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SoftBank founder lost $130M on Bitcoin

wsj.com

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Re: SoftBank founder lost $130M on Bitcoin

#21

Post by maxencecornet »

aphextim wrote: post #7
aphextim wrote: post #6

It's only a loss if he sold, HODL!

I do know he sold, was just being silly.

I like how you can be a literal billionaire bank founder and still buy a speculative asset at it's peak and sell at it's lowest after a 90% crash

Buy high sell low

>>The investment came at the peak of the bitcoin frenzy in late 2017 after the digital currency had already risen more than 10 fold that year. The exact size of the bet couldn’t be determined, but bitcoin peaked at nearly $20,000 in mid December 2017 and Mr. Son sold in early 2018 after bitcoin had plummeted, the people said.

Re: SoftBank founder lost $130M on Bitcoin

#22

Post by loceng »

maxencecornet wrote: post #21
aphextim wrote: post #7

Earlier quoted context omitted.

I do know he sold, was just being silly.

I like how you can be a literal billionaire bank founder and still buy a speculative asset at it's peak and sell at it's lowest after a 90% crash Buy high sell low >>The investment came at the peak of the bitcoin frenzy in late 2017 after the digital currency had already risen more than 10 fold that year. The exact size of the bet couldn’t be determined, but bitcoin peaked at nearly $20,000 in mid December 2017 and M…

Well 10% is better than less or nothing, right? Shows his lack of confidence in it going up any further - or at least within a timeframe that there aren't better investments.

Re: SoftBank founder lost $130M on Bitcoin

#24

Post by mindcandy »

duxup wrote: post #20

I can't read the article as I don't have a subscription. So if you're this dude, how do you make this investment? Presumably you just call your fiance guy and tell him to put a huge amount of money into Bitcoin and the order gets passed down to someone who knows what their doing and somewhere there is a PC out there with a bazillion dollars in Bitcoin sitting in cold storage? I gotta think the end guy who makes the b…

There are companies that specialize in coordinating large, off-exchange trades. I listened to an interview where they mentioned security practices such as: keys are stored on laptops that were bought new, had the hard drive replaced, and the Ethernet and USB ports epoxied shut. All transactions are offline and multi-sig. Etc...

Re: SoftBank founder lost $130M on Bitcoin

#26

Post by mrlaserOO »

duxup wrote: post #20

I can't read the article as I don't have a subscription. So if you're this dude, how do you make this investment? Presumably you just call your fiance guy and tell him to put a huge amount of money into Bitcoin and the order gets passed down to someone who knows what their doing and somewhere there is a PC out there with a bazillion dollars in Bitcoin sitting in cold storage? I gotta think the end guy who makes the b…

there are Over The Counter (OTC) trading desks/companies who can help with that. One of them is Circle. I think Kraken also offers this service.

Re: SoftBank founder lost $130M on Bitcoin

#27

Post by duxup »

mindcandy wrote: post #24
duxup wrote: post #20

I can't read the article as I don't have a subscription. So if you're this dude, how do you make this investment? Presumably you just call your fiance guy and tell him to put a huge amount of money into Bitcoin and the order gets passed down to someone who knows what their doing and somewhere there is a PC out there with a bazillion dollars in Bitcoin sitting in cold storage? I gotta think the end guy who makes the b…

There are companies that specialize in coordinating large, off-exchange trades. I listened to an interview where they mentioned security practices such as: keys are stored on laptops that were bought new, had the hard drive replaced, and the Ethernet and USB ports epoxied shut. All transactions are offline and multi-sig. Etc...

Yeah I was thinking the security would have to be pretty high / multi layered / rightfully paranoid.

Re: SoftBank founder lost $130M on Bitcoin

#28

Post by hesdeadjim »

wsdfsayy wrote: post #25

For all the perma-bears out there...Bitcoin is well off last year's low and now around $5500. Crypto has been trending up for weeks. Some top tokens like BNB (Binance's token) are at all time highs.

It’s amazing what wash trading and fake volume can do to prop up an ecologically destructive and pointless technology.

Re: SoftBank founder lost $130M on Bitcoin

#29

Post by [deleted] »

mindcandy wrote: post #24
duxup wrote: post #20

I can't read the article as I don't have a subscription. So if you're this dude, how do you make this investment? Presumably you just call your fiance guy and tell him to put a huge amount of money into Bitcoin and the order gets passed down to someone who knows what their doing and somewhere there is a PC out there with a bazillion dollars in Bitcoin sitting in cold storage? I gotta think the end guy who makes the b…

There are companies that specialize in coordinating large, off-exchange trades. I listened to an interview where they mentioned security practices such as: keys are stored on laptops that were bought new, had the hard drive replaced, and the Ethernet and USB ports epoxied shut. All transactions are offline and multi-sig. Etc...

[deleted]

Re: SoftBank founder lost $130M on Bitcoin

#30

Post by baybal2 »

strikelaserclaw wrote: post #3
yyyyip wrote: post #2

Masayoshi seems great at picking market tops and buying into them.

either he wins big, or no big deal, the advantages of having money.

So far, he lost more money in his funds than he ever made.

But he makes $1B+ a year just from fees.

This is a very twisted idea of "winning big"

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