A ‘crypto winter’ freezes hiring at Coinbase and Gemini

[johnarb]

He isn't afraid to read the book. He thinks he already knows the answer and isn't open to the possibility that he might be wrong. Its really a waste of time trying to convince him. He seems a nice enough guy, but at this point, I think he really is just wasting your time. I've learned in life that people are only open for learning something new when they are ready.

Its just like a battered wife. There is no point in rescuing her until she is ready to leave the guy. Any attempts to help her before she is ready to seek out help are useless.

@deaddog so far doesn't have a problem yet that needs solving, which I guess is true. He trades the financial markets already, and the currency is fairly stable, even if it is depreciating with inflation. It will only be when he sees that the monetary system is broken and the governments won't be able to fix it that he will he be open to learning.

deaddog is a nice guy but he is never going to buy Bitcoin and most likely won't read the books I recommended. I'm not wasting my time on him

My answers are not for him, but for others who might read the thread

 

[deaddog]

If you bought 10 Bitcoins at $60K you could have bought a house using those Bitcoins

Now they have lost value but that's called a market, sometimes bear market but when bull market comes, they will be worth a lot more again

I should have bought a house. Then I own something tangible. If it doesn't increase in value, I can live in it. I could rent it and have an income. It's useful.

 

[johnarb]

You still did not answer what you can do with the shares if you bought 1000 shares of TSLA, FB or AMZN

You're talking about all kinds of justifications and excuses

What can you do with the shares if you bought 1000 shares of TSLA, FB or AMZN?


I'll help you with Bitcoin, I can use the BTC's as collateral for loan and get $100K wired to my bank

 

[johnarb]

OK OK I'll buy the book. Layered Money it's less expensive and from what I understand from the reviews covers the same ground.

I do like layered money, I'm on the last chapter

It doesn't have the same emotional impact to me as The Bitcoin Standard, maybe because TBS was the first book I read on the detailed concepts

You can download the PDF of The Bitcoin Standard for free. The author even recommends it, he does not care to earn more $ from the sale of the book

Bitcoin has saved his family's financial life as he is from Lebanon


https://indianpdf.com/the-bitcoin-standard-book-pdf/

 

[deaddog]

OK OK I'll buy the book. Layered Money it's less expensive and from what I understand from the reviews covers the same ground.

Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies will be auto-delivered wirelessly to Kindle Cloud Reader. You can go to your device to start reading.

 

[johnarb]

I should have bought a house. Then I own something tangible. If it doesn't increase in value, I can live in it. I could rent it and have an income. It's useful.

No, I should have sold the Bitcoins and used the money to buy puts on NFLX when it was above $700 and today I can buy 3 houses with cash

 

[deaddog]

You still did not answer what you can do with the shares if you bought 1000 shares of TSLA, FB or AMZN

You're talking about all kinds of justifications and excuses

What can you do with the shares if you bought 1000 shares of TSLA, FB or AMZN?


I'll help you with Bitcoin, I can use the BTC's as collateral for loan and get $100K wired to my bank

I suppose I could take out a margin loan if I really needed the money.
I'm a speculator so I hope to sell them for a profit. Now before you say Aha Gotcha thats what I'm doing with bitcoin! The new stock investor is still buying an entity that produces something. There is revenue and income being produced. There are reasons for the price to increase.
There are reasons that the price of all of the above to have dropped. Slowing growth, rising interest rates etc. Why has bitcoin dropped. Ya I know, the market, supply and demand, more sellers than buyers.
With the stocks I can understand the drop. The fundamentals changed. With bitcoin did the fundamentals change? What fundamentals?

 

[deaddog]

@deaddog so far doesn't have a problem yet that needs solving, which I guess is true. He trades the financial markets already, and the currency is fairly stable, even if it is depreciating with inflation. It will only be when he sees that the monetary system is broken and the governments won't be able to fix it that he will he be open to learning.

That's true, and I've survived quite a few crisis in my lifetime that we have managed to muddle through. Inflation in the 80s, Y2K, etc, a couple years down the road everything is OK.
Germany after the war had a currency that was worthless, look at Germany today.

 

[johnarb]

I suppose I could take out a margin loan if I really needed the money.
I'm a speculator so I hope to sell them for a profit. Now before you say Aha Gotcha thats what I'm doing with bitcoin! The new stock investor is still buying an entity that produces something. There is revenue and income being produced. There are reasons for the price to increase.
There are reasons that the price of all of the above to have dropped. Slowing growth, rising interest rates etc. Why has bitcoin dropped. Ya I know, the market, supply and demand, more sellers than buyers.
With the stocks I can understand the drop. The fundamentals changed. With bitcoin did the fundamentals change? What fundamentals?

There's a reason I picked non-dividend paying stocks like TSLA, FB, AMZN, you can't do anything with the shares than hoping to sell them higher, that's it

you can already buy those stocks on margin so if you want 50% of the cash, just buy it on margin and keep the 50% in your bank, good luck with margin calls, though

You own piece of the company? Try buying 10,000 shares of TSLA or FB or AMZN and go to their office buildings and say you own 10,000 shares and you own piece of the company and you'd like to take a company car or a furniture or boss around one of the employees

As it is, look at what happened with the Chinese stocks and finding out if you really own parts of the companies like DIDI and BABA

Bitcoin is a crypto digital asset. You can use it as collateral to buy a house, or get $100K to your bank or transfer $1M to someone in another country

Bitcoin is a crypto digital asset that can be used for medium of exchange, buy coffee, buy a laptop, use it for hotel and airfare, buy gucci, balenciaga, tag heuer watch. Can you buy anything with AMZN shares?

Bitcoin is a crypto digital investment asset and one day you'll be able to sell it for $500K or $1M per BTC

 

[deaddog]

Bitcoin is a crypto digital asset. You can use it as collateral to buy a house, or get $100K to your bank or transfer $1M to someone in another country

Bitcoin is a crypto digital asset that can be used for medium of exchange, buy coffee, buy a laptop, use it for hotel and airfare, buy gucci, balenciaga, tag heuer watch. Can you buy anything with AMZN shares?

Bitcoin is a crypto digital investment asset and one day you'll be able to sell it for $500K or $1M per BTC

How much bitcoin do you have to put up as collateral to get a 100K loan? I'd be hesitant to take it as collateral because of the volatility.

I realize that bitcoin is a medium of exchange and that I can buy stuff with it. I can also buy stuff with good old dollars. I have never seen anything priced in bitcoin. So in reality any merchant accepting bitcoin is probably converting it to fiat to make the sale.

I agree that I can't buy anything with my amazon share. I can convert it to dollars and buy stuff with dollars. I know it's a pain to have to cash in 1 share to buy a two dollar cup of coffee but I could put the charge on my credit card until I have spent enough to warrent selling a share. I have 30 days before I have to pay interest.