3 ms·

‘I lost my life savings’ Bitcoin Collapse

modinfo 4y ago
Always keep in your mind that the money invested in cryptocurrencies is wasted money! Therefore, never take credit to buy cryptocurrencies! Would you take out a credit to buy a lottery ticket? Probably not! It's the same with cryptocurrencies! It's your fault for losing your money!
- hammyhavoc 4y ago
  It isn't "investing", it is speculating. Investing means a calculated return over x. Crypto is only worth what someone is willing to pay for it.
  - quantified 4y ago
    Investing generally assumes a willingness to bear the risk that your calculations were wrong because reality turned out different. Perfectly willing to agree that venture capitalists and angels are better called speculators than investors. The fact that the crypto speculation has sort of worked so far as much as it has is fascinating. Everything is only worth what someone is willing to pay for, crypto seems “speculative“ on that scale because the drivers of that willingness for any horizon are so unknown. Is that what you were referring to when you used “calculated”? “Speculative” as opposed to “calculative”? I think part of what’s interesting about the whole crypto phenomenon is the degree to which the “investment vs speculation” semantic is so stripped away to the speculation essence, as there is no intrinsic to crypto beyond psychology. Unlike, say, a classic “invest” scenario in which a revenue-producing setup like a farm or bakery is upgraded to produce more profit- in those cases the intrinsic is the food being produced. Under the assumption that nutrition with desirable flavor has value. But if you invested in Swiss-style yogurt on certain calculations and the market swung in the meantime to Greek yogurt, well, maybe you can only give it away to prisons and schools.
mcv 4y ago
https://web.archive.org/web/20220512081442/https://www.independent.co.uk/tech/terra-luna-ust-crypto-price-crash-b2076655.html https://web.archive.org/web/20220512081442/https://www.indep...
CryptoPunk 4y ago
quantified 4y ago
Context would help here. “Life savings” when you’re 25 are better known as “savings” and is just being kind of dramatic. When you’re 55, “life” makes more sense and it’s more serious.
simonblack 4y ago
Numbers in a computer have NO INTRINSIC WORTH. Their only value is what people agree upon. That's exactly the same as any other fiat currency. These 'currencies' are simply promises. Sometimes people renege on their promises. The suckers that believe those promises are what is usually called 'gullible'.

Always keep in your mind that the money invested in cryptocurrencies is wasted money! Therefore, never take credit to buy cryptocurrencies! Would you take out a credit to buy a lottery ticket? Probably not! It's the same with cryptocurrencies! It's your fault for losing your money!

hammyhavoc 4y ago
It isn't "investing", it is speculating. Investing means a calculated return over x. Crypto is only worth what someone is willing to pay for it.
- quantified 4y ago
  Investing generally assumes a willingness to bear the risk that your calculations were wrong because reality turned out different. Perfectly willing to agree that venture capitalists and angels are better called speculators than investors. The fact that the crypto speculation has sort of worked so far as much as it has is fascinating. Everything is only worth what someone is willing to pay for, crypto seems “speculative“ on that scale because the drivers of that willingness for any horizon are so unknown. Is that what you were referring to when you used “calculated”? “Speculative” as opposed to “calculative”? I think part of what’s interesting about the whole crypto phenomenon is the degree to which the “investment vs speculation” semantic is so stripped away to the speculation essence, as there is no intrinsic to crypto beyond psychology. Unlike, say, a classic “invest” scenario in which a revenue-producing setup like a farm or bakery is upgraded to produce more profit- in those cases the intrinsic is the food being produced. Under the assumption that nutrition with desirable flavor has value. But if you invested in Swiss-style yogurt on certain calculations and the market swung in the meantime to Greek yogurt, well, maybe you can only give it away to prisons and schools.

mcv 4y ago

https://web.archive.org/web/20220512081442/https://www.independent.co.uk/tech/terra-luna-ust-crypto-price-crash-b2076655.html https://web.archive.org/web/20220512081442/https://www.indep...

CryptoPunk 4y ago

quantified 4y ago

Context would help here. “Life savings” when you’re 25 are better known as “savings” and is just being kind of dramatic. When you’re 55, “life” makes more sense and it’s more serious.

simonblack 4y ago

Numbers in a computer have NO INTRINSIC WORTH. Their only value is what people agree upon. That's exactly the same as any other fiat currency. These 'currencies' are simply promises. Sometimes people renege on their promises. The suckers that believe those promises are what is usually called 'gullible'.