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Old 03-28-2023, 09:51 AM
 
Location: Montreal/Miami/Toronto
3,214 posts, read 2,692,020 times
Reputation: 3025

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Another told you so moment (some here saw it too)

Quote:
"You know who's rich in Miami?" the former crypto exec — now a naturalized Miami citizen — asked me. "The people who make windows for yachts."
https://www.businessinsider.com/miam...-estate-2023-3
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Old 03-28-2023, 01:47 PM
 
420 posts, read 655,601 times
Reputation: 375
Not sure the point of this. You have a bitter NY'er writing an article that is mostly anecdotal about some rise and fall of crypto in Miami as if crypto contributed to South Florida boom in some way that was remotely close to the last booms which is absurd.
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Old 03-29-2023, 07:51 AM
 
1,957 posts, read 3,341,321 times
Reputation: 1207
Quote:
Originally Posted by gixxer1000 View Post
Not sure the point of this. You have a bitter NY'er writing an article that is mostly anecdotal about some rise and fall of crypto in Miami as if crypto contributed to South Florida boom in some way that was remotely close to the last booms which is absurd.
Best thing that every happened to Miami was the crypto crash. The article is funny as it tries to make it seem like Miami's economy is dependent upon the crypto market. Miami barely yawned with the collapse of crypto. Good riddance.
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Old 03-29-2023, 10:39 AM
 
Location: Montreal/Miami/Toronto
3,214 posts, read 2,692,020 times
Reputation: 3025
Quote:
Originally Posted by MiamiLIFE View Post
Best thing that every happened to Miami was the crypto crash. The article is funny as it tries to make it seem like Miami's economy is dependent upon the crypto market. Miami barely yawned with the collapse of crypto. Good riddance.
It actually led to a loss of HQs and thousands of jobs in Miami... less funding, people lost their investments and now those condos are sitting empty.

It also led to a slowdown in hiring for other sectors because Miami got hit hard, along with talent issues..


Once again, you missed the mark....
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Old 03-29-2023, 06:21 PM
 
420 posts, read 655,601 times
Reputation: 375
Quote:
Originally Posted by CXT2000 View Post
It actually led to a loss of HQs and thousands of jobs in Miami... less funding, people lost their investments and now those condos are sitting empty.

It also led to a slowdown in hiring for other sectors because Miami got hit hard, along with talent issues..


Once again, you missed the mark....
This is simply not true. Crypto was not a key component of the growth in Miami. Florida as a state has boomed and Miami grew as a part of the growth. Florida now has more jobs than NY.

ANd there is no current slowdown in Miami and definitely aren't condos sitting empty.

The demographics for Miami (and Florida as a whole) was already on the upswing after the last crash. The tipping point was the growth of Brickell as 24/7 location that helped Miami to attract talent when it was typically seen as a tourist desintaiton.

This growth was push into hyperdrive because of covid and the decision to leave the state open coupled with the rise of remote working.

The GDP in Miami is growing fast:

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Old 03-30-2023, 07:35 AM
 
Location: Montreal/Miami/Toronto
3,214 posts, read 2,692,020 times
Reputation: 3025
Quote:
Originally Posted by gixxer1000 View Post
This is simply not true. Crypto was not a key component of the growth in Miami. Florida as a state has boomed and Miami grew as a part of the growth. Florida now has more jobs than NY.

ANd there is no current slowdown in Miami and definitely aren't condos sitting empty.

The demographics for Miami (and Florida as a whole) was already on the upswing after the last crash. The tipping point was the growth of Brickell as 24/7 location that helped Miami to attract talent when it was typically seen as a tourist desintaiton.

This growth was push into hyperdrive because of covid and the decision to leave the state open coupled with the rise of remote working.

The GDP in Miami is growing fast:

We're talking strictly Miami, their tech job growth numbers are abysmal and they're having a hard time hiring. A lot of HQs that moved here closed or quietly went back to Cali/NYC.

2022 saw more job losses in tech than hirings

2022-2023 saw the closure of a dozen or so HQs in Miami.

I got three HQs to leave Miami for Canada, they're not making it public due to potential backlash. A lot of those numbers you're seeing are fabricated.

Wake up sunshine
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Old 03-30-2023, 09:37 AM
 
420 posts, read 655,601 times
Reputation: 375
Quote:
Originally Posted by CXT2000 View Post
We're talking strictly Miami, their tech job growth numbers are abysmal and they're having a hard time hiring. A lot of HQs that moved here closed or quietly went back to Cali/NYC.

2022 saw more job losses in tech than hirings

2022-2023 saw the closure of a dozen or so HQs in Miami.

I got three HQs to leave Miami for Canada, they're not making it public due to potential backlash. A lot of those numbers you're seeing are fabricated.

Wake up sunshine
No interest in debating someone who has inside info that doesnt show up in the regular statistics and implies thoes numbers are fabricated. The overall results speak louder than anecdotal evidence.

I work in real estate development. I know the interworkings of most deals. However that info is not detached from the overall statistics.
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Old 03-30-2023, 09:51 AM
 
17,470 posts, read 22,220,438 times
Reputation: 29929
Miami has always be a flashy, fake it until you make it type of town. Rent a condo on the water, rent a exotic car, buy a bottle at the club and suddenly you are the popular guy in town. Crypto is unverifiable so the fake it until you make it types will thrive on that aspect for sure! Whip out your phone, show that you traded 1 million worth of crypto regardless if you actually did or not or if you made money or no still makes you look like a rich guy!

I know a young guy that is crypto obsessed. Nice kid, he works the service counter at a vendor I use often, makes about $14 an hour and literally spends hours reading/watching videos about crypto and how it is going to explode. I do not own any nor do I have any interest.

So I play along with his crypto promotion and then ask him: Do you actually own any? Answer: No


This is like the dot.com stocks of the 1990s. All hype and then 3 yrs later its over.
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Old 03-30-2023, 10:40 AM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,449 posts, read 6,610,691 times
Reputation: 6723
…and yet San Francisco, NYC and even Vegas have suffered considerably more Crypto layoffs than Miami… but I guess poseurs only live in Miami??? Singapore leads the world in crypto job losses, Dubai up there as well; would love to see the numbers for Puerto Rico. I’m not weeping tears for those who lost Crypto jobs (or money) in SoFla but there definitely are/were bigger fish elsewhere.

https://cryptodaily.co.uk/2022/11/sa...pto-job-losses

As for overall tech layoffs, Miami pales in comparison to other cities since it was operating off of a small base to begin with—be like overreacting to the number of private equity or international bank job losses in Denver. SoFla barely registers in Crunchbase 2022-2023 tech layoffs data below…I’m no expert but am vaguely familiar with tech, having worked at Texas Instruments for 33 years.

https://news.crunchbase.com/startups/tech-layoffs/

Last edited by elchevere; 03-30-2023 at 10:59 AM..
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Old 03-30-2023, 12:37 PM
 
Location: The Mitten.
2,542 posts, read 3,117,114 times
Reputation: 9010
The writer never explains why the yacht window-makers are doing well.
Is it because the Proletariat is routinely smashing yacht windows?
That is my hopeful guess, but what is the actual reason?
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