• Tubics@lemmy.world
      39·
      1 year ago

      Even if it loses 90% of its value it’s still a win if the money came from credit cards you never paid back. Although the couple of hundred bucks you get might not be worth the hassle

      • Wogi@lemmy.world
        13·
        1 year ago

        You will also be unable to take out any debt upon release. It’s difficult to get credit as a released felon without a history of defaulting on debt.

        So, being generous and saying that he sees a 4% return on his investment, he’ll have slightly more than he went in owing, and will be completely unable to even get a car loan, a decent job, or place to live.

        He will have turned 0 dollars in to a lifetime of hardship.

        • Sotuanduso@lemm.eeEnglish
          22·
          1 year ago

          Correction: He will have turned 0 dollars into a lifetime of hardship and a few hundred dollars.

        • Trainguyrom@reddthat.comEnglish
          5·
          1 year ago

          If all of the defaults occurred >7 years ago and there’s been no credit activity since the individual would have no credit score because of no credit history. I know this because I’ve literally seen it happen. What you do then is apply for a secured credit card (basically you pony up some cash to secure an extremely low credit limit) then after you’ve established a payment history and a credit score you can move on from there. As far as I know financial institutions do not take into account one’s felon status when determining elgibility

  • Mamertine@lemmy.world
    832·
    1 year ago

    You’d still owe that debt. Unless you go to prison for live than the debt’s statute length. Generally 7 years.

    Also some jurisdictions make you pay for the privilege of going to prison.

    Ymmv, choose your state of jurisdiction very carefully.

    Also crypto is a bubble IMO.

    • chuckleslord@lemmy.world
      365·
      1 year ago

      IMO nothing, it’s pure speculation powered by nothing but blind greed. If it isn’t a bubble, then nothing is.

        • starman2112@sh.itjust.works
          225·
          1 year ago

          Lmao yeah me trading an hour worth of work for a meal that I will consume is the same thing as me trading an hour of work for a nebulous pile of 1s and 0s and hoping some dipshit will pay 2 hours worth of work for them later

            • starman2112@sh.itjust.works
              82·
              1 year ago

              I make x dollars per hour

              A meal at a restaurant costs roughly x dollars

              I trade one hour of labor for x dollars, then trade x dollars for one meal

              YOU DO THIS TOO

              • Shareni@programming.dev
                33·
                1 year ago

                So you’re working in hope to get a nebulous pile of 1s and 0s or a some colorful pieces of paper. On top of that those numbers and papers have no intrinsic value, but are instead valuated by some dipshits and can become worthless overnight.

                What’s your point there buddy?

                Lmao yeah me trading an hour worth of work for a meal that I will consume is the same thing as me trading an hour of work for a nebulous pile of 1s and 0s and hoping some dipshit will pay 2 hours worth of work for them later

                • Trainguyrom@reddthat.comEnglish
                  51·
                  1 year ago

                  The money I work for has value because its almost entirely held in banks insured by the United States Federal Reserve and those dollars are backed by the full faith and credit of the United States. If that money becomes valueless overnight the whole world is in for a very rough time, and I definitely won’t be alone in my plight. You can’t say any of that about cryptocurrencies

                • starman2112@sh.itjust.works
                  21·
                  1 year ago

                  those numbers and papers have no intrinsic value, but are instead valuated by some dipshits and can become worthless overnight.

                  Remind me again what Bitcoin is

        • frezik
          31·
          1 year ago

          Economics is simply a study in how to allocate scarce goods. It does not need to result in hoarding scarce goods in the hope of getting more for them later.

      • DrBoom@lemmy.ml
        52·
        1 year ago

        How many bubbles pop 3 three times and then proceed to blow up bigger than the last time? I know of exactly zero. Looks more like an adoption curve when expressed logarithmically

        • frezik
          42·
          1 year ago

          Adoption for what? There’s no indication that it’s becoming interconnected to the economy at large. Just the opposite, in fact. FTX, one of the biggest crypto banks, completely collapsed and the rest of the economy didn’t care. If it was Goldman Sachs or BoA, everyone would be sounding alarm bells, because they are actually integrated into the rest of the economy. Crypto just isn’t.

          • DrBoom@lemmy.ml
            4·
            1 year ago

            Adoption as a hedge against fiat debasement, primarily. FTX wasn’t a bank BTW, it was a shady exchange that mostly laundered money and stole customers’ funds. It was more analogous to a precious metal dealer like JM Bulion or similar, except run by criminals.

            The purpose of crypto isn’t to integrate with the existing system anyway. The purpose is to provide a parallel system that isn’t subject to the kind of manipulation present in the legacy system. Unfortunately, crypto has become completely overrun with scammers and charlatans just looking to take advantage of rubes. The fundamental principals of Bitcoin are still intact in the code and network though, and IMO will win out simply because it is incorruptible and indestructible. The legacy system seems to have decided the same, and is currently adopting a ‘if you can’t beat em, join em’ attitude by pushing for ETF products to offer bitcoin to their customers though more traditional means.

            I don’t expect my post to change anyone’s mind, but I would encourage anyone reading to look into why bitcoin has crashed multiple times and come roaring back each time.

    • garbagebagel@lemmy.world
      7·
      1 year ago

      Wait if you can avoid debt collectors for 7 years they just forget about you?? Like I could fuck off to another country where they can’t garner my wages and come back and they can’t do shit about it?

      • AA5B@lemmy.world
        9·
        1 year ago

        It’s not that clearcut: they have various tricks to keep it alive, if they know where you are. This is why you never admit to a debt nor pay the token amount they offer; both are tricking you into legally claiming responsibility, so they can keep the debt alive

      • Trainguyrom@reddthat.comEnglish
        5·
        1 year ago

        Debt is super weird. In some cases you can have thousands very much just disappear after 7 years, in others they’ll hunt you down mercilessly over a $25 copay they mailed you a “this is not a bill” letter about 2 years ago. My wife was pretty deep in debt when we first started dating and I literally have seen both extremes and everything inbetween.

    • howrar@lemmy.ca
      1·
      1 year ago

      Couldn’t you just leave the country and disappear somewhere with a low cost of living? Not like anyone can catch you moving crypto across borders.

  • walter_wiggles@lemmy.nz
    672·
    1 year ago

    I think you would make more money if you gave handys behind the Wendy’s dumpster every day for 7 years.

    • AVincentInSpace@pawb.socialEnglish
      46·
      1 year ago

      Come to that you fucked up in step 1. Do you really think the credit card companies are gonna let that debt just sit there not accruing interest and not send debt collectors to your house while you’re in jail?

    • ryathal@sh.itjust.works
      321·
      1 year ago

      You probably wouldn’t need laundered crypto, but you would need to be able to hide it from the bankruptcy court. This only works if you can clear the credit card debt.

        • Rin@lemm.ee
          84·
          1 year ago

          I pay for my VPN in Monero. You can also get items shipped to an Amazon Locker near you with Monero. I agree, the adoption isn’t great but it’s better than nothing.

          Edit:

          Sorry, it’s late and I’m tired. I misunderstood your comment. No it doesn’t need to be laundered. It obfuscates the amount of money, recipient and receiver meaning it’s as private as giving your friend some cash in person.

          Article if you wanna read more.

          • matter@lemmy.world
            10·
            1 year ago

            Yes, I understand how monero works. Yeah you’ll get away with buying some groceries or whatever with it, but people who go through bankruptcy (especially who aren’t rich, and are felons) have a close eye from the government on their finances. If you try to buy a house or a car or anything actually life changing with that, you’re pretty likely to get caught and charged with fraud etc., unless you legitimise it, that is, launder it.

            • Rin@lemm.ee
              3·
              1 year ago

              I see. That is a very good point. Sorry for not understanding.

    • datelmd5sum@lemmy.world
      4·
      1 year ago

      You just use it to buy drugs so you don’t have to use your other money for drugs. Kinda like how you use your dirty cash for filling up your car, paying for groceries, contractors… You can basically build an entire house with cash and then sell it and pay taxes and shit.

    • PsychedSy@sh.itjust.works
      7·
      1 year ago

      I mean if I had gone to jail right after I bought any of my crypto I’d be doing better. Sadly, it makes more sense to pull the crypto than default.

      I think I had less than a cent of bitcoin and managed to pull 20 later (almost all of it) then another 20 later. Huge percent profit.

  • sag@lemm.ee
    211·
    1 year ago

    I know someone who did this. Now, He is in Loss.

  • Crack0n7uesday@lemmy.world
    19·
    1 year ago

    Someone actually did this, then built a nuclear fallout shelter in their backyard in the middle of some city, but he did it all redneck and it blew up or something while building an underground generator or something and killed a 17 year old kid, he went back to jail, got out after another crypto spike, tried to cash out and immediately got sued by the family of the dead kid for wrongful death and got sued by the IRS for back taxes. It’s a fucking rabbit hole of a story.