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Author Topic:   Bit Coin: 2 bit bubble
AZPaul3
Member
Posts: 5984
From: Phoenix
Joined: 11-06-2006
Member Rating: 3.6


Message 151 of 178 (887593)
08-12-2021 4:22 PM
Reply to: Message 147 by Phat
08-12-2021 7:51 AM


Re: Todays Facts from Yahoo Finance
I see $100.00 silver and $3000.00+ Gold.

You see nothing, Phat. Based on your predicament, you are hoping, praying.

Ringo does have a point in that when I see that level I should sell and take my profits rather than hang on and hope for $200.00 silver.

Ringo is right.

As I said before, if the price reaches a level where you can get out without loss ... take it!

The safety deposit box itself costs $50.00 a year!

Silly Phat! That's what under your mattress is for. And be sure to include that amount in your analysis of when to sell.

Edited by AZPaul3, : No reason given.


Eschew obfuscation. Habituate elucidation.

This message is a reply to:
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dwise1
Member
Posts: 4702
Joined: 05-02-2006
Member Rating: 5.1


Message 152 of 178 (887594)
08-12-2021 4:29 PM
Reply to: Message 144 by Phat
08-12-2021 7:17 AM


Re: Can We Have A Fact Based Discussion?
All i'm defending is the right to get wealthy without having the crap taxed out of you.

Well, if you make a lot of money, then you're going to be taxed on it. That is a simple fact of life. So your plan to become rich should have taken that into account, otherwise your ability to plan isn't worth shite.

So, are you a savvy businessman or some stupid schmuck? Make up your mind.

If you take away the incentives to get wealthy, ...

So just what does that entail? Being able to wipe your butt with paper money? (after having paid someone to crinkle that currency up to soften it -- I know a thing or two about using last year's Sears & Roebuck's catalog in the outhouse).

Being wealthy is being wealthy. You have more than enough money to be able to live on. Whatever happens to all that excess money has no direct impact on you not your wellbeing.

This very thing came up in our monthly Atheists breakfast. Home theaters. Why???? It's largely a status thing. Just something to show off to others. Yes the theater experience is different than just watching it on TV. But do you really
need to wave your bigger home theater in your neighbor's face? Battling penis sizes much?

Most small businesses have to struggle to just barely survive. They don't want to be fabulously rich, but rather they just want to be able to survive. IOW, actual capitalism, not that fake BS that large corporations feed you. In every economic downturn the rich not only survive but they actually thrive. It's the small businesses who end up going under and causing most of the people to lose their jobs.

2008, the banks that were "too large to allow to fail". Guess what they did. Small businesses live on short-term business loans. I learned that in Accounting 101. All those businessmen running for Republican positions brag about always being able to make payroll. Businesses are forever in a liquidity dance wherein they have all this money coming in under Accounts Payable, but no cash which is what they need to pay their employees. So they leverage those Accounts Payable to take out short-term business loans in order to increase their liquidity enough to pay their employees. That is what "making payroll" is all about. Constantly going into debt just to be able to pay your employees.

What happened in 2008 was that those big banks got bailed out, but then when the small businesses need their customary short-term business loans the big banks were too afraid to give them out, so many small businesses had to go out of business. And a very great number of Americans lost their jobs as a consequence.

Do please learn something about the real economy for once. Those bampots screeching at you on your "conservative" media have no fracking clue.

If I were to make a lot of money on my silver, your ilk would likely find a way to tax me excessively for it.

And deservedly so!

Do please explain to us in excruciating detail why you think that you should not be taxed for such a huge income. Do please not dally! Keep us waiting too long and we will start to demand that you also pay for our popcorn.

Edited by dwise1, : minor clean-up


This message is a reply to:
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AnswersInGenitals
Member
Posts: 627
Joined: 07-20-2006
Member Rating: 4.2


Message 153 of 178 (887595)
08-12-2021 4:58 PM
Reply to: Message 144 by Phat
08-12-2021 7:17 AM


Re: Can We Have A Fact Based Discussion?
All i'm defending is the right to get wealthy without having the crap taxed out of you.

In both 2016 (the year he won the presidency) and 2017 (his first yeat in office) Trump paid a total of $750.00 in federal income taxes. You say you earn about $27,000 a year. How much did you pay in federal taxes those two years? Your fantasy world is so multidimensional that you believe the super rich are having the crap taxed out of them. Have you heard about all the high tech billionaires who are paying zero taxes?


This message is a reply to:
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DrJones*
Member
Posts: 2183
From: Edmonton, Alberta, Canada
Joined: 08-19-2004


(3)
Message 154 of 178 (887599)
08-12-2021 7:47 PM
Reply to: Message 144 by Phat
08-12-2021 7:17 AM


Re: Can We Have A Fact Based Discussion?
All i'm defending is the right to get wealthy without having the crap taxed out of you.

who says you have that right?

It's not enough to bash in heads, you've got to bash in minds
soon I discovered that this rock thing was true
Jerry Lee Lewis was the devil
Jesus was an architect previous to his career as a prophet
All of a sudden i found myself in love with the world
And so there was only one thing I could do
Was ding a ding dang my dang along ling long - Jesus Built my Hotrod Ministry
Live every week like it's Shark Week! - Tracey Jordan
Just a monkey in a long line of kings. - Matthew Good
If "elitist" just means "not the dumbest motherfucker in the room", I'll be an elitist! - Get Your War On
*not an actual doctor

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dwise1
Member
Posts: 4702
Joined: 05-02-2006
Member Rating: 5.1


Message 155 of 178 (887601)
08-12-2021 10:13 PM
Reply to: Message 147 by Phat
08-12-2021 7:51 AM


Re: Todays Facts from Yahoo Finance
The safety deposit box itself costs $50.00 a year!

I was born in 1951 and grew up seeing the stereotypes on TV of people stuffing their money in their mattresses instead of depositing it in banks. Without knowing it, I was seeing the reactions of people who had lost their life's savings to the collapse of banks in the Great Depression. Similarly in "The Marvelous Mrs. Maisel" her mother-in-law was hiding all kinds of cash even in the walls -- as a Jewish comedienne I heard just the other day on SiriusXM said, "Jews are not stingy; we're just trying to build up enough cash for the next time that everybody wants to kill us." When you live through an economic disaster, you learn a few things. Or at least you should have learned.

 
My son is going through financial difficulties in Florida (the terrible news is that I'm going to have to move to FRACKING FLORIDA in order to be near my son and my grandsons at the end of my life). He just got divorced and has moved to Winter Gardens. I asked him if they have a snow bird sanctuary in that town and he replied that the whole state is a snow bird sanctuary (still has a sense of humor despite having drunk the Trump Kool-Aid). Smart kid.

In working out my will, I found that I am a millionaire. Just barely. My equity on my condo is about half of it and my IRA that I rolled over from my 401(k) makes up the other half. My one sister keeps praising me for my savvy planning ahead, but honestly I just kept pumping the maximum allowed into my 401(k) (I didn't need it anyway) and all this happened. Plus, while divorced I needed only about a third of my pay so the remaining went to paying off my mortgage (which was always a goal of my before I retired). Even now, my Social Security payments cover very nearly all my monthly expanses so I don't even have to draw from my savings.

Part of my pre-retirement finances was to add to my savings, but trying to help my son depleted that. THIS IS THE LESSON I'M GIVING YOU.

Liquidity. All my personal wealth is tied up in real estate and an IRA. If my son needed money to pay something off tomorrow, I would be helpless to help him despite being a millionaire. The fundamental problem is that all my wealth, such as it is, is tied up in real estate and investments (IRA).

So I've been setting up a Home Equity Line of Credit (HELOC). A way to provide liquidity to my real estate investment. My son is going to inherit it anyway, so why not provide it to him earlier, now, when he needs it.

The point is that regardless of what you invest in, you will still need to convert it to cash at some point. You could be the richest man in the world, but if you have no liquidity, no cash, then you have absolutely no buying power. whatsoever.

So sink all your money into precious metals all you want to. It's not going to make you any richer. You're just going to have to sell it anyway. At best, it might keep you from losing a lot during an economic collapse, but even then you'd have to sell it. You're basically stuffing your money into your mattress, which doesn't have any return on investment (ROI) (plus it removes your money from the actual economy and so does nobody any good).


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anglagard
Member
Posts: 2329
From: Socorro, New Mexico USA
Joined: 03-18-2006
Member Rating: 6.7


(1)
Message 156 of 178 (887625)
08-15-2021 6:39 PM
Reply to: Message 147 by Phat
08-12-2021 7:51 AM


Re: Todays Facts from Yahoo Finance
Phat writes:

I'm not at all surprised by these trends. The precious metals are forecast to rally by year-end and will explode if the stocks become spooked. The BitCoin crowd is more clueless and favors their crypto over precious metals but they too will learn a lesson in economics when that day comes.
I see $100.00 silver and $3000.00+ Gold.
Ringo does have a point in that when I see that level I should sell and take my profits rather than hang on and hope for $200.00 silver. The safety deposit box itself costs $50.00 a year!

But do you have enough silver to make a calf you can eat?


The problem with knowing everything is learning nothing.

If you don't know what you're doing, find someone who does, and do what they do.

Republican = death


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 Message 147 by Phat, posted 08-12-2021 7:51 AM Phat has acknowledged this reply

Replies to this message:
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jar
Member
Posts: 33409
From: Texas!!
Joined: 04-20-2004
Member Rating: 3.2


Message 157 of 178 (887627)
08-15-2021 7:31 PM
Reply to: Message 156 by anglagard
08-15-2021 6:39 PM


Re: Todays Facts from Yahoo Finance
Yet even though the fact that the very carny pitchmen that tout the precious metals are the ones most happy to exchange their precious metals for his worthless currency has been pointed out to Phat many, many, many, many, many times he still doesn't get it.

My Website: My Website

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Replies to this message:
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Phat
Inactive Member


Message 158 of 178 (887629)
08-16-2021 4:04 AM
Reply to: Message 157 by jar
08-15-2021 7:31 PM


Re: Todays Facts from Yahoo Finance
You are the one who doesn't get it. I've researched this subject extensively.

"A lie can travel half way around the world while the truth is putting on its shoes." ~Mark Twain "
***
“…far from science having buried God, not only do the results of science point towards his existence, but the scientific enterprise itself is validated by his existence.”- Dr.John Lennox

“The whole war between the atheist and the theist comes down to this: the atheist believes a 'what' created the universe; the theist believes a 'who' created the universe.”
- Criss Jami, Killo

“The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him.” — Leo Tolstoy, The Kingdom of God is Within You
(1894).


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Replies to this message:
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 Message 161 by jar, posted 08-16-2021 6:24 AM Phat has responded
 Message 162 by anglagard, posted 08-16-2021 11:03 AM Phat has acknowledged this reply
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Tangle
Member
Posts: 8200
From: UK
Joined: 10-07-2011
Member Rating: 4.6


Message 159 of 178 (887630)
08-16-2021 4:15 AM
Reply to: Message 158 by Phat
08-16-2021 4:04 AM


Re: Todays Facts from Yahoo Finance
Phat writes:

I've researched this subject extensively.

You can't research the future Phat. Admit it, you've just placed a bet.


Je suis Charlie. Je suis Ahmed. Je suis Juif. Je suis Parisien. I am Mancunian. I am Brum. I am London.I am Finland. Soy Barcelona

"Life, don't talk to me about life" - Marvin the Paranoid Android

"Science adjusts it's views based on what's observed.
Faith is the denial of observation so that Belief can be preserved."
- Tim Minchin, in his beat poem, Storm.


This message is a reply to:
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PaulK
Member
Posts: 16962
Joined: 01-10-2003
Member Rating: 2.8


Message 160 of 178 (887631)
08-16-2021 5:10 AM
Reply to: Message 158 by Phat
08-16-2021 4:04 AM


Re: Todays Facts from Yahoo Finance
quote:
I've researched this subject extensively.

This would be the “research” that convinced you that the gold price should be soaring. Of course that’s explained away by claiming that the banks are somehow preventing it - without pointing to a single thing the banks are doing that could prevent it.

Sounds more like you’ve bought the sales pitch hook, line and sinker.


This message is a reply to:
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jar
Member
Posts: 33409
From: Texas!!
Joined: 04-20-2004
Member Rating: 3.2


Message 161 of 178 (887632)
08-16-2021 6:24 AM
Reply to: Message 158 by Phat
08-16-2021 4:04 AM


Re: Todays Facts from Yahoo Finance
If precious metals are the proper choice why are the folk making that claim willing to exchange their precious metals for script.

Phat, the truth is that you are totally clueless about what the word 'research' means or how research is actually done.


My Website: My Website

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Replies to this message:
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anglagard
Member
Posts: 2329
From: Socorro, New Mexico USA
Joined: 03-18-2006
Member Rating: 6.7


Message 162 of 178 (887637)
08-16-2021 11:03 AM
Reply to: Message 158 by Phat
08-16-2021 4:04 AM


in decling value.Re: Todays Facts from Yahoo Finance
Phat writes:

You are the one who doesn't get it. I've researched this subject extensively.

Why doesn't your research include the law of supply and demand? You are one gold rush or undiscovered mountain of argentite away from losing most of your fortune.

Like most capitalism, it's gambling.


The problem with knowing everything is learning nothing.

If you don't know what you're doing, find someone who does, and do what they do.

Republican = death


This message is a reply to:
 Message 158 by Phat, posted 08-16-2021 4:04 AM Phat has acknowledged this reply

  
ringo
Member
Posts: 19226
From: frozen wasteland
Joined: 03-23-2005
Member Rating: 3.7


Message 163 of 178 (887638)
08-16-2021 11:41 AM
Reply to: Message 158 by Phat
08-16-2021 4:04 AM


Re: Todays Facts from Yahoo Finance
Phat writes:

I've researched this subject extensively.


Research includes trying to falsify your preconceived notions. All you're doing is reinforcing your confirmation bias.

"I've been to Moose Jaw, now I can die." -- John Wing

This message is a reply to:
 Message 158 by Phat, posted 08-16-2021 4:04 AM Phat has acknowledged this reply

  
anglagard
Member
Posts: 2329
From: Socorro, New Mexico USA
Joined: 03-18-2006
Member Rating: 6.7


Message 164 of 178 (887639)
08-16-2021 11:46 AM


Two Foolproof Investments
Index Funds

A mutual fund tied to the S&P index, Unlike most mutual funds these require no management and therefore no overhead. $500,000 means at least $500 a month.

Earthship

For about $100,000 in materials you can build an earthship house. If you own around 1/4 acre and have unobstructed southward sun, an earthship willl provide 100% of heat, cooling, water and food. You only need enough money to pay the taxes and for entertainment.

At any rate, in the long term, both investments are far safer than metal or jewels


The problem with knowing everything is learning nothing.

If you don't know what you're doing, find someone who does, and do what they do.

Republican = death


  
Percy
Member
Posts: 20219
From: New Hampshire
Joined: 12-23-2000
Member Rating: 4.8


(1)
Message 165 of 178 (887664)
08-18-2021 4:07 PM
Reply to: Message 145 by Phat
08-12-2021 7:26 AM


Re: Pinning Phat To A Definite Position
Phat writes:

Percy writes:

Are you rich, middle class or poor?

I earn roughly $27,000.00 a year. I have no real wealth except the apartment condo that my Mom left me.

It's good that you own your own home, but given that you have "no real wealth" the claims you made about investments seem unlikely.

Have you reached a diabetic crisis point or are you healthy?

I recently had an A1C of 10.4% and am fighting to get healthy. I have been eating better but I have a ways to go.

You are still at a dangerous health critical A1C level that will damage blood vessels, nerves, organs and insulin producing cells. You need to work harder at reducing your A1C level - something below 6% would be a good target. Are you on insulin?

Do you trust neither side's characterization of the other, or do you get all your information about both liberals and conservatives from the Republicans?

I think I tend to lean more towards Republicans, though I never liked nor supported Trump. I do favor Conservatism and would point to Dr.Milton Friedman as my example of sound policy.

The question I was actually asking was whether you get your information about politics from the Republicans or the Democrats. There's no need to answer, it's obvious you get your information from the Republicans. A wiser approach would be to trust what neither side says about the other.

--Percy


This message is a reply to:
 Message 145 by Phat, posted 08-12-2021 7:26 AM Phat has acknowledged this reply

  
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