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The problem is not crypto. The problem is (the lack of) diversification of his investments. Putting your life-savings in a single stock is equally bad. Putting

by stpe 4y ago

The problem is not crypto. The problem is (the lack of) diversification of his investments. Putting your life-savings in a single stock is equally bad. Putting your life-savings in tech stocks is almost as bad. Diversifying it over multiple industries, exposure to different markets, and other assets than just stock - now we are talking. It is not the same kind potential lottery win as stock picking the winner, but you also will not bit hit as hard. This is the lesson that must be learned, not only with investing in crypto, but investing in anything.

bowsamic 4y ago
Unfortunately in the UK there has historically and today been literally zero financial education in schools
de6u99er 4y ago
Pleqse stop calling crypto-currencies just "crypto" which has been used since many years as synonym for cryptography!
- MisterTea 4y ago
  The irony is crypto means hidden which cryptocurrency isn't.
  - seanw444 4y ago
    Depends which one you're talking about.
- deleted 4y ago
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- deleted 4y ago
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- dasil003 4y ago
  You’re best off making peace with it as that genie is not going back in the bottle.
  - bshimmin 4y ago
    Indeed. "Crypto" has very much gone the way of "hashtag" (which is, amongst non-technical people I know, overwhelmingly used to refer to the hash symbol).
- Enginerrrd 4y ago
  To be fair, doesn't the "crypto" in "cryto-currency" mean "cryptographic"?
helsinkiandrew 4y ago
It wasn't a single cryptocurrency/stock he put his money in, it was a scam trading platform - this is more like putting all his money with ETrade, Robin Hood, except this was some kind of celebrity endorsed scam.
- baobabKoodaa 4y ago
  Fake-celebrity endorsed scam
baobabKoodaa 4y ago
Diversification has nothing to do with this case. Who knows how "diversified" the fake portfolio was on the fake web page? If your stock broker steals all your money, your problem was giving money to that dude in the first place, nothing to do with how diversified the stock picks were.

by stpe 4y ago

bowsamic 4y ago

Unfortunately in the UK there has historically and today been literally zero financial education in schools

de6u99er 4y ago

Pleqse stop calling crypto-currencies just "crypto" which has been used since many years as synonym for cryptography!

MisterTea 4y ago
The irony is crypto means hidden which cryptocurrency isn't.
- seanw444 4y ago
  Depends which one you're talking about.
deleted 4y ago
[deleted]
deleted 4y ago
[deleted]
dasil003 4y ago
You’re best off making peace with it as that genie is not going back in the bottle.
- bshimmin 4y ago
  Indeed. "Crypto" has very much gone the way of "hashtag" (which is, amongst non-technical people I know, overwhelmingly used to refer to the hash symbol).
Enginerrrd 4y ago
To be fair, doesn't the "crypto" in "cryto-currency" mean "cryptographic"?

helsinkiandrew 4y ago

It wasn't a single cryptocurrency/stock he put his money in, it was a scam trading platform - this is more like putting all his money with ETrade, Robin Hood, except this was some kind of celebrity endorsed scam.

baobabKoodaa 4y ago
Fake-celebrity endorsed scam

baobabKoodaa 4y ago

Diversification has nothing to do with this case. Who knows how "diversified" the fake portfolio was on the fake web page? If your stock broker steals all your money, your problem was giving money to that dude in the first place, nothing to do with how diversified the stock picks were.