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Is your conclusion then “they had it coming”? Does this somehow justify or validate the schadenfreude? A country adopted crypto as their actual currency. Some

Is your conclusion then “they had it coming”? Does this somehow justify or validate the schadenfreude? A country adopted crypto as their actual currency. Some retirement accounts started providing crypto as an investment option. Involvement in crypto does not automatically imply that involvement was just to “get rich quick”. For many people, it was a new investment that they didn’t really understand, similar to many of their existing investments that they didn’t really understand. You seem to be implying that anyone involved should have known better, but this seems like a tenuous claim at best. Do you feel the same about people losing their money in the stock market? Why or why not?

gigatexal 4y ago
So we should coddle and protect everyone from everything? The central bank should make every Bitcoin “investor” whole? If a company goes public gets investors and then goes bankrupt because of illegal practices and it’s shown it duped investors there is recourse. If a bank goes under the assets are FDIC insured. If you “invest” in the next big revolutionary currency that will upend everything and it falls some 60 to 70% from its highs is it really a currency or a stock or a wildly speculative possibly ponzi-style scheme? So yes folks should know the risks. There’s no historical precedent for any of this. It’s always been volatile and if you wanna stay in it know you might lose your shirt. But investing for the long term is a function of time and compounding interest. On average the US stock indexes have returned some 8% or more, again on average, for the last day 50 years or something along those lines. Consistent investing day every month for years and years will see things grow. Buying when things go down and as they rise - dollar cost averaging — is a fine and prudent way to put money aside and see it grow. But to think folks could just “invest” in Bitcoin and become millionaires — maybe — but also don’t bet the farm on it if you’re a farmer.
- haswell 4y ago
  > So we should coddle and protect everyone from everything? The central bank should make every Bitcoin “investor” whole? Woah, you've jumped to something else entirely here. No, we shouldn't. Not what I was suggesting. Nor is coddling the opposite of ridiculing and openly sharing one's pleasure at the financial pain people are now going through, yes, by their own fault. My issue was only with the schadenfreude.

gigatexal 4y ago

So we should coddle and protect everyone from everything? The central bank should make every Bitcoin “investor” whole? If a company goes public gets investors and then goes bankrupt because of illegal practices and it’s shown it duped investors there is recourse. If a bank goes under the assets are FDIC insured. If you “invest” in the next big revolutionary currency that will upend everything and it falls some 60 to 70% from its highs is it really a currency or a stock or a wildly speculative possibly ponzi-style scheme? So yes folks should know the risks. There’s no historical precedent for any of this. It’s always been volatile and if you wanna stay in it know you might lose your shirt. But investing for the long term is a function of time and compounding interest. On average the US stock indexes have returned some 8% or more, again on average, for the last day 50 years or something along those lines. Consistent investing day every month for years and years will see things grow. Buying when things go down and as they rise - dollar cost averaging — is a fine and prudent way to put money aside and see it grow. But to think folks could just “invest” in Bitcoin and become millionaires — maybe — but also don’t bet the farm on it if you’re a farmer.

haswell 4y ago
> So we should coddle and protect everyone from everything? The central bank should make every Bitcoin “investor” whole? Woah, you've jumped to something else entirely here. No, we shouldn't. Not what I was suggesting. Nor is coddling the opposite of ridiculing and openly sharing one's pleasure at the financial pain people are now going through, yes, by their own fault. My issue was only with the schadenfreude.