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TNET: Crypto crash costing Trevor Lawrence millions
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Editor [∞]
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TNET: Crypto crash costing Trevor Lawrence millions
May 21, 2022, 11:53 AM
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CU Medallion [65467]
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My own modest 401K has been in a prolonged trainwreck as
May 21, 2022, 11:57 AM
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well, ever since "Creepy Uncle Joe" Biden took office.
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Freshman [-79]
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It's transitory, errr Putin's fault, errr covid, err
May 21, 2022, 12:28 PM
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Trump
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CU Medallion [55419]
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110%er [7130]
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Re: My own modest 401K has been in a prolonged trainwreck as
May 21, 2022, 1:35 PM
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As hard as the Fed. Gov't is trying these days, they still have not (yet) completely ruined the dollar.
Crypto, on the other hand, is a bunch of air and hype.
Sorry that T.Law got such terrible financial advice; wonder where his parents were in T.Law's decision, or whether they were told to buzz off.
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All-Pro [686]
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Re: My own modest 401K has been in a prolonged trainwreck as
May 21, 2022, 7:39 PM
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I can assure you that the marketing deal that TL reached was backstopped for prevent him from taking losses on the conversion.
My advice comes from Northern Trust and the advice for us was go ahead and take some risk but no more than 5% of your investible assets.
The political aspect is silly. Each side ends up in the same place eventually. Democrat policy bubbles inflate slower and bigger. Republican faster and more frequent. Both leave the middle class schmucks holding the bag. The firms get their fees, so who cares…and the wealthy always seem to come out ahead or at least avoid a bad loss. This is one place I would agree that it’s rigged and has been for a long time.
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All-TigerNet [14751]
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Re: My own modest 401K has been in a prolonged trainwreck as
May 21, 2022, 8:44 PM
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If he was holding bitcoin and it went down he lost. Period.
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Freshman [-99]
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Yes and no.
May 21, 2022, 10:31 PM
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You only lose money when you sell an asset for less than The purchase price.
If you buy stock at $100 per share and it goes to $500 per share your gain is only on paper unless you sell the stock. But it five years later the stock is worth $50 per share you’re still basically in the same financial position. Your net worth has gone up and down based on the stock price but your financial situation day-to-day hasn’t really changed unless you were using that stock as collateral to borrow money.
Trevor Lawrence has only been in the NFL one year. When you make an investment like that it’s done with a long-term horizon. He’s lost money on paper but we are years away from knowing what the final story will be, but I’m confident there are safety nets in place since this was a marketing deal.
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All-TigerNet [14751]
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Freshman [-99]
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Wrong
May 21, 2022, 10:15 PM
[ in reply to Re: My own modest 401K has been in a prolonged trainwreck as ] |
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A long period of republican control of the government with a republican party not manipulated by the establishment wing, a.k.a. neocons and rhinos, would result in a far better America and economy because the government would be a fraction of the size it is today. But ultimately the biggest detrimental effect on the economy has been the federal reserve. They are the ones that manipulate the economy way too much, but progressive policies are absolutely catastrophic long-term!
Message was edited by: Lowcntry_Tiger®
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All-American [554]
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Re: Wrong
May 22, 2022, 8:06 AM
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It all started with Nixon taking us off the gold standard. The government is free to print money whenever they want, and do.
Then again, it really started with our Founding Fathers. They never thought about term limits, because they never envisioned anyone wanting to make a career out of politics. Now the first objective of the ######## on both sides, is to get re-elected. Very few care about you and me.
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Mascot [20]
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Re: Wrong
May 22, 2022, 8:18 AM
[ in reply to Wrong ] |
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You are spreading false information for no reason, but to try to make one party look better than the other. If you look at the financial data for the US, long term, the economy has always performed better when the Democrats had total control (source, any of the stock markets, labor info, and Federal Reserve). Please speak with data.
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Standout [346]
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Re: Wrong
May 23, 2022, 7:05 AM
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Not anymore, Ace. The economy under Obama was terrible unless you got a government job. The morale among job seekers and small business owners was horrible. With Trump, optimism returned and we had the best economy in 70 years and lowest unemployment for blacks on record, gas prices fell to previously unimaginable levels, energy independence was a reality and consumer confidence went through the stratosphere. Biden and the Democrats maliciously have destroyed it. THAT is the reality.
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Orange Blooded [3615]
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CU Guru [1458]
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Once Nixon depegged the dollar from gold …
May 21, 2022, 2:01 PM
[ in reply to Re: My own modest 401K has been in a prolonged trainwreck as ] |
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… it became “as stable” as crypto as the value given to it is from those that believe in it. As far as Bitcoin, there is a finite amount that can exist, so the value will continue to increase.
However, there’s nothing to keep the Federal Reserve (a non-government entity who no one will tell you who owns it) from printing money out of nothing — causing inflation.
I’ll take gold, silver, and other precious metals instead…
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Freshman [-99]
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RE: Bitcoin
May 21, 2022, 10:23 PM
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That’s the theory that’s being sold.. For something to go up in value people have to think it has value. So far bitcoin is acting exactly like all the other assets, which we were told five years ago would not be the case. So as of now theories around bitcoin are not holding up.
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Mascot [20]
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Re: Once Nixon depegged the dollar from gold …
May 22, 2022, 8:14 AM
[ in reply to Once Nixon depegged the dollar from gold … ] |
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Unfortunately, you are incorrect, the Federal Reserve does not print the US currency. The US currency is printed by the Bureau of Engraving and Printing, an arm of the Treasury Department. Please stop spread false information.
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Orange Blooded [4976]
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Orange Blooded [4195]
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Commissioner [970]
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Re: My own modest 401K has been in a prolonged trainwreck as
May 21, 2022, 8:54 PM
[ in reply to My own modest 401K has been in a prolonged trainwreck as ] |
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Entire world has economic downturn and supply chain issues and high gas prices due to a confluence of crap over the last 3+ years.
Right wing: blames Biden.
I can't roll my eyes far enough for that stupidity.
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Freshman [-99]
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The current economic situation was in fact largely created by
May 21, 2022, 10:43 PM
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The Democrats and other governments doing incredibly stupid things regarding Covid and their lust for power and control as well as greed!
I have a BS in finance from Clemson and I’ve been in the mortgage industry for about 30 years. I can draw you a perfect map from Jimmy Carter, to Bill Clinton, to the 2008 financial collapse.
The American economy has also been harmed by the American government getting bigger and bigger and bigger unconstitutionally for generations. Capitalism and democracy are struggling because of political corruption, crony capitalism, unions running amok long after their usefulness, and a whole host of other reasons all directly at the feet of leftist. The problems in the republican party are not because of conservative or libertarian policies, but the establishment wing, the neocons and rhinos. Many of those neocons and rhinos are scampering back to the left where they belong because the Democrats have become the party of war and the overturning of Roe v. Wade. If we could purge the rest of the Republican Party of the establishment wing we could have some true progress made with the Republicans in power.
Scuttle the Department of Education, department of interior, sign the prime act, regain common sense control over the EPA, cancel funding to the UN and NATO, eliminate the FED, pass a flat tax and nuke the IRS, and a few other reforms would be my first day in office. But then a girl can dream!
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110%er [5258]
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You skipped Bush being president from 2000 to 2008....
May 21, 2022, 11:24 PM
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but ok, 2008 was jimmy carter's and bill clinton's fault....
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Re: My own modest 401K has been in a prolonged trainwreck as
May 22, 2022, 8:37 AM
[ in reply to My own modest 401K has been in a prolonged trainwreck as ] |
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The amount of mental gymnastics needed to believe one american president can cause a global inflation crisis, rivals flat-earther conspiracy theories.
Honestly, if what you believe is possible then you give one person, heck, one party, faaar too much credit for being able to pull that off.
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Oculus Spirit [76961]
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This is the front desk,
May 21, 2022, 12:02 PM
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We found your enhancement products left in your room. Page us for prompt return.
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CU Medallion [52375]
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Don't put all of your (bonus) eggs in one basket.***
May 21, 2022, 12:05 PM
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Rock Defender [53]
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Re: Don't put all of your (bonus) eggs in one basket.***
May 21, 2022, 12:14 PM
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Yeah he got poor advice from someone
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CU Guru [1676]
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Re: Don't put all of your (bonus) eggs in one basket.***
May 21, 2022, 1:01 PM
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He sure did. Most financial advisors say to put a ver small amount in crypto.
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Legend [17308]
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Orange Blooded [2699]
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Ouch
May 21, 2022, 12:26 PM
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That definitely hurts.
Personally, I would've maybe put 10-25% if I were in his position.
The entire signing bonus -- OUCH.
Hindsight is always 20/20 and experience can be the best teacher so hopefully this helps him learn moving forward.
The only good here is it's only a loss if you sell or crypto goes belly up so maybe it goes back up down the road.
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CU Medallion [55419]
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Re: Ouch
May 21, 2022, 1:38 PM
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Yes sir, and now, Trevor, and wife will have a very tough time making on 9.3 mil until his next pay check. Maybe he can get a loan from Dabo until he recovers, I mean only having 9.3 mil, and living in Jacksonville, he will be at risk of his power being turned off before the year is out!!!
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Orange Blooded [4096]
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I don’t get this crypto junk, reasons:
May 21, 2022, 12:28 PM
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Every time I try to find a good explanation of it I find multi page tomes of verbiage and when done reading, still not clear exactly what crypto is. Sounds like bull manure to me
Give me real assets: gold, silver, platinum and Budweiser.
Message was edited by: OhWiseOne®
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Legend [18790]
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Corona beer is a better investment.....
May 21, 2022, 12:45 PM
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...or it was!
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110%er [6394]
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Re: I don’t get this crypto junk, reasons:
May 21, 2022, 1:25 PM
[ in reply to I don’t get this crypto junk, reasons: ] |
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Bitcoin and other digital currencies are simple enough to understand. Ethereum and the addition of smart contracts can get a bit overwhelming.
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110%er [7130]
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Re: I don’t get this crypto junk, reasons:
May 21, 2022, 1:30 PM
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I've never understood the 'intrinsic value' of cryptocurrency.
Crypto always sounded like a "Tulip Bulb" frenzy kind of investment. I.e., founded on nothing other than the fact that other investors put money into it, and that "Crypto" currency sounded cool when talking to your friends.
(Does anyone remember - - - or does anyone know the history - - - about the Tulip Bulb speculative frenzy?)
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Orange Blooded [4675]
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Re: I don’t get this crypto junk, reasons:
May 21, 2022, 2:43 PM
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Crypto has no real value and can literally disappear overnight. It has been pumped up like other assets due to trillions of dollars being printed and given out.
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CU Medallion [52375]
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Re: I don’t get this crypto junk, reasons:
May 21, 2022, 5:56 PM
[ in reply to Re: I don’t get this crypto junk, reasons: ] |
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Tulip bulb speculation in the Netherlands in the early 1600s created a lot of situations like Trevor is possibly in now.
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110%er [6394]
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Re: I don’t get this crypto junk, reasons:
May 22, 2022, 11:38 AM
[ in reply to Re: I don’t get this crypto junk, reasons: ] |
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In Bitcoin’s case, the value comes from its limited supply and high demand. There will only ever be 21 million Bitcoins in existence. And we give it value as people simply by buying and holding.
Bitcoin transactions can be made without a central authority or “middle-man.” Bitcoin doesn’t have a Federal Reserve that can increase the supply. Bitcoin doesn’t need banks to act as the intermediary between transactions.
And the blockchain technology makes the transactions secure across all computers. Transactions can also be made in as little as seconds or a maximum of 12 minutes. I can send someone Bitcoin across the world and they will receive it very quickly, compared to the usual days that it takes banks. Also, with lower fees.
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Orange Blooded [4675]
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Re: I don’t get this crypto junk, reasons:
May 23, 2022, 10:21 PM
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My issue with Bitcoin is it seems to be nothing that people say it is… people say it’s digital gold or a gold replacement, however, it tracks with the stock market with wild swings. It’s not a currency either. It’s slow and very expensive to do any kind of transaction. It’s obviously not tangible and has no intrinsic value. I guess it’s scarcity is all it has going for it in my opinion.
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110%er [7130]
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Re: I don’t get this crypto junk, reasons:
May 21, 2022, 1:33 PM
[ in reply to I don’t get this crypto junk, reasons: ] |
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When people attempt to explain Crypto currency, they talk in circles and seem to have no understanding of what 'intrinsic value' means.
I'm waiting (but not with any excited anticipation) for a logical explanation why Crypto currency has fundamental value to anyone.
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Orange Blooded [3048]
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Orange Blooded [4096]
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My Sons friend ...
May 21, 2022, 8:53 PM
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Just bought a 650K house, for CASH
He was lucky
He is 24 years old
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Orange Blooded [4976]
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110%er [6446]
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Re: TNET: Crypto crash costing Trevor Lawrence millions
May 21, 2022, 12:35 PM
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Whoever his financial advisor/advisors are, they should be fired.
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All-Pro [654]
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Re: TNET: Crypto crash costing Trevor Lawrence millions
May 22, 2022, 12:33 PM
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But they're more likely making his money grow outright. I wouldn't fire them if they're doing that instead (this article assumes a lot, to be fair, & implies he's only lost money and to the tune of more than half his initial investment, which again, simply seems incredibly unlikely by nature).
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110%er [8521]
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Clickbait from the action network site
May 21, 2022, 12:45 PM
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The article said he COULD be down 10M but the truth is they have no dayum clue what his balance looks like. Trevor never disclosed what he was investing in or even how much he was investing. He coulda dropped the whole 23M in crypto of any mix, he could have used half of his bonus to buy crypto and the other half is still sitting the account untouched, he coulda bought 100K in crypto and then moved his bonus money into another trading platform, or any combo of these. All he did was fund the account so that he could put out a press release saying he funded the account, for we know it coulda ended there.
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CU Medallion [52375]
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Orange Blooded [4108]
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Re: TNET: Crypto crash costing Trevor Lawrence millions
May 21, 2022, 1:25 PM
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And this my friends is why I usually counsel my clients to look at crypto as they would the casino. Only put in what you are 100% comfortable losing. It is a quagmire for a number of reasons; hence why I keep my clients mostly away from it.
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110%er [5121]
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Re: TNET: Crypto crash costing Trevor Lawrence millions
May 21, 2022, 1:39 PM
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Do you recommend the same for the stock market? Do you recommend that they hold onto failing stock rather than getting out before it goes bad?
Isn’t it possible that Trevor got out when crypto spiked and possibly made a fortune?
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All-Pro [654]
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