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Author Topic: Investing Thread  (Read 174091 times)

MUeng

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Re: Investing Thread
« Reply #2125 on: November 17, 2022, 03:42:07 PM »
I'm not a lawyer but isn't this wire fraud? Using customer funds without consent to fund something else? Prison time on the horizon eh?

Hards Alumni

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Re: Investing Thread
« Reply #2126 on: November 17, 2022, 03:47:01 PM »
I wasn't specifically talking about BTC (nor did I imply that I was).  And yes - just like someone can mug you and take your actual wallet, it is insecure. 

However, unlike the insecurity of your credit cards (with fraud protection)- it's really hard to claim theft or get your money back.

If they can figure out your credentials and pass your 2FA I guess?

The last part is absolutely true, and is solved by KYC.  No one can hack into my bitcoin hard wallet and steal my bitcoin unless they know my user/pass/combo to the hard wallet and my 2FA.  If they can do that, I'd shake their hand if they weren't already holding a gun to my head or a knife to my throat.

Also, I'm not going to defend ALL crypto... that'd be incredibly stupid as most of them have no use case or are pure scams.

JWags85

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Re: Investing Thread
« Reply #2127 on: November 17, 2022, 03:59:30 PM »
I'm not a lawyer but isn't this wire fraud? Using customer funds without consent to fund something else? Prison time on the horizon eh?

Hence why they took hundreds of millions out in the last few weeks and are trying to get to Dubai.

rocky_warrior

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Re: Investing Thread
« Reply #2128 on: November 17, 2022, 04:16:50 PM »
If they can figure out your credentials and pass your 2FA I guess?

Right - it's not really more OR less secure than any other financial instrument.  However, it is less insured than actual cash / banks / credit cards.  Also, I would argue it (cryptocurrency) should never be considered an "investment" - but I think we differ on that - and that's ok.  Just be aware the "investment" risk is that it has no underlying value at this point beyond the technology - and that's not calling BTC to zero, just saying...
“Normal is an illusion. What's normal for the spider is chaos for the fly.”  -Morticia Addams

Sultan Sultanberger

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Re: Investing Thread
« Reply #2129 on: November 17, 2022, 04:19:17 PM »
Hence why they took hundreds of millions out in the last few weeks and are trying to get to Dubai.

I'd rather spend significant time in jail than the rest of my life in Dubai.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

JWags85

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Re: Investing Thread
« Reply #2130 on: November 17, 2022, 04:26:26 PM »
I'd rather spend significant time in jail than the rest of my life in Dubai.

Have you been?  If I had a couple hundred millions dollars and was not a homosexual, I could think of far worse places to be than the UAE, taking regular trips to the Maldives and Bali

Skatastrophy

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Re: Investing Thread
« Reply #2131 on: November 17, 2022, 05:03:14 PM »
If you feel that way, I guess.

Equating cryptocurrency to Gold is a big leap. Gold has intrinsic value, and cryptocurrency does not. If crypto went away suddenly tomorrow, not a lot would happen to the planet beyond some money disappearing. If gold went away tomorrow, we couldn't make electronics.

Hards Alumni

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Re: Investing Thread
« Reply #2132 on: November 17, 2022, 05:33:35 PM »
Right - it's not really more OR less secure than any other financial instrument.  However, it is less insured than actual cash / banks / credit cards.  Also, I would argue it (cryptocurrency) should never be considered an "investment" - but I think we differ on that - and that's ok.  Just be aware the "investment" risk is that it has no underlying value at this point beyond the technology - and that's not calling BTC to zero, just saying...

I mean, I guess, I shouldn't have called it an investment.  For me, it's a hedge.

It, like all currencies, has as much value as people believe it to have.  If tomorrow, the US government falls world confidence in the USD would crumble and it's value would tank in kind.  Now, is the US going to fall anytime soon?  Nah.  But I have a little too much, "Always be prepared" in me to have infinite faith.

I could have sold some and made a bunch of money, but I believe in the long term viability of a non government controlled currency.  Also, I am often wrong.

DegenerateDish

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Re: Investing Thread
« Reply #2133 on: November 20, 2022, 09:00:47 PM »
I realize there isn't necessarily a direct correlation between the two, but with the Dow up 700+ points today, and $DIS down almost 1%, there's no way the $DIS board renews Chapek's contract early next year, right? I'm trying to avoid any political talk around $DIS here, but the stock has been curbstomped since Iger left. If their board is serious about Chapek being re-upped, negotiations would have to start soon (his contract is up in Feb). I don't own $DIS currently, but I think the next month may present a buy opportunity if you can get out in front of Chapek leaving and an Iger return. I 100% believe Iger would love to be the white knight to the rescue.

Yup.

MU82

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Re: Investing Thread
« Reply #2134 on: November 20, 2022, 09:28:37 PM »
Yup.
Good call, Dish.

Will be interesting to see how much DIS skyrockets the tomorrow.

Not quite to infinity and beyond, but double digits wouldn’t surprise me.
"We have a severe problem in American life today called the assault on truth." -- Pulitzer Prize winning New Yorker editor David Remnick

JWags85

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Re: Investing Thread
« Reply #2135 on: November 23, 2022, 10:55:03 AM »
Meant to post this over the weekend, but slipped my mind.  Just an incredible takedown on FTX and SBF from a very intelligent mind in the Bitcoin space.

https://twitter.com/DylanLeClair_/status/1593019723897131008?s=20&t=482UaC0d7zewQkzJTIp2xg

Mallers is a bit aspirational and dreamy about Bitcoin, but its well thought out and certainly not the snake oil spiel we hear from so many in the space.  Strike, for those unfamiliar, is really a pure Bitcoin utility app.  Not a trading/speculative tool with a bunch of different crypto.

And, FWIW, Maller's grandfather was the Chairman of the BOT and his dad was a prominent member of the space as well (who is now also assisting with Strike I believe).  He's very plugged into exchanges and the financial/commodity space.

lostpassword

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Re: Investing Thread
« Reply #2136 on: November 23, 2022, 03:57:12 PM »

Mallers is a bit aspirational and dreamy about Bitcoin


Understatement?  I think I caught I heard him call Bitcoin a "well-engineered, freedom-fighting tool for our species" and a few other references which are effectively Bitcoin as the savior of humanity.  I agree with most of what he says about FTX and SBF but it's hard to take him seriously when he's just casually tossing around such dramatic claims.

MuggsyB

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Re: Investing Thread
« Reply #2137 on: November 28, 2022, 09:21:59 AM »
So this FTX ponzi dirtbag/fraudster who should be in prison for a very long time is apparently speaking and participating  from his Bahamas home for the. NYT's "Deal Book Summitt" on Wednesday?  Uhhh.....WTF? 

Lennys Tap

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Re: Investing Thread
« Reply #2138 on: November 28, 2022, 09:50:59 AM »
So this FTX ponzi dirtbag/fraudster who should be in prison for a very long time is apparently speaking and participating  from his Bahamas home for the. NYT's "Deal Book Summitt" on Wednesday?  Uhhh.....WTF?

Terry Duffy (CME CEO) testified before Congress a while back that this guy was a fraud and a cheat. Democrats on the committee pushed back hard in his defense. Not surprising, as he was their largest or second largest donor.

rocky_warrior

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Re: Investing Thread
« Reply #2139 on: November 28, 2022, 11:10:40 AM »
Terry Duffy (CME CEO) testified before Congress a while back that this guy was a fraud and a cheat. Democrats on the committee pushed back hard in his defense. Not surprising, as he was their largest or second largest donor.

If you want to be honest (do you?) - FTX was paying off everyone!

https://www.wsj.com/articles/sam-bankman-fried-ftx-team-among-top-political-donors-before-bankruptcy-11668949205
Quote
Mr. Bankman-Fried personally gave $40 million to politicians and political-action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations. Ryan Salame, another top FTX executive, donated more than $23 million, mainly to Republicans and conservative groups.
“Normal is an illusion. What's normal for the spider is chaos for the fly.”  -Morticia Addams

Frenns Liquor Depot

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Re: Investing Thread
« Reply #2140 on: November 28, 2022, 11:26:05 AM »
Terry Duffy (CME CEO) testified before Congress a while back that this guy was a fraud and a cheat. Democrats on the committee pushed back hard in his defense. Not surprising, as he was their largest or second largest donor.

Did he really testify in front of congress and attest to this statement?   

JWags85

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Re: Investing Thread
« Reply #2141 on: November 28, 2022, 11:40:54 AM »
Terry Duffy (CME CEO) testified before Congress a while back that this guy was a fraud and a cheat. Democrats on the committee pushed back hard in his defense. Not surprising, as he was their largest or second largest donor.
Did he really testify in front of congress and attest to this statement?   

Lenny is mixing multiple statements.  Duffy went after FTX and their structure/procedure/capital requirements in front of Congress and got berated.  Ro Khanna in particular was really after him (which makes sense given he's basically Silicon Valley's congressman). 

Duffy said last week that he spotted/called out SBF as a fraud at a conference around the same time period, not that he said that in front of Congress.

TSmith34

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Re: Investing Thread
« Reply #2142 on: November 28, 2022, 12:17:19 PM »
Here is the actual Congressional session
https://www.youtube.com/watch?v=9yBuGeL7zbo

Lenny got his hot take directly from Tuckems
https://www.youtube.com/watch?v=EoDL_VFUe68


The morph into Chicos continues
Pooba of Biggot Buffons

Sultan Sultanberger

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Re: Investing Thread
« Reply #2143 on: November 28, 2022, 12:18:53 PM »
Here is the actual Congressional session
https://www.youtube.com/watch?v=9yBuGeL7zbo

Lenny got his hot take directly from Tuckems
https://www.youtube.com/watch?v=EoDL_VFUe68


The morph into Chicos continues


Gee. I. Am. Shocked.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

JWags85

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Re: Investing Thread
« Reply #2144 on: November 28, 2022, 12:40:04 PM »
Here is the actual Congressional session
https://www.youtube.com/watch?v=9yBuGeL7zbo

Lenny got his hot take directly from Tuckems
https://www.youtube.com/watch?v=EoDL_VFUe68


The morph into Chicos continues

I see what you're trying to do, but Duffy said that stuff on a CNBC podcast then doubled down on Fast Money...

Frenns Liquor Depot

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Re: Investing Thread
« Reply #2145 on: November 28, 2022, 01:02:39 PM »
Lenny is mixing multiple statements.  Duffy went after FTX and their structure/procedure/capital requirements in front of Congress and got berated.  Ro Khanna in particular was really after him (which makes sense given he's basically Silicon Valley's congressman). 

Duffy said last week that he spotted/called out SBF as a fraud at a conference around the same time period, not that he said that in front of Congress.

This makes more sense - thanks.

Goose

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Re: Investing Thread
« Reply #2146 on: November 28, 2022, 01:27:44 PM »
FWIW, I am very concerned over the Covid lockdowns and protests in China and how it is going to once again cause supply chain issues. My fear is that China uses the protests as an excuse to invade Taiwan and take the spotlight off the protests. I think this is the start of the next downturn in the market and it will break the 2022 lows. Hope I am wrong.


Hards Alumni

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Re: Investing Thread
« Reply #2147 on: November 28, 2022, 01:28:36 PM »
https://www.vice.com/en/article/dy7eaw/robot-landlords-are-buying-up-houses

Gee, wow, I've only been talking about this sort of thing for over a year now.

Now back to vacation.

Hards Alumni

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Re: Investing Thread
« Reply #2148 on: November 28, 2022, 01:31:12 PM »
FWIW, I am very concerned over the Covid lockdowns and protests in China and how it is going to once again cause supply chain issues. My fear is that China uses the protests as an excuse to invade Taiwan and take the spotlight off the protests. I think this is the start of the next downturn in the market and it will break the 2022 lows. Hope I am wrong.

I share your worries about China, but I think Xi is going to have to cave on the zero covid policy.  They should have been using all of this time to vaccinate their population, but havent been.

I disagree that China will invade Taiwan.  In fact, I'd put the odds of that happening at around 1%.

TSmith34

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Re: Investing Thread
« Reply #2149 on: November 28, 2022, 01:32:09 PM »
I see what you're trying to do, but Duffy said that stuff on a CNBC podcast then doubled down on Fast Money...

While I only watched the Congressional testimony and not seen Fast Money or listened to the podcast, I'm going to guess Duffy did not bring up "Democrats pushed back hard" because "SBF was their 2nd largest donor" and that Lenny pulled the political stuff from Tuckems. I'm open to correction.
« Last Edit: November 28, 2022, 01:33:47 PM by TSmith34 »
Pooba of Biggot Buffons