4 ms·

What a crazy story. Matt Levine's post about this is great as usual: https://www.bloomberg.com/opinion/articles/2020-06-12/if-you-want-hertz-have-some-hertz%0A

What a crazy story. Matt Levine's post about this is great as usual: https://www.bloomberg.com/opinion/articles/2020-06-12/if-you-want-hertz-have-some-hertz%0A https://www.bloomberg.com/opinion/articles/2020-06-12/if-you...

hn_throwaway_99 6y ago
Agreed, I think this is the craziest investing story in my lifetime. Trying to find the HN link from last week about an article that said this was the 3rd type of bubble: type 1 is you expect the future to continue on with more of the present indefinitely, type 2 is you expect the future to be substantially different from the present, and this type 3 is the future just doesn't matter. While the world is in a betting mood, I'm just going to bet my 2 cents on "I don't think this will end well."
- DangerousPie 6y ago
  This one? https://alexdanco.com/2020/06/14/never-hertz-to-ask/ https://alexdanco.com/2020/06/14/never-hertz-to-ask/
- staplers 6y ago
  Agreed, I think this is the craziest investing story in my lifetime. I remember people buying off-the-market IOUs for bitcoins from people who had accounts on Mt. Gox at a significant discount after they had announced they were illiquid and couldn't find them lol. Link to the company: https://bitcoinbuilder.com/ https://bitcoinbuilder.com/ Looks like they're still in pending status! Wow
  - MrRadar 6y ago
    The crazy thing is that people are still doing that with Tethers (USDT). They've admitted in legal filings that they only have 74% backing for them[1] and yet they continue to trade within 1 cent of par with the US dollar. Sometimes they even trade above par! It's madness. [1] https://www.bloomberg.com/news/articles/2019-04-30/tether-says-stablecoin-is-only-backed-74-by-cash-securities https://www.bloomberg.com/news/articles/2019-04-30/tether-sa...
  - aianus 6y ago
    The price of Bitcoin went up so much after the bankruptcy of Mt. Gox that the few bitcoins that were recovered were enough to pay off all their creditors (debts in bankruptcy are denominated in yen or dollars, not Bitcoin) and have a profit left over.
- MR4D 6y ago
  Here's the weird thing... The problem with being a pessimist (your proverbial $0.02) is that if you are wrong, you miss out on the gains, and if you are right, it'll be hard to collect. I'm a pessimist by nature, and I've learned this lesson the hard way. If it really does end badly, your $0.02 might be like the guy who shorted the German stock market right before WWII - there would be nobody with any money to pay off your short, and nowhere to go to collect it anyway. (This is one reason that short-selling is so hard and there are so few that are good at it.) That being said, if you're going to bet your $0.02, you might as well lever up because you're probably right. Darn - I just contradicted everything I just said. :)
  - toomuchtodo 6y ago
    Hooboy let me tell you what it’s like to try to collect your gains from puts on a worthless stock when it’s halted.
Balgair 6y ago
Non-paywalled link?

hn_throwaway_99 6y ago

Agreed, I think this is the craziest investing story in my lifetime. Trying to find the HN link from last week about an article that said this was the 3rd type of bubble: type 1 is you expect the future to continue on with more of the present indefinitely, type 2 is you expect the future to be substantially different from the present, and this type 3 is the future just doesn't matter. While the world is in a betting mood, I'm just going to bet my 2 cents on "I don't think this will end well."

DangerousPie 6y ago
This one? https://alexdanco.com/2020/06/14/never-hertz-to-ask/ https://alexdanco.com/2020/06/14/never-hertz-to-ask/
staplers 6y ago
Agreed, I think this is the craziest investing story in my lifetime. I remember people buying off-the-market IOUs for bitcoins from people who had accounts on Mt. Gox at a significant discount after they had announced they were illiquid and couldn't find them lol. Link to the company: https://bitcoinbuilder.com/ https://bitcoinbuilder.com/ Looks like they're still in pending status! Wow
- MrRadar 6y ago
  The crazy thing is that people are still doing that with Tethers (USDT). They've admitted in legal filings that they only have 74% backing for them[1] and yet they continue to trade within 1 cent of par with the US dollar. Sometimes they even trade above par! It's madness. [1] https://www.bloomberg.com/news/articles/2019-04-30/tether-says-stablecoin-is-only-backed-74-by-cash-securities https://www.bloomberg.com/news/articles/2019-04-30/tether-sa...
- aianus 6y ago
  The price of Bitcoin went up so much after the bankruptcy of Mt. Gox that the few bitcoins that were recovered were enough to pay off all their creditors (debts in bankruptcy are denominated in yen or dollars, not Bitcoin) and have a profit left over.
MR4D 6y ago
Here's the weird thing... The problem with being a pessimist (your proverbial $0.02) is that if you are wrong, you miss out on the gains, and if you are right, it'll be hard to collect. I'm a pessimist by nature, and I've learned this lesson the hard way. If it really does end badly, your $0.02 might be like the guy who shorted the German stock market right before WWII - there would be nobody with any money to pay off your short, and nowhere to go to collect it anyway. (This is one reason that short-selling is so hard and there are so few that are good at it.) That being said, if you're going to bet your $0.02, you might as well lever up because you're probably right. Darn - I just contradicted everything I just said. :)
- toomuchtodo 6y ago
  Hooboy let me tell you what it’s like to try to collect your gains from puts on a worthless stock when it’s halted.

Balgair 6y ago

Non-paywalled link?