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My 35-year-old son is absolutely obsessed with bitcoin. And he has made a ton of money but we can't convince him to "cash out" or spend at least half of it and diversify. Anyhow, he and everybody else into bitcoin lost 30% over the last few days and overnight recovered almost all of it. I've decided he is not after making money as much as he loves the thrill of watching it dip and rise almost hourly. It's very exciting to him but he is a physics professor and a self-admitted nerd. This is funny!
My 35-year-old son is absolutely obsessed with bitcoin. And he has made a ton of money but we can't convince him to "cash out" or spend at least half of it and diversify. Anyhow, he and everybody else into bitcoin lost 30% over the last few days and overnight recovered almost all of it. I've decided he is not after making money as much as he loves the thrill of watching it dip and rise almost hourly. It's very exciting to him but he is a physics professor and a self-admitted nerd. This is funny!
Except for the recovered part, still down about 25%. Of course, it was down almost 50% so that's still a lot of recovery. Especially if you've recouped your initial investment the volatility can be fun, but it makes me nervous. I'd really like to see bitcoin emerge as an actual usable currency rather than a get rich quick speculative investment. Good video though =P
It's hard to convince somebody caught up in the thrill to be conservative enough to at least take out their original investment plus a satisfying profit when they get the "Yeah, but........."s
I mean he is a physics professor, so he will be more then fine regardless.
Seems like it will crash to me, but then again I would have never anticipated it getting anywhere near as big as it did.
Could always cash out half, take a big profit and then let the rest ride to get the best of both worlds
12-24-2017, 10:58 AM
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Quote:
Originally Posted by GiantRutgersfan
I mean he is a physics professor, so he will be more then fine regardless.
Seems like it will crash to me, but then again I would have never anticipated it getting anywhere near as big as it did.
Could always cash out half, take a big profit and then let the rest ride to get the best of both worlds
Physics professor is generally not a particularly high-paying job. My first job out of grad school paid more than my PhD adviser earned after ~20 years of working as a professor.
Hopefully the OP's son isn't gambling (and that's really what he's doing) at a level that could compromise his financial stability.
We live in a weird time when people brag about their gambling habits and think it's fine because "blockchain" and "computers."
A good strategy is to sell your initial investment plus a little extra profit. Then you cannot lose.
Bitcoin has gone up 500% since I bought originally. I withdrew 150% of my original investment and let the rest ride.
He put in 70K when bitcoin was less than a year old and after a huge rise he took out $150K for the stock market. He's single, healthy and has always managed to save at least half his income. Lives very conservatively. He now has 111 bitcoin always buying low.
Here's a Christmas Bitcoin joke
Little boy sits on Santa's lap: "I'm a very good boy and all I want for Christmas is 1 bitcoin."
Santa: "Bitcoin!, what are you going to do with $21,000, why would a little boy want $18,000, what would you buy with $11,000?"
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