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Eh, forget that one, there will be more extreme ones as time goes by but I don't want to turn this into Star Citizen chat here have some crypto chat  so for those out of the loop (I envy you) a "tether" is a USDT in other words, a US Dollar Tether. Not a US Dollar. A company scrip issued by a crypto exchange Bitfinex that can't be directly liquidated for fiat currency even though they are totally backed 1:1 because the End the Fed/Fractional Reserve = Bad crowd would never not do such a thing
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Nov 26, 2018 14:41
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People who spent $30 to get access to the Star Citizen pre-alpha/whatever are a pretty minor BWM, given the expense. The real targets there are the people who pledged $250 - $10,000 in the kickstarter.
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Nov 26, 2018 15:49
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Ashcans posted:People who spent $30 to get access to the Star Citizen pre-alpha/whatever are a pretty minor BWM, given the expense. The real targets there are the people who pledged $250 - $10,000 in the kickstarter. I got a copy of Star Citizen (and two other, actual games) bundled with a $220 GPU that I bought in 2014. That GPU is since long gone, and star citizen still hasn't released.
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Nov 26, 2018 15:55
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Alan Smithee posted:Eh, forget that one, there will be more extreme ones as time goes by but I don't want to turn this into Star Citizen chat I am so confused right now.
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Nov 26, 2018 16:16
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It kinda sounds like he thought he had 1 quick trick to buy 1 million bucks at 98% of the price. At face value he was buying $1000000 for $980000. He's now realizing he has to pay a 3% fee to withdraw, meaning he loses money on that deal. This is all assuming the tethers are actually worth $1, which they aren't. He's never getting his money back. Quick edit: he was buying 5 million not 1 million but the same details apply.
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Nov 26, 2018 16:31
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sparkmaster posted:I am so confused right now. I'll assume you know what bitcoin is So imagine I'm in so deep with crypto (bitcoins, dogecoin whatever) but I can't cash out because the exchange keeps telling me 2 weeks (which they told me two weeks ago etc). So instead I decide to buy 5 million dollars worth of IOUs. Except I'm now being charged a fee for those IOUs but I'm so desperate I ask for more please. Tether isn't actually a crypto that is supposed to be speculated on like bitcoin, it's literally "US Dollar, except not" it's Dave and Busters tokens for crypto arcades
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Nov 26, 2018 16:32
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wilderthanmild posted:It kinda sounds like he thought he had 1 quick trick to buy 1 million bucks at 98% of the price. At face value he was buying $1000000 for $980000. He's now realizing he has to pay a 3% fee to withdraw, meaning he loses money on that deal. This is all assuming the tethers are actually worth $1, which they aren't. He's never getting his money back. Reminds me of a conference call I was on at work a few years back, where the sales guy was talking about how much we would make per service call for this upgrade. My boss noted that the price we were charging was going to cost us money on each unit, and the sales guy said "but we'll make it up in volume!" It was awkward after that.
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Nov 26, 2018 16:46
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wilderthanmild posted:He's now realizing he has to pay a 3% fee to withdraw, meaning he loses money on that deal. From the comments it sounds like the 3% fee was either recently implemented or raised, so when he came up with the idea it might have had some merit (giving maximum benefit of the doubt that he can actually cash out).
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Nov 26, 2018 16:48
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Tether is literally a fake dollar pegged currency invented for the sole purpose of fraudulently concealing a massive theft from account holders and then used to even more brazenly manipulate the market later
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Nov 26, 2018 17:06
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Since when can ordinary punters cash out Tether anyway? I thought one of the hilarious things about Tether being totally worth a dollar, guys, trust us was that only the big exchanges could actually convert it to money.
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Nov 26, 2018 17:40
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I still don't get how people fall for that dumb fake IOU system. There didn't seem to be any legitimate use for it unless they don't have the money to pay out, which defeats the purpose. I don't even know how they expected that to work unless their business model was entirely predicated on crypto going up forever and them just staying far enough behind to pay out. It's all moot because their only purpose was to scam people and pump Bitcoin, but I'm still dumbfounded people fell for it.
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Nov 26, 2018 18:02
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his only hope is to trade the tethers for bitcoin or something and hope to god the price doesn't fall before he can sell it all on the exchange for actual money he's going to fail at this.
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Nov 26, 2018 18:06
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If I follow it correctly (and I am not sure I do because crypto is a nightmare) I assume it's the same phenomena that keeps people going down the hole on elaborate scams and continually sending more cash to some random person with the promises that they're almost at the point of delivering the jackpot - once people have bought into a framework, they're more likely to continue to buy in to justify their decisions and 'make it back' than they are to just realize they were hosed and walk away, because that requires more self-reflection and the ability to admit you were an idiot who got taken in.
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Nov 26, 2018 18:09
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I'm buried in debt and I have no idea how to get out https://www.reddit.com/r/personalfinance/controversial/#res:ner-page=2 quote:I dont know where to start digging myself out of this debt. I currently owe 20k in CCs, another 20k for 2 car loans and a personal loan that is almost paid off. My gross income is 5200 a month or about 3k net a month. In debt, went to live in Van. Van life more expensive than not-van life, debt grew.
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Nov 26, 2018 18:11
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I’m in over my head and need advice please. https://www.reddit.com/r/personalfinance/comments/a0f5j7/im_in_over_my_head_and_need_advice_please/ quote:I’m in a very bad place financially and need to pay off about $30k in credit card debt. I’m 50 and have $49K in a life growth fund and $27 in a Roth IRA. I could not confirm they are Funko Pops, but they are almost certainly anime related.
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Nov 26, 2018 18:13
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I wonder how much he bought the van for. I also wonder if by van he means some old beat up van or some brand new fancy thing. Why keep the second car when he has the van?
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Nov 26, 2018 18:18
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Should I sell my collectibles or raid my retirement savings? Gee hard one there. I wonder if "starting to list" is like 1 or 2 of them on eBay individually. This guy will also probably be disappointed when he can't get 150k for his beanie babies, Funko Pops, designer dildos or whatever.
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Nov 26, 2018 18:22
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Lockback posted:I’m in over my head and need advice please. DRIL SELL THE CANDLES
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Nov 26, 2018 18:24
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wilderthanmild posted:Should I sell my collectibles or raid my retirement savings? Gee hard one there. He should probably immediately liquidate the Life Growth fund and kill his debt, but then sell his collection of anime wall scrolls and replenish his retirement funds with that. No way he's going to get even near $150k though.
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Nov 26, 2018 18:28
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Normally I avoid zeroing in on single expenses, but uh let's talk about that $340 phone bill. What's going on there? quote:I pay my mothers, his boyfriend and my phone know the same bill. 2 phones are financed Amazingly I can't even figure out how that covers it all, seeing as you should be able to get an unlimited plan for multiple lines for half that cost before you add any phones. Boyfriend is GWM though, getting his bill paid by his girlfriend's homeless child. A++
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Nov 26, 2018 18:28
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Ashcans posted:Normally I avoid zeroing in on single expenses, but uh let's talk about that $340 phone bill. What's going on there? Phone leases, the new iPhone XR runs $31 a month plus change. Three of those, plus the monthly plan, plus taxes and BS fees... that should still only around $200-250 depending on the provider. OK I give up, how is that bill more then $340 a month?
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Nov 26, 2018 18:33
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FYI- "I've lived in a van in a year and made no dent in paying anything off" and "GWM: Having your phone bill paid by your GF's homeless child" are both good thread titles.
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Nov 26, 2018 18:39
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Could also be something dumb like they have a tiny data limit and are just going wildly over and paying it on the crazy overage rate. That would make a bunch of sense for a guy who is apparently living in a van but still using a bunch of streaming services. Can you roll balances forward on phone financing? Maybe he gets the newest whatever each year and owes a shitton on phone financing now.
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Nov 26, 2018 18:40
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wilderthanmild posted:Can you roll balances forward on phone financing? Maybe he gets the newest whatever each year and owes a shitton on phone financing now. Isn't this essentially what Apple's program is? Still, if you can't, we need to figure out a way for people to start.
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Nov 26, 2018 18:51
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Maybe something like that, plus all those phone protection schemes they try to sell you for each phone? That might do it. If they have a terrible plan with some sort of limit and are paying $15 for every overage gig, it would rack up. Is roaming still a thing? Maybe he's parked his van somewhere terrible and has roaming fees all the time as well. Some other details from the follow up comments: quote:I used to spend maybe 200 a month on marijuana No wonder moving into a van didn't help.
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Nov 26, 2018 18:54
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Most important types of equity: truck equity, horse equity, and now phone equity.
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Nov 26, 2018 18:55
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Bad With Money 2018: I'm upside-down on an iPhone XR
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Nov 26, 2018 19:03
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Lockback posted:FYI- "The onl thing I buy in bulk is bottled water" is up there too. I'm legit impressed someone ended up more in debt after moving into a van.
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Nov 26, 2018 19:09
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We had one of these last week with a incredibly expensive phone bill like it’s circa 1997 and they’ve got unlimited minutes on Verizon. It’s nearly impossible to get to $300+ even if they financed the fanciest phones possible. These people have the Hermès bag equivalent of a phone plan.
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Nov 26, 2018 19:19
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This (about to be) poor, poor guy: Seeking advice on handling debt in relationship quote:My fiance and I are in our early 30's and both have substantial student loan debts. I'm at $62,000 and she's at about $160,000. I have strong earning potential and am on track to pay my debt off in 5 years. She is in the midst of a career change to graphic design, so her earning potential is somewhat unclear (I strongly encouraged her to do this despite the shift in financial standing because she is passionate about it and her previous job made her depressed). She assures me that her debt will remain her responsibility, but I know that I'm going to be paying for it whether directly or indirectly. Has anyone started to drum up VC money for a Tinder-like app only for people who have hundreds of thousands of student loan debt that they have no hope of paying off?
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Nov 26, 2018 19:23
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Guest2553 posted:"The onl thing I buy in bulk is bottled water" is up there too. I'm legit impressed someone ended up more in debt after moving into a van. if he had moved it down by the river he wouldn't have needed bottled water
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Nov 26, 2018 19:24
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Cacafuego posted:This (about to be) poor, poor guy: No but I've always wondered how easy it would be to set up an LLC to buy your own debt at pennies on the dollar some years after it's deemed all but uncollectable, and then report it as paid.
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Nov 26, 2018 19:27
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Lockback posted:I'm buried in debt and I have no idea how to get out https://www.reddit.com/r/personalfinance/comments/a0b7br/im_buried_in_debt_and_i_have_no_idea_how_to_get/ Actual link. Comments are boring. Turns out his Mother's Boytoy pays him $80/month for the cell phone and he ostensibly splits Youtube and Netflix, and somehow has prime yet lives in a van.
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Nov 26, 2018 19:31
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Krispy Wafer posted:We had one of these last week with a incredibly expensive phone bill like it’s circa 1997 and they’ve got unlimited minutes on Verizon. https://www.hermes.com/us/en/bags-a...is_telephone%7D||Category Edit: also please check out the little graphic for loading for thread relevant additional content.
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Nov 26, 2018 19:33
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H110Hawk posted:https://www.reddit.com/r/personalfinance/comments/a0b7br/im_buried_in_debt_and_i_have_no_idea_how_to_get/ Actual link. Comments are boring. Turns out his Mother's Boytoy pays him $80/month for the cell phone and he ostensibly splits Youtube and Netflix, and somehow has prime yet lives in a van. Amazon will deliver to cars with their new Key program. Want to see the look on the delivery guy’s face when he interrupts homeless man washing his socks in the van.
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Nov 26, 2018 19:35
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He might also be referring to prime video instead of normal prime. He did lump it in with streaming services.
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Nov 26, 2018 19:48
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Ashcans posted:Normally I avoid zeroing in on single expenses, but uh let's talk about that $340 phone bill. What's going on there? Can we also talk about the $140 in subscription services? He's splitting Netflix and Hulu, so that plus Amazon Prime should be about... $30 a month? If that? Where is the other $110ish coming from? Definitely not cable, given that he's living in a van.
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Nov 26, 2018 19:58
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My co-worker told me about his parents who had a landline phone that they rented for like $5/month for decades. It was well over $1000 spent on a simple corded phone over its lifetime.
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Nov 26, 2018 20:01
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It may sound crazy but I am beginning to think this PF poster could be an unreliable narrator.
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Nov 26, 2018 20:01
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Thanatosian posted:Where is the other $110ish coming from? Definitely not cable, given that he's living in a van. A stream of cheap booze is kind of like streaming.
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Nov 26, 2018 20:04
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