Very Deep......
Evening everyone....
So this afternoon I went on an estimate for a fairly large kitchen job. It was in a town named Mendham, New Jersey. Which is one of the most affluent towns in state. The average house price is around $800K, and that’s for a shack.
Well the house I went to was by no means a shack. The kitchen is a mere 23’x28’ which is just under 650 square feet. Not the biggest that I’ve done by any stretch but I very nice sized layout.
The kitchen isn’t even five years old, but the layout is absolutely horrible with tons of wasted opportunity. Example: the refrigerator is on the opposite wall from the stove and oven roughly twenty feet away. The sink is in the far corner also on the opposite wall of the stove.
It was done by the previous owners just before selling the house........
While none of this really has anything to do with this post. I thought I’d intro how I get to the topic of this post.
These people have money. While I don’t know exactly what the husband does for a living. He is well versed in both technology and finance. On his desk was a whole bunch of different nick nacks and framed art of Litecoin, NEO, Bitcoin, EOS, etc.
So what started out as a mention of crypto turned into roughly a three hour conversation. And wow did he totally blow me away with some of the stuff he said.
He is heavily into crypto, and has made enough flipping that his house is 100% paid for from the profits of them. I just did a search of the sale price of the house, which was purchase in March of 2018 by them. It was bought for 1.6 million dollars.........
While I could probably break this discussion into about a weeks worth of posts easily. There was so much that he touched on, I’m still trying to digest most of it.
Without getting really long winded on this, he has been in the crypto market since very early inception. He had Bitcoin at less then a dollar, but sold most of it when it hit $50. He has bought and sold it a ton. He has done that with numerous crypto’s with Litecoin being one of his favorite coins.
Now to drop the bomb......
His analogy of the crypto market is going to in the end be the biggest Ponzi scheme ever pulled off in the history of the world. As I stated he is very heavily invested in crypto, and thinks there is going to be one hell of a bull run again. But he also said that if you get greedy you’ll end up broke when the crypto world crashes.
He didn’t exactly go into detail but said that the crypto market can get the plug pulled on it at anytime by the right people breaking anyone holding.
Again, I don’t know anywhere near enough on crypto’s to agree or disagree with this. But after talking with him, it really makes me wonder.....
What do you think?????
Dang! 1.6 million in cryptos. I know I have been watching a guy on twitter who has undertaken a 1 year $1 million dollar crypto trading challenge. He posts all trades and for paying members to partake as well. I think he started with around 0.015 BTC and now has 0.22 BTC in less than a month.
I don't know a lot, but I do agree with some of what he is saying. It could go away at anytime, but I feel like that is a little ways off. They will probably get more mass adoption to get as much money from the public as they can before they pull the rug out from under it. Hopefully I am wrong, but time will tell.
Its much more than the 1.6 million from the way it sounds. He bought 2000 Litecoin for $.05 and sold it at over $300 per. And thats just Litecoin. He showed me one of his wallets to try and explain something, the wallet had nearly $800,000 in it.
That is crazy and I am sure he probably loaded up a few weeks back when everything was lower. It just goes to show you that it pays if you can get in on something early (like Litecoin at $0.05). I know if we knew back then what I know now, we would all be loaded. Haha!
Honestly I have always said that crypto are more like fiat than people want to admit.
Faith in the coin is all that gives it value really, even though the tech does add to that value.
In terms of a ponzi scheme I don't think all crypto is, but I do believe it will fall in time like fiat thanks to poor planning and ideas.
My view now is diversify and have as much spread out as to make money while being able to survive anything dealing with fiat, crypto, precious metals, or a SHTF example. Thanks for sharing brother and I know that kitchen will knock them dead.
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Crazy. I’ve heard that before from non crypto people.
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Well, I dont even know where to start, here is what scares the shit out of me is this..... as long as countries and nations have the ability to black out the web, then its not a safe investment for me. Being a silver stacker, cryptos are like the stock market to me. Heavily manipulated and could go away very easy. Now I have made my share of money flipping cryptos, and I have made more off of cryptos then I have silver, but fak dude I can hold ky silver, I have no idea what a bitcoin looks like or how heavy it is.... just my thoughts....
Im with you except for the making money on crypto part. What he said really blew my mind. The detail and what he showed me was insane.
The majority of coins are worthless, but I think there are several that will be mass adopted. No idea what's what.
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I guess we'll find out. I treat crypto like the stock market.