/biz/ - Business & Finance

>>56429860
I heard a story of a guy with a family, who lost all his crypto (which was virtually his entire finacial portfolio, nest egg, life savings, total net worth, etc) by falling for that YT fake SpaceX crypto "giveaway", lol.

I'm a complete fucking idiot and even I could instantly see that shit was grade A fake bullshit scam.

Gotta be the guy who bought pizza with bitcoin

>>56429860
$1.4m -> $100k here. This will probably haunt me to the end of my days

>>56429925
How? At no point did you consider cashing out?

>>56429908
why do people use this story? he didnt lose anything but the value it was at the time. do people even realize he bought it back and then some when he got his paycheck a few days later?

>>56429925
How can u see 1m and not cash out

Wtf

Literally enough to never work again

All u had to do was sell and turn off the screen

>>56429925
That’s nothing lol

>>56429951
Fantom really crashed harder than i thought it would. But I really just thought it had a bit longer to go and it never hit my target. To make matters worse, I was being threatened with termination over not wanting to take the clotshot because the president was an enemy of the people, and it totally clouded my judgement.
>just a bit more, or if I lose my job i'll cash out everything
well I never lost my job, and fantom never hit my sell target. Oh well

>>56429964
honestly $1m isn't enough to never work again. But I definitely fucked up. I was afraid of taxes too, that didn't help
>still paid out the ass for taxes anyways at least I can write off losses for years to come

>>56429965
well it was nothing at one point, but these days I kind of regret it. I didn't realize just how shitty the economy was gonna get, kek. oh well

>>56429987
u dont need to cash out just swap it to a stablecoin and buy shit that u need. either way ive lost more kek.

>>56429860
It's not a loss if you don't sell.

>>56430008
I mean that's basically cashing out. and i didn't wanna fuck with the IRS either way. Since I really truly thought I was about to sell seven figures of shitcoins, I thought playing it safe for the tax jews so i could just walk away was the safest choice. Clearly it wasn't

>>56429987
1m is more than enough unless u want a mansion in new york

>>56429965
Says the trolling faggot who probably has never held over 10k in his fucking ashy curry smelling ugly hands. L to the fucking LOL.

>>56429925
>>56429987
$7.5mn to $1.5mn here..
I was also scared of cashing out due to 50% tax implication (where I live), so I didn't trade... but it went worse than I thought in my worst nightmares.

On the bright side, it taught me that I don't really need money. I wasn't necessarily happier with $7mn than with $1m .. I just stopped working and feeling exorbitantly poor now, basically one step away from living in the gutter.

>>56430033
You cannot do shit with 1 million idiot

>>56430047
Retard

>>56430047
With 1 million, I could quit my job today.
Your lack of imagination and utility speaks volumes when you say 1 million is useless.
I'd be set for life. I can pump and dump that forever.

>>56429860

I had a $20k capital loss once.

>>56429951
Because everybody thought it was gonna keep going up

>>56430047
Well for one you could make ~$50,000 a year in interest by putting it in a simple money market fund. That's like a full years salary for doing nothing

>>56430138
I could do simple Wednesday > Sunday BTC pump and dumps and be set for life.
That anon is a retard. 1 mil is useless lmao.

>>56429860
>Biggest losses you know of?
>ID : Cope
kek

>>56430041
Oh look at me, my net worth is 1.4m and I'm basically a homeless.
You know what? Fuck you! That's what. I have 900$ and after this month's rent it'll be 300$ left and next month I'll either find a 2nd job or I'll quite literally live in a fucking tent with my son. I hate people like you with every nucleus of my body. 10000 would be a life saving money for me at this point and would give my son a roof over his head while rich fags like you are talking about living in a gutter. Pray the lord you'll never end up in my situation because this is where you either rope or stab yourself, because there is no way out, you're basically dead already.

>>56429954
You don't understand bro the pizza forced him to never buy crypto again. Crypto is Le Scam

>>56429987
>got to keep waging
>paid taxes
>scared of losing job over covid
Hello israeli department?

>>56429951
>>56429964
You guys don’t get it. We never would have even hit millions if we were the type to just cash out at some arbitrary “lots of money!!” number. People like that cash out at $10k or $50k or $100k. They don’t make it to a million let alone $300k+.

>t. $2.5 million to now $500k

>>56430191
>this is where you either rope or stab yourself
bro.. don't commit suicide by stabbing yourself, it will take ages for you to bleed out and however determined you might think you are, you will end up reaching out for help; borderline zero chance of success unless you stab yourself in the jugular and pass out within a minute or so.

>>56430103
He’s just an anonymous clout chasing idiot who, I’m pretty sure, has never held even 10k cash in his fucking ashy curry smelling little fucking hand, hence the retarded remarks. It’s either that or just another daddy’s boy trying to look hard on 4ch. What a loser fag LOL!!

>>56429900
not only the guy is a retard hes also greedy as fuck

>>56429860
I had 30 years, now all I have is a balding head and some money. That is pretty bad, but I know a guy I work with who use to have 60 years but he traded it in for a house and some holidays. He is pretty sad most of the time because of this bad trade I think.

>>56430047
You fucking imbecile

>>56430138
this

1mil at 5% interest/apy will earn you 50k every year

thats a above modest salary for doing nothing

but yeah, you need to keep the 1m as seed money, if you cash out half for a house and a supercar obviously you are gonna get less

>>56430655
>hes also greedy as fuck
Lol I know. He said he was thinking at the time "this could be a scam it sounds too good to be true". "Maybe I should be careful". And so on.
But then he was like ah fuck it, FOMO I better just go all in!

I think that seems like a trait attributable to the psychology of a young person with limited life experience combined with anything like crypto gains.
Where, the person doesn't have real tangible visceral awareness of the value of that money or the level of caution that should be merited in it's care and security.
Where, if you had actually worked a real job for an hourly or annual wage to earn all of that money through, great amounts of time, sacrifice, blood, sweat and tears, you would be a hell of a lot more careful and reserved about things like that.
But since it was just magical digitoken electronic money that can be traded with the click of the mouse, there's not the same sense of physical value of it burned into the psyche.
Easy come easy go?