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A former friend of mine dumped his remaining savings into a niche crypto coin. Dude also doesn’t have a 401k. It’s wild how blind and into the crypto propaganda

A former friend of mine dumped his remaining savings into a niche crypto coin. Dude also doesn’t have a 401k. It’s wild how blind and into the crypto propaganda he’s dug himself. The dude’s future is fucked.

psychlops 3y ago
Crypto was probably the latest in a long list of ways he squandered money.
mbar84 3y ago
It's not as if crypto has a particularly good reputation or the scammy nature of crypto is a secret. I wonder if your former friend has the same kind of personality that just as well would have deluded themselves into thinking they have some amazing insights into horse racing or sports. Without crypto, would they have found some other way to gamble away their future?
- jsbisviewtiful 3y ago
  > I wonder if your former friend has the same kind of personality that just as well would have deluded themselves into thinking they have some amazing insights into horse racing or sports. I would not be surprised. The arrogance and self-righteousness in his character had gotten pretty out of control.
pmarreck 3y ago
It's funny, because when I thought it might actually turn out to be a black swan event and thus a huge investment opportunity back in, oh, 2011-2012 or so, everyone thought I was crazy.* The thing is, you have to be crazy to see it early I guess. If you don't get in at the beginning of these things, you will miss your hockey stick. AND, there has to be a fundamental advantage OTHER THAN hype to carry it forward. *(Don't bother hacking me. There are none left, unfortunately, because I got disgusted by the scamminess of the people entering the market around 2016 or so and I don't like money sitting in things I'm not watching. And I now of course wish I hadn't've bought that Tesla with 2013-era bitcoins... A Tesla that still runs like a top. I've also survived multiple hacking attempts already. So, sellers' remorse, partly. Anyway. I believed in crypto, and survived crypto.)
g42gregory 3y ago
How would this be different/worse than going to say Las Vegas and losing all the money? How is this crypto’s fault?
- llbeansandrice 3y ago
  Vegas isn’t a market. You can’t have insider information to win roulette. It’s not about the possible outcomes but how the game/market actually works.
- belltaco 3y ago
  Because crypto is still called and considered an investment in many circles, even in news articles, unlike casino gambling.

psychlops 3y ago

Crypto was probably the latest in a long list of ways he squandered money.

mbar84 3y ago

It's not as if crypto has a particularly good reputation or the scammy nature of crypto is a secret. I wonder if your former friend has the same kind of personality that just as well would have deluded themselves into thinking they have some amazing insights into horse racing or sports. Without crypto, would they have found some other way to gamble away their future?

jsbisviewtiful 3y ago
> I wonder if your former friend has the same kind of personality that just as well would have deluded themselves into thinking they have some amazing insights into horse racing or sports. I would not be surprised. The arrogance and self-righteousness in his character had gotten pretty out of control.

pmarreck 3y ago

It's funny, because when I thought it might actually turn out to be a black swan event and thus a huge investment opportunity back in, oh, 2011-2012 or so, everyone thought I was crazy.* The thing is, you have to be crazy to see it early I guess. If you don't get in at the beginning of these things, you will miss your hockey stick. AND, there has to be a fundamental advantage OTHER THAN hype to carry it forward. *(Don't bother hacking me. There are none left, unfortunately, because I got disgusted by the scamminess of the people entering the market around 2016 or so and I don't like money sitting in things I'm not watching. And I now of course wish I hadn't've bought that Tesla with 2013-era bitcoins... A Tesla that still runs like a top. I've also survived multiple hacking attempts already. So, sellers' remorse, partly. Anyway. I believed in crypto, and survived crypto.)

g42gregory 3y ago

How would this be different/worse than going to say Las Vegas and losing all the money? How is this crypto’s fault?

llbeansandrice 3y ago
Vegas isn’t a market. You can’t have insider information to win roulette. It’s not about the possible outcomes but how the game/market actually works.
belltaco 3y ago
Because crypto is still called and considered an investment in many circles, even in news articles, unlike casino gambling.