The Crypto Keeper
We don’t bailout big Vegas losers.
37 year old.
Retirement savings?!
Caveat Emptor.
If not, what's to prevent someone claiming that he owned $300,000? Or $3 million?
If at 37, a $30K hit is ‘insurmountable’, then you are probably a loser. 30K is like buying a cheap car - and while it would suck to lose 30K, it should be ‘surmountable’ for a hard working person.
So these people did not buy crypto they had control over?
They make it sound like they invested in the business, proper.
Interesting.
A fool and his money are soon parted.
Go figure.
Stupid SHOULD hurt. That way you get less of it. Plus, how does LOSING money create ‘unsurmountable’ [eyeroll] tax complications?
Crypto is NOT an investment strategy... it’s currency
What to Jim Cramer talk about this company a year ago?
https://decrypt.co/102828/jim-cramer-turns-bearish-on-crypto-is-that-bullish?amp=1
At least he is only 37, and has time to recover. We were in our 50s during the 90s tech crash.
quote “his retirement savings and has lost more than $30,000, which has brought him into “unsurmountable tax complications.”
HUH?
how can $30,000 be someones retirement? and how can losing that little bring insurmountable tax issues?
The Crypto Keeper
It’s a sad situation but unfortunately there are people who decided to throw the dice on a “get rich quick” scheme that was cybercurrency - which actually was originally designed to allow for micropayments such as reading articles online for tenths of a penny.
The 37 year old in the article at least has a few decades to get back on track.
The first two groups to be paid: the IRS and the Lawyers!
When I was in my early 30s (many,many years ago) I took a course at my local community college called “Principles of Investing.” It was taught by a broker from a well known brokerage firm. One thing he said that always stuck with me was that you should never put your money into an investment that you don’t understand. You should know how that particular investment works, what it does to generate money for you, and what the risks are that may cause you to lose your money. It sounds to me like the people quoted in the article didn’t follow that advice. They probably just heard all of the hype about cryptocurrency, thought it was a sure thing, and handed over their money.
I won’t touch crypto currency with a ten foot pole.
I don't get the "unsurmountable tax complications" thing, though. Hunter Biden owed the IRS $400K and nobody came after him...
These cryptos are extreme speculative vehicles, it doesn’t make them bad, but all the crying about committing suicide won’t get your money back.(They’ll most likely get a small amount back if this crypto was a racket)
Remember there is:
1) Hedge Finance
2) Speculative Finance
3) Ponzi Finance
All three are important.
If you’re investment minded stay in the first two categories because if you chase #3 down a rabbit hole, you’ll “lose your ass.”
Lost 30k?
Suck it up. Thanks to our C U Next Tuesday Governor I lost about $500,000 thanks to lockdowns.