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One of the commmentors in the article: "Its important money to my family, my wife, my son." And you were willing to put it on a risky, highly speculative proje

One of the commmentors in the article: "Its important money to my family, my wife, my son." And you were willing to put it on a risky, highly speculative project, even if it wasn't a target for hacking.

jaywalk 5y ago
Hopefully he meant it would have been important money if it were cashed out, and he had actually bought it for next to nothing instead of buying it anywhere near what it's worth today.
- tata71 5y ago
  Degenerate speculation in cryptocurrency is responsible for the lackluster adoption by technologists in former years. Here's hoping this is the peak — it seems to be, from my studies.
  - cinntaile 5y ago
    From your studies?
    - tata71 5y ago
      Yes, you read that and wrote it back down correctly. Is there a query, or would you like a chocolate chip raisin for being so good?
      - cinntaile 5y ago
        Well what kind of studies did you conduct and how did they help you reach your conclusion, don't leave us hanging like that?
  - dvt 5y ago
    > Here's hoping this is the peak — it seems to be, from my studies. Until the Fed gets inflation under control (2-3 quarters, if not more), we'll still see plenty of retail money go into risky speculative instruments. Alchemy just raised a ton of money, OpenSea just raised a ton of money, YGG just raised a ton of money, Nike just acquired RTFKT, Ubisoft is doing gaming skins as NFTs. Why do you think this is the peak?
    - tata71 5y ago
      Because Ubisoft is a joke, and a less garbage version of the technology is imminent, hence Ubisoft's rush to release and capitalise on the only advantage they'd ever have — first mover. Because zkrollups are going to do what all the speculative coins do while claiming to have been adding value. The final ⅓ of the technological adoption is here, there can't be as many degens trying to 300x coins if they just don't do that anywhere near as often anymore.
    - tata71 5y ago
      Alchemy is a decent project, for what it's worth.
  - deleted 5y ago
    [deleted]
snayan 5y ago
He was willing to put some percentage of the 650SOL into the risky project, we don't know how much he intended to invest/gamble, but it seems doubtful to me that he intended to spend his whole wallet on it.
- TylerE 5y ago
  You can't feed your family with a shitcoin.
  - kingcharles 5y ago
    "What's for dinner, Daddy?" "A whole plate of SHITCOINS, son! Eat up!"
  - anonymoushn 5y ago
    I can't feed my family dollar bills either =/
- jchw 5y ago
  It is worth also noting that it may not be wise to store your entire life savings in an experimental, possibly illegal alternate currency backed by a permissionless blockchain. Banks may be incompetent at times, but at least you have options. Lessons learned the hard way, but it’s not as if nobody was warning folks.
  - jzawodn 5y ago
    When you say it like that, it almost sounds like common sense!
- efficax 5y ago
  Putting important funds in SOL, which isn't even a crypto anyone has ever heard of, is already a mistake
  - _gf4m 5y ago
    Solana is the 5th largest blockchain by market cap in the world, has a ton of investors and ongoing development by a lot of talented developers. Just because you haven't heard of it doesn't mean it's not a legitimate project.
bprater 5y ago
From the article: "The website asked for permission from a Phantom wallet, and it actually drained all SOL from their wallet." It's possible that he didn't spend all his SOL on this project.
- pjc50 5y ago
  Everything in a crypto wallet is a high risk asset, even if you're an infosec professional.
  - Ekaros 5y ago
    I do work in infosec and even I'm not sure how to make it entirely secure or trustworthy. Steps involved make whole thing rather unpractical. And might need things like pen and paper...
  - rich_sasha 5y ago
    To me the craziest thing is that, on the one hand, you have Proof of Work, cryptographic security, public/private keys, the full song and dance. On the other, you go on some website, click "enter app" and are prompted by a crappy pop-up to authorise the website spending all your money. And if it's Etherium, you have to pay like $50 just for the joy of doing that.
nfa 5y ago
This is the ultimate, fundamental problem with the cryptocurrency market. People parrot "only invest what you can afford to lose" and end their moon-promises with "...not financial advice" as if their moon-promises would be worth typing if they sincerely believed that their audience will only invest what they can afford to lose. Yes, the person who lost their money made a terrible, stupid mistake... but if you spend more than a moment in/around cryptocurrency projects, you will be sucked in to believing that _the old-world financial system is crumbling, the only way to secure your future is by investing everything into cryptocurrency_ and so "only invest what you can afford to lose" has an implied wink, "I'm only saying this because the old-world system will come for me if I don't!" I have sympathy for the fool.
- vmception 5y ago
  What do you mean, I check with my financial advisor before every NFT mint launches
- pointyfence 5y ago
  I feel bad for the wife and kid, but I don't have any sympathy for the person. "I am always recommending people using burner but I was nervous and fomo the "Monkey Kingdom Mint. Never thought it was not a legit mint link in official discord." Some people can't learn by theory. They have to learn by practice. FOMO isn't a mistake. That's just greed calling the shots. The best way to learn how to control FOMO is to experience its consequences. The only question is how much tuition are you willing to pay. He paid a lot. As the saying goes: Bulls make money. Bears make money. Pigs get slaughtered.

jaywalk 5y ago

Hopefully he meant it would have been important money if it were cashed out, and he had actually bought it for next to nothing instead of buying it anywhere near what it's worth today.

tata71 5y ago
Degenerate speculation in cryptocurrency is responsible for the lackluster adoption by technologists in former years. Here's hoping this is the peak — it seems to be, from my studies.
- cinntaile 5y ago
  From your studies?
  - tata71 5y ago
    Yes, you read that and wrote it back down correctly. Is there a query, or would you like a chocolate chip raisin for being so good?
    - cinntaile 5y ago
      Well what kind of studies did you conduct and how did they help you reach your conclusion, don't leave us hanging like that?
- dvt 5y ago
  > Here's hoping this is the peak — it seems to be, from my studies. Until the Fed gets inflation under control (2-3 quarters, if not more), we'll still see plenty of retail money go into risky speculative instruments. Alchemy just raised a ton of money, OpenSea just raised a ton of money, YGG just raised a ton of money, Nike just acquired RTFKT, Ubisoft is doing gaming skins as NFTs. Why do you think this is the peak?
  - tata71 5y ago
    Because Ubisoft is a joke, and a less garbage version of the technology is imminent, hence Ubisoft's rush to release and capitalise on the only advantage they'd ever have — first mover. Because zkrollups are going to do what all the speculative coins do while claiming to have been adding value. The final ⅓ of the technological adoption is here, there can't be as many degens trying to 300x coins if they just don't do that anywhere near as often anymore.
  - tata71 5y ago
    Alchemy is a decent project, for what it's worth.
- deleted 5y ago
  [deleted]

snayan 5y ago

He was willing to put some percentage of the 650SOL into the risky project, we don't know how much he intended to invest/gamble, but it seems doubtful to me that he intended to spend his whole wallet on it.

TylerE 5y ago
You can't feed your family with a shitcoin.
- kingcharles 5y ago
  "What's for dinner, Daddy?" "A whole plate of SHITCOINS, son! Eat up!"
- anonymoushn 5y ago
  I can't feed my family dollar bills either =/
jchw 5y ago
It is worth also noting that it may not be wise to store your entire life savings in an experimental, possibly illegal alternate currency backed by a permissionless blockchain. Banks may be incompetent at times, but at least you have options. Lessons learned the hard way, but it’s not as if nobody was warning folks.
- jzawodn 5y ago
  When you say it like that, it almost sounds like common sense!
efficax 5y ago
Putting important funds in SOL, which isn't even a crypto anyone has ever heard of, is already a mistake
- _gf4m 5y ago
  Solana is the 5th largest blockchain by market cap in the world, has a ton of investors and ongoing development by a lot of talented developers. Just because you haven't heard of it doesn't mean it's not a legitimate project.

bprater 5y ago

From the article: "The website asked for permission from a Phantom wallet, and it actually drained all SOL from their wallet." It's possible that he didn't spend all his SOL on this project.

pjc50 5y ago
Everything in a crypto wallet is a high risk asset, even if you're an infosec professional.
- Ekaros 5y ago
  I do work in infosec and even I'm not sure how to make it entirely secure or trustworthy. Steps involved make whole thing rather unpractical. And might need things like pen and paper...
- rich_sasha 5y ago
  To me the craziest thing is that, on the one hand, you have Proof of Work, cryptographic security, public/private keys, the full song and dance. On the other, you go on some website, click "enter app" and are prompted by a crappy pop-up to authorise the website spending all your money. And if it's Etherium, you have to pay like $50 just for the joy of doing that.

nfa 5y ago

This is the ultimate, fundamental problem with the cryptocurrency market. People parrot "only invest what you can afford to lose" and end their moon-promises with "...not financial advice" as if their moon-promises would be worth typing if they sincerely believed that their audience will only invest what they can afford to lose. Yes, the person who lost their money made a terrible, stupid mistake... but if you spend more than a moment in/around cryptocurrency projects, you will be sucked in to believing that _the old-world financial system is crumbling, the only way to secure your future is by investing everything into cryptocurrency_ and so "only invest what you can afford to lose" has an implied wink, "I'm only saying this because the old-world system will come for me if I don't!" I have sympathy for the fool.

vmception 5y ago
What do you mean, I check with my financial advisor before every NFT mint launches
pointyfence 5y ago
I feel bad for the wife and kid, but I don't have any sympathy for the person. "I am always recommending people using burner but I was nervous and fomo the "Monkey Kingdom Mint. Never thought it was not a legit mint link in official discord." Some people can't learn by theory. They have to learn by practice. FOMO isn't a mistake. That's just greed calling the shots. The best way to learn how to control FOMO is to experience its consequences. The only question is how much tuition are you willing to pay. He paid a lot. As the saying goes: Bulls make money. Bears make money. Pigs get slaughtered.