4 ms·

I think you likely encounter the rude people on twitter hiding behind anon. accounts. My step dad lost ~30k in what he thought was a relatively safe investment

I think you likely encounter the rude people on twitter hiding behind anon. accounts. My step dad lost ~30k in what he thought was a relatively safe investment (earning APY). I did tell him to be very careful as most of crypto to the uninitiated is a scam. He ended up being able to put Ethereum in but not able to take it out. Obviously if the returns appear to good to be true they probably are but this is an older guy with limited financial experience and virtually no technical knowledge. These people sit there on the sidelines approaching a tough retirement watching people get rich or "earning" 15% APR and start to panic that they are missing a once in a life time opportunity and jump in. Its sad.

specialist 4y ago
What concerns me about these scams is the ever increasing velocity. Old timey gambling required cash or collateral. So there was a physical limitation. Day trading and crypto and freemium games fleece people digitally. It's all ephemeral. What holds people back? It pains me to buy a lottery ticket, so I've never been tempted by these scams. But I imagine having everything online hacks player's inhibitors. eg I've read rants about how Robinhood and the like weaponize "dark patterns" to loot their players.
PaulBGD_ 4y ago
Just a heads up, if he's staking the Ethereum directly then the money is still safe. The Ethereum team hasn't implemented staking withdraws yet, which should happen this year: https://ethereum.org/en/staking/ https://ethereum.org/en/staking/
ska 4y ago
> pproaching a tough retirement watching people get rich or "earning" 15% APR and start to panic that they are missing a once in a life time opportunity and jump in. Its sad. New clothes on an age old story.