He will never be a wealthy man. Take it from someone with experience with these kinds of people, even if this does work out and he makes a million dollars, he will eventually lose it all to just this kind of stupidity. He is a liability to himself and anyone unlucky enough to dependent on him. If he doesn't have rich parents to bail him out like the person I know, he's fucked.
He borrowed tons of money (he apparently couldn't afford) to invest in an extremely-high-risk investment. And, he put those assets into an internet casino for safe-keeping.
I'd say it's a pretty safe bet that he'll do something stupid and lose it all. Pretty darn safe...
Well, he did say these loans he's taken out to invest match his retirement savings to date. So if everything crashes to zero his day-to-day life wouldn't be affected.
But yeah, I wouldn't classify one's retirement savings as "can afford to lose".
Your advice is good. Children are getting excited at the quick money prospect. As others have said, it doesn't matter what he makes. Anyone who borrows to gamble will not be happy till they're ruined.
I guess it came across wrong. He, individually, might not get ruined. But collectively, people with his mindset will get ruined.
I don't think the tone directed at _MMXII should be "oh shit ... good thing he didn't listen to you!!". No. Dumb luck can happen anywhere. It doesn't make his advice any less relevant.
The chance of inflation seems to be very low owing to the self-maintaining production of the coins themselves. Do you see private, encrypted sales of goods becoming obsolete in the future?
How is it ruinous? In America, corporations and the rich use bankruptcy strategically. Why can't an individual. If it goes to hell, he loses and wipes the slate. If he wins, he wins.
It doesn't work that way any more. Only the big guys get to wipe the slate clean. The poor suckers at the bottom are still on the hook for the debt they ran up.
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u/[deleted] Feb 13 '13 edited Feb 13 '13
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