Why the Crypto Collapse Matters
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CAJUNLAWYER
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If you will remember that rampant land speculation caused the loss of the wonderful Parker Reproduction shotgun-they sold the factory to a golf course builder!!
As far as day trading from your home computer-you'd stand a better chance playing poker
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Sounds similar to the Joe Kennedy (JFK's daddy) "Shoeshine Boy" story. Supposedly he was getting his shoes shinned and the shoeshine boy was giving him stock tips. He went to the office and shorted the market into the '29 crash and established the Kennedy fortune.
I've had this happen to me. During the tech stock craze in 1999/2000 one of the salespeople I worked with was telling me about some stock she bought. It was Akamai Technologies. I asked her what they did. She said "I don't know, but they are a real good company!".
Uh-oh. I walked down the hall to the scheduling office and asked my friend how his (often talked about) tech stock was doing. He said he had made so much off of it he could pay for both his girls college with the profits. I told him don't be a pig, bank it. He did. A month later everything fell apart.
Saleslady rode Akamai down some 90%, certain it would come back. The two girls finished college debt-free.
I had never played the tech stocks. My large-cap value stocks all rode through the tech-bust just fine. I did lighten up a bit.
I no longer buy individual stocks. I still have a few but I've been selling them off and transferring the money to a mutual fund. I feel the need to simplify the account so when I'm no longer around it's easier to manage. I'm more of a 40/60 guy than a 60/40.
Reminds me of two sayings: "Pigs get fed, hogs get slaughtered" and "Nobody ever went broke taking a profit."
If you dont understand it, dont invest!!!
LoboGunLeather
US Veteran
During most of the 1980s I was a fraud and forgery investigator for a major state agency. This was pre-internet days, paper documents were still in use, shoe leather and interview skills were still necessary in my business. Fake identities and bogus credentials were fairly common, but not impossible to figure out.
In today's financial world I am a lost puppy hoping someone will lead me home safely. I have a fairly good knowledge of stocks, bonds, mutual funds, and other typical investment media, but I rely on trusted and experienced people to manage my investments (with my involvement and approvals, of course). Now in retirement, our risk tolerance is near zero so we are concentrating on capital preservation and income generation more so than growth in values.
The whole crypto craze has happened without my participation. I don't understand it. I don't trust it. Ponzi and Madoff probably would have been leaders in the industry if given half a chance. Very little regulatory control or official interest, mostly speculation and blind hope.
A target-rich environment for criminals.
In today's financial world I am a lost puppy hoping someone will lead me home safely. I have a fairly good knowledge of stocks, bonds, mutual funds, and other typical investment media, but I rely on trusted and experienced people to manage my investments (with my involvement and approvals, of course). Now in retirement, our risk tolerance is near zero so we are concentrating on capital preservation and income generation more so than growth in values.
The whole crypto craze has happened without my participation. I don't understand it. I don't trust it. Ponzi and Madoff probably would have been leaders in the industry if given half a chance. Very little regulatory control or official interest, mostly speculation and blind hope.
A target-rich environment for criminals.
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To be fair, the current scandal is less about crypto itself and more about an unregulated business run by incompetent managers that mishandled customer funds.
But it has tainted the entire sector. Look at all the knowledgeable people and firms that missed the problems at FTX. That's what's astounding. I don't think crypto is going anywhere. I use Fidelity for brokerage and even they are ramping up their own crypto exchange.
But it has tainted the entire sector. Look at all the knowledgeable people and firms that missed the problems at FTX. That's what's astounding. I don't think crypto is going anywhere. I use Fidelity for brokerage and even they are ramping up their own crypto exchange.
Bitcoins are way too scary for me.
I found a sure thing. A Nigerian Prince needs help getting all his money
out of hock.
I found a sure thing. A Nigerian Prince needs help getting all his money
out of hock.
DWalt
Member
I have been reading up on the FTX situation. It defies description. I spent a half hour laughing at all of the idiocy. And the idiots who believed it. John Ray’s statement sums it up, but there is much, much more. See: Exec who cleaned up Enron calls FTX mess '''unprecedented''' - ABC News
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On wall street it's "The bulls make money, the bears make money, and the pigs get slaughtered."
Add to that Kenny Rogers sung "You got to know when to hold them and when to fold them"!
johnjohn
Member
When I first heard of bit coin as explained by the talking heads. I thought to myself "this is B.S. if I ever heard it, I need to stay clear of it". For once in my life I was right.
Again I say, if I can't put it in my Crown Royal bag I'm not interested.
The mention of blockchain makes me chuckle. About ten years ago everywhere you looked there were articles about how within a year blockchain was going to so radically transform the world that unless you immediately became a blockchain expert you'd wind up homeless, destitute and alone. Kind of like the "mindfulness" fad/hype/grift a few years ago. And don't forget that nanotechnology was going to replace breathing.
IronSkillet
Member
...time to start filling another bag,
NY-Fed is initiating a 12-week digital dollar pilot program. Makes me wonder if they look at Crypto and want to get in on the "action".
NY-Fed is initiating a 12-week digital dollar pilot program. Makes me wonder if they look at Crypto and want to get in on the "action".
An entire investment sector built on a Ponzi scheme grows due to hype and more participants.
Contributions (bribes) are then paid to avoid any oversight.
This is what you get.
Who benefited from these 'contributions?'
Contributions (bribes) are then paid to avoid any oversight.
This is what you get.
Who benefited from these 'contributions?'
THE PILGRIM
Member
Crypto ? A Carnival Freak Show!
Here’s the Main Event - Can the new BRICS reserve currency compete with the US dollar? - FTMO(R).
If - When they replace the Dollar as the basis of International trade, like Oil , Gold, etc,
We will be in Deep Kimchi!
Here’s the Main Event - Can the new BRICS reserve currency compete with the US dollar? - FTMO(R).
If - When they replace the Dollar as the basis of International trade, like Oil , Gold, etc,
We will be in Deep Kimchi!
My financial advisor long ago said to avoid Bitcoin and the rest like the plague. So far he's been dead on with all his recommendations and suggestions.
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