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#1
05-06-2021, 10:59 AM
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OT Bitcoin and quick wealth
OT Bitcoin and quick wealth
We see people gain quick wealth every day, my comment is does that person have the knowledge, personality etc. to handle that sudden increase in wealth. Everyone in this world is living their live based on their current income and current wealth. To change this life style is very difficult. And too keep there new life style from burning thru their new wealth requires a new knowledge of investing that is extremely difficult to gain Charles 
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#2
05-06-2021, 11:11 AM
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We see it a lot in our hood. Most folks just take it in stride. I know several families that have had 8 figure payouts in the recent years and they buy a new house and go on a few more vacations. But I would not say they go hog wild.
__________________
***IG: mttamgrams*** Last edited by joosttx; 05-06-2021 at 03:07 PM.
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#3
05-06-2021, 11:15 AM
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Pfft. If there's anything that Spike Nolan taught us, it's that "the money won't change us."
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#4
05-06-2021, 11:45 AM
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Age, Prior Circumstances, Family Situations...
A lot of lottery winners who are poor before winning end up broke.
Crypto has self-selection going on. To even know it was 'a thing' in time to have huge gains probably means you are college-educated with some background in tech. So doubt there are a lot of those folks being stupid and throwing cash around in strip clubs (repeatedly). The other consideration is how everyone in your extended family is doing. A lot of athletes experience pressure from family to do wealth-reducing things like opening restaurants, night clubs and local retail. So I guess I would say with crypto, I would expect less, but money amplifies any dumb habits people have before.
__________________
On the bike > not on the bike
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#5
05-06-2021, 12:07 PM
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Risky
I have seen similar "get rich" quick schemes before, this is just the later iteration. I believe Warren Buffett has been clear, you build wealth by steady investment.... clearly there are some who "hit the lottery" but I assure you that for everyone that has made a pile of cash... there are likely 10X that have lost some. I argue that its unclear how to value bitcoin, the way its mined it very "interesting" and how will it fair over the long run....
For me... invest in things that have innate value... Just my perspective Ray
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#7
05-06-2021, 12:20 PM
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I'm not exactly sure how he did it, but we have a 17 year-old neighbor kid that just purchased a new Tesla model Y this week with proceeds from some cryptocurrency-related investments. His parents are friends of ours and we haven't got the exact scoop on it yet. However, he's been playing around with Bitcoin and a few other cryptocurrencies like Dogecoin for the last couple of years and started out with $10K that his grandparents had given him. His parents are pretty proud of him for diving in and figuring things out on his own. Apparently, he's built up a nice crypto portfolio. It seems insane, but I'm impressed. I need to pay him to be my crypto mentor.
 Texbike
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#8
05-06-2021, 02:23 PM
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Quote:
lets put it this way.... if you had $1000 of doge in January of 2021, right now you would have over 100k so who knows where this kid put some of this 10k, he might have done some smart moves and be a millionaire.
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#9
05-06-2021, 02:48 PM
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Quote:
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#10
05-06-2021, 03:32 PM
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what I always say about crypto, you only love it if you are making money, the ones that missed the boat all hate it and think its dumb haha. But yeah you are right Dan, however we will see what happens in the future.
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#11
05-06-2021, 03:58 PM
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As someone working in the data center power industry, where we're spending all kinds of efforts to use less power overall, reduce dependence on diesel generators, investing in and powering via renewable energy through different options, and tying to be more sustainable, it's worrisome that the crypto industry doesn't care about this one whit and gets lumped in with the data centers. I say regulate the snot out of it for that reason alone.. more power consumed than Norway, 10x more than google. Ugh. Here's a chart for reference: https://www.visualcapitalist.com/vis...itcoin-mining/
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#12
05-06-2021, 04:15 PM
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Was doing some weekend reading in survivorship bias.
Puts conversations like this in perspective.
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#14
05-06-2021, 10:29 PM
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Quote:
Depending on how you calculate it, "average return" over time can be skewed high because when you use companies that survive over extended periods of time you end up dropping out poorly performing companies that go bankrupt. (or something close to that)
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#15
05-06-2021, 04:20 PM
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This past year has been wacky as far as investment returns. My 401(k) has approximately a 50% rate of return over the past 12 months. Definitely not crypto good as far as returns but nothing to cry about either.
This is of course emblematic of the growing wealth gap though - anyone who has investments has done well recently and those that do not have any investments have not shared in that wealth accumulation.
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