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All I want to know is: will the annoying guy at my gym who put brags about putting all of his retirement into Bitcoin this summer provide me with some decent sc

All I want to know is: will the annoying guy at my gym who put brags about putting all of his retirement into Bitcoin this summer provide me with some decent schadenfreude at some point?

iso1631 5y ago
If he put it in in June when it was 31k, he'd have increased it 30% now, double if he sold in November. Not too bad
- Sanzig 5y ago
  And if he'd bought last March he'd be down 30%. Bitcoin didn't have a stellar 2021.
  - iso1631 5y ago
    I wouldn't count "March" as summer
benreesman 5y ago
If I knew that I’d be trading it :) But there’s a fairly active BTC derivatives market (depending on what passport you carry), so you could hedge against him getting/staying rich by getting a little creative with long-dated DOOM stuff. Depends on how annoying he is I guess ;)
dmw_ng 5y ago
Looming rate hikes combined with ever increasing correlation of Bitcoin to equities suggests you may even get your day this year.
- notch656a 5y ago
  It's sad to see people genuinely wanting to watch others lose wealth so they can relish in it.
  - mitchdoogle 5y ago
    It's always jealousy. People see someone they view as "undeserving" doing better than themselves and react with hatred.
    - deleted 5y ago
      [deleted]
    - R0b0t1 5y ago
      You're not wrong but there's plenty of contemptuous cryptobros who got wealthy via luck and won't admit it.
      - eric_cc 5y ago
        How exactly is it luck to recognize the value in crypto and buy a bunch? Because that's not exactly luck. That's recognizing value and managing risk successfully. It's true that some people just FOMO into anything going up. But those types will end up losing all their "gains" in due time anyways.
        chii 5y ago
        > How exactly is it luck to recognize the value in crypto and buy a bunch? Because that's not exactly luck. that's what luck is - they didn't recognize the value, but speculated on the potential value when it originally was valueless. It could've crashed and burned, and it was luck that it didn't. It's like seeing a lotto ticket, and claiming that you recognized the value of it (after the ticket has been shown to be a winning one).
        eric_cc 5y ago
        > It's like seeing a lotto ticket No, it’s nothing at all like that. The value of crypto was obvious very very early on. It was never going to crash and burn. Sure a black swan event could have wiped it out and still may. But based on what’s knowable, the value has been obvious since day 1 of bitcoin.
throwhauser 5y ago
A watched pot never boils.

All I want to know is: will the annoying guy at my gym who put brags about putting all of his retirement into Bitcoin this summer provide me with some decent schadenfreude at some point?

iso1631 5y ago

If he put it in in June when it was 31k, he'd have increased it 30% now, double if he sold in November. Not too bad

Sanzig 5y ago
And if he'd bought last March he'd be down 30%. Bitcoin didn't have a stellar 2021.
- iso1631 5y ago
  I wouldn't count "March" as summer

benreesman 5y ago

If I knew that I’d be trading it :) But there’s a fairly active BTC derivatives market (depending on what passport you carry), so you could hedge against him getting/staying rich by getting a little creative with long-dated DOOM stuff. Depends on how annoying he is I guess ;)

dmw_ng 5y ago

Looming rate hikes combined with ever increasing correlation of Bitcoin to equities suggests you may even get your day this year.

notch656a 5y ago
It's sad to see people genuinely wanting to watch others lose wealth so they can relish in it.
- mitchdoogle 5y ago
  It's always jealousy. People see someone they view as "undeserving" doing better than themselves and react with hatred.
  - deleted 5y ago
    [deleted]
  - R0b0t1 5y ago
    You're not wrong but there's plenty of contemptuous cryptobros who got wealthy via luck and won't admit it.
    - eric_cc 5y ago
      How exactly is it luck to recognize the value in crypto and buy a bunch? Because that's not exactly luck. That's recognizing value and managing risk successfully. It's true that some people just FOMO into anything going up. But those types will end up losing all their "gains" in due time anyways.
      - chii 5y ago
        > How exactly is it luck to recognize the value in crypto and buy a bunch? Because that's not exactly luck. that's what luck is - they didn't recognize the value, but speculated on the potential value when it originally was valueless. It could've crashed and burned, and it was luck that it didn't. It's like seeing a lotto ticket, and claiming that you recognized the value of it (after the ticket has been shown to be a winning one).
        eric_cc 5y ago
        > It's like seeing a lotto ticket No, it’s nothing at all like that. The value of crypto was obvious very very early on. It was never going to crash and burn. Sure a black swan event could have wiped it out and still may. But based on what’s knowable, the value has been obvious since day 1 of bitcoin.

throwhauser 5y ago

A watched pot never boils.