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ECB chief says her son lost nearly everything he invested in crypto

ggm 3y ago
Some life lessons can't be "told" but have to be experienced. You would think this was one which went to "tell" more than "live", but people tend to be optimistic and believe "but this time it's different" more than they should. He obviously thought differently to her advice (I am believing she said it was a high risk, bad investment decision) I actually respect her (as a parent) more because of this admission: She obviously doesn't like the outcome, but there are boundaries between adult children and parents which can be hard to cross. "I wouldn't do that" sometimes doesn't work. "That will be bad for me in role as head of the ECB" isn't in this btw. I am reminded of the former UK Labour Chancellor Denis Healey who was doorstopped by Journalists when his wife went into private medicine, rather than sit behind an NHS waitlist. he said something like "fuck off, it's her decision not mine" which I think captured the mood here too: The ECB doesn't direct individual investor decisions, family or otherwise. This is macro vs micro. She won't be the first international leader whose immediate family does things against advice. They could form a queue...
- biglyburrito 3y ago
  ^^^ this. Some people need to learn the hard way.
simonblack 3y ago
If you invest, you invest in 'real' things, and you make sure you can physically control them. Numbers in a computer are not 'real', they can be altered at will, unlike a bar of copper or gold or iron. Numbers in a computer, or your things in a Bank's security box are not yours at all. They can be taken away from you at a moment's notice, or without any notice at all. There used to be the old joke that you should keep your money under the bed. Like all jokes, it has a core of truth. Cash under your bed is yours for sure. Your cash in a Bank is dependent on the Bank letting you have it back. Read up on 'Bank Runs' and 'Cyprus Bail-Ins'.

ggm 3y ago

Some life lessons can't be "told" but have to be experienced. You would think this was one which went to "tell" more than "live", but people tend to be optimistic and believe "but this time it's different" more than they should. He obviously thought differently to her advice (I am believing she said it was a high risk, bad investment decision) I actually respect her (as a parent) more because of this admission: She obviously doesn't like the outcome, but there are boundaries between adult children and parents which can be hard to cross. "I wouldn't do that" sometimes doesn't work. "That will be bad for me in role as head of the ECB" isn't in this btw. I am reminded of the former UK Labour Chancellor Denis Healey who was doorstopped by Journalists when his wife went into private medicine, rather than sit behind an NHS waitlist. he said something like "fuck off, it's her decision not mine" which I think captured the mood here too: The ECB doesn't direct individual investor decisions, family or otherwise. This is macro vs micro. She won't be the first international leader whose immediate family does things against advice. They could form a queue...

biglyburrito 3y ago
^^^ this. Some people need to learn the hard way.

simonblack 3y ago

If you invest, you invest in 'real' things, and you make sure you can physically control them. Numbers in a computer are not 'real', they can be altered at will, unlike a bar of copper or gold or iron. Numbers in a computer, or your things in a Bank's security box are not yours at all. They can be taken away from you at a moment's notice, or without any notice at all. There used to be the old joke that you should keep your money under the bed. Like all jokes, it has a core of truth. Cash under your bed is yours for sure. Your cash in a Bank is dependent on the Bank letting you have it back. Read up on 'Bank Runs' and 'Cyprus Bail-Ins'.