain levels of net worth is does give you the freedom to go farther out the risk curve. That isn't a bad thing. The greatest returns come from concentrated high conviction plays that you can ride out the volatility. Wealth is made though concentration and kept through diversification.

Taking financial advice from a "normal" guy is typically a recipe for disaster. If they knew what they were doing they wouldn't be normal over an extended period of time. If you want to be a good investor it is wise to take useful information from guys who have excelled and apply aspects to your own strategy. Seems a little hypocritical when you are talking about risk management and you are doing options trading. I would say that carries a lot more risk than say just dollar cost averaging into bitcoin.

Would love to hear some actual arguments with any depth on why crypto isn't "real". If you actually look at the metrics, it is the fastest adopted technology in history, including the internet. If you understand it, you really can't compare bitcoin to the rest of crypto. Agree that a lot retail in dog coins and the majority of other ones will get wrecked at some point. There will also be some massive winners too though. This is going to happen though as a new emerging tech is growing, similar to the internet in the 90s.
 
S

SargeMaximus

Master Don Juan
Joined
Dec 14, 2020
Messages
3,928
Reaction score
1,980
Age
36
jaygreenb said:
Couple things here, obviously you did not listen to the interview. He didn't start out as 50%, he started buying at $200 and that position was much smaller percentage initially. It has performed so well comparatively it ballooned into a large position. This has happened to many people in this space who have been involved a decent amount of time, myself included. He had a similar experience with Amazon and Netflix and sold off positions way too early. It is not smart to cut your winners, especially technology that get a hold of network effects. I do agree though, when you hit certain levels of net worth is does give you the freedom to go farther out the risk curve. That isn't a bad thing. The greatest returns come from concentrated high conviction plays that you can ride out the volatility. Wealth is made though concentration and kept through diversification.

Taking financial advice from a "normal" guy is typically a recipe for disaster. If they knew what they were doing they wouldn't be normal over an extended period of time. If you want to be a good investor it is wise to take useful information from guys who have excelled and apply aspects to your own strategy. Seems a little hypocritical when you are talking about risk management and you are doing options trading. I would say that carries a lot more risk than say just dollar cost averaging into bitcoin.

Would love to hear some actual arguments with any depth on why crypto isn't "real". If you actually look at the metrics, it is the fastest adopted technology in history, including the internet. If you understand it, you really can't compare bitcoin to the rest of crypto. Agree that a lot retail in dog coins and the majority of other ones will get wrecked at some point. There will also be some massive winners too though. This is going to happen though as a new emerging tech is growing, similar to the internet in the 90s.
Click to expand...
my own position on why crypto isnt real is that it’s digital for starters. So literally not real except on computers. And if the net goes down or you are cut off from your internet access, it won’t do you any good. Yes I am aware that can be applied to money in my bank account, hence why I have physical gold and silver.
 
J

jaygreenb

Master Don Juan
Joined
Jul 24, 2012
Messages
1,119
Reaction score
559
SargeMaximus said:
my own position on why crypto isnt real is that it’s digital for starters. So literally not real except on computers. And if the net goes down or you are cut off from your internet access, it won’t do you any good. Yes I am aware that can be applied to money in my bank account, hence why I have physical gold and silver.
Click to expand...
The world is moving into digital, if you don't think software and tech networks have value because you can't physically touch it, you have bigger problems. I guess it is possible the net goes down forever but I am not planning my investment strategy solely around some extremely unlikely scenario. Just FYI, if the net goes down forever, a lot of investments will not have value including stocks. Do you consider your net argument with those? I own a lot of metals but it is a different play. You can make some extreme unlikely case for any investment including metals. Such as, what if they figure out asteroid mining, metals market would be flooded and would crush values.
 
S

SargeMaximus

Master Don Juan
Joined
Dec 14, 2020
Messages
3,928
Reaction score
1,980
Age
36
jaygreenb said:
The world is moving into digital, if you don't think software and tech networks have value because you can't physically touch it, you have bigger problems. I guess it is possible the net goes down forever but I am not planning my investment strategy solely around some extremely unlikely scenario. Just FYI, if the net goes down forever, a lot of investments will not have value including stocks. Do you consider your net argument with those? I own a lot of metals but it is a different play. You can make some extreme unlikely case for any investment including metals. Such as, what if they figure out asteroid mining, metals market would be flooded and would crush values.
Click to expand...
Asteroid mining won’t give a return on investment worth it. You literally need tones and tonnes of rock before you refine it into ounces of metal. Mines shut down because gas prices get too high but going to space with a rocket to get them will be cheaper? You’re out of your mind
 
J

jaygreenb

Master Don Juan
Joined
Jul 24, 2012
Messages
1,119
Reaction score
559
SargeMaximus said:
Asteroid mining won’t give a return on investment worth it. You literally need tones and tonnes of rock before you refine it into ounces of metal. Mines shut down because gas prices get too high but going to space with a rocket to get them will be cheaper? You’re out of your mind
Click to expand...
Yes, it is absurd and highly unlikely, just like the internet going down forever. That was the point I was making.
 
S

SargeMaximus

Master Don Juan
Joined
Dec 14, 2020
Messages
3,928
Reaction score
1,980
Age
36
jaygreenb said:
Yes, it is absurd and highly unlikely, just like the internet going down forever. That was the point I was making.
Click to expand...
It doesn’t have to go down forever. A few days can be an eternity when you need something. We recently had a water main burst and were without water for 2 days. Things went to **** fast. No water to flush toilettes or take showers. Amazing how much you rely on things.
 
You must log in or register to reply here.
22 Rules for Massive Success With Women
Top