Four ordinary people share how they got rich from crypto
https://nypost.com/2022/02/05/how-cryptocurrency-made-these-…
Why does this look like HGTV?
intercst
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Because it is the NY Post?
I won’t even click the link. It’s a rag. No better than Faux Noise.
This reminds me of the Mark Zuckerberg vs Warren Buffett disucssion. The media was all excited to report hw much richer Zuk had become vs Buffett. And I said to myself, as it turned out to be, that Zuk’s wealth could shrink, substantially, overnight while Buffett would weather any storm. Zuk is still a billionaire, but there’s solid wealth and there’s less solid wealth.
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Daryll44 writes,
This reminds me of the Mark Zuckerberg vs Warren Buffett disucssion. The media was all excited to report hw much richer Zuk had become vs Buffett. And I said to myself, as it turned out to be, that Zuk’s wealth could shrink, substantially, overnight while Buffett would weather any storm. Zuk is still a billionaire, but there’s solid wealth and there’s less solid wealth.
My doctor had me get an MRI of my right leg two weeks ago. The radiology tech asked me how long I’ve been retired. I told him, and when he asked how I managed that, I explained a bit about the 4% rule.
Then he says, “That’s interesting, I had a young guy in here last week that told me he was retired. He owned 1,342 Bitcoins. He bought them when they were about $1 a piece.”
That’s like $40 million. I hope he sold some to diversify.
intercst
I’m sure it’s different this time.
https://www.investopedia.com/terms/d/dutch_tulip_bulb_market…
It always is.
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Headline: “Four ordinary people share how they got rich from crypto”
Of course when you screen by successful results, you get successful results. It’s like “Four Mega Millions Lottery Winners share their secrets.”
Many multimillionaires and billionaires got there by having one successful thing, but that doesn’t mean that concentration will work for all or even most. We hear about the app that gets bought by a megacorp and the first ten employees get truckloads of money, but don’t hear much about the stuff that flounders, either quickly or after putting in years of low pay with the hope of making those IPO shares worth a lot.
Outsize (potential) results require outsize risks. If you look backwards, it’s history, though, so there isn’t any risk in the ones that “won.” But beforehand, the big winners weren’t necessarily distinguishable for the ones we don’t hear about because they went nowhere.
There are a lot of things that are irrational and succeed beyond any reason to have done so (Dogecoin, started as a joke). But, I can’t tell the difference between those and the ones that are irrational and fail precisely because they’re irrational. And that doesn’t even count the stuff that’s manipulated down (for the manipulators to get in) and then skyrockets (allowing the manipulators to get out) leaving the unsuspecting with the loss (Gamestop).
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83% of millennial millionaires own crypto
I see a lot of football teams (maybe 83%) win a game by running the “QB Kneel Down” play at the end. That doesn’t mean that a team should run that play earlier in the game.
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That’s like $40 million. I hope he sold some to diversify.
If he can cash out - https://www.telegraph.co.uk/investing/gold/made-4m-profit-cr…
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If his bank won’t let him spend it, it’s time for a trip to the Caribbean. Lots of banks there would help.