4 ms·

I believe you are right, and it is quite awful. Though from what I can tell, stock trading accounts offer similar leverage tools. I sincerely feel for the peop

I believe you are right, and it is quite awful. Though from what I can tell, stock trading accounts offer similar leverage tools. I sincerely feel for the people who got in over their heads.

blitzar 4y ago
> I sincerely feel for the people who got in over their heads. They were insufferable pricks when they were making loads and laughing at everyone else staying poor. Why would I give them a second thought on the other side? btw: same goes for some tech entrepreneurs too. Remember: Be Nice to People on Your Way Up. You’ll Meet Them On Your Way Down
- cj 4y ago
  The vocal people you read about online are a minority. The vast majority (99%+) of investors losing money are doing so silently.
- TuringNYC 4y ago
  >> Why would I give them a second thought on the other side? Because if enough of them hurt, soon the government wants to bail them out, and you and I pay for that bailout with taxes. Or perhaps the government forces the platform to absorb the losses, and you and I pay for that with higher fees in the future.
  - jonny_eh 4y ago
    > soon the government wants to bail them out I would be genuinely shocked, and outraged, if the government bails out crypto investors. It has been common knowledge how risky that sector is.
    - deleted 4y ago
      [deleted]
  - martin8412 4y ago
    Government might go after those selling unregulated securities, but I doubt tax money will be used to bail anyone out.
  - babypuncher 4y ago
    I think there is a far more likely third option; the government hands down crypto regulations similar to the financial regulations put in place during the first half of the 20th century.
  - blitzar 4y ago
    Heads they win, tails I lose.
nradov 4y ago
Retail stock trading accounts generally don't allow more than 2× leverage (although options trades and certain ETFs can sort of simulate higher leverage). Why should I feel for cryptocurrency "investors" who got in over their heads? If they all end up bankrupt that would be a perfectly acceptable outcome, and a valuable object lesson in the importance of making smart decisions.
- pedalpete 4y ago
  You are correct to use the term "investors" with quotes, but if I understand your intention, you are suggesting they are gamblers, and therefore deserve to lose. You're talking about the general public who for the most part don't own stocks, or when they do, that is treated like gambling (RobinHood). Then you get big name stars, people they trust, to tell them they should be buying crypto. They see it go up, and then see they don't have to spend more, they can just get more, like BNPL, or payday loan for investments that go up. They say "yes please, how much can I get". Sure, some people were just a*holes over leveraging themselves and taking a risk. But I suspect many people didn't know how deep they could go, or what they could get themselves into. Even if you disagree with how somebody got into a situation, doesn't mean you can't have empathy for their position.
  - nradov 4y ago
    I have no empathy for their position.
    - pedalpete 4y ago
      You might want to get that looked at :)

I believe you are right, and it is quite awful. Though from what I can tell, stock trading accounts offer similar leverage tools. I sincerely feel for the people who got in over their heads.

blitzar 4y ago

> I sincerely feel for the people who got in over their heads. They were insufferable pricks when they were making loads and laughing at everyone else staying poor. Why would I give them a second thought on the other side? btw: same goes for some tech entrepreneurs too. Remember: Be Nice to People on Your Way Up. You’ll Meet Them On Your Way Down

cj 4y ago
The vocal people you read about online are a minority. The vast majority (99%+) of investors losing money are doing so silently.
TuringNYC 4y ago
>> Why would I give them a second thought on the other side? Because if enough of them hurt, soon the government wants to bail them out, and you and I pay for that bailout with taxes. Or perhaps the government forces the platform to absorb the losses, and you and I pay for that with higher fees in the future.
- jonny_eh 4y ago
  > soon the government wants to bail them out I would be genuinely shocked, and outraged, if the government bails out crypto investors. It has been common knowledge how risky that sector is.
  - deleted 4y ago
    [deleted]
- martin8412 4y ago
  Government might go after those selling unregulated securities, but I doubt tax money will be used to bail anyone out.
- babypuncher 4y ago
  I think there is a far more likely third option; the government hands down crypto regulations similar to the financial regulations put in place during the first half of the 20th century.
- blitzar 4y ago
  Heads they win, tails I lose.

nradov 4y ago

Retail stock trading accounts generally don't allow more than 2× leverage (although options trades and certain ETFs can sort of simulate higher leverage). Why should I feel for cryptocurrency "investors" who got in over their heads? If they all end up bankrupt that would be a perfectly acceptable outcome, and a valuable object lesson in the importance of making smart decisions.

pedalpete 4y ago
You are correct to use the term "investors" with quotes, but if I understand your intention, you are suggesting they are gamblers, and therefore deserve to lose. You're talking about the general public who for the most part don't own stocks, or when they do, that is treated like gambling (RobinHood). Then you get big name stars, people they trust, to tell them they should be buying crypto. They see it go up, and then see they don't have to spend more, they can just get more, like BNPL, or payday loan for investments that go up. They say "yes please, how much can I get". Sure, some people were just a*holes over leveraging themselves and taking a risk. But I suspect many people didn't know how deep they could go, or what they could get themselves into. Even if you disagree with how somebody got into a situation, doesn't mean you can't have empathy for their position.
- nradov 4y ago
  I have no empathy for their position.
  - pedalpete 4y ago
    You might want to get that looked at :)