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Comments (74)
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18
Formerlurker92 18 points ago +20 / -2

The whole market is taking a shit right now. Bad time to be invested, great time to consider investing

5
HuggableBear 5 points ago +6 / -1

If you view crypto as an "investment" in anything but a safety net for when the dollar collapses, you are playing the wrong game.

If you are into crypto expecting to make a profit, you may as well go to Vegas.

2
Formerlurker92 2 points ago +2 / -0

As someone with thousands in crypto I have to agree

4
deleted 4 points ago +4 / -0
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Formerlurker92 5 points ago +5 / -0

True, it isn't real till you sell or the company folds

1
business_narwhall 1 point ago +1 / -0

Is it? The stock market is still horribly overvalued in many areas. The consequences of a decade of "easy money" are going to take far longer to burn off

-1
chickeninoven -1 points ago +4 / -5

"It always comes back!"

-- boomers

3
Formerlurker92 3 points ago +3 / -0

It doesn't. Plenty of nations have failed this decade. But, if you believe we are to that point, then investment isn't the conversation to be having. Stockpiling and arms training is.

I don't believe it is over, so I will continue to invest. Inflation will steal my savings otherwise.

1
business_narwhall 1 point ago +1 / -0

Wrong. The most devout dip-buyers are all the younger crowd. The older folks have all seen this before. I try to warn people "things are different during a crash, gotta act differently than you do during good times", but every generation needs to touch the hot stove it seems.

-1
Kelevra -1 points ago +2 / -3

FUCK Boomers.

11
deleted 11 points ago +17 / -6
1
LightBringerFlex [S] 1 point ago +12 / -11

I know a guy who made billions by investing very early on Bitcoin. He is unable to cash out.

#WompWomp

13
Formerlurker92 13 points ago +13 / -0

Does not make sense. Is he unable to find buyers for the coins on exchanges? Is he below his investment point, which makes his gains claim suspect?

4
lordvon 4 points ago +5 / -1

he lost the usb

2
YouKnowWhatItIs87 2 points ago +2 / -0

Idk, maybe OP isn’t explaining it right, I might be in the same boat unless he lost a hard drive or recovery keys or something. But, I have what to me is a substantial amount of crypto that I’ve accumulated only by selling products through my business over the past 6 years. I’ve used a chunk of it to buy various expensive watches, gold and silver from places who directly accept it (obvious benefits to doing that over cashing out). Anyway, I bought my parents a home last year and when I went to cash out I transferred a lot from the cold wallet to Coinbase, converted to cash and then sent some to a bank account. Coinbase limited me to &25k per day so I thought nothing of it (dumb move), since I’ve been a very good customer to this bank for 17 years. I got the funds for the house. Bought it and 2 weeks later I get notice that the bank was closing my accounts, so I moved to another bank and opened a few accounts. I still have a large sum of cash in coin base so I call one of the tellers since she’s my neighbor, and simply ask is it ok if I start transferring cashed out cryptocurrency $25k for a few days, she has to ask the manager. Next day manager calls me to announce they were closing my accounts and all I did was ask a question. I’ve had issues with banks over the years doing bullshit moves like this so I keep accounts at about 5 different banks just in case. The only thing I can think is the bank thought it was structuring. So now I’ve got a lot of cash stuck in coin base that I’m afraid to move unless I sporadically do a lower amount which will take forever, and I likely will need this to pay taxes because of that house purchase and my accountant not knowing how to handle cryptocurrency I have to access it somehow, unless I can find a mistake or have another person review because he’s counting all those cash outs for the house as earned income putting my tax liability for 2021 more than I actually made, which is insane and I can’t in a right mindset pay that to this or any regeime. I’m in a real mess here.

TL:DR this could be possible if you aren’t a high roller or extremely well versed in those sort of things, people cash out many millions per day with no issue, somehow I have problems. OP probably just over simplified it, the friend doesn’t want him to know he basically won the lottery and is filthy rich, or it’s completely fabricated. I just wish crypto would be used as currency instead of speculation by more. I’m the only one I know who uses it receiving and buying stuff, but everybody and their younger sibling will trade it to try and get rich quick without even my neophyte understanding of the beauty of blockchain.

8
MobileDev4Trump 8 points ago +9 / -1

Sounds like bullshit. Either he is a lair or you're a lair.

5
Steelflite 5 points ago +5 / -0

Dragon’s Lair!

8
LaughlinPrepper1 8 points ago +9 / -1

That's not legit.

5
MewThat 5 points ago +5 / -0

Why not?

2
Tripin 2 points ago +2 / -0

Yes he can, easily. Might take a few hours of work though.

6
Mildad 6 points ago +8 / -2

Lol ok i’ll bite. How is it a psyop exactly?

1
LightBringerFlex [S] 1 point ago +11 / -10

Crypto was built just to scam People more than Fiat already does.

  1. They can raise price, get people to invest tons of money and then drop prices as they just did.

  2. They can track every purchase.

  3. They can steal your money and blame hackers.

  4. Later they wanted to take your tax payments directly from your wallet or any debt really.

  5. They wanted to shut your spending ability off if you made them made.

  6. They wanted to limit your spending ability so you can't buy from their competition.

5
LaughlinPrepper1 5 points ago +8 / -3

And this is different from any stock or bond or paper asset how?

4
Kinkinnatus 4 points ago +4 / -0

Is it supposed to be a stock or a currency? If it's no more fiat than paper currency, then what's the point? At least I can start a fire or wipe my ass with paper.

1
LaughlinPrepper1 1 point ago +2 / -1

Word.

3
BobSux 3 points ago +3 / -0

A stock is an ownership stake in a real company with real assets and real revenues. A bond is real debt owed by a company with real assets and revenues.

3
HuggableBear 3 points ago +3 / -0

They

They

THey

They

Who is "they" exactly?

3
CaptainMagaMan 3 points ago +3 / -0

Someone understands absolutely nothing about crypto

0
LightBringerFlex [S] 0 points ago +1 / -1

Good afternoon Agent Smith.

3
I_Used_to_be_me 3 points ago +3 / -0

They just "dropped prices" to 20x my average cost basis. They can't steal my money and blame hackers, unless they can hack my brain and access 24 words, and there's no method they have to stop me from using/sending/spending any of it. I just turned 10% of it into a house this week, so that was pretty cool too.

Equally diversified, and put the same amount into all my accounts each week. My crypto is still way up. My TradFi is in the red. Of any and all major losses lately that I have, none are the result of crypto. In fact, I'd likely be homeless and impoverished if not for it, and this is only on (just shy of) a 5 year horizon

1
LightBringerFlex [S] 1 point ago +1 / -0

Hacking passwords is easy for the gov.

3
I_Used_to_be_me 3 points ago +3 / -0

There's no password to hack. It's an offline hardware wallet, and the only way to hack it is to literally be able to read my mind and obtain my physical wallet

1
YouKnowWhatItIs87 1 point ago +1 / -0

You’ve got your recovery phrase memorized? Damn that’s hardcore. Let me ask this, I’m mentioned this a few times in my ramblings; how’d you cash out to buy the house? I did the same thing last year and I transfer from the cold wallet to coinbase, converted to cash, but when cashing out I was limited to $25k per day. So my dumbass just transferred the max each day for until I had enough for closing. Thought nothing of it, I’ve been a great bank customer there for 17 years. Closed on house, but 2 weeks later the bank closed my accounts. I guess they thought it was structuring, only decent advice for going forward would be to just do lower amounts more sporadically

2
I_Used_to_be_me 2 points ago +2 / -0

You should have called your bank beforehand and let them know what you were doing, you'd likely have been fine. I also used a credit union, not sure if that matters, and also worked with a realtor that specializes in crypto purchases

1
deleted 1 point ago +1 / -0
1
YouKnowWhatItIs87 1 point ago +1 / -0

That’s actually the 2nd part I left out because I have a propensity to write walls of text and didn’t want to be ridiculously boring to the point you didn’t read it lol. I moved what was in the closed accounts to a much smaller bank I think only in my state. And the amount I was going to transfer was only a small percentage of what they were already holding, so it shouldn’t have looked suspect. So I called to the branch manager and simply asked “hey, I’m cashing out some Bitcoin and I need to transfer x $ per day for a period of time because the exchange limits me. Just for asking the question, next day I got a notice they were closing 2 of my accounts. I guess I need to find a credit union or another small bank, and bring that up BEFORE I even open the accounts or I have another bank who’s holding a small HELOC on my house so maybe they’d be more inclined since they own my debt. Thank you, I appreciate the advice and you’re very lucky to have an agent versed in crypto. Really wish I had that an accountant and bank versed in it, but nobody around here seems to be.

Side note: very interesting short read about a farmer being harassed by IRS and tied up in lawsuits for many years, funds frozen all because he went to the farmers market to sell, did well and made large cash deposits weekly to which the teller reported as potential structuring and the IRS made his life hell. https://conventionofstates.com/news/maryland-farmer-harassed-by-irs

1
LightBringerFlex [S] 1 point ago +1 / -0

Cool story bro.

1
I_Used_to_be_me 1 point ago +1 / -0

Not really a story, just explaining the basics for you. No need to be weird about it

1
Winner2020 1 point ago +1 / -0

They want you buying digital tokens in your make believe decentralized world while the central banks bought tons of gold.

3
thelastlast 3 points ago +3 / -0

looks like my old apt.

3
pokeman 3 points ago +3 / -0

I’ll take more of that juicy dip 😋

3
I_Used_to_be_me 3 points ago +3 / -0

Except it's not. This is the whole market. I'm equally diversified, with equal amounts put in over the same time periods, and my crypto portfolio is still doing far better than my TradFi. I'm in the red w/ TradFi, but still very in the green w/ crytpo. Closed on my house this week, all crypto profits. Still a few thousand percent up there, but 401k, HSA, and my stock portfolio (mostly just SPY indexes, solid ETFs, and S&P companies) is decimated even worse.

The reason I'm so well off now, is because the last time everyone said "well, at least it killed crypto" (covid crash) - instead, I put another 8 grand into crypto and made 6 figures. End result = house. Put 8 grand into my stocks at the same time too, and those have lost money since, while ETH is now only 20x since after this "crash"

3
Double_D 3 points ago +6 / -3

Lol

Really depends on when you invested. I’m doing fine and don’t plan on selling for at least 5-10 years. It’s called a “long term investment”. If you don’t invest more than you can afford to lose or do without for several years, these downswings aren’t that big of a deal.

2
hackinthebox 2 points ago +3 / -1

BUY BUY BUY!

1
wrmevlp 1 point ago +2 / -1

Buy Bitcoin.

1
wrmevlp 1 point ago +2 / -1

Should have bought Bitcoin. The only safe crypto.

-1
LightBringerFlex [S] -1 points ago +1 / -2

lol everyone who buys crypto so far is getting BTFO. Now the excuse is to only buy bitcoin? They will get BTFO too

3
CaptainMagaMan 3 points ago +3 / -0

Everyone?? Lol you are an idiot. Everyone who bought crypto in the last year? Who sells out now? Yeah sure. Personally, I am still up about 1100% and I bought in late.

0
LightBringerFlex [S] 0 points ago +1 / -1

Who's paying you to lie to us?

1
Fuckoffcommie 1 point ago +1 / -0

I’m not sure what you’re missing but look at a fuckin chart. If you bought ethereum any time in 2019 - beginning of 2020 it was trading between 100-200 per coin. It ran all the way up to 4500+ in November of 21 which is a 3000% or more increase. Even if you didn’t sell at the top and continued to hold you’re still up over 1000% with it trading around 2k now. It sounds like you’re salty cuz you didn’t get in on the ride

0
LightBringerFlex [S] 0 points ago +1 / -1

Yawn.

0
wrmevlp 0 points ago +2 / -2

Say that again after they mine the last of the 21,000,000 coins. Then, to the moon.

1
Patriot9 1 point ago +1 / -0

its all market manipulation. buy and hold, don’t panic sell. anyone telling people to buy gold is either an idiot (gold is at all time highs, buying high is dumb) or they’re getting paid to do it.

1
AnIdahoan 1 point ago +1 / -0

Fortunately I was new in this whole Crypto game and a couple months back put an inconsequential $125 into Bitcoin. Lost a fair bit so far, which sucks but...

1
Vinnie 1 point ago +2 / -1

"crypto" is BULLSHIT. There is only BITCOIN.

2
LightBringerFlex [S] 2 points ago +4 / -2

Now suddenly all crypto is bullshit except bitcoin. Everytime a crypto scam happens, I hear a different excuse.

1
Vinnie 1 point ago +1 / -0

All "crypto" has been bullshit from forever, this is not new.

1
I_Used_to_be_me 1 point ago +2 / -1

Most of it is. Bitcoin was revolutionary, but will eventually die though. Ethereum will soon take its place. It does everything and more, far more efficiently, and most importantly, will be able to do so without mining before this year ends by moving to proof of stake

1
Vinnie 1 point ago +2 / -1

The only thing that Ethereum has accomplished is to enable the easy creation of scams.

2
I_Used_to_be_me 2 points ago +2 / -0

I get it, most people don't know what ethereum is or how it functions. It's all good. Just remember me when web3 is built on top of ethereum. There's a reason every major tech firm has been hiring developers specifically for this purpose. Bitcoin works... ok, as a cryptocurrency. Ethereum not only works better as a cryptocurrency, but it's also only about .01% of its intended purpose in the first place

1
Comntrinchief 1 point ago +1 / -0

Buy low sell high

1
deleted 1 point ago +1 / -0
1
ViciousPanda 1 point ago +1 / -0

Pfft my dogecoin will see me all the way to the moon.

2
LightBringerFlex [S] 2 points ago +2 / -0

trust the plan

1
ViciousPanda 1 point ago +1 / -0

Two more weeks tick tock

0
deleted 0 points ago +1 / -1
2
googurt 2 points ago +2 / -0

everything is a psyop now.