Roseo posted:

When you look at the numbers in a vacuum like that they seem ok, where the machines are the bit that pushes your margins up just a bit and lets your bar make a profit month to month. In practice, when you sit and watch and actually pay attention to how the machines are used, you find out that all that money comes from a couple people who come in on payday and feed their paycheck into the machine a buck at a time.

The BWM goes all the way down.

Magnetic North posted:

David Gerard called this the "fallacy of transferable expertise" in Attack of the 50 Foot Blockchain. It is nuts to me that such a phenomenon remained apparently unnamed before then, since fukken nerds have been doing this poo poo forever.

lifg posted:

Tomfoolery posted:

My favorite was the physicist who developed a college's initial Covid strategy, while talking about how he's happy to help out on small-brain problems. Then there was a massive outbreak because the physicist didn't plan for students going to parties.

D34THROW posted:

All other sciences derive from physics (and by extension math). Physics is applied math, chemistry is applied physics, biology is applied chemistry. Physics underscores it all

Residency Evil posted:

Didn’t you just admit it’s actually math?

They were definitely the most in undergrad.

Not a Children posted:

As a power engineer I can say with authority: Electrical engineers are runners up only to software developers and MBAs in their overconfidence in their understanding of and ability to improve on other disciplines in which they have zero training

SlapActionJackson posted:

ultrafilter posted:

None of those people have anything on physicists.

Magnetic North posted:

Pfft. Math is just Applied Philosophy. Isn't that right, Thales from the superior webcomic?

"Everything is water!"

Tomfoolery posted:

My favorite was the physicist who developed a college's initial Covid strategy, while talking about how he's happy to help out on small-brain problems. Then there was a massive outbreak because the physicist didn't plan for students going to parties.

GhostofJohnMuir posted:

to be fair, i think the plan did account for students going to parties, what it didn't account for was students going to parties when they knew they were covid positive. also it was two physicists and they were only a subset of a wider team

https://www.nytimes.com/2020/09/10/health/university-illinois-covid.html

of course college students, and people in general, aren't known for making the choice to forgo alcohol and sex in order to safeguard their health and the health of others, but it's not quite as blindingly obvious a flaw as simply "there will be no parties"

FrozenVent posted:

Imagine an electrical engineer with an MBA. As manager of a non engineering company.

GhostofJohnMuir posted:

to be fair, i think the plan did account for students going to parties, what it didn't account for was students going to parties when they knew they were covid positive. also it was two physicists and they were only a subset of a wider team

https://www.nytimes.com/2020/09/10/health/university-illinois-covid.html

of course college students, and people in general, aren't known for making the choice to forgo alcohol and sex in order to safeguard their health and the health of others, but it's not quite as blindingly obvious a flaw as simply "there will be no parties"

quote:

US Labor Department Has ‘Grave Concerns’ About Fidelity’s Plan for Bitcoin in 401(k) Retirement Plans, Wall Street Journal Reports

quote:

It performs better than any other asset on offer, why not?

quote:

That's because they are desperate to cling to the slipping control of the minds of the masses.

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and i have big concerns about the US labor department

quote:

Terrible communist are concerned about a non-Nixon/Barry Goldwater approved 401k plan. Work on bring back pensions and sound money US Labor. JFK's silver standard.

quote:

Why would they have concerns about an asset that literally cannot lose value or be deflated? Maybe they are concerned about something else...

quote:

Stripe, one of the biggest credit card payment processors in the US, just added crypto support. https://stripe.com/use-cases/crypto

No one uses BTC for pizza because it's terrible as actual money with the taxes and it's constantly fluctuating. Everyone uses stablecoins now.

EDIT: You can downvote it but it isn't going to stop it from happening. Crypto adoption up fast is coming whether you like it or not.

quote:

quote:

Fidelity has gold funds and other non-productive asset options. Why wouldn't they offer the large cryptocurrencies to investors?

Have you ever looked at the stability of the price of gold compared to literally any crypto currency? It's about protecting investors with little to no investment knowledge.

quote:

I agree we should protect investors from making poor decisions when they are not knowledgeable of the assets. But, stopping them from buying tax advantaged bitcoin is like keeping them out of the garden of eden. It removes the only downside to crypto. Why would you protect them from something beautiful?

quote:

Cryptocurrency does have value and use, though. The fact that it is bound only by math (essentially) is what gives it its value. There is no outside entity that can ever “create” more Bitcoin than its design allows for. Much unlike fiat currencies that can be printed as needed by some central authority.

quote:

The government officials saying they don't want it available because the providers have a "fiduciary responsibility" are talking in circles. If you have a fiduciary responsibility then you should be required to put your client's assets in crypto. It is the only asset guaranteed not to lose value.

quote:

Edit: Explain your downvotes to me if you would, please. Is it because I said 401k is garbage, or did you finally realize those coffers will be emptied before it's your turn to withdraw?

When I can claim more than $3,000 of losses per year instead of rolling over year after year, I'll actually listen to the argument. Until then, I don't care and y'all can stop squawking about the government losing out on unrealized tax revenue. 🙄

As it stands, the individual's losses are not even remotely protected or valued appropriately.

I love how a lot of folks seem to think index funds and other securities which fall under the retirement asset class could not lose their value either. Is this a forest for the trees moment? Are people really that silly to believe existing 401k will remain solvent?

quote:

quote:

It is their money and their decision. It’s one thing to explain why it is a terrible idea for a retirement account, but it’s another to “protect them” from themselves by limiting options.

That's a legal requirement for the managers of 401k funds. The government doesn't have to give anyone a tax break on their investments. If you want that tax break, they put down additional rules you have to follow.

quote:

Crypto has gone up significantly in the past 24 months compared to gold. As long as investments are in Etherum/Bitcoin I can see them out performing most asset classes long term.

quote:

quote:

It’s been pretty well established that those with fiduciary responsibility have an actual legal obligation to not give their clients these kinds of choices. Most people with a 401k are nearly financially illiterate and we know this, so it’s in their best financial interest to only give them the option of viable financial assets. Crypto is not that, so giving them the option is essentially offering to push them out of a plane without a parachute, if they want. It’s not in their best interest, so you are effectively legally obligated not to do it.

Then the US Labor Dept is going to have to provide proof it is not a viable investment.

brugroffil posted:

It was offered to every public school in Illinois I think. Free, or at least paid for by state grants.


My wife's school did it once in September.

Oil! posted:

Markets aren't even open yet.

Edit: I go to sleep and wake up to $11.38.

Edit2: $10.01, lowest price since 1973 when Texas last restricted production.

Leon Trotsky 2012 posted:

quote:

Terrible communist are concerned about a non-Nixon/Barry Goldwater approved 401k plan. Work on bring back pensions and sound money US Labor. JFK's silver standard.

Guest2553 posted:

Guest2553 posted:

vvv. Birthing Worldwide Meltdown: One weird trick to ruin the global economy - central banks hate him!

Machai posted:

My 401k is with Fidelity. I suppose I should move it somewhere else that is not stupid enough to offer bitcoin investing. Any suggestions?

Guest2553 posted:

Wonder what the venn overlap of "people who made 1000% return in 2 years impulse buying WTI at :tenbucks:" and "already lost it speculating in ponzi schemes" is?

Machai posted:

My 401k is with Fidelity. I suppose I should move it somewhere else that is not stupid enough to offer bitcoin investing. Any suggestions?

High Spender posted:

This is probably going to be a very unpopular opinion but I’m curious to here thoughts anyways. I’m 42, husband 43, combined income around 750k. I say around because I’m employed (FAANG) with $450k and husband is self employed so his income varies more and also rental income of about $4.5k a month. We have a net worth of $1.25M. Combined assets of $2.5M but two mortgages worth $1.2M plus car notes etc. I consider ourselves high earners but also high spenders. We have kids, drive expensive cars, live in HCOL area, like nice restaurants etc. I’m torn between living more modestly and working towards fatfire or living it up now and planning a modest regular retirement. My fathers side of the family all died young so it makes me aware that I have no guarantee of a long healthy life but of course I also don’t want to struggle at an old age. Is there anyone here that also plans a decent/normal retirement and is enjoying the finer things in life now? We easily spend 25-35k a month.