Some guys have all the balls

Pekelo · Aug 30, 2017

Peter Schiff‏@PeterSchiff
"Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin. What are the odd this turns out to be a wise move?"

Man, that is one ballsy move. I recall a guy on Reddit a few years back, he maxed out his credit cards and bought BTC. The price was around $250 or so. I am not sure what happened to him eventually, I think once he doubled he paid back some of the credits...

Here is the original thread:

https://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

Chuck Krug · Aug 30, 2017

The thing with bubbles is that people always think they can get out before it bursts.

Xela · Aug 30, 2017

Pekelo said:
Man, that is one ballsy move.

It certainly is.

Pekelo said:
I recall a guy on Reddit a few years back, he maxed out his credit cards and bought BTC. I think price was around $400 or so. I am not sure what happened to him eventually, I think once he doubled he paid back some of the credits...

I think it's in the nature of publicity in general, and maybe social media in particular, and perhaps especially regarding subjects like Bitcoin, that there's always a hidden selection-process of information involved, with the inevitable outcome that we hear far more about the unrepresentative instances (e.g. those where people have made fortunes) and far less about the more common ones where people have lost money.

(A more extreme and obvious example would pertain to lotteries: the media typically publish stories about the big winners, not so much about the enormous numbers of losers. Understandable, of course - but still a huge selection-bias.)

themickey · Aug 30, 2017

Pekelo said:
Peter Schiff‏@PeterSchiff
"Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin. What are the odd this turns out to be a wise move?"

Man, that is one ballsy move. I recall a guy on Reddit a few years back, he maxed out his credit cards and bought BTC. The price was around $250 or so. I am not sure what happened to him eventually, I think once he doubled he paid back some of the credits...

Here is the original thread:

https://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

100% !!!
Means he is super confident and salivating at future profits.
Whenever I have thought this way usually been 100% wrong.

traider · Aug 30, 2017

As long as there are lots of people who think it is a bubble, it is not a bubble yet.

newwurldmn · Aug 30, 2017

Pekelo said:
Peter Schiff‏@PeterSchiff
"Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin. What are the odd this turns out to be a wise move?"

Man, that is one ballsy move. I recall a guy on Reddit a few years back, he maxed out his credit cards and bought BTC. The price was around $250 or so. I am not sure what happened to him eventually, I think once he doubled he paid back some of the credits...

Here is the original thread:

https://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

There's a fine (and often indistinguishable) line between "bold" and "stupid"

zdreg · Aug 30, 2017

the price of bitcoins says it all about fiat currencies and the wasteful spending by governments.
we are all Venezuela. It is just a matter of time.

Martinghoul · Aug 30, 2017

zdreg said:
the price of bitcoins says it all about fiat currencies and the wasteful spending by governments.
we are all Venezuela. It is just a matter of time.

Do you think people in Venezuela benefited a lot from the move in bitcoin?

Handle123 · Aug 30, 2017

Pekelo said:
Peter Schiff‏@PeterSchiff
"Just had a client liquidate his entire IRA to put 100% of the proceeds into Bitcoin. What are the odd this turns out to be a wise move?"

Man, that is one ballsy move. I recall a guy on Reddit a few years back, he maxed out his credit cards and bought BTC. The price was around $250 or so. I am not sure what happened to him eventually, I think once he doubled he paid back some of the credits...

Here is the original thread:

https://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

Once in the 80s and again in early 90s, did about same thing, got wiped out twice, didn't learn first time- stupid me. Never again put all eggs in one basket, there are usually one guy who does it and gets super lucky and hundreds that lose it all.

Pekelo · Aug 30, 2017

zdreg said:
people are starving in Venezuela because

...nobody accepts bitcoin or they are all horders.

Nah, seriously, if I were there, sure bitcoin's 10% daily volatility would be least of my worries, and over the long run BTC looks like a good preservation of capital. If you are a Venezuelan...