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The further adventures of Weasel’s fifty quid

On or around May 1, 2019 I bought £50 worth of bitcoin for a lark. I’ve posted about it before. The next day, it dropped £4 and I thought it served me right.

But by the end of the month, it was around £80 and it never dropped below £70 again.

The plan was to buy a little every month, but Coinbase won’t let me play any more without updated ID. I have my passport, but there’s some rule about it matching the country I’m living in. Probably a new rule, since they let me open an account in the first place. I believe they’d let me take the money out, but it’s more fun to watch it move around.

Remember, this is all from the original untouched £50 seed money. There’s the peak: November 14, 2021. £652.05. Whew!

So what is it in the wake of this whole FTX mess? £156.68. Not great, but a hell of a lot more money than it would have made sitting in a savings account for 30 months.

You know, watching past footage of world leaders smooching up to this FTX slob Sam Bankman-Fried in his shorts and t-shirt is really something. They thought them young’uns could really magic money out of thin air, did they? I mean, the gullible ones, not the co-conspirators.

When I went to buy my first computer, the salesman pointed to a boy messing with one of the display models and said, “look at that – kids are just natural at this stuff.” I didn’t know a whole lot about computers, but I could see the kid was just confidently mashing random buttons while the operating system spit back the digital equivalent of “please stop.”


Comment from Durnedyankee
Time: November 17, 2022, 8:10 pm

” hey! I want to buy some of this bit currency, how do I do that? ”

“oh, you give us real money, and we give you bit currency”

” uh… I give you real money for this uh, bit currency?”

“yeah, because real money can be controlled by governments and shit and bit currency isn’t, so it’s better!”

“but you guys take real money, which is ‘controlled by governments and shit’, as the basis for your safe bit currency…am I missing something?”

“look bub, do you want in or not, we have millions of other marks….uh…customers waiting to get in on this special once in a lifetime opportunity.”

“this sounds kinda familiar, what’s the name of your bit currency again?”

“Ponzicoin, we were going to name it Enroncoin but people kept thinking it was based in Columbia, because they thought it sounded Spanishy or something, and we felt that might not give the trust feeling we were looking for.”

“Ah…so I give you real money, and I get, uh, bits?”

“Yeah, you give us real money, and we’ll give you some bits in return, see? Easy Peasy, you can trust us.”

Comment from Tim Carlson
Time: November 17, 2022, 10:16 pm

Gold, silver, platinum. Other precious metals. You can hold them in your hand and will never drop to $0 in price. Crypto and NFTs however are just 1s and 0s in a computer and can disappear in an instant and become valueless.

Give me “Boomer Metals” any old time.

Comment from Uncle Al
Time: November 17, 2022, 11:24 pm

They thought them young’uns could really magic money out of thin air, did they? I mean, the gullible ones, not the co-conspirators.

Considering the evident contents of the skulls of the gullible ones, the co-conspirators were indeed making money out of thin air.

I’m firmly in the @Tim Carlson camp, boomer that I am. I’ve got a small pile of gold coins. Nothing that would interest a numismatist, just plain ol’ Krugerrands, Maple Leafs (Leaves?), and Gold Eagles and such. And a big bag of junk silver Roosevelt dimes.

Comment from Rich Rostrom
Time: November 18, 2022, 12:48 am

The only thing I know about FTX is that they had a sponsorship deal with the MLB umpires’ association. The company logo was on the umpires’ uniform shirts.

Comment from Durnedyankee
Time: November 18, 2022, 12:49 am

Been saying it for nigh on 40 years now….

Invest in automatic weapons and ammunition.

(emoji trigger warning…)

Comment from Drew458
Time: November 18, 2022, 3:45 am

Gold silver lead copper brass cases primers powder. Crypto? Not. A. Chance. Good luck turning it back into real money.

Comment from Some Vegetable
Time: November 18, 2022, 10:36 am

The thing is, any way you look at it, Crypto is just another floating foreign currency. This generally means that you are paying a fee to purchase it, and then paying another fee to convert it back into (insert your government backed currency here).

Further, Crypto is very much a ‘tulip bulb’ type of speculation dependent on “the greater fool theory”. You understand that it has no inherent value, but as long as there are greater fools out there who will pay more than you did, it’s profitable. The trick is knowing when to get off the ride.

Comment from Durnedyankee
Time: November 18, 2022, 10:48 am

Randolph Duke : Good, William! Now, some of our clients are speculating that the price of gold will rise in the future. And we have other clients who are speculating that the price of gold will fall. They place their orders with us, and we buy or sell their gold for them.

Mortimer Duke : Tell him the good part.

Randolph Duke : The good part, William, is that, no matter whether our clients make money or lose money, Duke & Duke get the commissions.

Mortimer Duke : Well? What do you think, Valentine?

Billy Ray : Sounds to me like you guys a couple of bookies.

Randolph Duke : [chuckling, patting Billy Ray on the back] I told you he’d understand.

Comment from ExpressoBold
Time: November 18, 2022, 6:22 pm

Wouldn’t it be great if this FTX SBF hoax brought down the government?

I also found a detailed video on how to make pizza with your Ninja Foodie Air Fryer. I put the link in the air fryer pizza post.

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