Wall Street Blew a Bubble in Stocks, Cryptocurrencies are Next
The ideal bagholder is one who adds more on every downturn (buying the dip) and who refuses to sell (diamond hands), holding on for the inevitable Fed-fueled rally to new highs.
The post Wall Street Blew a Bubble in Stocks, Cryptocurrencies are Next appeared first on LUXUO.
Image: lo lo/Unsplash
Jeremy Chan knew that the scheme being proposed to him was a Ponzi scheme from the get-go.
Sitting in the tropical heat of a coffeeshop in Penang, Malaysia, Chan listened patiently as his childhood friend of almost twenty years waxed lyrical about how he had discovered this ?options trading guru? who promised a steady return of around seven per cent a month.
Chan had heard similar pitches countless times before, after all, Penang was home of the so-called ?money game? ? pyramid schemes typically based on some investment, that eventually collapsed under their own weight when new investment monies ran dry.
Having successfully participated in numerous such schemes, the only thing Chan wanted to know was when this latest one had started ? because ultimately that was all that mattered.
Like so many other investors who are familiar with ?money games,? the key to rolling the dice with any Ponzi scheme is making sure you got out before everyone else.
Often times, if old hands are hearing about a money game after the first set of investors have already been paid off, they?ll sit that round out, but fresh schemes were always of interest.
As Chan?s friend droned on, he real...
The post Wall Street Blew a Bubble in Stocks, Cryptocurrencies are Next appeared first on LUXUO.
Image: lo lo/Unsplash
Jeremy Chan knew that the scheme being proposed to him was a Ponzi scheme from the get-go.
Sitting in the tropical heat of a coffeeshop in Penang, Malaysia, Chan listened patiently as his childhood friend of almost twenty years waxed lyrical about how he had discovered this ?options trading guru? who promised a steady return of around seven per cent a month.
Chan had heard similar pitches countless times before, after all, Penang was home of the so-called ?money game? ? pyramid schemes typically based on some investment, that eventually collapsed under their own weight when new investment monies ran dry.
Having successfully participated in numerous such schemes, the only thing Chan wanted to know was when this latest one had started ? because ultimately that was all that mattered.
Like so many other investors who are familiar with ?money games,? the key to rolling the dice with any Ponzi scheme is making sure you got out before everyone else.
Often times, if old hands are hearing about a money game after the first set of investors have already been paid off, they?ll sit that round out, but fresh schemes were always of interest.
As Chan?s friend droned on, he real...
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