$36,000 for Lebron Topps chrome ? Bro sheesh
 

[url]https://m.youtube.com/watch?v=T0nSvg2KgCc[/url]

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Sucks. He bought when gov was handing out "free money."

There are 1000s of people who lost so much money over last 2 years

Not many talking about it

At 4:15 minutes in, he's in his car and he's violently shaking the slab.
Then he shows the slab with cert #27207406, so buyer beware if you're in the market. At 4:34, the light seems to shine through the flip. I wonder if this guy, with one full year of experience in sports cards, knows how to detect fake slabs and flips?

The sad reality is there’s probably many many more stories like this that weren’t filmed. Guys who bought at the height of the market after listening to pump and dump peddlers like Gary V, SCI, etc.. Guys who can afford to lose big money and had no problems throwing out half baked advice on cards costing tens of thousands that had suddenly increased 10x plus in a year. Yeah nothing strange there right?.. lol

Who knows, this guy may be fine, but he also might have spent his life savings on that card, or even borrowed money god forbid, and is going to be hurting for awhile.

Right now we’re repeating the 90’s. Base has died and along with it a lot of people who got burned and are now holding the bag. Now we have the rarer stuff being bought up by guys who likely sunk a lot of money in the market over the past two years. They have to keep propping the market with “record sales” to continue seeing gains, but eventually that becomes unsustainable too. This may play out for a year or two, but that 15k loss could be closer to 150k on some of the stupid prices for “high end” happening right now.

[QUOTE=kyle1707;18012805]There are 1000s of people who lost so much money over last 2 years

Not many talking about it[/QUOTE]

You don't lose till you sell....;)

Damn... a Base.

At first I thought we were talking a Refractor here, but no, we're talking a base that sells for under $10k now. There are 2,161 cards out there just like it.

This is the stuff that bothers me a bit. When normal people who seemingly shouldn't be spending this much on a common card do so. If Vegas Dave wants to drop stupid money on David Carr, that's fine. But this whole culture of influencers giving bad advice on stuff they really don't know that much about has a dark side. Shame on them for hurting so many people.

Pays to know the word refractor. Also, think first when the guys says "it's crazy how long he's been playing" and it's not Tom Brady.

[QUOTE=mindcycle;18012936]The sad reality is there’s probably many many more stories like this that weren’t filmed. Guys who bought at the height of the market after listening to pump and dump peddlers like Gary V, SCI, etc.. Guy who can afford to lose big money and had no problems throwing out half baked advice on cards costing tens of thousands that had suddenly increased 10x plus in like a year. Yeah nothing strange there right?.. lol

Who knows, this guy may be fine, but he also might have spent his life savings on that card, or even borrowed money god forbid, and is going to be hurting for awhile.

Right now we’re repeating the 90’s. Base has died and along with it a lot of people who got burned and are now holding the bag. Now we have the rarer stuff being bought up by guys who likely sunk a lot of money in the market over the past two years. They have to keep propping the market with “record sales” to continue seeing gains, but eventually that becomes unsustainable too. This may play out for a year or two, but that 15k loss could be closer to 150k on some of the stupid prices for “high end” happening right now.[/QUOTE]

Ah.. our posts were almost spot on until the end where they deviate a bit. But I'd like to point something out.

There will absolutely be 6 figure stuff that tanks a few years from now. I'm just going to throw out a few names: Zion, LaMelo, Edwards, Luka, Trae... they can't all be superstars. Herbert, Burrow, Allen, Lawrence, Mahomes... Can't all win multiple Super Bowls.

But as long as I've known the hobby, there's always been a carousel of where the money is going that props SOMETHING up. Early 2000s was a bad time for basketball. MJ retired, people were sick of Shaq, the NBA had a 'thug' reputation. But LeBron and 2003 Exquisite came out and it was setting record prices. A lot of people said you'd be crazy to be paying that much for LeBron, MJ, etc.... but if you bought and somehow held, you're collection would be worth millions now. For the rest of the decade, it seems like every Exquisite and Topps Chrome set would end up being a hit, in hindsight.

And that's where I think this market is still headed. In early 2020 you could throw a dart having it land anywhere and make money. That's become a lot harder, but with the big money coming in, the bullseye continues to be worth more if you can hit it. What we've been seeing: base rookies dropping 75%, Bol Bol becoming worthless, the best and more rare stuff continuing the increase, the eventual crash of even rare stuff of guys that just don't make it.... shouldn't be a surprise to the smart collector.

[QUOTE=letsgocapitals;18012787]Sucks. He bought when gov was handing out "free money."[/QUOTE]

The couple of thousand that the government gave away per person wasn't the reason that people were spending 5 or 6 figures on cards. There is a big difference between getting an extra $1,200 in your bank account and acquiring a 30k card. Government money may have propped up the low end base market but the guys trading the big cards (whether they lost money or not) were most likely the ones who already had the money to do it.

Welcome SPORTS CARDS INVESTORS!!!!!!

That early 2021 makes me sick to my stomach. The only thing I touched was raw vintage at that point because I knew it was insanity. The number of divorces, bankruptcies, and financial ruins people suffered is beyond what anyone can even fathom.

I blame people like Geoff from SCI and these [B]positive[/B] idiots that only care about making money on the [B]hobby[/B] and not giving people the actual reality of their investments. If all you watch is SCI, you probably still think all cards are going up. Each week they have the top 5 cards that are going up with fire emojis. They don't talk about for those 5 cards that went up, the 500 cards that went down. Anyone that tells people to invest in cards really needs a nice punch in the face at this point.

Whenever I feel dumb, I just remember that someone paid over a million dollars for an Anthony Davis card...

[QUOTE=tjforce;18012956]Ah.. our posts were almost spot on until the end where they deviate a bit. But I'd like to point something out.

There will absolutely be 6 figure stuff that tanks a few years from now. I'm just going to throw out a few names: Zion, LaMelo, Edwards, Luka, Trae... they can't all be superstars. Herbert, Burrow, Allen, Lawrence, Mahomes... Can't all win multiple Super Bowls.

But as long as I've known the hobby, there's always been a carousel of where the money is going that props SOMETHING up. Early 2000s was a bad time for basketball. MJ retired, people were sick of Shaq, the NBA had a 'thug' reputation. But LeBron and 2003 Exquisite came out and it was setting record prices. A lot of people said you'd be crazy to be paying that much for LeBron, MJ, etc.... but if you bought and somehow held, you're collection would be worth millions now. For the rest of the decade, it seems like every Exquisite and Topps Chrome set would end up being a hit, in hindsight.

And that's where I think this market is still headed. In early 2020 you could throw a dart having it land anywhere and make money. That's become a lot harder, but with the big money coming in, the bullseye continues to be worth more if you can hit it. What we've been seeing: base rookies dropping 75%, Bol Bol becoming worthless, the best and more rare stuff continuing the increase, the eventual crash of even rare stuff of guys that just don't make it.... shouldn't be a surprise to the smart collector.[/QUOTE]

Very true. I don’t think the whole market will crash or anything like that. It survived the 90’s and late 2000’s drop. I just think we’re going to see more cards lose value than gain after all is said and done. Even rare cards of the guys everyone says can’t fail. The prices on a lot of this stuff just doesn’t seem sustainable long term.

[QUOTE=discodanman45;18012995]Welcome SPORTS CARDS INVESTORS!!!!!!

That early 2021 makes me sick to my stomach. The only thing I touched was raw vintage at that point because I knew it was insanity. The number of divorces, bankruptcies, and financial ruins people suffered is beyond what anyone can even fathom.

I blame people like Geoff from SCI and these [B]positive[/B] idiots that only care about making money on the [B]hobby[/B] and not giving people the actual reality of their investments. If all you watch is SCI, you probably still think all cards are going up. Each week they have the top 5 cards that are going up with fire emojis. They don't talk about for those 5 cards that went up, the 500 cards that went down. Anyone that tells people to invest in cards really needs a nice punch in the face at this point.[/QUOTE]

That guy absolutely makes me sick to my stomach. His whole on screen demeanor and “keep the hobby positive” nonsense just makes me think of some used car salesman trying to sell a junker. I can’t even fathom how many people lost money on his terrible advice last year. We know he definitely did.

Don’t even get me started on his latest cash grab NFT scam, lol.

[QUOTE=auctionjmm;18012991]The couple of thousand that the government gave away per person wasn't the reason that people were spending 5 or 6 figures on cards. There is a big difference between getting an extra $1,200 in your bank account and acquiring a 30k card. Government money may have propped up the low end base market but the guys trading the big cards (whether they lost money or not) were most likely the ones who already had the money to do it.[/QUOTE]

Look at the sale price history of that card. It's pretty clear.

[QUOTE=discodanman45;18012995]Welcome SPORTS CARDS INVESTORS!!!!!!

That early 2021 makes me sick to my stomach. The only thing I touched was raw vintage at that point because I knew it was insanity. The number of divorces, bankruptcies, and financial ruins people suffered is beyond what anyone can even fathom.

I blame people like Geoff from SCI and these [B]positive[/B] idiots that only care about making money on the [B]hobby[/B] and not giving people the actual reality of their investments. If all you watch is SCI, you probably still think all cards are going up. Each week they have the top 5 cards that are going up with fire emojis. They don't talk about for those 5 cards that went up, the 500 cards that went down. Anyone that tells people to invest in cards really needs a nice punch in the face at this point.[/QUOTE]
To be fair, he's also posted videos of his biggest losses including the Jordan rookie he paid like 750k for.

[QUOTE=tjforce;18012941]Damn... a Base.

At first I thought we were talking a Refractor here, but no, we're talking a base that sells for under $10k now. There are 2,161 cards out there just like it.

This is the stuff that bothers me a bit. When normal people who seemingly shouldn't be spending this much on a common card do so. If Vegas Dave wants to drop stupid money on David Carr, that's fine. But this whole culture of influencers giving bad advice on stuff they really don't know that much about has a dark side. Shame on them for hurting so many people.[/QUOTE]

Are there really only 2000 Lebron Chrome rookies? That's seems really low, I would have expected at least 10x as many

[QUOTE=tjforce;18012941]Damn... a Base.

At first I thought we were talking a Refractor here, but no, we're talking a base that sells for under $10k now.
[/QUOTE]

Bron was peaking especially just as the market peaked. He just came off the '20 chip and balling out again enough to be in the MVP race, before injuries hit him and AD. I jumped on a rare RC/insert for a bit over $1k and it might sell for a quarter of that now (but it's a long-term hold). All in all I made out fine from selling a MJ #57 very close to the peak and setting aside most of the proceeds but yeah, I got in on the buying frenzy a little with the windfall, seemed only fair lol

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[QUOTE=Onepocketj;18013096]To be fair, he's also posted videos of his biggest losses including the Jordan rookie he paid like 750k for.[/QUOTE]

He also is a millionaire and can write off those losses because he probably bought those cards under his company. That huge loss is also offset by content. He probably recouped money by talking about his losses and his followers probably felt bad for him. From day 1 he was giving bad information and he needs to be called out on it. My favorite was the 1988 Fleer and the horrific grades he received back. Grading really isn't that difficult and I submitted about 50 of those cards to PSA and only got one below an 8. However, he was giving advice about collecting graded cards. :doh:

[QUOTE=Onepocketj;18013096]To be fair, he's also posted videos of his biggest losses including the Jordan rookie he paid like 750k for.[/QUOTE]

Yeah but he actually didn’t. Rewatch the video, he talks about his 260k PSA 10 Jordan purchase and how it was a great buy and went up, but conveniently leaves out the 500k purchase.

[URL="https://www.blowoutforums.com/showpost.php?p=17920753&postcount=137"]https://www.blowoutforums.com/showpost.php?p=17920753&postcount=137[/URL]

[QUOTE=mindcycle;18013055]That guy absolutely makes me sick to my stomach. His whole on screen demeanor and “keep the hobby positive” nonsense just makes me think of some used car salesman trying to sell a junker. I can’t even fathom how many people lost money on his terrible advice last year. We know he definitely did.



Don’t even get me started on his latest cash grab NFT scam, lol.[/QUOTE]Nft seems even more shaky than crypto. The best that might be said for crypto is that it mimics the dynamics of volatile precious metals markets, just with greater volatility for those who get a gambler's rush from speculation. I get it if you've got a whole lot of funds to diversify with to put a bit into crypto, but you'd be an idiot or indifferent to money to put your life savings into it. But I'm not saying anything new

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[QUOTE=hauntedcomputer;18013033]Whenever I feel dumb, I just remember that someone paid over a million dollars for an Anthony Davis card...[/QUOTE]Was it UD Glass lol

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[QUOTE=EMD34;18013117]Are there really only 2000 Lebron Chrome rookies? That's seems really low, I would have expected at least 10x as many[/QUOTE]There are that many just in that grade just from PSA I believe. That's almost an order of magnitude difference from MJ 57s

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When all the crazy high prices were happening in 2020/21, I told myself to stay the course. Buy the cards that you have always been buying, sell to the sheeps out there.

Did pretty well. I feel sorry, but not sorry since they [I]chose[/I] to spend their money on high pop, high grade cards.

This guy, and all the other ones that dumped so much $$$$ into this are long gone.

[QUOTE=EMD34;18013117]Are there really only 2000 Lebron Chrome rookies? That's seems really low, I would have expected at least 10x as many[/QUOTE]

Ohh no no.... over 2,000 [U]PSA 10[/U] copies.

Now, does that make the card so common in that grade that everyone can get one and they should be cheap? No. But it makes it so that $30k+ was unsustainable.