OT: Ray, how's your Bitcoin investment going?

[rounder]

I went for a haircut yesterday and the barber told me that he was getting out of bitcoin and putting his money into XRP based on good words from a client. He told me that Ripple, who sponsors XRP, was an emerging company that was leading XRP to be a new trader of international commerce. I told him that I had never heard of XRP. He said that XRP will be the future of international finance, but that they currently are being sued by the SEC. I told him that sounded bad, but he said that the SEC had a weak case. He told me that he had invested $1,800 in XRP and that it was currently trading at $.11 per coin (i looked it up and the price was higher than that). We figured out that if the per coin price rose to $2,000 per coin, his investment would eventually reach $237,000,000 ($2,000 / $.11 x $1,800). He would be able to buy a Bugatti and open new barbershops around the country. I am not putting my money there.

Thoughts?

[Louis]

Originally Posted by rounder

Thoughts?

$ 0.11 to $2000 / coin? Sure, that will happen.

Tell him to go for it. In fact, tell him to get a second (third, if necessary) mortgage, borrow money from his family, whatever it takes. He wouldn't want to miss out on this - after all, a customer of his said it was a good deal.

[username]

My barber is my financial advisor. My plumber is my marriage counselor. My lawn guy is my cardiologist. Cross-platform synergies are the future.

[Louis]

Originally Posted by username

My barber is my financial advisor.

I stopped going to the barber shop due to COVID closures, and now I do it myself using my cat's Wahl clippers.

Perhaps I should ask my cats for financial advice - they can't be any worse than Rounder's barber.

[jimoots]

Serious perspective on Ripple/XRP. I think if you look at the purpose and fundamentals behind XRP you will quickly understand why it won't go to $2000 per coin.

The short answer is it's a purpose built coin for settling cross-border transactions between financial institutions.

The sheer number of coins in existence for XRP (100 billion) means that if you want it to hit $2000, the market cap for XRP would be 320 times the size that Bitcoin currently is.

To further illustrate, if the price were to hit $6, that would be the same market cap that BTC sits at now.

So is $2000 possible? Sure. I mean the supply is finite, if it gets adopted by enough financial institutions and there is enough demand for interbank cross border transactions... then I mean, sure. It could get there, after all, anything is possible.

Likely? I dunno... or at least, not the kind of asymmetry of risk/reward I like in my investments.

[tomato coupe]

Originally Posted by Louis

Perhaps I should ask my cats for financial advice - they can't be any worse than Rounder's barber.

My cat told me to buy Beanie Babies. I invested a lot of money, but the darn cat disemboweled them all.

[Louis]

Originally Posted by tomato coupe

My cat told me to buy Beanie Babies. I invested a lot of money, but the darn cat disemboweled them all.

Both my cats are fiduciaries, so I don't think I'd have that problem.

(or maybe they're tortoiseshells, I can never remember the difference)

[mstateglfr]

Originally Posted by Louis

I stopped going to the barber shop due to COVID closures, and now I do it myself using my cat's Wahl clippers.

Perhaps I should ask my cats for financial advice - they can't be any worse than Rounder's barber.

You shave your cat?

[Louis]

Originally Posted by mstateglfr

You shave your cat?

Actually it was for my now dearly departed long-hair Abby, who as he got older had problems with mats. The shaver was safer than scissors, but didn't work terribly well either. Works fine on my hair. (what's left of it)

[echappist]

Originally Posted by rounder

I went for a haircut yesterday and the barber told me that he was getting out of bitcoin and putting his money into XRP based on good words from a client. He told me that Ripple, who sponsors XRP, was an emerging company that was leading XRP to be a new trader of international commerce. I told him that I had never heard of XRP. He said that XRP will be the future of international finance, but that they currently are being sued by the SEC. I told him that sounded bad, but he said that the SEC had a weak case. He told me that he had invested $1,800 in XRP and that it was currently trading at $.11 per coin (i looked it up and the price was higher than that). We figured out that if the per coin price rose to $2,000 per coin, his investment would eventually reach $237,000,000 ($2,000 / $.11 x $1,800). He would be able to buy a Bugatti and open new barbershops around the country. I am not putting my money there.

Thoughts?

My guess is that you are purposely referencing to anecdotes tycoons receiving stock tips from shoe shiners, from just before the Great Depression. But just in case you aren't.



A similar tale was attributed to JP Morgan as well.

[Louis]

Originally Posted by echappist

My guess is that you are purposely referencing to anecdotes tycoons receiving stock tips from shoe shiners, from just before the Great Depression. But just in case you aren't.

A similar tale was attributed to JP Morgan as well.

How convenient, for the fat-cats to blame the Crash on the little guys.

[IJWS]

The paper plate....

Originally Posted by Louis

Both my cats are fiduciaries, so I don't think I'd have that problem.

(or maybe they're tortoiseshells, I can never remember the difference)

This is quite an upgrade to the thread! Who knew that cat pics could be so beneficial

[Louis]

Originally Posted by IJWS

The paper plate....

Don't worry - it wasn't used. (at least not for it's original intended purpose)

[CNY rider]

Originally Posted by mstateglfr

You shave your cat?

Oh my.
Really restraining myself and remembering this isn’t Reddit.

[echappist]

Originally Posted by Louis

How convenient, for the fat-cats to blame the Crash on the little guys.

That’s a misinterpretation of the gist of the anecdote, which captures how people straying out of their lane is an indication of a bubble. The explanation being, by the time a shoe shiner has heard about a bubble, there really isn’t much more population left to be the next “bigger fool” in the speculation.