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Originally Posted by FL 4Motion
My take is it’s less like the housing bubble crash of 2008 and much more like the dot com bust of 2000. Prior to the dot com bust, any shitbag company with a .com in their name was getting massive capital investment and IPOs were premature and super overvalued. Most companies were bleeding $$$ with the philosophy of rapid growth to hell with any semblance of fundamentally sound business plans etc. we were in an era of easy money and therefore the market and investors were as per usual in these type of times, reckless. All bubbles burst and the chaff was separated and discarded from the wheat. Remember pets.com. Also remember starrtups like Amazon and google etc. the companies with real value and good business practices with product or services that provide something survived. They went thru a period where their valuations were really depressed and it was an incredible buying opportunity.
Same is happening in the crypto space now. We are seeing the bubble burst bc $$$ isn’t cheap anymore and speculative investments are the first to crater. A lot of crypto will go the way of pets.com but the few with real utility and/or value will survive and for a while be cheap to invest in.
The lack of SEC regulation in the crypto space is (hopefully) coming to an end. Anyone who actually believed the powerful forces (central banks, billionaires, banking system, USA GOVT, etc) would let their system be upended by crypto in some libertarian wet dream fantasy were fools and stupid in all honestly. At this point in time iiirc the only SEC compliant crypto investment vehicle is a bitcoin futures etf. We will eventually see a SPOT etf once regulators clamp down, and when that happens it will begin to grow again but the shitcoins and retarded nfts will be gone.
There is no secret to building wealth. Anyone can do it by regular investment in an intelligently set up portfolio of stocks, bonds and a long term focus. Get rich quick is code for lose it all overnight. It takes DECADES of investing regularly to hit your targets but it’s not easy but very straightforward. Discipline and an iron will are all that’s necessary.
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Good comparison. And your point on the lack of regulation is the reason I compared the crypto meltdown to the housing bubble. Before the housing crash and before the government bailouts, mortgage lending was not regulated (and if it was, no where near to what it is now). There were a bunch of toxic MBS’s where borrowers had multiple mortgages they didn’t qualify for, coupled with predatory lending practices. Remember Lehman Brothers? They mass-liquidated their securities before the crash.
With crypto being on a global scale, not sure how this could be regulated. Even if there was 1 universal policy, different countries will have different thresholds and, unless it was one of those policies of “this is it – take it or leave it”, IMO I think it would be impossible for everyone to come to a meeting of the minds.
Quote:
Originally Posted by FL 4Motion
I responded in the other thread you posted in about needing a z mechanic. I think it was the fl thread iirc.
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Thanks man! I'll take a look