Of course you would invest some money into stock. But if you genuinely have $100 million in cash plus another $50 million in bitcoin you would have way more than $40k in stock. And if you’re going to talk about how well off you are you’d brag about your $150 million, not the fact that you own a truck.
It’s very obvious that you are lying about your wealth and do not have $150 million in bitcoin-related assets.
Some crypto is better investment than others.
Technically correct. Some pyramid schemes are better investments than others due to being at different stages of the scam, or having more or less interest with the general public to continue the scam. That doesn’t make it legitimate, and doesn’t change the inevitable fact that every cryptocurrency will be killed by its own algorithm in the long run. Eventually bitcoin will be worth $0* and there’s nothing you can do to stop it.
*Well, technically bitcoins could still have some collector value much like Zimbabwean trillion dollar bills. But their value as currency will be zero.
Your numbers are wrong.
When you cash out crypto, especially in large numbers, you have to pay tax and fees. My initial payout was just over $90 million USD, and after said tax and fees, I came away with just over $70 million USD.
I bought a $780,000 house with acres, put in a 100 yard x 30ft greenhouse, I bought 2 bulls and 5 heffers, a brand new truck, about $350,000 worth of solar panels and tesla battery packs, and I built a forge in my barn. Give or take, around $60,000 worth of equipment, not including steel.
I gave money to family members and friends, I have purchased acres in multiple states, no less than 50 acres each parcel, and I invested (as I stated) over $40,000 in stock.
I have several savings accounts that draw 1% interest annually, which is decent if you happen to have a large sum in there. I could do better with CD’s, but they are generally fixed time periods.
I like to be able to withdraw every penny if I need to, for some unforeseen reason.
On top of that, I have to pay property and income tax every year, as well as I pay for things like my taxes to be done, and the majority of my stocks are managed professionally.
All of which costs money.
I’m not sure where you get this idea that once you have money everything is free. It isnt.
Not in any meaningful way. $70 million cash vs. $100 million cash doesn’t change the fact that people with that level of wealth don’t brag about having $40k in stock and owning a truck. They brag about having $50+ million in assets.
But feel free to prove me wrong and send me $10k. That’s a trivial amount of money if you’re as rich as you claim, and a crippling expense if you’re as rich as I think you are. Or, to be more on-topic, you could send me one bitcoin. No big deal if you have 1000 of them, right?
If the person comes from money, you may be right. If you happen to have read any of my other posts, you’d know I come from a very poor family.
Going to college, owning my home, owning a vehicle and having no payments is quite an achievement within my family.
Of course I’m not going to send you any money. I don’t know you or particularly like you. If you think that’s some form of “gotcha”, you’re even bigger a fool than I initially thought.
So your first request is for $10,000 USD, and now you want $46,000 USD in the form of a bitcoin that you believe is a scam. I know it sucks to be poor, but maybe if you’d invested properly, you wouldn’t be. I could suggest several cryptocurrencies that are performing well.
You have some serious misconceptions about money, and how a person should live if they have money. I didn’t come into money until I turned 35 years old. My values and priorities were set well before I turned 35.
Probably, since the scamcoin fanboys have made it clear that they aren’t going to address any of the significant criticisms of scamcoins:
That, contrary to their fringe economic theories, gold and scamcoins are both fiat currencies just like any state-issued currency.
That scamcoins have very little practical value since few sellers accept them as payment, and virtually all of the “value” is driven by market speculation.
That the scamcoin algorithm contains an inherent ticking clock that will render scamcoins non-functional after a certain number of transactions, crashing the value to zero for anyone unfortunate enough to be holding scamcoins when the clock runs out.
As expected you continue to evade and refuse to answer criticism, just like every other scamcoin fanboy does when confronted with the reality that they have been lured into a scam.
The same things were said about the stock market when it was created. Going strong several decades later.
Doomsdayers like yourself have no real future.
Cryptocurrency is backed by fiat money, and the technological infrastructure of the company holding the coin. Proper investment is not just the coin its self, but into the company that holds it.
Crypto doesn’t have any algorithm that I’ve ever heard about that self destructs the value at a limit of transactions. That is counter productive to the goal of cryptocurrency.
You’re peddling falsehoods for no reason.
To be clear, what you’re describing is exactly what I called it earlier. The stock market of the average person. You’re investing in futures and conjecture, with huge payout if you pick right. Just like stocks.