Archived threads in /biz/ - Business & Finance - 341. page

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http://forum.thecontrarianinvestor.com/index.php?threads/gt-advanced-technologies-inc-gtat.69/page-501

GT Advanced Technologies was a little company that sold blast furnances used in the making of sapphire for commercial applications. Apple, looking to use sapphire in some context on their upcoming line of devices, sought out GTAT to initially produce a massive quantity of furnances for Apple so that they could produce sapphire for the phones in-house. Apple later changed the terms so that GTAT would bear responsibility for creation of the sapphire for Apple's devices, and supplied GTAT with a large loan to cover the immense expenses in producing so many furnances and then later using them to produce sapphire.

GTAT inevitably turned out to have bitten off more than they could chew, and couldn't handle the responsibility of producing sapphire on such a large scale, and defects were rampant. Investors, eager for the announcement of the new Apple device line during their big event, were dismayed to learn that only the smaller Watch would be using sapphire in any context, and only on certain parts/models.

After about a week or two of getting shit on in the marketplace, GTAT is unexpectedly halted intra-day, and later announces that they are filing for bankruptcy immediately. The share plunge from ~11 or so dollars to below a buck, and an entire thread of individuals are ruined forever.

Please take your time looking around the archives of that forum, I've linked to the actual page in which the bankruptcy is announced, but there is so much more both behind and further ahead.

Although I am not saying that crypto is doomed to the same fate, or even in any way related to the issues that befell GTAT, the utter shock and dismay of the ruined investorbase bears viewing so people can get an insight into total devastation and what will likely happen to more than a few in the crypto space in the eventual future.

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I got into crypto about a month ago and now I'm hooked for life. What got me hooked was when I bought Litecoin at $52 and saw it climb to $82 which is where I sold it at. Now I'm gonna treat this shit like a bank account. Fuck fiat, I'm tired of being a wagecuck and I'm sick of the big investment firms that literally control the market.

>Be me
>18 years old kicked out of parents house forced to pay $450 in rent and like $150 for utlities.
>Have to work 2 jobs just to have some money left over because I'm not living paycheck to paycheck
>Can't get a cosign for a loan so even if I wanted to go to college I can't because I'm not a minority nor do my parents make >$30,000 a year.
>Feel like a slave until my friend during a league game mentioned bitcoin.
>Do tons of research, stop lurking /pol/ and start lurking /biz/
>Decides to say "fuck the system" and opt out of the US dollar and join the financial revolution.

Literally crypto has changed my path in life, I hope we all make. I made a leap of faith by taking my last $1,000 dollars in my savings and decided "what do I got to lose at this point?"

If any of you richfags feel generous, feel free to donate <3

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I NEED VALIDATION

TELL ME WE'RE STILL GONNA MAKE IT

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Father...

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So I brought 0.5 BTC. It may not be a lot but please help a non-coin fag into the journey of alt-coins.

What site do you recommend?
I am Peruvian, not a US citizen.

What are your most stable, conservative yet profitable coins?

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I have $300NZD to invest tomorrow. I hold $500 worth of WTC at the moment and im waiting it out but I want to diversify.

Suggestions?

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You deserve to be poor if you're buying right now

This is old shit
we are going much deeper

My guess is we hit the floor at $3300 boys


fasten your seatbelts, we're going nuclear

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Bought the dip
big profits tomorrow boys

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>Oh hey anon, come on in, bring your bags with you
>can you believe people are selling at a time like this?
>You didn't sell anything did you?
>Of course not, you know better, what do you want to do while everyone panics?
/comfy/ thread

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Fucking hell, this is gonna be big.

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BIZ why?!? I invested $130,000 largely on margin into a long position because this subforum promised me that Bitcoin would recover to $10,000!

That was my entire savings. I'm 58 years old and now my wife and I have nothing! We are fucking ruined. I am done. I am ending it now.

It is over. Goodbye.

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You're only allowed to post here if you're down at least 30% due to buying at the ath of any piece of virtual shitcash

>tfw entered omg at 30k on bittrex
>'its gonna moon hard' they said

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is china banning exchanges already being considered in the bitcoin price, right?

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So what's the fucking deal with them?