Crypto is for chumps.

[Black]

chopper wrote:
My son bought $500 of bitcoin in 2016 or so. He put it on a thumb drive or a hard drive and put the drive in a lockbox at the bank. He went on with his life. He forgot it was in there until he saw that his bank had extracted a mystery $22 out of his account in 2024 which he came to find out was rental on the lockbox.
Last year he bought a pretty big hobby farm. He sold all but $500 of that bitcoin at whatever the market value was. So he didn't need to borrow much to buy that new place.

I can't imagine forgetting I had a lockbox at the bank, or not noticing an annual charge for 8 years...?

[rz]

I met a guy a few years ago who had several million dollars worth of bitcoin. He got in really early when he was in the military. Not sure if he cashed out or not.

[Tiangou]

Forrest wrote:
...By comparison, “ Since the FDIC was founded in 1933, no depositor has lost a penny of FDIC-insured funds.” according to FDIC

That's the "full faith and credit" of the United States backing it.

How much long is THAT gonna last??

[M A V I C]

Forrest wrote:
Before you invest in crypto, you should investigate what % has been stolen over the past decade and you decide if that’s acceptable.

By comparison, “ Since the FDIC was founded in 1933, no depositor has lost a penny of FDIC-insured funds.” according to FDIC

Key part is "of FDIC-insured funds". They only insured up to $100k, and now $250k. Plenty of people have lost funds that were over what the FDIC would insure.

[kj]

I met a very smug dude who popped off about buying a bunch of dogecoin. It’s not nice but I hope he loses it all!

[chopper]

My son owns a construction business with 10-13 union employees.
So likewise he could not imagine posting hourly on a old guy message board.

All of his income/outgo go thru an accounting firm for business and personal. They had just been paying it.

Black wrote:
[quote=chopper]
My son bought $500 of bitcoin in 2016 or so. He put it on a thumb drive or a hard drive and put the drive in a lockbox at the bank. He went on with his life. He forgot it was in there until he saw that his bank had extracted a mystery $22 out of his account in 2024 which he came to find out was rental on the lockbox.
Last year he bought a pretty big hobby farm. He sold all but $500 of that bitcoin at whatever the market value was. So he didn't need to borrow much to buy that new place.

I can't imagine forgetting I had a lockbox at the bank, or not noticing an annual charge for 8 years...?

[chopper]

I have no idea what dogecoin is and my son wasn't anything but grateful when all that money landed in his lap. The Arabian horse stable business across the road from him asked him how he could afford such a place at a young age and he told them the truth about the forgotten bitcoin. They never wave when they meet on the road so he's learned not to tell people the real story.

kj wrote:
I met a very smug dude who popped off about buying a bunch of dogecoin. It’s not nice but I hope he loses it all!

[freeradical]

[kj]

chopper wrote:
I have no idea what dogecoin is and my son wasn't anything but grateful when all that money landed in his lap. The Arabian horse stable business across the road from him asked him how he could afford such a place at a young age and he told them the truth about the forgotten bitcoin. They never wave when they meet on the road so he's learned not to tell people the real story.


[quote=kj]
I met a very smug dude who popped off about buying a bunch of dogecoin. It’s not nice but I hope he loses it all!

Yer son’s probably not a dick about it. You should at least look it up though, as I think it gives you a better picture. Well, that and he spent 25k on a finger painting by his child to support their charter school, which rubbed me the wrong way (fundraiser/auction).