Crypto..Greater Fool Theory or the Real Deal?

CA_WhaleTail · 11-03-2021, 08:23 PM

Crypto .... What does the future hold?

OR

Arizona_928 · 11-03-2021, 10:23 PM

Lot of real money is being made and lost....
It's a global currency that is essentially untaxable and untraceable.

I feel that it's an alternative to worthless paper currency and its hedging your bets on the future of finance. It's a counter culture to the corrupt banking industry, yet they pump and dump with no regulation (elon musk and doge coin).

With that said I'm full in on shiba. That is a hell of project and fanbase.

sc_rufctr · 11-05-2021, 02:09 AM

My mistake was not buying any in 2015. At that time Bitcoin was about $327 each!

- If you bought 10 of them and hung onto to them what would they be worth right now?
$61,649.80 USD x 10 = $616,498

Anyways... There are a lot of true believers that are really excited and they use terms like "Trojan Horse".
If you have some cash laying around and you feel lucky then go for it but don't borrow money to buy in.

Meanwhile Tesla is now worth more than the next 10 car companies combined. How is that even possible?

Being really honest - This crazy world makes no sense to me.

Arizona_928 · 11-05-2021, 05:20 AM

Quote:

Originally Posted by sc_rufctr

Meanwhile Tesla is now worth more than the next 10 car companies combined. How is that even possible?

I think that is the biggest issue/red flag. He made more off crypto by influencing than sales (like 700 million?). It should be considered insider trading. But as we know the crypto is not regulated. Pump and dumps are real.

If he pulled out his doge the coin would crash... Which once again he heavily influenced to the current price...

fintstone · fintstone's Garage

Greater fool for both crypto and Tesla. Lots of money made playing the "greater fool" game as long as you are not in the wrong place when the music stops.

Arizona_928 · 11-05-2021, 05:43 AM

Quote:

Originally Posted by sc_rufctr

My mistake was not buying any in 2015. At that time Bitcoin was about $327 each!

- If you bought 10 of them and hung onto to them what would they be worth right now?
$61,649.80 USD x 10 = $616,498

hmmm should have crossed the border in 2016 and could have gotten 283k more for free without the risk of losing your initial investment.

Quote:

Originally Posted by fintstone

Greater fool for both crypto and Tesla. Lots of money made playing the "greater fool" game as long as you are not in the wrong place when the music stops.

I feel the USD in that category...

sc_rufctr · 11-05-2021, 06:51 AM

Quote:

Originally Posted by Arizona_928

hmmm should have crossed the border in 2016 and could have gotten 283k more for free without the risk of losing your initial investment.

...

Do I want to know what happened in 2016?

Arizona_928 · 11-05-2021, 08:04 AM

Quote:

Originally Posted by sc_rufctr

Do I want to know what happened in 2016?

Just making a connection to the free 450k x2 for crossing into the country illegally under the previous administration.

sc_rufctr · 11-05-2021, 08:18 AM

450k??? I should sneak into the US

Arizona_928 · 11-05-2021, 09:09 AM

Quote:

Originally Posted by sc_rufctr

450k??? I should sneak into the US

Just snag a kid on the way in like the migrants have been doing since the 1980's.

masraum · 11-05-2021, 09:21 AM

Quote:

Originally Posted by sc_rufctr

My mistake was not buying any in 2015. At that time Bitcoin was about $327 each!

- If you bought 10 of them and hung onto to them what would they be worth right now?
$61,649.80 USD x 10 = $616,498

Anyways... There are a lot of true believers that are really excited and they use terms like "Trojan Horse".
If you have some cash laying around and you feel lucky then go for it but don't borrow money to buy in.

Meanwhile Tesla is now worth more than the next 10 car companies combined. How is that even possible?

Being really honest - This crazy world makes no sense to me.

Many years ago, I thought, "I should buy $20 worth just because."
That certainly could have been nice, especially if I'd hung onto it.
Of course, there's no telling what I'd have done. I may have pulled it back out when that $20 turned into $100.

David Inc. · 11-05-2021, 09:39 AM

I first saw BTC when it first spiked up to a dollar before crashing. Everyone had a laugh at the dumb meme currency and moved on.

Yikes.

I mean I would have sold it when it got to $20, I could never have imagined it getting this high. I still can't, doesn't make a bit of sense.

MikeSid · 11-05-2021, 09:39 AM

Winter of 2019 I'm sitting at a semi-regular poker game and I bring up the subject of Bitcoin. I'm thinking of throwing $10K at it which - would buy 3 coins. The guy at the table who I would consider the easiest mark and not the sharpest tool in the shed, thinks it's a great idea. Based on his reaction and that fact that he thought it was a good idea, I promptly abandon the thought entirely.

Those coins would be worth about $200K today. Guess who the real idiot at that poker table was?

masraum · 11-05-2021, 09:42 AM

Quote:

Originally Posted by MikeSid

Winter of 2019 I'm sitting at a semi-regular poker game and I bring up the subject of Bitcoin. I'm thinking of throwing $10K at it which - would buy 3 coins. The guy at the table who I would consider the easiest mark and not the sharpest tool in the shed, thinks it's a great idea. Based on his reaction and that fact that he thought it was a good idea, I promptly abandon the thought entirely.

Those coins would be worth about $200K today. Guess who the real idiot at that poker table was?

Hindsight is 20/20. Would you have been nonchalant if you'd put the $10k in and it turned into $1k or disappeared completely? (If so, promptly mail me $10k. I may or may not give it back or more or less.

)

David Inc. · 11-05-2021, 09:44 AM

That's the thing, though, it's unregulated and has no real value, but it sounds exciting and the numbers keep going up and up so it attracts fools. Some of those idiots are going to make big time dollars and some will lose everything, but... I mean they're still fools.

masraum · 11-05-2021, 10:08 AM

Quote:

Originally Posted by David Inc.

That's the thing, though, it's unregulated and has no real value, but it sounds exciting and the numbers keep going up and up so it attracts fools. Some of those idiots are going to make big time dollars and some will lose everything, but... I mean they're still fools.

Fools and/or gamblers.

I'm not a gambler. I'm pretty risk averse and prefer to minimize my chance of a loss.

There are plenty of gamblers that would be happy to give it a go hoping for the big payout.

There are also lots of folks that get into stocks, and respond emotionally when things go up/down. The stocks go up and down (because that's what they do). And when the stocks that they bought go down, they sell, sell, sell! because they "lost money." They didn't lose anything until they sold. Those same folks will often wait until the stocks have been going back up for a while and then buy back in at an even greater loss, rinse, repeat. That's why I understand that most folks in the market make a fraction of the market average.

Arizona_928 · 11-05-2021, 12:17 PM

dewolf · 11-05-2021, 02:55 PM

Quote:

Originally Posted by David Inc.

That's the thing, though, it's unregulated and has no real value, but it sounds exciting and the numbers keep going up and up so it attracts fools. Some of those idiots are going to make big time dollars and some will lose everything, but... I mean they're still fools.

No real value to you maybe, but to millions of other people it has. It certainly has value to governments who tax the profits you make from it.

pmax · pmax's Garage

All of the above.

Geronimo '74 · 11-05-2021, 03:27 PM

Quote:

Originally Posted by fintstone

Greater fool for both crypto and Tesla. Lots of money made playing the "greater fool" game as long as you are not in the wrong place when the music stops.

This
Ride the wave, jump off before it crashes into the rocks.
There is money to be made.