This morning, I ran into a neighbor, a nice young man in his mid-thirties. We exchanged the usual talk of, “How’s it going?” and I noticed he wasn’t his usual jovial, upbeat self. He just said he was dealing with a lot. So we said goodbye, wishing each other well.
Later in the afternoon, my husband and I are at the movies and he tells me that he just ran into the same neighbor and says, “Guess what.”
“What?,” says I. And then I hear it: “He just lost his life’s savings.”
“What?!,” says I, again. Then, “How?”
Ready for this? “Bitcoin!!”
Me again, “You’re kidding. Did he happen to say how much?” I wasn’t expecting an answer to such a prying curiosity. One came anyway.
“Eighty Nine Thousand.”
I bout fell off my chair. “Eighty Nine Thousand?!!,” I repeated.
“Yeah.”
So that’s it. A sad tale, a cautionary tale.
Galen
I DO NOT CARE, HOW MANY TIMES YOU TELL SOMEONE THIS IS A SCAM, THEY WILL HAVE TO LEARN THE HARD WAY. I LEARNED OVER THE YEARS FOR SOME PEOPLE, IT TAKES A DARK NIGHT OF THE SOUL TO WAKE UP.
Yep, fully agree, Joe. From the beginning something told me to avoid it like the plague.
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sorry guys – btc is up 10x on the year still. This is a normal correction in the market. It went from 7,000 to 20,000 in 2 or 3 weeks. To remain a healthy market, it really needs to touch 7,500 before resuming its course.
Very potentially bitcoin is something that we really need to protect, not a scam. There are plenty of scam coins looking to replace it that are fully owned by the banks.
There are problems with high fees and times for transactions and we are awaiting new tech to come online. Bitcoin is not infallible, but it is perhaps the best we’ve got. The precious metal markets are completely owned. This is supposedly why we made bitcoin.
How come we’re hearin’ horror stories?
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FUD: Fear Uncertainty and Doubt…. but do remember: The Mainstream Media Hates Trump!
guess the lesson here…’a bird in the hand is worth two in the bush’
“lets get two birds stoned”- Rickyism #435 Trailer Park Boys
Mary, off topic, but thanks for the info on the vit D lamp. I’ll watch the vid soon.
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I’m curious as to how he lost it. I’ve heard the amount is irretrievable if you loose the ability to access your bitcoin account, or something like that.
Or did the bottom fall out?
Katie, I don’t know. Finance is my weakness. If I hear more, I’ll let you know.
I just don’t know how people so easily follow. So many trends turn out to be traps. I think I was born with an extra dose of skepticism, thank goodness.
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My neighbor closed out his 401K worth 560K and lost all but 20K investing in bitcoin after I warned him several times not to. Quite the sucker. He is being foreclosed upon now. Some people just beg to be “serviced.”
I have a 6 figure pension and about 250k in the bank which was an inheritance. I confess I don’t want to spend it because it’s all I have left of my parents life’s time. Everyone I know tells me that I need to invest it however I have no clue what to invest in. I already invested thousands in long term storage food, water, shelter, firearms, and related equipment.
Wow, that’s quite a loss your neighbor suffered. I bet more of these sad stories will keep emerging over the next few days and weeks. And even though we know the courts are corrupt, it’s likely we’ll see multiple lawsuits, people claiming they were mid-led or ill-advised. Who knows, but it does seem like deception on a grand scale.
How to invest? The heart knows best. But after reading your post, one word kept popping up: “LAND.” But that’s just me, someone with very little experience in investing.
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“I have no clue what to invest in.”
Henry and Laura Shivley’s relentless saving of the American National and their Bill of Rights.
Or you can mail donations to Henry Shivley at P.O. Box 964, Chiloquin, OR 97624
I second that. It was what I was thinkin’ when I mentioned the heart. You took it the distance, Katie.
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so excellent Katie!!
Here’s what I would consider – just allocate to different stuff as you believe in it. For example: 50%land 20%precious metals 15%stocks and bonds 5% bitcoin.
Spread it out.
physical precious metals…..your 250K in the bank is paper ‘bitcoin’
Gunsmith: The 250K in the bank would worry me. If the SHTF, financially, you may be sorry for that. Although there is FDIC, a very small percentage of the total deposits will be covered in such an emergency. The owners of banks have no compassion when it comes to sacrificing depositors money, when it comes to keeping the bank solvent. (bail in) I believe that contingency is actually built into current law. A 20K loss on .56 Million is a drop in the bucket compared what could happen, what did happen, to people who didn’t have time to wait for recovery (2008-10) Some lost everything.
What happens if (when) recovery takes 10 years or more. Who says recovery is guaranteed to come? I don’t want to sound like a doom and gloomer but I’m sure there are much more qualified and more knowledgable people than me, who would say something similar.
Oh no. This can not be true. The great BK told us all, if we got a Bitcoin, we would end up VERY happy.
How anyone who thinks they are as smart as he thinks he is, could buy into the whole crypto currency scam, is beyond my comprehension.
I do think BK has plenty of knowledge as well as being a proficient teacher in his areas of expertise. I was very skeptical about his advice to invest in bitcoin due to his voting for Trump even after having been warned. I was suspect of his wisdom due to the vote.
Technical info. he provides is not necessarily life dooming.
Please excuse my ignorance, but who is BK?
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Butter Knife? Or Burger King LOL
The knife knows who butters your bread. And the King steals it!!
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galen, butter knife is a broadcast host with Mark Koernke on Fridays quarter masters corner over on Liberty Tree Radio.
Thanks, Katie.
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@ Bob: “FUD: Fear Uncertainty and Doubt…. but do remember: The Mainstream Media Hates Trump!”
Huh? This answer just left me more confused.
Trump? You mean the guy who works for Bibi?
And you mention “doubt” as detriment? I have come to respect “doubt,” seeing it as a most important application. It helps me question, look deeper, play devil’s advocate. Doubt aids preparation. I think doubt needs a place of honor in the human psyche.
So is my neighbor bankrupt ’cause he doubted?
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