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>>> Did you fly to the Super Bowl in a private plane? > all crypto is a scam Most people think SBF spent all his customers' deposits on private jets and luxur
by panarky 3y ago
>>> Did you fly to the Super Bowl in a private plane?
> all crypto is a scam
Most people think SBF spent all his customers' deposits on private jets and luxury condos, and blew the rest on shitcoin bets that went bad.
But despite the insinuations of prosecutors, the PJ trips just don't add up to much in the scheme of things, and the real estate is still there and can be sold.
Yes, some shitcoin bets were bad, but they're offset by investments that paid off like the Anthropic stake.
It's likely that the only haircut depositors will have to take is the billion dollars in bankruptcy lawyer billings.
> the bloody Washington Post told you it's either a Ponzi or a pyramid scheme in 2015
If you put in $10K when WaPo told you it was a Ponzi, you'd have $1.6M today.
Maybe next time the bloody Washington Post gives you investment advice, you should do the opposite.
- Freedom2 3y ago> Maybe next time the bloody Washington Post gives you investment advice, you should do the opposite. I did and I had significant losses. What does that say about your statement?
- icelancer 3y agoThe price of Bitcoin in 2015 was ~$350. To have significant losses after buying at that price point would have taken very serious skill.
- beefield 3y agoCould you elaborate a bit the "very serious skill" needed to store your bitcoin in e.g. Bitfinex or CuadrigaCX?
- read_if_gay_ 3y agoSince it's apparently not obvious, long term holding your coins in a centralized exchange misses the entire point of crypto. Not understanding that takes some skill indeed.
- the_gastropod 3y agoOh, neat. So misplacing your hardware wallet also requires lots of skill. Gotta love that rugged libertarian individualism that turns bad luck into stupidity and good luck into galaxy brains.
- read_if_gay_ 3y agoYou mean to say you didn't make any backups?
- rightbyte 3y agoEach time it doubled you would have been a fool not to sell it. Holding is about the same thing as buying but with no transaction cost.
- medo-bear 3y agoyou should have hodld
- alvah 3y agoIt says the bloody Washington Post has no obvious skill at predicting the future, therefore any statements they make should be taken with a hefty dose of salt.
- chx 3y agoThe article was not predicting the future, though. https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/ https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... > The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs.
- read_if_gay_ 3y agoAnd what is this made up quote (not to call it a strawman, as the wapo is certainly a prestigious outlet with very high standards) supposed to prove?
- robertlagrant 3y ago> If you put in $10K when WaPo told you it was a Ponzi, you'd have $1.6M today. This is the fuel that drove crypto. Yes it's a scam; I'm just hoping others will buy in after me and I can cash out with their money.
- read_if_gay_ 3y agoOh, so stocks must be a ponzi as well.
- leoedin 3y agoStocks are ownership of something real. The company you own a share of does things in the real world. They can make intelligent (or stupid) decisions about the company strategy. They can enter new markets, or launch new products. They can share a dividend with the owners. Obviously there's still investment bubbles - but underlying it all is ownership in a corporation.
- robertlagrant 3y agoStocks don't rely on other people buying in to create value. They are buying into something with underlying value.
- fragmede 3y agoThat doesn't explain GME or BBY. Which have explanations, but I wouldn't call rush underlying value. Fundamentals define a floor for stock price, but above that it's all vibes. Which is fine, as long as we're on the same page.
- robertlagrant 3y agoI'm not saying rush is underlying value.
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- chx 3y ago> If you put in $10K when WaPo told you it was a Ponzi, you'd have $1.6M today. In 1999 Harry Markopolos had informed the SEC Madoff was running a fraud. Yet it took until the 2008 financial crisis for Madoff to be exposed. I am sure you've made quite some money if you invested with him in this time period.