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Merged Bitcoin - Part 3

How to make money with crypto:

This guy made bail?
Woeltz was ordered Saturday to surrender his passport. Prosecutors said he has the means to flee, including a private jet and a helicopter. He is due back in Manhattan criminal court next week.
All this from "crypto investing"? A private jet, a helicopter, living in an apartment where the rent is $30,000 to $40,000 per month.
But apparently he needed more. That wasn't enough.

Will he be back in court next week? He could flee. Maybe he commits suicide.

I sort of feel like this maybe deserves its own thread.
 
...and does not match reality in the majority of cases.

No, not my studies. It was many years ago and my main recollection of this was seeing a woman with a brain injury that affected parts of her brain associated with processing emotions unable to choose between different brands of cans of tomatoes on a supermarket shelf. She was just stood there weighing parameters such as price, quality, quantity, taste, etc.

"The roots of understanding this deep interconnection of cognition and emotion, like many breakthroughs in neuroscience, were found by studying patients with brain damage. The brain lesions these patients had suffered to a particular sector of the frontal lobe had not impacted their knowledge base or logical reasoning abilities. They understood what made a good business investment. They understood and could describe the social rules and conventions that should guide one’s actions. With any decision, they could go through the pros and cons. Yet these previously upstanding men and women struggled to make even simple decisions, and began to make disadvantageous decisions in many different aspects of their lives. Why?

It was found that what they could not do was use past emotional knowledge to guide the reasoning process."
I sometimes have the same problem that woman did. My mind is apparently too logical and not emotional enough. Maybe that's why I haven't invested in any of these 'get rich quick' schemes (and yes, that includes Bitcoin) - insufficient expectation of emotional reward.

My solution to the different brands of food problem is to try one at random until I have sampled them all. That's very daring for me - not buying the one that is the absolute best logical choice is anathema! But I have found from experience that in practice it sometimes isn't the best choice. What weight you put on different parameters can make a big difference. The label may tout some feature that makes it sound much better than it is - eg. 'organic' foods that taste awful and may even have less nutritional value than 'normal' foods.

Even if you have no 'emotional intelligence' you can still train yourself to make good decisions. In my case that often means flipping a coin or choosing nothing if I can't decide within a set time limit. Take money for example. I just keep it in the bank and let it pile up until I need some. I will never become a millionaire this way, but I can't lose it all either.

The old saying "the perfect is the enemy of the good" often applies. Bitcoin might have certain theoretical advantages over 'fiat' currency, but in practice normal currencies work well enough - while Bitcoin isn't that great in practice (practically no businesses take it) and as an investment it's very risky even if it does eventually increase in value. With my luck it will crash just before I need to buy something with it.

So one reason I haven't 'invested' in Bitcoin, apart from the hassle, is that I am risk-averse. But there's another one too, and quelle surprise it's emotional. You see, Bitcoin is immoral. Any gains you make on it are not due to having earned it, but because some other sucker lost out (or is going to). So if I had bought (or mined) Bitcoins back in the early days making me filthy rich today, I would be ashamed because I don't deserve that wealth. OTOH if I bought some now thinking I will become rich and it crashes then I do deserve it for acting immorally. So I avoid it because I don't want to suffer the emotional trauma of worrying about those scenarios. Which is pretty easy to do because Bitcoin doesn't just fall in your lap.
 
i think you’re in good shape as i don’t think it’s wildly out in left field to think a ponzi scheme is immoral
 
this is the recap. it’s not a ponzi. it appreciates in value because of demand, meaning that somebody will buy it for more than you paid. which requires new investment to pay old investment. there is no other mechanism for it to appreciate

but it’s not a ponzi. lol
 
this is the recap. it’s not a ponzi. it appreciates in value because of demand, meaning that somebody will buy it for more than you paid. which requires new investment to pay old investment. there is no other mechanism for it to appreciate
I have demolished this crap of yours countless times.

It's not as if demand for bitcoin arose because some sneaky snake oil sales person pushed a worthless product onto an unsuspecting public. Demand arose because bitcoin can be used exactly in the way that it was intended - as a transfer of value over long distances that can't be interfered with.

But keep pretending that I have not explained this to you before. :xrolleyes
 
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i think you're the one pretending here. people aren't making transfers with bitcoin, they're buying it as an "investment" to get rich. quick. how does it work? well, you buy it, you hold onto it, and someone buys it for more than you later.

who are you sending money to? you're not. in a vast, vast majority of cases, nobody has bought anything or sent anyone money with it. be real lol

really, if you have to lie about what's happening to make your argument, maybe it's not a good one.

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regardless off all that, you've poorly attempted to explain the mechanism by which demand increases, the fact remains the only way it appreciates in value is through someone purchasing it for more than what you paid. which is how a ponzi is structured. new investors finance the gains of old investors. so, you know, if you'd like to actually address that at some point as well.
 
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