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LolitaSama posted:Speaking of the guy who spent his money on bitcoin, Ive always wondered if the rumors were true on you not being able to liquidate bitcoin once you bought it, like a regular stock, despite it having a high value at the time? Would have buying bitcoin at 100,200,or 300 not have guaranteed you the ability to sell it at 400,500,600? One of the most reliable ways to cash out was to meet up with someone face to face. Some people did it at night in the far side of WalMart parking lots and got mugged, some people met up in Starbucks to be lectured on why they should not sell as they would only decrease the coins value, some people were even offered garbage bags full of gift cards(stolen most likely and without value), and the few people you could sell to would only buy a piece of the whole coin because they were both poor and horrible at using computers to buy stuff online. Trading online was either with scammers >90% of the time or using a "trading site" which kept saying your money would be cashed out soon. No one got their money unless they were the first ones to pull out of the ponzi schemes. Then there came a time where no one was paid out at all as scammers found people would just send in coins. It was and still is wonderful to observe.
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Nov 26, 2015 18:12
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A while ago a lot of local stores used it as a marketing gimmick to get some earned media coverage. Bob Fortune's Furniture Fun House now accepts Bitcoin! was a thing for a bit. Buying something with Bitcoin at one of those places then flipping it on Craigslist or whatever was and probably remains the only reliable way to get any cash from your Bitcoins. It's not like the company would even care a whole lot since there are not that many people that would have the four bitcoins to buy a big TV in the first place. Even if it was half a dozen TV's, it still worked out way cheaper than buying front page coverage in the local daily.
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Nov 26, 2015 18:45
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Meh, I suppose I got lucky then. I dabbled in mining for a few days years ago when they were about 7 bucks a coin. Realized at best I was going to make 30 bucks a month, but would cost me 7 bucks to withdraw, and be a pita. So I forgot about it and my 6/10th of a coin. 2-3 years later, and I see in the news about it being up in the 600-800 range. Now it was worth my time. Found what seemed like the most trustworthy, convenient Canadian exchange (CAVirtex). Set up another free checking account to link to the exchange (Didn't trust them with my actual one). I did a test transaction of 1/10 of a coin to the exchange, sold it for CAD, and withdrew it to my checking account. When that was done, I sold the rest, and pocketed $400.00. My old video card paid for my new video card. Haven't touched butt coins since.
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Nov 26, 2015 18:55
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Golluk posted:Meh, I suppose I got lucky then. I dabbled in mining for a few days years ago when they were about 7 bucks a coin. Realized at best I was going to make 30 bucks a month, but would cost me 7 bucks to withdraw, and be a pita. So I forgot about it and my 6/10th of a coin. There was a brief period where it was possible to squeak out a bit of cash if you'd been an early adopter and not sunk too much in between buying out. Genuine congratulations on being one of the lucky ones.
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Nov 26, 2015 19:12
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Cross postin' from the Canada Debt Bubble thread. It's horsechat baby! http://business.financialpost.com/news/energy/laid-off-calgarians-losing-hope-as-prospects-dwindle-and-money-runs-short quote:It’s been nine months since she lost her job. Money is getting short and she’s beginning to lose hope. quote:Money is becoming a problem. She and her husband have given up their plans of retiring to a piece of property they purchased outside Alberta when times were good quote:Appler has curbed her spending dramatically. She rarely goes out. She turned down a friend’s suggestion for a recent trip to the rec centre because she didn’t want to spend the $5 admission fee. quote:so she keeps busy tending her horses 
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Nov 26, 2015 19:33
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Devian666 posted:Robert Kiyosaki is a giant idiot for saying the rich are getting poorer, it's not opposite day. He doesn't understand how hard it is to save (be a loser in his own words) for a house when the prices are inflating so much. He's long since forgotten what it's like to start with no equity, and of course he never had to deal with student loans/not getting a job because of degree inflation. He went to the US Merchant Marine Academy. Your taxes paid for his (and my) education assuming you were paying federal taxes when he attended. He is still a joke to me.
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Nov 26, 2015 19:49
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darkwasthenight posted:There was a brief period where it was possible to squeak out a bit of cash if you'd been an early adopter and not sunk too much in between buying out. Genuine congratulations on being one of the lucky ones. I have a friend who got in when people were paying 10s of Bitcoin for pizza delivery. She mined a bunch, sat on them for a few years, then paid off the last few grand of her student loans with them.
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Nov 26, 2015 20:25
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bartlebyshop posted:I have a friend who got in when people were paying 10s of Bitcoin for pizza delivery. She mined a bunch, sat on them for a few years, then paid off the last few grand of her student loans with them. You skipped over the interesting part of how did she manage to exchange her btc for cash?
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Nov 26, 2015 20:33
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Circle is a pretty consistent method of translating BTC you can control into USD in a checking account. They put limits on how much you can move in a month though.
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Nov 26, 2015 20:40
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There are plenty of BTC exchanges now that are actually semi-regulated, cashing out is pretty easy
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Nov 26, 2015 21:01
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Mantle posted:You skipped over the interesting part of how did she manage to exchange her btc for cash? This was several years ago (before Silk Road was busted and Mt. Gox died), I'm honestly not sure.
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Nov 26, 2015 21:23
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Weren't there plans to set up Bitcoin ATMs at one point?
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Nov 26, 2015 21:31
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Supposedly there is a Bitcoin ATM in the tiny town in Northern CA my dad lives in. It's so weird because the "Main Street" there is two blocks and nearly every business is abandoned and empty, but there's some weird dude who made a bunch of money growing weed renting out a store front to hold his Bitcoin ATM. I guess he's internet famous for it or something.
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Nov 26, 2015 21:42
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pig slut lisa posted:There's at least one casino in Vegas where you can gamble with bitcoins So can you only cash out in Bitcoin too? Garbage in, garbage out. BouncingBuckyBalls posted:One of the most reliable ways to cash out was to meet up with someone face to face. Some people did it at night in the far side of WalMart parking lots and got mugged, some people met up in Starbucks to be lectured on why they should not sell as they would only decrease the coins value, some people were even offered garbage bags full of gift cards(stolen most likely and without value), and the few people you could sell to would only buy a piece of the whole coin because they were both poor and horrible at using computers to buy stuff online. Hahaha, now you're reminding me of that excellent bitcoin text adventure that was linked in this thread a month or two ago. I assume there's no way to win because bitcoin, but how far can you get? I got to the part where it becomes a graphical game with pirates and whatever.
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Nov 26, 2015 23:15
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Series DD Funding posted:There are plenty of BTC exchanges now that are actually semi-regulated, cashing out is pretty easy regulated by who?
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Nov 26, 2015 23:35
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Series DD Funding posted:There are plenty of BTC exchanges now that are actually semi-regulated, cashing out is pretty easy A wild Buttcoiner appears!
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Nov 26, 2015 23:47
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Rudager posted:regulated by who? No one. They aren't regulated and will probably turn ponzi if they have liquidity problems.
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Nov 26, 2015 23:56
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Rudager posted:regulated by who? https://www.coinbase.com/legal/licenses
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Nov 27, 2015 02:22
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So what do you do if you live in one of the of the other 25 states? Rudager fucked around with this message at 03:48 on Nov 27, 2015 |
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Nov 27, 2015 03:45
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Rudager posted:regulated by who? In the US, the CFTC considers virtual currencies to be a commodity and claim jurisdiction over BC exchanges. quote:in March 2013, the Financial Crimes Enforcement Network (FinCEN) issued guidance on what types of conduct by handlers of virtual currencies would cause such entities to qualify as money services businesses (MSBs) subject to FinCEN's registration, reporting and recordkeeping regulations for MSBs. In October 2014, FinCEN issued two new guidance letters in response to requests from companies seeking advice on setting up virtual currency exchange platforms and payment processors. http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf
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Nov 27, 2015 04:20
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It's good to know that someone will prosecute them after all the money and bitcoins have disappeared. Too bad that it would be too late.
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Nov 27, 2015 05:18
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Some things I learned at Thanksgiving: - Index funds are actually very BWM. This is because of government regulations that compel fund managers to make poor decisions during economic downturns. Stocks must be sold after losing a certain amount of money, after which point they must be reinvested. If the new investment also loses a certain amount of value it is sold again. The downward spiral continues until the poor sucker who chose to invest in index funds has so little money he will never be able to recover and will likely not be able to retire. This is why it's better to invest in something that can be sat on and dependably grow in value over the long term, like gold. - Supporting the gay rights movement was very BWM for straight people. Combined with Obamacare, it's a one two punch to the wallet of every honest hardworking hetrosexual. Now that gays can be included in their spouse's plan, the costs for the health care system to treat AIDS has increased dramatically. This is the main reason we have seen such skyrocketing health care costs and premiums in the last five years. My brain is feeling a little stuffed... on food for thought
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Nov 27, 2015 09:21
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A Bag of Milk posted:Some things I learned at Thanksgiving: drat it, sarcasm detected too late yet again. Was typing up a mental effort post for a bit after reading the first part of the index fund paragraph. 
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Nov 27, 2015 09:58
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A Bag of Milk posted:Some things I learned at Thanksgiving:
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Nov 27, 2015 13:36
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Nominating the new boyfriend for this thread. Every time I talk to him about money it's, well, this is me over the past few months  -> -> -> It kinda started when he mentioned creditors were calling him because he hadn't paid his car loan for a few months. Knowing he graduated in May, I asked him about student loans, and he has them, not sure how much or when they come out of deferment. Oh and has some private loans too that relatives cosigned for him, no idea how much or what status they're in. The thought of what the payments will be scares him too much so he has just been ignoring it while looking for a new job. Then he gets a deficiency judgment for his car after it's repossessed and sold at auction, and he mentions he has some credit cards too. This week he finally got some of the letters the loan people sent to his mom (no idea where the original documents he signed or anything are, of course), and pulled his credit report to find out exactly what he owes to whom. $35k in federal student loans, coming out of deferment like right now $37k in private student loans, $25k already in collections, the rest in deferment until next year, these were all cosigned by a poor-as-gently caress parent or grandparent $8k in unsecured debt: the car deficiency, credit cards, unpaid auto insurance balance, poo poo like that He's 25 and his shiny new degree is in fine arts. During the last few years he's spent several hundred dollars a month doing performances in his free time that don't pay anything like what he spends to put them on. No savings, no assets (all he had was the car and it was repo'd), renting his friend's couch for $200/month. You're...you're missing car payments and you have to go buy a new costume for a show you've agreed to do basically for free? When he finally totalled up all the debts on his credit report: "Hey my credit score is 540, that's better than I thought!  " It's not all his fault, his family is all broke and he had a poo poo childhood, they never taught him anything about money management and it shows. But....yeahhhhhh, I wish someone had been there at 18 to explain to him how much every little thing he buys with his loan money costs when you pay it off over the next 20 years at 6% interest. VitalSigns fucked around with this message at 14:29 on Nov 27, 2015 |
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Nov 27, 2015 14:25
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VitalSigns posted:Nominating the new boyfriend for this thread. Every time I talk to him about money it's, well, this is me over the past few months This guy's hosed. Sure hope you make a lot of money and are generous enough to help out!
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Nov 27, 2015 15:18
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VitalSigns posted:
Sever and date a CPA.
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Nov 27, 2015 15:50
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VitalSigns posted:Nominating the new boyfriend for this thread. Every time I talk to him about money it's, well, this is me over the past few months Get out before it's too late, there are a ton of better financial dating options then this train wreck.
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Nov 27, 2015 16:00
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DrSunshine posted:Sever and date a CPA. Dating poors is BWM. Sever.
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Nov 27, 2015 16:31
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Rythe posted:Get out before it's too late, there are a ton of better financial dating options then this train wreck. No, but if this becomes my own bad with money story, I will continue to post for your schadenfreude. I did just talk him out of joining this MLM Ponzi scheme that his aunt talked him into  , but not before he paid $180 for the right to convince other people to pay $180 (plus $50/month) to sell the scam to yet other people  . His aunt sounds like she sucks, and he told me he did start to get suspicious when the first few people turned him down and his aunt said "No don't tell them what it is, just say you're inviting them out for dinner and then take them to the seminar instead". Fortunately when I found this company's income disclosure that admitted 80ish% of their suckers never see a dime, and only 0.06% (yes that is six hundredths of a percent) earn above poverty wages and sent it to him, that convinced him.
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Nov 27, 2015 16:32
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VitalSigns posted:No, but if this becomes my own bad with money story, I will continue to post for your schadenfreude. Please break up with your sucker boyfriend before he trades your good cow for a packet of magic beans, thanks.
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Nov 27, 2015 16:39
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I just found out my aunt who bought a horse doesn't even ride the horse because she's so nervous around horses that the beast won't let her get near it.
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Nov 27, 2015 16:56
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VitalSigns posted:No, but if this becomes my own bad with money story, I will continue to post for your schadenfreude. Good job, I am sure you can fix him. hahahahahaha
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Nov 27, 2015 16:59
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Krispy Kareem posted:I just found out my aunt who bought a horse doesn't even ride the horse because she's so nervous around horses that the beast won't let her get near it. It's perfect
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Nov 27, 2015 16:59
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riding the horse risks injuring it and there goes your *clears throat* investment - sounds like your aunt is GWM after all
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Nov 27, 2015 17:17
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VitalSigns posted:Nominating the new boyfriend for this thread. Every time I talk to him about money it's, well, this is me over the past few months Yeah he's super BWM but uhh you described this person as your boyfriend...who you are trashing on the internet. Either you like the dude('s dick) enough to look past it for awhile, or you are just hanging around him to get more material at this point. You get zero points for posting about him. I love a good BWM story as much as the next person but you're doing a lovely thing and I hope when he finds your posts about him, he has enough of a spine to tell you to get hosed.
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Nov 27, 2015 17:56
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Krispy Kareem posted:I just found out my aunt who bought a horse doesn't even ride the horse because she's so nervous around horses that the beast won't let her get near it. At that point, wouldn't it be better to just buy shares of a horse? Why don't they make some kind of coupon that distributes your ownership across several horses so that if one gets sick and injures itself or dies, you don't lose your entire investment?
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Nov 27, 2015 18:09
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VitalSigns posted:No, but if this becomes my own bad with money story, I will continue to post for your schadenfreude. If you're looking for confirmation that this person has such poor judgment with money as to be worth breaking up with over that issue alone, the answer is Yes. Yes everything you have stated adds up to enough to let him go even if everything else is great. This person is financially irresponsible and you should not join up with them. Lotta people wouldn't put up with a roommate that bad- does he even pay rent on time? DrSunshine posted:At that point, wouldn't it be better to just buy shares of a horse? Why don't they make some kind of coupon that distributes your ownership across several horses so that if one gets sick and injures itself or dies, you don't lose your entire investment? Then you could buy shares of high-risk high-reward horses who'd need to return a better interest rate, combine them into low-risk tranches and then sell those as securities with a guaranteed rate of return. The older and lamer the horse, the better your return!! Uncle Enzo fucked around with this message at 18:13 on Nov 27, 2015 |
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Nov 27, 2015 18:10
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NancyPants posted:Yeah he's super BWM but uhh you described this person as your boyfriend...who you are trashing on the internet. Either you like the dude('s dick) enough to look past it for awhile, or you are just hanging around him to get more material at this point. I didn't see mention of an STD, I'm not convinced she's trashing him.
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Nov 27, 2015 18:29
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NancyPants posted:Yeah he's super BWM but uhh you described this person as your boyfriend...who you are trashing on the internet. Either you like the dude('s dick) enough to look past it for awhile, or you are just hanging around him to get more material at this point. What the hell dude, his money problems aren't the be-all and end-all of his character. I didn't post all the wonderful things about this guy because this is a thread for BWM stories. $80k in debt at 25 is bad but it's hardly the end of the world, if you think that makes him a bad person that no one should ever be with except as comedy, well maybe that says more about you than about him. Uncle Enzo posted:If you're looking for confirmation that this person has such poor judgment with money as to be worth breaking up with over that issue alone, the answer is Yes. Yes everything you have stated adds up to enough to let him go even if everything else is great. This person is financially irresponsible and you should not join up with them. No, I'm not breaking up with my boyfriend, this isn't E/N. He's the reason I started reading BFC a couple months ago and going through a few threads has made me confront my own not-so-great-with-money tendencies, what better time for me to make an actual real budget for once.
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Nov 27, 2015 18:38
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