5 ms·

Weird, I know friends who lost all their savings to cryptocurrency. Don't know anyone who lost all their savings due to inflationary monetary policy.

• roenxi 3y ago
  1) Are you sure? Inflationary monetary policy is literally "people who try to hold cash will lose all their savings over 50 years". You must know someone who tried that; it's an easy mistake to make and most people are really bad at understanding investment. 2) The Bitcoin price is currently comparable to its all-time highs. So someone who lost all their money on crypto was doing something more exotic than just buying and holding a diverse basket of cryptos.
  • mikhael28 3y ago
    There's an old expression - instead of try to save money on your taxes, find a way to make more money instead. I would give the same advice to people who freak out 'oh my god, inflation, it's going to eat all my money, even though I live in stable America and not Argentina' - chill out. Instead of freaking out and putting your money into unstable investments that have a high non-zero change of going to zero, find a way to make more money. Stories of people who put their money into risky investments that promised high interest, only to lose their shirt, are quite common in crypto at least - those people would have been much better served just keeping their cash.
  • avree 3y ago
    Most savings accounts pay 5%+ now, I agree that holding your cash under your mattress is not the play, but that's very different than gambling on risky options or even riskier cryptocurrencies. Your second point makes zero sense - BTC is 40% lower than it's all-time-high, I just looked it up. Other cryptos are much worse.
    • roenxi 3y ago
      60% of all time highs, when the all time highs were ~2 years ago and the market is rather volatile, is comparable to me. It is a lot healtheir than the 2018 peak, and that looks like small biscuits compared to today. Regardless, being down 40% is not losing all the money. It isn't even losing half the money.