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

[verticaldoug]

Originally Posted by redir

TSLA can go to zero too or any other stock. The volume on BTC just the other day was $800 million dollars. It aint going to zero any time soon.

Two points:

1. Trading Volume is never a good indication of value of a commodity. Crypto is unregulated and if you strip out the amount of wash-trades to make volume, and then the number of trades backed by a stable-coin, how much hard currency is being traded is a much smaller.

2. Tesla could go to zero, but with little debt and with real tangible assets, the stock is not worth zero. In a bankruptcy workout, you'd get cash.

[slowpoke]

Originally Posted by 1Dollar93

If it takes off and you didn’t throw your hat in the ring, would you regret it? It’s another investment vehicle, but with no long term history to draw from. I’d rather be in than out.

This thread is a great honeypot.

[tomato coupe]

Originally Posted by 1Dollar93

If it takes off and you didn’t throw your hat in the ring, would you regret it?

Not one bit.

[robertbb]

Originally Posted by Ozz

Calling crypto an investment vehicle is like saying a roulette wheel is an investment vehicle.....crypto has no underlying value, so it can go to $0.00 just like gambling

Bottle this, frame it, carve it in wood and stick it on the mantlepiece.

[1Dollar93]

Originally Posted by Ozz

The roulette wheel at least gives you an immediate return (or loss) and some free drinks.

The rush I get from watching my real money evaporate into magical internet money is also thrilling.

[XXtwindad]

https://www.nytimes.com/2023/07/06/t...rypto-ftx.html

Some celebrity endorsers of FTX are in the hot seat. Larry David, Shaquille O’Neil (who was served with papers while broadcasting an NBA playoff game) Steph Curry and others.

But no celebrity is as ensnared at Tom Brady and his ex-wife Giselle Bundchen. Unfortunately, Brady has never been noted for his scrambling skills when in the pocket.

There is an analogous Supreme Court case: (https://www.forbes.com/sites/ariredb...ld-liable/amp/) but the connection seems a bit tenuous. It’s doubtful that the celebs will be held legally liable for not doing due diligence. Brady is different. He was up to his eye black financially with FTX. He’ll likely take a huge hit.

Sympathy for TB12? Zero. Much more sympathy for the everyday folk who got snookered.

As for SBF, he’s a particularly venal character. Every picture from the pinnacle of his fraudulent career shows him as some kind of a shlumpy genius - too burdened by courageously birthing a new financial utopia to comb his hair or put on clean clothes.

It was all “tech bro” drag. His attire changed considerably when he did the perp walk.

[fiamme red]

I left work late this evening and rode home past federal court. I was wondering why so many television crews were out there so late. Now I know.

https://www.npr.org/2023/11/02/12101...ict-ftx-crypto

[tikpman]

i learned more reading only 5 pages of this thread more than any post or crypto class i have taken online. thanks gentlemen. I understand from an IT perspective as that my background but the trading aspect is a bit weird for me as it just seems like getting something form nothing or pulling money out of the air type of thing when thing go right. Trying to educate myself metals and currency trading as well.

[fijichf]

It’s only a matter of time before parents will be going down as well…deservedly so.

[wc1934]

Originally Posted by tikpman

i learned more reading only 5 pages of this thread more than any post or crypto class i have taken online. thanks gentlemen. I understand from an IT perspective as that my background but the trading aspect is a bit weird for me as it just seems like getting something form nothing or pulling money out of the air type of thing when thing go right. Trying to educate myself metals and currency trading as well.

haha - me too. But my age might have something to do with it.
But, what is its purpose - What does it improve upon?
Is it a commodity or a security?

[redir]

It's a currency, a store of value, unit of account, and medium of exchange, least that's what it's intension was. I have purchased things with Bitcoin but never with a security or commodity. The fact that SBF is going through some things is good for crypto IMHO. Maybe that's why BTC is up around 34 now.

[ColonelJLloyd]

Originally Posted by redir

...SBF is going through some things...

One way to put it.

[merlinmurph]

Originally Posted by wc1934

haha - me too. But my age might have something to do with it.
But, what is its purpose - What does it improve upon?
Is it a commodity or a security?

Join the crowd.
A very good summary is a PBS doc on NOVA called "Crypto Decoded", Season 49 Episode 18. It doesn't go too much into the weeds.

One of the main objectives (according to the doc) is to eliminate the middleman, i.e. banks, when making financial transactions like CC transactions, loans, etc

[redir]

$40,000

[rice rocket]

Originally Posted by merlinmurph

Join the crowd.
A very good summary is a PBS doc on NOVA called "Crypto Decoded", Season 49 Episode 18. It doesn't go too much into the weeds.

One of the main objectives (according to the doc) is to eliminate the middleman, i.e. banks, when making financial transactions like CC transactions, loans, etc

No, main objective is to enrich the founders.

The original founder has 1 million BTC for himself, and the system is designed to make it progressively more expensive to "mine" as more enter circulation.

1 million BTC is around $41 billion USD currently.