NPR rips the mask off the real evils of capitalism with the story of a woman who loses her shirt gambling on crypto-currency. Every line in the tale brings rich irony.
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5 replies on “Economics One-Doh!-One: Woman Loses Shirt on Crypto-Currency, NPR Blamin’ Matt Damon”
Better late than never works on solid, known things that you should probably be doing anyway.
Better late than never, in investments, depends on how late and how early you are selling when it starts to drop. And it’s more and more of a gamble the later you are.
If you’re going to invest, you’d do well to watch several video courses at the least, or at least read a book … probably written by an economic conservative … on investing. Books or videos that talk about how cycles work and what the pitfalls are.
Buy low, sell high. Maybe a better way to put it is to buy when it’s undervalued and sell when it’s overvalued. Fortune favors the brave. Not wrong, but “brave” here means buying before anybody else sees its value, and you do. It isn’t saying, “hey, a bunch of people have made a lot of money on this stock, I think I will join the bandwagon”. In stocks, if there’s a bandwagon, it’s probably too late.
I found a way to lose without selling! I bought GM!
Neither the woman or NPR knew why it went up to 60000. Answer capital flight from China, Hong Kong, Russia, Ukraine, Venezuela and Peru. Why did it stop going up? The capital has all flown! People cashed in their bitcoin on Euros and Dollars once they were done. 20000 is about right. The rule with Bitcoin and gold is to buy and hold. When the dollar, Yuan, Yen or Ruble crashes. A new replacement will be created. If that’s not gold and/or bitcoin then you buy it with you gold and bitcoin.
Notice that NPR didn’t run any stories about people who bought Bitcoin at $5,000 and sold it when it hit $60,000+.
Which just goes to prove that there are lies, damn lies and statistics. You can pick things out of context to support anything you want. People who do not know that are prime candidates for Scott Ott’s University of How Life Works.
Bill has nailed my real estate philosophy for my whole life. I think I might need to change it up a bit.