In reply to Antihero (Forum Supporter) :
Crypto is also attracting a lot of people interested in day trading. It's just as easy to lose money and you dont have to worry about pesky regulations and a $25K minimum!
Now we have the east coast gas shortage tanking everything.
In reply to infinitenexus :
Day trading sounds crazy to me, especially with the cost vs reward we are talking that I mentioned.
I mean.......less than a 1 percent gain? How is this good?
In reply to Antihero (Forum Supporter) :
Day trading is, in general, crazy. From what I've read, the majority of people lose money overall when doing it.
But it's been so glorified in movies and that random article you read where a guy made XXX amount of money in one trade, so people want to try it.
Antihero (Forum Supporter) said:In reply to infinitenexus :
Day trading sounds crazy to me, especially with the cost vs reward we are talking that I mentioned.
I mean.......less than a 1 percent gain? How is this good?
If you made 1% on your money every single day, it would be very, very good. (check my math but if you got 1% per day starting with $1 you'd have about $3 billion after 6 years).
Day trading is 'easy' when in general the markets are going up. Remember how everyone was doing it in 1999? And it was easy and free money back then too?
As someone close to the finance side, there's tons of bored old boomers who seemingly day-trade just for something to do and someone to talk over the phones with.
Robbie (Forum Supporter) said:Antihero (Forum Supporter) said:In reply to infinitenexus :
Day trading sounds crazy to me, especially with the cost vs reward we are talking that I mentioned.
I mean.......less than a 1 percent gain? How is this good?
If you made 1% on your money every single day, it would be very, very good. (check my math but if you got 1% per day starting with $1 you'd have about $3 billion after 6 years).
Day trading is 'easy' when in general the markets are going up. Remember how everyone was doing it in 1999? And it was easy and free money back then too?
$1 Billion and $3 Billion both come in year 9, assuming 253 trading days in a year. Year 6 for the first, second, and third million.
Robbie (Forum Supporter) said:Antihero (Forum Supporter) said:In reply to infinitenexus :
Day trading sounds crazy to me, especially with the cost vs reward we are talking that I mentioned.
I mean.......less than a 1 percent gain? How is this good?
If you made 1% on your money every single day, it would be very, very good. (check my math but if you got 1% per day starting with $1 you'd have about $3 billion after 6 years).
Day trading is 'easy' when in general the markets are going up. Remember how everyone was doing it in 1999? And it was easy and free money back then too?
Sure but, after 2 weeks of talking about it......this was the one day that was brought up over and over. I really really really doubt he gained 1 percent every day, it more sounded like that was his big win and most the time it wasn't good.
GIRTHQUAKE said:As someone close to the finance side, there's tons of bored old boomers who seemingly day-trade just for something to do and someone to talk over the phones with.
I think he's one of them.
He has done well by himself but mostly thru happy accidents. He does have some good advice but until recently he would not spend any money at all, even to make more money.
He wanted to find a house to flip. I found him a great one that would have been an easy flip. He got cold feet because it was a 43k house and he was more looking at a 40k house and wanted a Victorian instead of a Craftsman. It was perfect to flip, it needed carpet, paint and some kitchen cabinets.
Someone else bought it and sold the home for 288k one month after buying it, and all that because he didn't want to throw out 3k more. The people that renovated it were a husband and wife and did all the work themselves to give you an idea of how little work was involved
In reply to Antihero (Forum Supporter) :
You should have offered the $3k in exchange for a cut of the profits ...
Slippery said:In reply to Antihero (Forum Supporter) :
You should have offered the $3k in exchange for a cut of the profits ...
I did actually, he still wouldn't go for it. He wanted Victorian and basically wanted to spend no money. He wouldn't consider a mortgage either. It was basically all just excuses though
The idea was I was gonna remodel it for him and get a cut for that. I'm glad I didn't in a way because he's so E36 M3ty with money.
But hey.....I got to rub his nose in it at least
I had an opportunity to flip my old house for mega profit. My wife and I were working on it and made some good progress, but then Covid hit, we both lost our jobs, and had to sell the house quickly to avoid any financial difficulties. We sold it for $125K, which was about a $15K profit including our work. Pretty decent. The person that bought it remodeled the house and sold it for just under $300K about 6 months later. At least they kept our landscaping!
Down 22% today...bad doge-y, bad doge-y.
The other big crypto's are off similar amounts, I'm sorry if you've lost money but I really don't think of these instruments as investing (providing venture capital so companies can grow, hire, increase wages, innovate, and remain competitive in exchange for likely stock value appreciation), they're nearly pure speculation (I'm paying wildly too much but that's OK because there'll be somebody behind me willing to pay even more).
Good luck to all.
In reply to RX Reven' :
I'm sure the news and twittering didn't help it:
In reply to No Time :
That and the five million dollar ransom paid in Bitcoin to not berk up the Colonial pipeline gave regulators "clear and present danger" justification to start clamping down on crypto.
Bitcoin is currently trading 42.7% off it's high of $64,829...still up 26.35% YTD but there's no way to place a realistic valuation on it so there's no support to prop it up.
In other words, what rational mechanism would prevent it from going down another 42.7% from here...crickets
RX Reven' said:In reply to No Time :
That and the five million dollar ransom paid in Bitcoin to not berk up the Colonial pipeline gave regulators "clear and present danger" justification to start clamping down on crypto.
Bitcoin is currently trading 42.7% off it's high of $64,829...still up 26.35% YTD but there's no way to place a realistic valuation on it so there's no support to prop it up.
In other words, what rational mechanism would prevent it from going down another 42.7% from here...crickets
Didn't the group who got the bitcoin ransom ALSO have all their bitcoin stolen right after they got it?
Edit, my point is, if a govt can just jump in and drain your digital wallet (as the US govt appears to have done in this case) - what is the rational mechanism that gives bitcoin ANY value?
Robbie (Forum Supporter) said:RX Reven' said:In reply to No Time :
That and the five million dollar ransom paid in Bitcoin to not berk up the Colonial pipeline gave regulators "clear and present danger" justification to start clamping down on crypto.
Bitcoin is currently trading 42.7% off it's high of $64,829...still up 26.35% YTD but there's no way to place a realistic valuation on it so there's no support to prop it up.
In other words, what rational mechanism would prevent it from going down another 42.7% from here...crickets
Didn't the group who got the bitcoin ransom ALSO have all their bitcoin stolen right after they got it?
I didn't hear about that.
If true, good chance it was orchestrated by some super awesome dark ops team so they'll soon be hearing Blackhawks following by Navy Seals crashing through the windows.
Sing along everybody
"America berk yay..."
Poetic:
Trying to frame crypto in traidtional investing terms and valuations is like trying to fight a 21st century war with 20th century ideas. For crypto to survive, it needs to fight and defeat the urge of centralized government interference/regulation. The chicoms threw down the gauntlet yesterday and the drawback in bitcoin - which drags down the rest of the crypto world - came as a result.
Crypto empowers the individual and thats what makes it powerful and alluring.
FatMongo said:Trying to frame crypto in traidtional investing terms and valuations is like trying to fight a 21st century war with 20th century ideas. For crypto to survive, it needs to fight and defeat the urge of centralized government interference/regulation. The chicoms threw down the gauntlet yesterday and the drawback in bitcoin - which drags down the rest of the crypto world - came as a result.
Crypto empowers the individual and thats what makes it powerful and alluring.
Crypto empowers criminals.
In reply to Snowdoggie (Forum Supporter) :
And it draws money away from productive allocations (investing in companies that provide real goods and services that keep our people employed / country competitive)
And it drives reckless speculation due to FOMO. I respect peoples right to gamble but most will likely lose their shirts and they'll demand redistribution from me when they're all old and broke.
And it's a huge waste of energy...Bitcoin mining alone produces more GHG than American Airlines.
In a deeper, more abstract sense, I think crypto supplants the notion of working hard, living below your means, and investing wisely with "put it all on black and hope for the best"...I just don't think that's a recipe for predictable, sustainable success at a societal level.
I'm verifiably crazy. A fact that some here can vouch for.
Since craziness seems to be a requirement for the crypto investor, I'd like to get started. Are there crypto ETFs? Crypto mutual funds? How do I buy a basket full o' crypto?
In reply to 1988RedT2 :
It might actually be more entertaining to set your money on fire and watch it burn, or spend it fixing up a Maserati Biturbo.
one reason it went down today is a China crackdown on crypto currency today ,
I have no idea what percentage of the global crypto market is Chinese , but they do like to gamble !
In reply to Snowdoggie (Forum Supporter) :
BiTurbo coin, somebody NFT that!
1988RedT2 said:I'm verifiably crazy. A fact that some here can vouch for.
Since craziness seems to be a requirement for the crypto investor, I'd like to get started. Are there crypto ETFs? Crypto mutual funds? How do I buy a basket full o' crypto?
The best and most successful way to invest in Bitcoin is to do it 5 years ago.
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