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Anonymous
A look into the future that awaits cryptofags 2017-09-13 05:03:21 Post No. 3453862
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A look into the future that awaits cryptofags 2017-09-13 05:03:21 Post No. 3453862
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A look into the future that awaits cryptofags
Anonymous
2017-09-13 05:03:21
Post No. 3453862
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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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Read it, you fucking europhic faggots.
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>>3453862
How is this comparable to crypto though. I'm claiming to agree with current market prices, and I get we're you're coming from. But even though the psychology is the same, are they really comparable situations?
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>>3454139
Gimmie a tldr version
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>>3454170
*I'm not claiming to agree
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>>3454170
There will likely come a point where things drop like 50-60%, and it will be clear the market is dead.
Those that are all-in or almost so will get wiped out, and this is a look into how bad that is. It's also just a great cautionary tale about putting all your eggs in one basket, no matter how attractive it seems.
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Ok etf cuck
We heard this literally every year and every year the moaners got left behind. Enjoy your 5% gains.
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>>3454193
I made 100k this year in crypto, btw.
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>>3453862
Here is my understanding of the events that transpired:
>People throw their life savings on a promising stock because "the CEO wouldn't lie to investors! that would be illegal!"
>the CEO was actually lying all along
>surprise! bankruptcy
>SEC did nothing
the crypto crash will not be anywhere near as shocking as the OP example. Hell, most people here are aware a crash could occur at any moment, and that getting involved is not any better than gambling
The real tragedy in the OP is that the investors were fooled by the illusion of government oversight. It's sad, but stocks are just as scummy as crypto. The banks and the government are on the same side.
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natural selection as it finest
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people on 4chan were actually committing sudoku when btc crashed from 1k
we're prepared
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Quality post in this sea of pump dump garbage. Thanks OP.
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