Go Woke Go Broke Mega Fail

[Averageman]

Me either, and I'm just starting to "get" the basics of it I feel. I did what I do for most topics not my lane, find what I feel are people I can trust, people who have been at it a long time, people who can advise and recommend additional sources, and take their advice.

I know people who are good investors, my Dad taught himself how to do it and he kept himself up to speed. He likely spent a good hour and a half a day either reading the investment guys in the WSJ or various trade papers. He had good days and some remarkablly bad days.
I looked at all of that and just hired someone to handle my investments, I don't need the heartburn and acid reflux that goes along with investing for myself.
I invested for about ten years made enough to pay off my house and truck and set myself up to an easy carefree retirement. That's all I wanted, that these guys made a big profit doesn't bother me, they're much more talented and educated in those area's than I am.

Edit to add to all of the above;
Part of the reason peope fall for this stuff is greed, another big part is education. I wish we had basic Finance and Home Economics taught in schools today.

[WillBrink]

I know people who are good investors, my Dad taught himself how to do it and he kept himself up to speed. He likely spent a good hour and a half a day either reading the investment guys in the WSJ or various trade papers. He had good days and some remarkablly bad days.
I looked at all of that and just hired someone to handle my investments, I don't need the heartburn and acid reflux that goes along with investing for myself.
I invested for about ten years made enough to pay off my house and truck and set myself up to an easy carefree retirement. That's all I wanted, that these guys made a big profit doesn't bother me, they're much more talented and educated in those area's than I am.

Edit to add to all of the above;
Part of the reason peope fall for this stuff is greed, another big part is education. I wish we had basic Finance and Home Economics taught in schools today.

I did the same it's a full time job to really be up on, and stay up on, investing. I also take an amount of $ and make some of my own investments based on my own research and or speaking with SME on the topic I trust. So far, done well with it. When everyone said Tesla was going to go under, I purchased at well under $200 per share, and sold at almost $1,200 per share. It took profit from that and put it in chip manufactures like AMD as my SME recommended who knows the tech and the companies way above most, and while volatile (as expected being a tech stock) it's been a good investment that may be a great investment in the near future.

I also know crypto is here to stay, and like all new tech is having its big swings and teething pains. I bet most forgot what happened during the crazy internet investment boom where people and companies invested huge $ on all sorts of stupid ideas anyone with a brain could see would fail. I even consulted for one at the time, and they ignore my advice and spend hundred of millions before going under. The only one I was wrong about was Amazon, but only partially wrong as I knew their original model to sell books would fail, but they changed course and sold everything and became a monster.

Back then, after the huge crash, everyone was sure making $ from the 'net was a pipe dream, scam, yada yada. Sound familiar?

As always, those who got in early and had a good idea and weathered the storms did very well, later you got in, lower the risks and lower the rewards.

[SomeOtherGuy]

FTX collapse involved more ridiculous abuses than you can probably imagine. Here's a short list:

https://twitter.com/gurgavin/status/1593292792582635520

Short excerpt (more at link):

1) FTX LENT SAM BANKMAN OVER $1 BILLION DOLLARS FOR PERSONAL USE

2) FTX USED CUSTOMER FUNDS TO BUY HOUSES FOR EMPLOYEES

3) FTX DIDNT HAVE A LIST OF EMPLOYESS AND WHAT ALL THEY DID

4) FTX DID NOT KEEP ANY BOOKS OR RECORDS OF ITS DIGITAL ASSETS

5) ALAMEDA RESEARCH WAS EXEMPTED FROM AUTO LIQUIDATION ON FTX

6) FTX BUILT A SOFTWARE TO HIDE THE MISUSE OF CUSTOMER FUNDS

7) FTX HAD $400 MILLION IN UNAUTHORIZED TRANSFERS THE DAY THEY FILED FOR BANKRUPTCY

8) FTX HAD BILLIONS IN INVESTMENTS OTHER THAN CRYPTO BUT THERE ARE NO BOOKS OR RECORDS OF ANY OF IT.

9) SAM BANKMAN MADE ALL BUSINESS DECISIONS ON APPS THAT AUTO DELETED EVERYTHING AFTER SOME TIME

[glocktogo]

I’m hearing rumblings that the GOP got more FTX chump money than originally disclosed. Specifically, that McCarthy used a bunch of it to defeat conservatives in this election cycle. We’ve already heard that most of the GOP members who got direct money from them were never Trumpers who voted to impeach. It wouldn’t shock me one bit to see the GOPe turning to stolen dark money as a way to maintain their choke hold on the party. The Red Wave turned Pink Splash, may very well have been engineered by McCarthy himself.

More to come I’m sure.

https://nationalfile.com/mccarthy-us...tives-in-2022/

[WillBrink]

Savage!

[AndyLate]

Less mega but equally woke - the tech sector is laying off lots of folks in SanFran https://www.msn.com/en-us/money/comp...ea/ar-AA13WuEo

Andy

[WillBrink]

Biggest possible fall out of this is money laundering that went to Dem politicians involving Ukraine. It's so big it means it will likely not be investigated beyond the usual people willing to investigate it. This will be a "too big to fail" problem and goes right to Brandon and co. Good intel:

[Hush]

FTX collapse involved more ridiculous abuses than you can probably imagine. Here's a short list:

https://twitter.com/gurgavin/status/1593292792582635520

Short excerpt (more at link):

He's broke, probably doesn't have a security detail....why don't we organize a snatch and grab and do a hostile interrogation?

Sent from my SM-A326U using Tapatalk

[SomeOtherGuy]

He's broke, probably doesn't have a security detail....why don't we organize a snatch and grab and do a hostile interrogation?

Who is this "we" kemosabe?

I have no skin in the game for the FTX collapse, I just find it fascinating for the scale and brazenness of financial crime committed.

If someone else wants to have an awkward conversation with the FTX criminal masterminds, go have fun.

[Averageman]

I just find it fascinating for the scale and brazenness of financial crime committed.

I have friends that gave their kids credit cards, not debit cards mind you, real credit cards Mommy and Daddy paid for.
This reminds me of that.