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Post by rusty on Apr 1, 2024 19:53:05 GMT -5
I'm not smart enough to understand how that cyber money works. Online banking is about as far as I go. Neither is Warren Buffet. Charlie Munger said the same thing before he passed. If they don't understand it and think it is likely a Ponzi scheme, I'll go with them.
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Post by davet on Apr 2, 2024 4:13:38 GMT -5
I'm not smart enough to understand how that cyber money works. Online banking is about as far as I go. Neither is Warren Buffet. Charlie Munger said the same thing before he past. If they don't understand it and think it is likely a Ponzi scheme, I'll go with them. It's exactly a Ponzi scheme. The "value" is based on nothing else but a "cult like" following of "I'm against the man". The value is supported by no assets, no revenues, nothing. It's a very simple scheme. Let's say I have a total of 10 tokens with my very rare signature on it. I first create a "stir" of my on line fans and followers that I'm going to only sell 5 of these. They start at a $10 bid. Within weeks, the demand drives up the price to $100 per token. So, then I come out and say because of the demand, I will now sell the remaining 5 tokens. So, I sell them at $100 each. When I sold the initial 5, I received $50. Then when I sold the other 5 I received $500. That's exactly how the Crypto scam works. Think Bieni Babies. Same thing.
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Post by davet on Apr 3, 2024 13:09:51 GMT -5
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Post by Loggy on Apr 3, 2024 14:30:14 GMT -5
Sounds like some huge Schedule D losses ahead! LOL
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