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Started By
Message
From $335K to $3K GYEN
Posted on 6/1/22 at 11:14 am
Posted on 6/1/22 at 11:14 am
WSJ articl:As Crypto Losses Hit Investors, Litigation Picks Up
He should average down.
"Kenneth Donovan, 27 years old and a plaintiff who began investing in cryptocurrency in 2019, said he bought $335,000 worth of GYEN last year after reading its white paper and learning the New York Department of Financial Services had authorized GMO-Z.com to issue stablecoins in the state."
"In a matter of hours, he said, his investment plummeted to $3,000, wiping out nearly his entire life savings. Before the loss, he, his wife and their young daughter lived comfortably off his investments and gig work for Uber and DoorDash driving shifts, Mr. Donovan said. “I live paycheck-to-paycheck now.”
He should average down.
"Kenneth Donovan, 27 years old and a plaintiff who began investing in cryptocurrency in 2019, said he bought $335,000 worth of GYEN last year after reading its white paper and learning the New York Department of Financial Services had authorized GMO-Z.com to issue stablecoins in the state."
"In a matter of hours, he said, his investment plummeted to $3,000, wiping out nearly his entire life savings. Before the loss, he, his wife and their young daughter lived comfortably off his investments and gig work for Uber and DoorDash driving shifts, Mr. Donovan said. “I live paycheck-to-paycheck now.”
15
Posted on 6/1/22 at 11:16 am to Bdiddy
"Forgive bad investments!"
Posted on 6/1/22 at 11:21 am to HamCandy
quote:
"Forgive bad investments!"
Terrible take. Some of these coins are literal ponzi schemes and they make false claims.
Posted on 6/1/22 at 11:26 am to Sterling Archer
quote:
Terrible take. Some of these coins are literal ponzi schemes and they make false claims
Sooooo it was a bad investment.
Posted on 6/1/22 at 11:52 am to Bdiddy
Informative article from USA Today-
Blacks twice as likely than whites to own crypto, white crypto owners are disproportionately gay
Did y'all know that Ross is black?
found these numbers interesting
Blacks twice as likely than whites to own crypto, white crypto owners are disproportionately gay
quote:
That shedding was surely visceral for anyone swept up in the crypto craze. But for Black, Hispanic and LGBTQ+ Americans, who are more likely than whites to buy digital currencies, more was potentially lost than dollars and cents.
For investors from communities who've traditionally faced discrimination, cryptocurrency has been seen as a path to economic equity
Did y'all know that Ross is black?
quote:
Ross, a financial advisor specializing in cryptocurrency investing, believes that most who've put money into the currencies will stay the course, appreciating that they are on the ground floor of a growing asset and mindful that dips in value are inevitable with any investment.
"For whatever reason, folks want to paint it as if Black Americans and folks invested in crypto aren’t savvy, and they are savvy,'' says Ross, who is Black
quote:
"A lot of people I know in my community who were investing in crypto ... that’s the first $1,000 they ever invested,'' says Harrison, who is Black. "When you go from $500 dollars to $5 and you don’t have that to lose, that does something mentally that may last generations.''
found these numbers interesting
quote:
Many investors are chasing crypto dreams. But for others, crypto is a financial necessity.
Last year, 3% of Americans used digital currency to pay for items or services or to make money transfers, according to a report released this month by the Federal Reserve Board.
While 6%, or roughly 14 million Americans do not have a bank account, 13% of those who used cryptocurrency for transactions were unbanked, and 27% lacked a credit card last year, the report said. Almost 60% of those who used cryptocurrencies to cover expenses earned less than $50,000
Posted on 6/1/22 at 12:17 pm to TigerintheNO
Any financial advisor taking the first $1000 someone ever invested and putting it all in speculative crypto needs a new career.
Posted on 6/1/22 at 12:45 pm to Bdiddy
He should invest his remaining $3K in a good dividend stock to suplement his UBER income.
Posted on 6/1/22 at 12:55 pm to Bdiddy
quote:
"Kenneth Donovan, 27 years old and a plaintiff who began investing in cryptocurrency in 2019, said he bought $335,000 worth of GYEN last year after reading its white paper and learning the New York Department of Financial Services had authorized GMO-Z.com to issue stablecoins in the state."
"In a matter of hours, he said, his investment plummeted to $3,000, wiping out nearly his entire life savings. Before the loss, he, his wife and their young daughter lived comfortably off his investments and gig work for Uber and DoorDash driving shifts, Mr. Donovan said. “I live paycheck-to-paycheck now.”
HAHAHAHAHAHAHA
Can always work construction, what a douche.
Posted on 6/1/22 at 1:08 pm to TigerintheNO
"For investors from communities who've traditionally faced discrimination, cryptocurrency has been seen as a path to economic equity."
How much does Vanguard charge minorities and gay people to buy an index fund? Disappointed that apparently, it's higher than for others.
How much does Vanguard charge minorities and gay people to buy an index fund? Disappointed that apparently, it's higher than for others.
Posted on 6/1/22 at 1:19 pm to Bdiddy
quote:
"Kenneth Donovan, 27 years old and a plaintiff who began investing in cryptocurrency in 2019, said he bought $335,000 worth of GYEN last year
quote:
life savings
Is no one going to comment on the fact that how impressive it is that a 27-year old with a young child had $335K saved at that age? I certainly didn't have that kind of money when I was 27 even if I added up all my retirement accounts.
Posted on 6/1/22 at 1:42 pm to saintforlife1
quote:
Is no one going to comment on the fact that how impressive it is that a 27-year old with a young child had $335K saved at that age? I certainly didn't have that kind of money when I was 27 even if I added up all my retirement accounts.
I just assumed he caught lightning in a bottle on another speculative crypto investment to get that much, and subsequently lost it on the next one, so it seemed more lucky than impressive, if I'm splitting hairs here. He bet on black and won, then tried again with GYEN and lost.
Not that there's a wrong and right way to get there, but I don't think this guy was saving 90% of his income or out hustling anyone, by the looks of the fallout he described.
This post was edited on 6/1/22 at 1:44 pm
Posted on 6/1/22 at 1:50 pm to Bdiddy
So he YOLOed on a stable coin that traded off peg and tried to profit. Moron
Posted on 6/1/22 at 1:50 pm to Chuckiee
quote:
Sooooo it was a bad investment.
Yeah, but saying to forgive bad investments doesn't make sense. There should and is some recourse when investors are purposefully misled.
Posted on 6/1/22 at 1:55 pm to Bdiddy
quote:
"In a matter of hours, he said, his investment plummeted to $3,000, wiping out nearly his entire life savings. Before the loss, he, his wife and their young daughter lived comfortably off his investments and gig work for Uber and DoorDash driving shifts, Mr. Donovan said. “I live paycheck-to-paycheck now.”
You'd think someone familiar with investing would be familiar with the risks.
Posted on 6/1/22 at 2:08 pm to Sterling Archer
quote:
Yeah, but saying to forgive bad investments doesn't make sense. There should and is some recourse when investors are purposefully misled.
It is buying imaginary money....not sure how it can be misleading.
Posted on 6/1/22 at 2:08 pm to Chuckiee
quote:
Sooooo it was a bad investment.
Sounds like you are a sweating bag holder.
Posted on 6/1/22 at 2:29 pm to Bdiddy
so this moron put it all into crypto? and not real estate? stocks? mutual funds?
wow
play stupid games win stupid prizes
wow
play stupid games win stupid prizes
Posted on 6/1/22 at 2:49 pm to Bdiddy
quote:
he, his wife and their young daughter lived comfortably off his investments and gig work for Uber and DoorDash driving shifts
sounds like a lazy fricker with an inheritance who then pissed it away. if he was doing 'gig work' driving then he is just another unskilled wage slave.
This post was edited on 6/1/22 at 2:52 pm
Posted on 6/1/22 at 3:32 pm to Sterling Archer
quote:im confident the statement about forgiving was made in jest.
, but saying to forgive bad investments doesn't make sense. Th
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