SoftBank founder lost $130M on Bitcoin

Post by atomical » Tue, Apr 23, 2019, 5:48 PM UTC

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...

Post by evanweaver » Tue, Apr 23, 2019, 7:34 PM UTC

tellak wrote: post #41

maxencecornet wrote: post #39

Earlier quoted context omitted.

>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. Pretty much any good book about investing (eg. The Four Pillars of Investing) teaches you that following your human emotions and irrationality in investing is the worst you can do, basically selling when everybody IS selling is the worst move (…

You’re oversimplifying.. selling while everyone else is often due to irrationality, but quite often it is the best move. In the case of a crashing asset that is determined to be unlikely to recover, selling with “everyone” else is the rational action. cf cutting your losses. In fact I’ve feel like more experienced investors are prone to the opposite problem... irrationally holding on to a hopeless asset when they cou…

Post by nashashmi » Tue, Apr 23, 2019, 10:39 PM UTC

jermaustin1 wrote: post #37

MuffinFlavored wrote: post #13

Earlier quoted context omitted.

If you're worth $20k and you find $20 on the street, it's 0.1% of your net worth. If you're Jeff Bezos and you find 0.1% of your net worth on the street, it's $150,000,000.

Lets take that thought experiment further, would Jeff Bezos even waste the time in bending down to pick up the $20 since it is worth so little? The act of bending down, the minuscule risk of falling over, possibly scraping a knee, possibly wasting more time trying to get back up, etc. Is the $20 worth the potential hassle of picking it up? For me: without a hesitation. It's roughtly 130 times my average 5 second earn…