Old Guard says Market Bubble vs New Guard says Market Correction. What say you? 1 1

[valiantman]

1 minute ago, the blob said:

I have high school friends on facebook who say they dabble. I am not sure how someone buys a sandwich with bitcoin. You can use .0001% of a bitcoin?

I know I should not criticize things that hurt my brain. But internet stocks selling for 1,000 P/E (or that were never making money) in 2000 hurt my brain too.

With that said, my parent's apartment being worth $750K in 1997 hurt my brain to the point i told them they had better unload it. It is now $2.5-3 million.

How would someone have even bought bitcoin in 2010? How do they do it now? Hurts my brain.

Missing the boat on apple at 60 cents a share is easier to grasp.

It's not really possible to buy a sandwich with bitcoin - that's more of a "we're hip" advertisement for a deli.  Yes, you can spend 0.00000001 of a bitcoin (it's called a 'satoshi' and there are 100,000,000 per bitcoin), but the fee is something like $25.  You wouldn't do it.  However, the fee to move 10 bitcoins (half a million dollars) is also $25.  What do banks charge each other to move $10,000,000?  In bitcoin, it would be a $25 fee.  Buying bitcoin in 2010 was very complicated, and some guy who even knew what he was doing is still trying to get $400,000,000 of his own bitcoin out of a landfill (the article says $280M, but that was months ago. It's $400M now).  So, even though I had heard of bitcoin in 2010, I don't feel bad that I didn't buy any.  I didn't know how.  It's getting easier to buy bitcoin, but you can't buy it with your stock broker.  There's only one way to do that, and it's complicated, a trust owns bitcoin and you can buy into the trust (Grayscale - GBTC stock).  So, you have to purposefully open an account with a crypto exchange, and most people won't.  Banks won't sell you bitcoin.  There are bitcoin ATMs now, but they're taking fees like crazy and you're overpaying.  So, bitcoin is both "well-established" and "extremely early" as far as being "normal".

[Transplant]

42 minutes ago, NewWorldOrder said:

45 minutes ago, blazingbob said:

John is full time,  a full time comic bum who posts every once in awhile and spending his afternoons playing golf.

.

 

He isn't wrong. 

Retired sugar baby is a good gig.  If people can't tell, I'm jealous of the toeheaded man of leisure.  And I ain't talking about the blazing one. 

[the blob]

3 minutes ago, valiantman said:

It's not really possible to buy a sandwich with bitcoin - that's more of a "we're hip" advertisement for a deli.  Yes, you can spend 0.00000001 of a bitcoin (it's called a 'satoshi' and there are 100,000,000 per bitcoin), but the fee is something like $25.  You wouldn't do it.  However, the fee to move 10 bitcoins (half a million dollars) is also $25.  What do banks charge each other to move $10,000,000?  In bitcoin, it would be a $25 fee.  Buying bitcoin in 2010 was very complicated, and some guy who even knew what he was doing is still trying to get $400,000,000 of his own bitcoin out of a landfill (the article says $280M, but that was months ago. It's $400M now).  So, even though I had heard of bitcoin in 2010, I don't feel bad that I didn't buy any.  I didn't know how.  It's getting easier to buy bitcoin, but you can't buy it with your stock broker.  There's only one way to do that, and it's complicated, a trust owns bitcoin and you can buy into the trust (Grayscale - GBTC stock).  So, you have to purposefully open an account with a crypto exchange, and most people won't.  Banks won't sell you bitcoin.  There are bitcoin ATMs now, but they're taking fees like crazy and you're overpaying.  So, bitcoin is both "well-established" and "extremely early" as far as being "normal".

Brain hurts. I'll go back to being depressed about buying 1,000 shares of razorfish in 2001 rather than nearly 3000 shares of Apple at the same price at the same time. If I am reading stock splits right that would be about $20 million now.

[the blob]

9 minutes ago, valiantman said:

It's not really possible to buy a sandwich with bitcoin - that's more of a "we're hip" advertisement for a deli.  Yes, you can spend 0.00000001 of a bitcoin (it's called a 'satoshi' and there are 100,000,000 per bitcoin), but the fee is something like $25.  You wouldn't do it.  However, the fee to move 10 bitcoins (half a million dollars) is also $25.  What do banks charge each other to move $10,000,000?  In bitcoin, it would be a $25 fee.  Buying bitcoin in 2010 was very complicated, and some guy who even knew what he was doing is still trying to get $400,000,000 of his own bitcoin out of a landfill (the article says $280M, but that was months ago. It's $400M now).  So, even though I had heard of bitcoin in 2010, I don't feel bad that I didn't buy any.  I didn't know how.  It's getting easier to buy bitcoin, but you can't buy it with your stock broker.  There's only one way to do that, and it's complicated, a trust owns bitcoin and you can buy into the trust (Grayscale - GBTC stock).  So, you have to purposefully open an account with a crypto exchange, and most people won't.  Banks won't sell you bitcoin.  There are bitcoin ATMs now, but they're taking fees like crazy and you're overpaying.  So, bitcoin is both "well-established" and "extremely early" as far as being "normal".

well, maybe it would have been for a big delivery of sandwiches

[NewWorldOrder]

9 minutes ago, Transplant said:

Retired sugar baby is a good gig.  If people can't tell, I'm jealous of the toeheaded man of leisure.  And I ain't talking about the blazing one. 

Well I am jealous you get to live in Switzerland!  I was in Zurich in 2018, enjoyed it very much!

[blazingbob]

35 minutes ago, valiantman said:

Do you have any?  Anyone in your family?  Friends?  Yes, taking payments in bitcoin is a fun "dabble", but there are financial advisors who are switching from recommending "NO CRYPTO" to all their clients to starting to recommend that clients try 1% to 5% in crypto, keeping 95% to 99% "steady as she goes..."   But that's retirement funds, people have half a million dollars, or a million, or whatever.  1% would be $5,000 or $10,000... 5% would be $25K, etc.  There are literally only 21,000,000 bitcoins.  Ever.  About 19,000,000 exist now.  So, at $55,000 each, it only takes 11 people putting in $5K (1% of a $500K retirement account) to "eat up" a whole bitcoin.  Baby boomers are retiring, and they have fixed incomes with little "changes before death" even possible.  They COULD make some big positive gains by risking 1% of their retirement.  Is it worth it?  Some might think so, but generally, they don't... yet.

Have you committed your own money to bitcoin?  If not this is basically "Here is some advice I am not doing myself"

I'd love those who suggest things like this to ask your wife if it is ok to dabble with "some" of your retirement fund into Bitcoin.  

Edited May 4, 2021 by blazingbob

[innocuous]

15 minutes ago, the blob said:

Brain hurts. I'll go back to being depressed about buying 1,000 shares of razorfish in 2001 rather than nearly 3000 shares of Apple at the same price at the same time. If I am reading stock splits right that would be about $20 million now.

I've been following this thread for all the fun. But, this just made me laugh, the sad kind of laugh one gets from similar personal experience.

[valiantman]

17 minutes ago, blazingbob said:

Have you committed your own money to bitcoin?  If not this is basically "Here is some advice I am not doing myself"

I'd love those who suggest things like this to ask your wife if it is ok to dabble with "some" of your retirement fund into Bitcoin.  

$10K in bitcoin.  I spent $5,000 putting it there.  I also earn 5% annually just by holding it. https://blockfi.com/rates

I also spent $5,000 on this.  My wife's pretty happy with all of it.

Edited May 4, 2021 by valiantman

[thehumantorch]

2 hours ago, blazingbob said:

Sounds like the Valiant days

valiant post 

[NewWorldOrder]

9 minutes ago, valiantman said:

$10K in bitcoin.  I spent $5,000 putting it there.  I also earn 5% annually just by holding it. https://blockfi.com/rates

I also spent $5,000 on this.  My wife's pretty happy with all of it.

So close to the 9.8.  That slight cover fade. 

You have taken the lead in that trade. 

[the blob]

14 minutes ago, innocuous said:

I've been following this thread for all the fun. But, this just made me laugh, the sad kind of laugh one gets from similar personal experience.

razorfish had been $100+ during the internet bubble. I bought it at under $1 when it had finally had a profitable quarter. I thought this was one of the internet companies that would bounce back. I used the same approach I had used for formerly hot BA books that had crashed. Razorfish had gotten a lot of press and such. apple had not yet introduced the ipod, it was still just computers and at like .00001% of that market. on the brink of death.

[NewWorldOrder]

1 minute ago, the blob said:

razorfish had been $100+ during the internet bubble. I bought it at under $1 when it had finally had a profitable quarter. I thought this was one of the internet companies that would bounce back. I used the same approach I had used for formerly hot BA books that had crashed. Razorfish had gotten a lot of press and such. apple had not yet introduced the ipod, it was still just computers and at like .00001% of that market. on the brink of death.

What years were razorfish around?  Honestly I have never heard of them.

[the blob]

I am a lousy stock picker. I rolled my eyes when my wife bought some Tesla in 2019.

[Legion of Goom]

14 hours ago, Lazyboy said:

You're seriously mentioning Canada? Yes, Canada is technically international for you, but we've always been a big part of the comics market.

Let me know when your sales to continents beginning with 'A' reach that level (especially Antarctica ).

When the comics boom hits Antarctica, I'll be ready

[the blob]

10 minutes ago, NewWorldOrder said:

What years were razorfish around?  Honestly I have never heard of them.

They were a hot website development company, late 90s. Eventually they went private in 2003 and I lost pretty much everything, which wasn't a lot. I was wrong, it head peaked at $57. I bought under $1. It is actually bigger now than it was back then, but it is a subsidiary:

https://en.wikipedia.org/wiki/Razorfish_(company)

[the blob]

Just now, the blob said:

They were a hot website development company, late 90s. Eventually they went private in 2003 and I lost pretty much everything, which wasn't a lot. I was wrong, it head peaked at $57. I bought under $1. It is actually bigger now than it was back then, but it is a subsidiary:

https://en.wikipedia.org/wiki/Razorfish_(company)

what ticks me off is that somehow i got wiped out when it went private (ok, i think they paid me 25 cents a share or something), but the company was sold a few times afterward and every time the sellers made lots of money. 

[NewWorldOrder]

2 minutes ago, the blob said:

They were a hot website development company, late 90s. Eventually they went private in 2003 and I lost pretty much everything, which wasn't a lot. I was wrong, it head peaked at $57. I bought under $1. It is actually bigger now than it was back then, but it is a subsidiary:

https://en.wikipedia.org/wiki/Razorfish_(company)

Ahh that makes sense then since I was in High School.  No way I was paying attention back then besides watching the movie Boiler Room  

[the blob]

11 minutes ago, NewWorldOrder said:

Ahh that makes sense then since I was in High School.  No way I was paying attention back then besides watching the movie Boiler Room  

my logic was that if it ever got back to $57 I would have turned $1000 into $57,000. and even if it only got half there, I'd be at $28K. genius, right? And at one point I think it was over $2. should have sold, but I thought that was the start of something big!

anyway, at the same time, roughly, I bought QQQ at the bottom and that bounced back very well, doubling in a few years when I sold it (I need the $ to buy my house). Of course, I bought it at about $21-22 or so and it is now $340, so i should have kept it, although my house has done well too

[Iceman399]

2 hours ago, Transplant said:

And short. 

I prefer pocket sized...don't pick on Drew it's not nice!  He works to hard

[lostboys]

 

I was one of the fortunate ones who got back into comics right before the boom...May/June 2020.

I've been tracking the books I bought and most did get a huge bump but have stayed steady since said bump.

ASM 300, 316 and 361 got their bumps earlier than 252.

I was able to get the first 3 back in 2020 without going broke but could not afford to buy them today.

I passed on a bunch of 252s in the past 10 months but wish I hadn't because now it's too expensive. 9.6 jumped from 230 to 525 out of nowhere and they're selling for 700 on Ebay.

I won't buy one now because it had its bump now and I don't see it going above 1000 anytime soon...i missed it.

What I'm trying to say is don't chase the dragon. These books had their bumps and will probably stay where they are or go down slightly.

If you can get a book for FMV, go for it but don't go over paying expecting another huge bump.