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Message
re: Bitcoin hits 100K
Posted on 12/5/24 at 8:04 am to thejudge
Posted on 12/5/24 at 8:04 am to thejudge
This is from 2017. Imagine how much he would have now.
quote:
When retired NFL running back Darren McFadden filed a lawsuit against his business manager last year, alleging that he mismanaged his money throughout his professional career, he had no idea how much he would be worth had his money actually been invested properly.
McFadden says he lost $3 million in a Bitcoin business venture and that most of the fraud was committed by a man named Michael Vick. Vick, an Arkansas native, is not the NFL player most associated with that name. Had Vick invested in Bitcoin for McFadden, it could be worth $237 million, according to Chase Carlson, an investment fraud attorney.
When McFadden sued Vick, one bitcoin would cost an investor $790. Today's price would cost you almost $20,000.
0
Posted on 12/5/24 at 8:12 am to Hobie101
quote:
So the consensus is that it will continue going up? I truly have no clue if I should cash on my small amount of BTC or hang on for the ride
That's the rub, no one knows. Back in 2016 or 2017 there was this same fever pitch run on BTC. Where people not even technological or financially savvy were talking about it and buying. I took that as a sign that it was at the peak, and did not jump in. The dilemma of speculating.
Posted on 12/5/24 at 8:17 am to SlidellCajun
quote:
How would anyone know what amount of the value is market value and what is intrinsic value?
here's the thing about this statement
it doesn't matter, none of the numbers actually matter except for 1 bitcoin = $X
Posted on 12/5/24 at 8:26 am to DVinBR
quote:
doesn't matter, none of the numbers actually matter except for 1 bitcoin = $X
And that should be a troubling fact if indeed it’s truly a fact. I honestly don’t know. I don’t have any material usage for it in my life but some people might.
Without any fundamental measure with which we can objectively measure, it’s essentially a game of musical chairs. As long as the music is playing it’s all good. It’s fomo. I admit that I fell into the game with fomo and made some money. I sold because I couldn’t reconcile the valuation… I suspect that’s an issue for most that rely on objective measures for valuation.
The struggle I have with bitcoin is that I rely on objective measures to assess value and then measure market value to that and make my decision. That’s fairly traditional. I admit to overpaying for some investments but have done well doing so. Recently, Nvidia is an example. Cava another. Both overvalued at time of purchase but I’ve done very well despite over paying. I can assess these 2 on book value and other ways though.
Bitcoin is just a total dark room. As long as people are willing to pay more for it, and the market is working, it should go up. That’s it.
This post was edited on 12/5/24 at 9:00 am
Posted on 12/5/24 at 8:29 am to The Egg
....and still can't buy a damn thing without converting to dollars.
I've read so many arguments why crypto is the future and not a single one of them have been strong arguments. I'm very happy for those who have, and are, benefitting from the rise in price, but it's truly nothing more than a speculative, empty asset whose value, rather ironically, follows the bull and the bear at the same times as the rest of the economy. For a "currency" whose selling point is its separation from bureaucratic government controls, it sure seems unambiguously tied to the whims of federal monetary policy.
I've read so many arguments why crypto is the future and not a single one of them have been strong arguments. I'm very happy for those who have, and are, benefitting from the rise in price, but it's truly nothing more than a speculative, empty asset whose value, rather ironically, follows the bull and the bear at the same times as the rest of the economy. For a "currency" whose selling point is its separation from bureaucratic government controls, it sure seems unambiguously tied to the whims of federal monetary policy.
Posted on 12/5/24 at 8:41 am to Gaggle
quote:
A bubble only bursts once. What you are a talking about are fluctuations on an overall very much upward trend
Posted on 12/5/24 at 8:56 am to mmmmmbeeer
stop looking at it is as a currency, it's actually not, regardless of being called a "cryptocurrency"
it doesn't matter, none of it matters, people look at regulatory environments and media buzz for initiating purchases, Trump won and boom hundreds of billions were dumped into it within the next day
it doesn't matter, none of it matters, people look at regulatory environments and media buzz for initiating purchases, Trump won and boom hundreds of billions were dumped into it within the next day
This post was edited on 12/5/24 at 8:57 am
Posted on 12/5/24 at 8:59 am to The Egg
quote:
Wiki is a trillionaire
I always think about him when I see BC talk, and hope he's retired on his private island surrounded by hookers and blow.
How many bitcoins did he claim to have?
Posted on 12/5/24 at 9:02 am to mmmmmbeeer
quote:
For a "currency" whose selling point is its separation from bureaucratic government controls, it sure seems unambiguously tied to the whims of federal monetary policy.
And it’s much easier to trace now which must be an issue for those that use it for currency.
Let’s be honest. Bitcoin had some attraction by illicit business due to the difficulty in tracing. That’s no longer the case. I would think that this would hinder the market value but doesn’t seem to be the case.
Posted on 12/5/24 at 9:08 am to SlidellCajun
quote:
SlidellCajun
I kind of understand where you’re coming from but just change bitcoin to dollar in all your posts and the same question remains. Why is some green dyed cotton paper worth what we say it is? It has no value other than what we assign it.
This post was edited on 12/5/24 at 9:09 am
Posted on 12/5/24 at 9:12 am to The Egg
Rethinking my decision to empty my wallet of 5 bitcoin on a bottle of temu Xanax from Silk Road back in 2012
Me
Me
Posted on 12/5/24 at 9:20 am to The Egg
quote:hindsight is 20/20 but looking back at those old wiki threads I think it's Broke that has to take the biggest L . He had a ton of conviction with his shitting on bitcoin.
Wiki is a trillionaire
Maybe LSURussian as well if I'm remembering right
Posted on 12/5/24 at 9:23 am to The Egg
Just wait until it drops to 50k. They will say i told you so 
Posted on 12/5/24 at 9:23 am to CocomoLSU
quote:
How many bitcoins did he claim to have?
he never said but it was a LOT reading between the lines. and he bought them for very very cheap.
Posted on 12/5/24 at 9:24 am to SuperSaint
quote:
it's Broke that has to take the biggest L
broke, russian and darth look like major idiots in those bitcoin/wiki threads.
Posted on 12/5/24 at 9:25 am to monsterballads
I love looking back at old threads like this.
Posted on 12/5/24 at 9:26 am to monsterballads
quote:
broke, russian and darth look like major idiots
Could have just stopped here
Posted on 12/5/24 at 9:30 am to 21JumpStreet
quote:
Just wait until it drops to 50k. They will say i told you so
Like clockwork
Posted on 12/5/24 at 9:36 am to Hobie101
quote:
So the consensus is that it will continue going up? I truly have no clue if I should cash on my small amount of BTC or hang on for the ride
Cash out a small percentage of gains and reinvest when it cools off.
Ie get taxed.
Posted on 12/5/24 at 9:50 am to Hobie101
quote:most pro-crypto admin ever. I’m not selling while we have an incoming admin talking about doing away with income taxes on crypto
Sell baby sell
I’ve already sold a couple BTC and regret it. Down to just 1 BTC and some dust now. I’ll sell it in retirement
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