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'Retail suckers' with FOMO will eventually get crushed on Bitcoin, says Roubini

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I say.....who cares ?

FOMO= Fear Of Missing Out

I have no position in bitcoin myself, but if I did, I know if I lost it all, it would be no one's fault but my own.

So tired of people like this trying to protect everyone from everything.

Making mistakes is how you learn in life. If someone puts their life savings in it & loses, I could care less.

On the other hand, they may become rich beyond their wildest dreams & make a fool of this d-bag .

https://finance.yahoo.com/news/nouriel-roubini-on-bitcoin-price-surge-215856375.html

 

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6 hours ago, RaiderHaters Revenge said:

they do this to create panic and you sell so they can buy more

 

Roubini is not buying any bitcoin, come one.  You obviously dont know anything about him.

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1 hour ago, GutterBoy said:

Roubini is not buying any bitcoin, come one.  You obviously dont know anything about him.

The Great Roubini. Is he a magician?

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1 minute ago, edjr said:

The Great Roubini. Is he a magician?

He's an economist, and has been a permabear for decades, aka Dr Doom.

So he sh!ts on everything, including bitcoin, but he's not doing it to lower the price so he can buy more. 

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5 minutes ago, GutterBoy said:

He's an economist, and has been a permabear for decades, aka Dr Doom.

So he sh!ts on everything, including bitcoin, but he's not doing it to lower the price so he can buy more. 

so he makes money disappear? a type of Magician?

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6 minutes ago, kilroy69 said:

Just had an interview for a job that's pays in bitcoin. 

Hit man?  Pimp?

How does that work?  You get 2 bitcoins per year?  Or you get $100k a year, and receive the dollar compensation in bitcoin, whatever the value is at that time?

So if bitcoin fluctuates, your salary fluctuates?  Or your salary is tied to the dollar?

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3 minutes ago, GutterBoy said:

Hit man?  Pimp?

How does that work?  You get 2 bitcoins per year?  Or you get $100k a year, and receive the dollar compensation in bitcoin, whatever the value is at that time?

So if bitcoin fluctuates, your salary fluctuates?  Or your salary is tied to the dollar?

I gave up my lucrative hitman job when I became a dad. Can't juggle that type of responsibility and be a hit man. 

 

It's for a blockchain company. 

 

Instead of a paycheck each week that goes into my bank account I get a deposit of bitcoin into my coinbase account. 

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3 minutes ago, GutterBoy said:

Hit man?  Pimp?

How does that work?  You get 2 bitcoins per year?  Or you get $100k a year, and receive the dollar compensation in bitcoin, whatever the value is at that time?

So if bitcoin fluctuates, your salary fluctuates?  Or your salary is tied to the dollar?

I gave up my lucrative hitman job when I became a dad. Can't juggle that type of responsibility and be a hit man. 

 

It's for a blockchain company. 

 

Instead of a paycheck each week that goes into my bank account I get a deposit of bitcoin into my coinbase account. 

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1 minute ago, kilroy69 said:

I gave up my lucrative hitman job when I became a dad. Can't juggle that type of responsibility and be a hit man. 

 

It's for a blockchain company. 

 

Instead of a paycheck each week that goes into my bank account I get a deposit of bitcoin into my coinbase account. 

Is it a fixed amount of bitcoin?  Let's say you get .1 BTC per paycheck.  And then BTC goes to $500K, you'll be making bank.  What if BTC goes down to $10K?  You're on ramen until it recovers?

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14 minutes ago, kilroy69 said:

That's pretty much how it would go yes. 

Hard pass.

I want my income to be predictable and stable, and then I can choose what I want to invest in speculation.

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my fidelity is down 3500 today. :banana:

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Just now, edjr said:

my fidelity is down 3500 today. :banana:

I'm down 300 on my chain link investment. I'm thinking of buying 500 bucks more on this dip. 

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I just keep buying more.

Today I bought DOT, BNB and CRO.

I'll probably buy some Home Depot and Waste Management too.

:dunno:Thanks for the sale.

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20 hours ago, Cdub100 said:

I just keep buying more.

Today I bought DOT, BNB and CRO.

I'll probably buy some Home Depot and Waste Management too.

:dunno:Thanks for the sale.

As you are in the growth phase of your investments you will be fine.  In the withdrawal phase, a negative sequence of returns along with RMD’s or other withdrawals will not support this theory.

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1 hour ago, Alias Detective said:

As you are in the growth phase of your investments you will be fine.  In the withdrawal phase, a negative sequence of returns along with RMD’s or other withdrawals will not support this theory.

I don't plan on having a withdrawal phase from my investments. I think that's a losing strategy. 

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1 minute ago, Cdub100 said:

I don't plan on having a withdrawal phase from my investments. I think that's a losing strategy. 

You plan on working the rest of your life?

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8 minutes ago, GutterBoy said:

You plan on working the rest of your life?

No, there are different ways to generate income without selling your assets.

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Just now, Cdub100 said:

No, there are different ways to generate income without selling your assets.

What is the goal of your savings if it's not "spend it"?  Leave an inheritance?

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3 minutes ago, GutterBoy said:

What is the goal of your savings if it's not "spend it"?  Leave an inheritance?

The goal of my savings is to create generational wealth. Why spend it when I can capture the same value if not more by holding it.

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The goal of my savings is to spend it when I need it.  I would like to leave something for my kids, but I also want my kids and their kids to have to work for something.  I'm not a fan of trust fund kids.

My father was big into leaving a bunch of money for us.  He lost his life savings in the market many years ago, and now counts on us to help support him.  Thanks Dad.

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13 minutes ago, GutterBoy said:

The goal of my savings is to spend it when I need it.  I would like to leave something for my kids, but I also want my kids and their kids to have to work for something.  I'm not a fan of trust fund kids.

My father was big into leaving a bunch of money for us.  He lost his life savings in the market many years ago, and now counts on us to help support him.  Thanks Dad.

:thumbsup: I get it and I also think trust fund kids can be the worst.

How did he lose his life savings in the market?

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24 minutes ago, GutterBoy said:

The goal of my savings is to spend it when I need it.  I would like to leave something for my kids, but I also want my kids and their kids to have to work for something.  I'm not a fan of trust fund kids.

My father was big into leaving a bunch of money for us.  He lost his life savings in the market many years ago, and now counts on us to help support him.  Thanks Dad.

I've read ....stats show that about every 3rd Generation squanders away any big inheritance/family money. (leaves nothing for the next generation, even though there should have been money left to do so if properly taken care of).

 

 

 

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11 minutes ago, Cdub100 said:

:thumbsup: I get it and I also think trust fund kids can be the worst.

How did he lose his life savings in the market?

investing in penny stocks.  I told him not to do this, that he needed to save his money for when he gets older and needs it, he insisted that he knew what he was doing, that he couldn't lose, and his goal was to leave me and my sister a million dollars.  He lost it all and now I'll be on the hook to support him in later life.

I also lost a good deal of money in the crash of 2008, but it taught me some good life lessons like stop comparing myself to others, be grateful for what you have, etc.  Now I just want to be able to give my kids a good childhood and pay for their way through college, and then be able to support my wife in retirement with a decent living.

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2 minutes ago, GutterBoy said:

I also lost a good deal of money in the crash of 2008, but it taught me some good life lessons like stop comparing myself to others, be grateful for what you have, etc.  Now I just want to be able to give my kids a good childhood and pay for their way through college, and then be able to support my wife in retirement with a decent living.

 

Not to scratch an old wound...but ... in 2008.   So did you NEED the money then and took it out of the market or did you sell out of "FOLIA" (fear of losing it all) ?

 

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5 minutes ago, tubby_mcgee said:

 

Not to scratch an old wound...but ... in 2008.   So did you NEED the money then and took it out of the market or did you sell out of "FOLIA" (fear of losing it all) ?

 

Several mistakes.  I sold my long positions and went short during the recovery.  Then went cash.  By the time I went long again I missed out.   Hindsight if I just stayed put, yeah I would have been fine.  I got cocky and greedy.  It was a humbling experience, as I said I learned a lot.

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6 minutes ago, GutterBoy said:

investing in penny stocks.  I told him not to do this, that he needed to save his money for when he gets older and needs it, he insisted that he knew what he was doing, that he couldn't lose, and his goal was to leave me and my sister a million dollars.  He lost it all and now I'll be on the hook to support him in later life.

I also lost a good deal of money in the crash of 2008, but it taught me some good life lessons like stop comparing myself to others, be grateful for what you have, etc.  Now I just want to be able to give my kids a good childhood and pay for their way through college, and then be able to support my wife in retirement with a decent living.

Yikes Penny stocks are for gamblers. A lot of Crypto is like that too especially Defi which I don't really understand so I stay away. 

Personally, I am pretty well deversified. 40% in stocks to include individual and mutual funds, I also have a TSP which severely limits what I can invest in. 40% in Crypto and it's only that high because the market really blew up this year. The rest is Gold, bonds, my house, cash and Magic the gathering. I'd like to buy some land at some point, but like everything, it's so expensive. 

I could lose everything tomorrow and still retire comfortably so long as the government doesn't take away my pension.

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9 minutes ago, GutterBoy said:

Several mistakes.  I sold my long positions and went short during the recovery.  Then went cash.  By the time I went long again I missed out.   Hindsight if I just stayed put, yeah I would have been fine.  I got cocky and greedy.  It was a humbling experience, as I said I learned a lot.

2008 was a weird time. I remember talking to a financial advisor in 2007 about my IRA and I told him I didn't like the way things were looking. Something didn't sit right with me. He told me to keep my money in. That was a mistake and I too learned a lesson that saved me last year. I bought a house in 2007 just as the market was taking a turn. If I just waited a couple more months I could have saved tens of thousands. If I had listened to my gut. That's why when I had that same feeling in March of last year I didn't hesitate and sold everything. I started dollar cost average back in starting in April. I started buying ethereum in May and Bitcoin in June.

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1 hour ago, Cdub100 said:

The rest is Gold, bonds, my house, cash and Magic the gathering. I'd like to buy some land at some point, but like everything, it's so expensive. 

 

Dude. I’ll sell you some basic lands for a nickel each. :dunno:

 

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3 minutes ago, frank said:

Dude. I’ll sell you some basic lands for a nickel each. :dunno:

 

:lol: How could I say no?

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5 hours ago, Cdub100 said:

The goal of my savings is to create generational wealth. Why spend it when I can capture the same value if not more by holding it.

Another perfect reason for permanent life insurance.  So many fools don’t believe in the stuff.  I hope you aren’t one of them, I can quite remember.

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4 hours ago, Cdub100 said:

Yikes Penny stocks are for gamblers. A lot of Crypto is like that too especially Defi which I don't really understand so I stay away. 

Personally, I am pretty well deversified. 40% in stocks to include individual and mutual funds, I also have a TSP which severely limits what I can invest in. 40% in Crypto and it's only that high because the market really blew up this year. The rest is Gold, bonds, my house, cash and Magic the gathering. I'd like to buy some land at some point, but like everything, it's so expensive. 

I could lose everything tomorrow and still retire comfortably so long as the government doesn't take away my pension.

TSP = Pension = Now I know why you don’t need a withdrawal phase.  Anyway, at 72 you will be forced to start one or pay a penalty to the tune of 50%.

 

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11 minutes ago, Alias Detective said:

TSP = Pension = Now I know why you don’t need a withdrawal phase.  Anyway, at 72 you will be forced to start one or pay a penalty to the tune of 50%.

 

TSP is not my pension.

Even without the pension I wouldn't withdrawal.

And yes I know the government will force me to start taking money at some point but I'll just reinvest it.

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8 hours ago, Cdub100 said:

2008 was a weird time. I remember talking to a financial advisor in 2007 about my IRA and I told him I didn't like the way things were looking. Something didn't sit right with me. He told me to keep my money in. That was a mistake and I too learned a lesson that saved me last year. I bought a house in 2007 just as the market was taking a turn. If I just waited a couple more months I could have saved tens of thousands. If I had listened to my gut. That's why when I had that same feeling in March of last year I didn't hesitate and sold everything. I started dollar cost average back in starting in April. I started buying ethereum in May and Bitcoin in June.

Last March the day the market started crashing, I adjusted my Roth 401k by moving all of my mutual fund money to bonds.  I also reinvested going forward my Roth 401k day by day 100% in the same mutual funds of a small percentage of my income every day and still do this to this day.  Not sure if that was the right thing to do or not though but I felt safer.

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