Bad With Money 2018: When I die, bury me in the blockchain.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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Sundae: Dec 1, 2005

Scene: 1983, a crumbling apartment block in Kiev...

A man sits at his table with his morning vodka and potato. The table has a wobbly leg and the potato is already starting to bud. He sighs deeply and takes a drag of his cigarette.

"Life... life is not much the same as old way, but cheer up," he tells himself. "Things could be worse."

"How?" shouts his wife from the next room, where she is draping his stained undershirts to dry over a radiator that hasn't worked in four years. "How can it be worse?"

"I could be that Reddit boy with $120,000 of non-dischargeable student loan debt at 11% interest."

# ? Feb 4, 2018 21:18

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# ? Jun 7, 2024 21:26

Colin Mockery: Jun 24, 2007; Rawr

OP already deleted but I love that all the comments, despite "the boyfriend's going to see this post", are basically "get rid of him".

# ? Feb 4, 2018 21:44

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

$120k in student loan debt sucks balls but it's not that uncommon, and student loan debt isn't Shameful.

They're both broke as poo poo, have a negative net worth, and he makes 25% more than her. What's she freaking out about?

# ? Feb 4, 2018 22:19

Duckman2008: Jan 6, 2010; TFW you see Flyers goaltending.; Grimey Drawer

GoGoGadgetChris posted:

$120k in student loan debt sucks balls but it's not that uncommon, and student loan debt isn't Shameful.

They're both broke as poo poo, have a negative net worth, and he makes 25% more than her. What's she freaking out about?

He seems irresponsible. See the $60k owed to his uncle with no plan on how to pay that back.

# ? Feb 4, 2018 22:49

Haifisch: Nov 13, 2010; Objection! I object! That was... objectionable!; Taco Defender

Also the $15k car loan when they live in an area with usable public transit(as someone in the comments pointed out, his car expenses effectively make his 'fun money' $700/mo) and the $5k in credit cards, all while he's only making minimum payments on everything.

Dude's going to be in debt forever unless he has a major attitude shift.

# ? Feb 4, 2018 23:04

Pryor on Fire: May 14, 2013; they don't know all alien abduction experiences can be explained by people thinking saving private ryan was a documentary

FrozenVent posted:

The bank in which Coinbase stores USD deposit is FDIC insured. If that bank fails, the accounts are covered.

No that is not how FDIC works there is no coverage for coinbase or anything related to coinbase

# ? Feb 4, 2018 23:51

Devian666: Aug 20, 2008; Take some advice Chris.; Fun Shoe

For all that debt one of the things she's complaining about is that he's not focusing on paying off the debt. Give him another 5-10 years and he'll have $100k of credit card debt.

# ? Feb 4, 2018 23:56

FrozenVent: May 1, 2009; The Boeing 737-200QC is the undisputed workhorse of the skies.

Pryor on Fire posted:

No that is not how FDIC works there is no coverage for coinbase or anything related to coinbase

Coinbase has custodial accounts in an FDIC insured bank.

That's what Coinbase means when they say they're FDIC insured.

# ? Feb 5, 2018 00:11

Cocoa Crispies: Jul 20, 2001; Vehicular Manslaughter!; Pillbug

Pryor on Fire posted:

No that is not how FDIC works there is no coverage for coinbase or anything related to coinbase

Coinbase is a website, they can actually publish text there:

quote:

Digital Currency Balances

Coinbase secures customer digital currency through a combination of secure, online servers and offline (�cold�) storage. Coinbase maintains 98% or more of customer digital currency in cold storage, with the remainder in secure online servers as necessary to serve the liquidity needs of our customers.

Coinbase maintains commercial criminal insurance in an aggregate amount that is greater than the value of digital currency we maintain in online storage. Our insurance policy is made available through a combination of third-party insurance underwriters and Coinbase, who is a co-insurer under the policy.

The policy insures against theft of digital currency that results from a security breach or hack, employee theft, or fraudulent transfer.

Our policy does not cover any losses resulting from unauthorized access to your personal Coinbase or GDAX account(s). It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX. Digital currency is not legal tender and is not backed by the government. Digital currency, such as Bitcoin, Litecoin, and Ethereum, is not subject to Federal Deposit Insurance Corporation (�FDIC�) or Securities Investor Protection Corporation protections.

Cash Balances

Cash balances, such as U.S. Dollars, British Pounds, Euros, customers store with Coinbase are held as a balance in your Coinbase or GDAX account(s). For U.S. customers, Coinbase combines your balance with the balances of other customers and holds those funds in custodial accounts at U.S. banks and/or invests those funds in liquid U.S. Treasuries in accordance with state money transmitter laws. For non-U.S. customers, funds are held as cash in dedicated custodial accounts. All custodial pooled amounts are held separate from Coinbase funds, and Coinbase will neither use these funds for its operating expenses or any other corporate purposes.

To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC. Our custodial accounts have been established in a manner to make available pass-through FDIC insurance up to the per-depositor coverage limit then in place (currently $250,000 per individual). FDIC pass-through insurance protects funds held on behalf of a Coinbase customer against the risk of loss should any FDIC-insured bank(s) where we maintain custodial accounts fail. FDIC insurance coverage is contingent upon Coinbase maintaining accurate records and on determinations of the FDIC as receiver at the time of a receivership of a bank holding a custodial account. [emphasis cocoa crispies]

# ? Feb 5, 2018 00:18

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

ryde posted:

Let I checked Coinbase only insures the usd balance.

FDIC insures USD balance. They have private insurance to cover the crypto currency.

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

FrozenVent posted:

The bank in which Coinbase stores USD deposit is FDIC insured. If that bank fails, the accounts are covered.

Coin balances aren't covered; if coinbase gets hacked / exit scams / goes bust, that's not covered either.

That�s not what they say.

# ? Feb 5, 2018 00:19

Propaniac: Nov 28, 2000; SUSHI ROULETTO!; College Slice

How can I fix this 452k mess? Complete financial picture inside.

quote:

2 points submitted 9 hours ago * by 22hitman22
I previously created a thread asking about personal loans for debt consolidation and that spiraled a bit because I didn't provide the complete financial picture. So I'm creating a new thread to do so.
GOAL: Wife and I want to build a home in 3ish years. Mortgage guy recommends that if that's what we want, I need to bump my credit score up 100 points. I'm currently at a 630, wife is in the low 700's. So we want to increase our credit scores/eliminate debts.
Here's the picture:
Current combined monthly income: 5,900 (net, not gross)
Current credit card debt w/ minimum monthly payment:
CC1: 50 p/m (700 balance)
CC2: 75 p/m (700 balance)
CC3: 50 p/m (750 balance) ***High interest rate
CC4: 50 p/m (800 balance) ***No interest for 12 months
CC5: 25 p/m (1,200 balance) ***No interest for 12 months
CC6: 75 p/m (2,500 balance)
CC7: 136 p/m (3,750 balance)
CC8: 90 p/m (4,500 balance)
CC9: 130 p/m (5,000 balance)
Installment Loans:
Auto Loan 1: 230 P/M (15,000 balance)
Auto Loan 2: 580 P/M (32,000 balance)
Mortgage: 1,314 P/M (201k balance)
Student Loans:
SL1: 36 p/m (2,000 balance)
SL2: 135 P/M (11,000 balance)
SL3: 140 P/M (30,000 balance)
SL4: 350 P/M (60,000 balance)
SL5: 295 P/M (81,000 balance) * - This one will be eligible for forgiveness in 9 years
Other monthly bills (Utilities, insurance, phones, etc): 1,219 a month
So...this is my nightmare. How do I fix this and accomplish our goal of increasing score/getting rid of debt?

No, he has not explained in the comments why he felt justified in buying a $30k+ vehicle.

Propaniac fucked around with this message at 02:59 on Feb 5, 2018

# ? Feb 5, 2018 02:55

Panfilo: Aug 27, 2011; Can't post for 4 days!

Propaniac posted:

How can I fix this 452k mess? Complete financial picture inside.

2 points submitted 9 hours ago * by 22hitman22
I previously created a thread asking about personal loans for debt consolidation and that spiraled a bit because I didn't provide the complete financial picture. So I'm creating a new thread to do so.
GOAL: Wife and I want to build a home in 3ish years. Mortgage guy recommends that if that's what we want, I need to bump my credit score up 100 points. I'm currently at a 630, wife is in the low 700's. So we want to increase our credit scores/eliminate debts.
Here's the picture:
Current combined monthly income: 5,900 (net, not gross)
Current credit card debt w/ minimum monthly payment:
CC1: 50 p/m (700 balance)
CC2: 75 p/m (700 balance)
CC3: 50 p/m (750 balance) ***High interest rate
CC4: 50 p/m (800 balance) ***No interest for 12 months
CC5: 25 p/m (1,200 balance) ***No interest for 12 months
CC6: 75 p/m (2,500 balance)
CC7: 136 p/m (3,750 balance)
CC8: 90 p/m (4,500 balance)
CC9: 130 p/m (5,000 balance)
Installment Loans:
Auto Loan 1: 230 P/M (15,000 balance)
Auto Loan 2: 580 P/M (32,000 balance)
Mortgage: 1,314 P/M (201k balance)
Student Loans:
SL1: 36 p/m (2,000 balance)
SL2: 135 P/M (11,000 balance)
SL3: 140 P/M (30,000 balance)
SL4: 350 P/M (60,000 balance)
SL5: 295 P/M (81,000 balance) * - This one will be eligible for forgiveness in 9 years
Other monthly bills (Utilities, insurance, phones, etc): 1,219 a month
So...this is my nightmare. How do I fix this and accomplish our goal of increasing score/getting rid of debt?

# ? Feb 5, 2018 02:59

Pryor on Fire: May 14, 2013; they don't know all alien abduction experiences can be explained by people thinking saving private ryan was a documentary

No, that is not how the FDIC works. The FDIC does not insure accounts for companies that you do business with on your behalf. It doesn't matter what kind of currency you deposit or what special name they give the account. They are not getting the necessary paperwork in place to create proper custodian accounts, which is the only way you could actually get paid out by the FDIC. Whatever coinbase is claiming they "protect" is either some completely different instrument or they are using some bullshit legalese weasel terminology.

Why on earth would you take any business at their word on this? It's complete bullshit.

# ? Feb 5, 2018 03:47

Devian666: Aug 20, 2008; Take some advice Chris.; Fun Shoe

Panfilo posted:

I had a look at that thread and :drat:

No one raised the issue of construction risks. Even if they sell their house and eliminate the existing mortgage banks are tight on construction lending. Then add in unexpected construction costs and they could be sunk financially. Already having $20k of credit card debt is insane and the OP dismissed the debts as something they accumulated while dating or some bullshit excuse. I almost suspect they think they're doing well with the lifestyle they're leading despite insane debts.

# ? Feb 5, 2018 04:02

feller: Jul 5, 2006

Subjunctive posted:

FDIC insures USD balance. They have private insurance to cover the crypto currency.

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

That�s not what they say.

Cocoa Crispies posted:

Coinbase is a website, they can actually publish text there:

coinbase posted:

FDIC pass-through insurance protects funds held on behalf of a Coinbase customer against the risk of loss should any FDIC-insured bank(s) where we maintain custodial accounts fail.

It says in the bolded section even that FDIC applies only to the banks failing not coinbase.

# ? Feb 5, 2018 04:44

Virtue: Jan 7, 2009

Someone please explain what this Coinbase chat means like I�m an idiot.

# ? Feb 5, 2018 05:45

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

All actual bank deposits are insured by the government, so you don't lose your money if the bank fails. Coinbase is using deceptive marketing to imply that USD deposits with them are also covered by this insurance, but they aren't covered in any meaningful way.

# ? Feb 5, 2018 06:19

GamingHyena: Jul 25, 2003; Devil's Advocate

Pryor on Fire posted:

No that is not how FDIC works there is no coverage for coinbase or anything related to coinbase

No, he's right. FDIC pass through insurance insures your coinbase account if the bank fails. Of course, insurance against bank failures is nice but hardly the major risk. The big risk on a cryptocurrency exchange is that the exchange fails and your $100,000 USD "account" is now just a debt against coinbase should when they declare bankruptcy. FDIC insurance will do you no good should this happen.

# ? Feb 5, 2018 06:56

a dingus: Mar 22, 2008; Rhetorical questions only; Fun Shoe

Propaniac posted:

How can I fix this 452k mess? Complete financial picture inside.

No, he has not explained in the comments why he felt justified in buying a $30k+ vehicle.

The fact that he views everything in minimum payments per month says a lot. I like his comments too, "Yeah but do you we realize we net $5900 a month, not gross?". I can't imagine how I'd even begin to pay back all for that money, I'd file for bankruptcy ASAP.

# ? Feb 5, 2018 12:09

Droo: Jun 25, 2003

https://www.reddit.com/r/personalfinance/comments/7vefyc/not_getting_paid_need_advice/

quote:

So this is a slightly complex situation. I have been working with my best friend for 7 years now. In 2015 the guy we were doing working for(we are contractors) announced that he was going to retire and he wanted to give the company to my friend who he had known for awhile and hired before myself. He gave my friend a year to prepare to take over and told him he would need about 20k cash on hand to pay the contractors which would be myself and one other guy who we recently had brought on at the time.

I gave my friend 25k which he used to get himself out of debt and buy a couple older vehicles (it's a driving business) along with a trailer to be his home office. When the year came around my friend had no cash on hand and wasn't going to be able to take over the business. This meant that I was going to lose my job which I actually enjoy. So I spotted him an additional 20k more as a personal loan with no interest, and he ended up taking over the business with the prior owner having no idea that I facilitated it.

Now over the course of 2016-18 we picked up some additional drivers and he has fallen further and further behind on paying me (only me) and I'm aware he is in debt again. As it stands the last time I got paid was the second half of September. For my taxes this year I have to report a net operating loss because I had more expenses than I was actually paid. What more is he isn't paying back the personal loan on time either.

All together I'm down 60-70k right now. If I pursue getting the money legally, I know he has no way to pay it. Also we are friends and I'm not looking to damage him... What's worse is there are now ~6.5 drivers and they would all lose their jobs as well if he goes under.

I offered to partner with him and handle the finances of the business. But he has what I could only describe as a pride issue and likes being "the boss."

I'm feeling very taken advantage of despite the fact I know he isn't doing it maliciously. At this point I have been working without pay for 4 months. I would like some advice on what to do or how to handle this situation?

# ? Feb 5, 2018 13:40

baquerd: Jul 2, 2007; by FactsAreUseless

Droo posted:

https://www.reddit.com/r/personalfinance/comments/7vefyc/not_getting_paid_need_advice/

Guy working some sort of labor oriented blue collar job has 70k to throw around and doesn't really need to get paid, but doesn't understand the value of money or the first thing about business. Massive inheritance at a young age?

# ? Feb 5, 2018 14:22

AreWeDrunkYet: Jul 8, 2006; Can't post for 7 days!

baquerd posted:

Guy working some sort of labor oriented blue collar job has 70k to throw around and doesn't really need to get paid, but doesn't understand the value of money or the first thing about business. Massive inheritance at a young age?

Or reasonably specialized and frugal. And way too trusting it would seem.

# ? Feb 5, 2018 14:47

strawberrymousse: Jul 13, 2012; BEHOLD, THE DRAMATIC REVEAL!

An acquaintance was complaining that her 5+ Apple gadgets are having iTunes sync issues. The gadgets and Mac were all bought in the last 2-3 years.

First she was going to swap her iPhone for a Pixel because "the commercial was so great, it looks perfect for me!" But she decided to go to the Apple store for tech support instead.

She left the Apple store with a new $1700 iMac.

# ? Feb 5, 2018 15:22

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

strawberrymousse posted:

An acquaintance was complaining that her 5+ Apple gadgets are having iTunes sync issues. The gadgets and Mac were all bought in the last 2-3 years.

First she was going to swap her iPhone for a Pixel because "the commercial was so great, it looks perfect for me!" But she decided to go to the Apple store for tech support instead.

She left the Apple store with a new $1700 iMac.

Don't kink shame.

Also that iMac will probably be the last PC she ever buys.

# ? Feb 5, 2018 16:06

Involuntary Sparkle: Aug 12, 2004; Chemo-kitties can have �accidents� too!

a dingus posted:

The fact that he views everything in minimum payments per month says a lot. I like his comments too, "Yeah but do you we realize we net $5900 a month, not gross?". I can't imagine how I'd even begin to pay back all for that money, I'd file for bankruptcy ASAP.

He... he repeated it multiple times, too, as if somehow the reader had comprehension issues, rather than himself.

# ? Feb 5, 2018 18:48

totalnewbie: Nov 13, 2005; I was born and raised in China, lived in Japan, and now hold a US passport.

I am wrong in every way, all the damn time.

Ask me about my tattoos.

Maybe "net" means after he's paid all his debt payments :laugh:

# ? Feb 5, 2018 19:12

I. M. Gei: Jun 26, 2005; CHIEFS

BITCH

Solice Kirsk posted:

PM me. I can explain everything and give you ideas on what will work. You'll have to tell me a little bit more about whats going on with your previous bank though.

I�ll try to do that some time today. Thanks.

EDIT: PM sent.

I. M. Gei fucked around with this message at 19:57 on Feb 5, 2018

# ? Feb 5, 2018 19:38

Mr.Radar: Nov 5, 2005; You guys aren't going to believe this, but that guy is our games teacher.

[flagged] Lost so much $ on cryptocurenecy . what to do
34 points by hamiltonians 5 hours ago | flag | hide | past | web | favorite | 39 comments

I invested a w 6-figure number on bitcoin and etherum 2 months ago. Watched a profit turn into a large loss. Pretty uh I am paralyzed. Work going downhill. My life feels ruined Any advice

EDIT: My favorite reply:
seibelj 5 hours ago [-]

You should look into a philosophy called stoicism. You have lost money, but it sounds like you still have your health. Many people would trade every penny they have and more to be able to walk, breathe, and live unencumbered. It's only money - you can make more. Things can always be worse, and always be better.

# ? Feb 5, 2018 22:06

Good Tuesday: Feb 13, 2012; Anyone can be racist, even me.

Don't argue with me about gun control or I'll call you out on your racial heritage!

I'm currently asking someone I know who invests cryptocurrency whether or not they use coinbase, and if they know FDIC does not insure cryptocurrency. This person is also an accountant with an MBA

edit: he uses coinbase, I responded about fdic insurance and awaiting answer :allears:

edit²: he knew, and I ended up learning something anyway. Reading thread because I am the Bad with Money person in our circle

Good Tuesday fucked around with this message at 23:47 on Feb 5, 2018

# ? Feb 5, 2018 23:26

Weatherman: Jul 30, 2003; WARBLEKLONK

It's not "investing in craptocurrency", it's "gambling on craptocurrency".

# ? Feb 6, 2018 00:19

theHUNGERian: Feb 23, 2006

I think it's real.

# ? Feb 6, 2018 01:11

Nocheez: Sep 5, 2000; Can you spare a little cheddar?; Nap Ghost

Weatherman posted:

craptocurrency

# ? Feb 6, 2018 01:12

Hoodwinker: Nov 7, 2005

Nocheez posted:

This but their eyes are bitcoins.

# ? Feb 6, 2018 01:29

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Hoodwinker posted:

This but their eyes are bitcoins.

Someone get on this

# ? Feb 6, 2018 01:33

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Weatherman posted:

It's not "investing in craptocurrency", it's "gambling on craptocurrency".

To be fair, so is most equity investment. Few people pick stocks on the basis of their dividends.

# ? Feb 6, 2018 01:33

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

theHUNGERian posted:

I think it's real.

Adorable if true.

# ? Feb 6, 2018 01:42

crazysim: May 23, 2004; I AM SOOOOO GAY

"For charity" (Metropolitan Guinea Pig Rescue)

# ? Feb 6, 2018 01:46

22 Eargesplitten: Oct 10, 2010

BWM, BestWL.

# ? Feb 6, 2018 01:54

Palladium: May 8, 2012; Very Good
✔️✔️✔️✔️

Inept posted:

"Professional" gaming and streaming aspirations are going to gently caress up a generation of nerds

It's basically pro sports but without the massive payouts that pro sportsmen actually get out of the astronomically low chance if they become big stars.

Besides, streaming games every waking hour has a atrociously bad income/time spent metric compared to those making low effort lolcat videos in the "actually making money off videos" category.

# ? Feb 6, 2018 02:03

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# ? Jun 7, 2024 21:26

Weatherman: Jul 30, 2003; WARBLEKLONK

Subjunctive posted:

To be fair, so is most equity investment. Few people pick stocks on the basis of their dividends.

To be fair, there are significant differences between pieces of equity in actual companies and internet pogs, and you of all people should know that.

# ? Feb 6, 2018 02:03

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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