LeX2K

Pales in comparison to the hit his net worth has taken given TSLA and most every other stock going in the toilet. Even mighty Amazon shares are down big YoY.

AMIRZA786

I don't even look at the market right now because it would just stress me out. Let's just say I'm not retiring tomorrow . If I had some spare change I would probably double down on Tesla and some other stocks that are in my portfolio. Conditions don't seem to be affecting Tesla sales because I'm seeing truck loads of them and lots of Tesla's with temporary plates showing up on the roads

Striker223

I parked a lot of money and am waiting for the crash to start, then I'll be buying in when it's low. Except rivian, I'm badly screwed on that one for now so it is gonna just stay where it is lol!

703

yes their book value is now almost $600m down on those bitcoins. However bitcoin is only 10% of their cash assets.

LeX2K

Rivian 52 week range $19.25 - $179.47 that's bizarre. Elon did say several months back a recession was inevitable looks like we're just starting to dip into it. Knowing that why are people spending money hand over fist on luxury items? Wait times for a Tesla keep getting longer and longer even with ridiculous prices increases are people simply going into deep debt and not giving a toss?

Pretty much all desirable goods are in short supply and/or vastly over priced something has to give.

On the bitcoin thing Tesla's hasn't gained or lost anything until they sell.

AMIRZA786

You don't have long to wait, it's coming soon. As long as you are not day trading, it's best to not look at your holdings and ride it out. I never sell in a market like this unless it's an emergency. I have Apple shares for example that I've been holding since 2010, this would be a time to buy more. Tesla is the same, it's stock has dipped recently, but if you look at the stock over a 5 year period, it's more than 500 percent up. In 5 more years it's probably going to double that

AMIRZA786

Yep, when I was in Irvine CA for my daughters graduation last Saturday, I passed by the Tesla dealership and there were hundreds of people picking up their new Tesla's. It was business as usual

703

But it impacts on their balance sheet as they have classified their crypto as a digital asset. They might be forced to write off or depreciate a big chunk of it.

Striker223

I'm not day trading, I just didn't like how above trend a lot of stuff was so I parked. Now I'm waiting to see if it will be a relatively quick/safe bounce back or if it is going to be REALLY bad as the trends are hinting it might, I am personally predicting much worse than 08 but hopefully I am wrong. If it is going to be that bad I will withdraw and buy a bunch of properties and rent them out since I rather that inconvenience vs the current crop of companies failing entirely.

LeX2K

This is out of my wheelhouse can they be forced to write it off? Why can't they hold indefinitely like I can stocks.
I had a pulse on the rhythm of the markets for the most part. Now forget about it I stopped all day trading.

Blaze876

iTrader: (1)

Same. I withdrew all my investments on September 14, 2021. Too much fomo, people leveraged beyond belief and money printer being turned off. Ino real estate will be getting hit hard in the coming months / year.

Striker223

I pulled at about the same time actually, I didn't like the direction and when the money printer stopped that was the end of the fun. I am hoping RS crashes badly so I can buy something for sane prices to see a nice 2-300% return on top of rental income.

703

because it does not meet the definition of stock or cash. It is an intangible asset. Thus :

”As intangible assets, digital assets are initially measured at cost. They are treated as indefinite-lived intangible assets - Asset Practice Aid):


As a result, the indefinite-lived intangible asset should not be amortized and should be tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is
impaired. In practice, this impairment testing has been interpreted to mean that digital assets should be impaired to the lowest fair value observable within a period. Impairment losses are presented in net income and not reversed”

patgilm

Exactly right, the problem with it being an intangible asset is that once it is written down for an impairment, it can never be written back up if the price/value of Bitcoin increases. A lot of people in the accounting industry have a problem with the accounting for it because what is on the balance is not the fair value of its holding in Bitcoin.

AMIRZA786

2008 was a different animal. Mortgage loans were being given out like candy to people who clearly couldn't afford a house with zero down payment, when ARMS reset, people just walked away from their properties like it was an apartment. Whole blocks were abandoned, the houses sat empty or with squatters for years. This is not the same. Won't be nearly as bad and economy will recover much quicker