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I worked at a crypto exchange and after I came to the conclusion that 99% of crypto was scams and rugpulls, I sold all my crypto and vowed to have nothing to do
by reenorap 10mo ago
I worked at a crypto exchange and after I came to the conclusion that 99% of crypto was scams and rugpulls, I sold all my crypto and vowed to have nothing to do with it. It's more of a religion than a financial instrument and absolutely nothing has shown to me that crypto is anything more than a speculative gamble, basically tulips with the religious promise of a better world. The number of employees that lost money on rugpulls while I was there, but "still believed in crypto" was staggering.
- teekert 10mo agoMy advice is always: Just hodl some bitcoin, but not in amounts that make you cry when you loose it. It's been better for me so far than normal savings accounts.
- saalweachter 10mo agoMy advice is always: invest in the assets I hold, and never sell. It really makes the value of my holdings rise.
- almosthere 10mo agoThat makes sense, just treat it as a retirement account. And hope that it doesn't get cracked in our lifetime through quantum computing or alien technology.
- ecocentrik 10mo agoMy advice: There's always at least one crypto scammer telling you to hold through the dip.
- more_corn 10mo agoI hear there’s always money in the banana stand.
- ecocentrik 10mo agoGiven the choice between a 2000 acre banana plantation and 400 bitcoin. I would choose the banana plantation with full confidence that I would get a better return from bananas over the next 20 years.
- kjellsbells 10mo agoWhat can it cost, $5?
- winternett 10mo agoMy advice... Take a time machine back to 2009-2012 & only invest %100. Otherwise it's too late.
- amrocha 10mo agoThis is the worst financial advice anyone could take. For context, this is the equivalent of someone telling you to invest all your savings in the company you work for and use all your salary to buy more stock.
- jmathai 10mo agoYou're correct if you own some BTC. FTA: > I have zero doubt that BTC will hit $1m one day.
- winternett 10mo agoAn Ai robot named BTC will hit an Ai robot named $1m on Battle Bots perhaps... Totally plausible.
- lxgr 10mo agoHard to argue with that reasoning, on several layers.
- anthonypasq 10mo agowell i would hope so, a normal savings account has 0 risk. im not sure this is a great argument to hold some bitcoin lol
- sneak 10mo agoA normal savings account does not have zero risk.
- bangaladore 10mo agoWhat risk are you taking on with a normal savings account? If you are saying the global collapse of the financial system, crypto will be the first to fall in that case. Crypto like BTC is pretty much a more volatile market tracker.
- anon7725 10mo agoInflation risk.
- bangaladore 10mo agoI think most people would accept inflation as less of a risk then 20+% swings of the crypto market on a fairly common basis.
- sneak 10mo agoIf they’re that common, it’s easy to profit 20% from them.
- bangaladore 10mo agoThat makes absolutely zero sense, and you know it. I understand you are here to essentially shill bitcoin given you have a company that exists because of it but at least argue in good faith.
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- expedition32 10mo agoYou can make money from religion. You just have to make sure not to believe in it. No attachment.
- utopiah 10mo agoThanks for sharing that unique perspective. How do you feel about similar trends at the moment?
- mervz 10mo ago100%. It's similar to AI... the only people trying to tell you "it's the future" are those with financial stakes.
- lo_zamoyski 10mo agoYou're forgetting the true believers.
- tim333 10mo agoThere have been people going back to Turing thinking AI is the future and I don't think he was trying to pump his AI stocks.
- CamperBob2 10mo agoYeah. Rosenblatt, von Neumann, McCarthy, Weizenbaum... buncha morons
- _fizz_buzz_ 10mo agoI feel very different about AI. I have still no clear idea what crypto is good for except money laundering. AI feels very different. It might not live up to all it’s promises. But it is clearly very capable.
- amunozo 10mo agoThe difference is that AI is a huge array of technologies (not only LLMs) and are being used in several fields with different, useful purposes. There's a cult and a bubble too, though, and I agree with that part.
- earnesti 10mo agoI've never understood crypto, however I'm long term Bitcoin fan and user, and don't consider it "crypto". I think Bitcoin is pretty much opposite what the typical crypto project is.
- kanbankaren 10mo agoIt has proven neither to be a store of value nor medium of exchange though it is being used extensively for criminal activities.
- jobs_throwaway 10mo agoHow has it not been a store of value?
- thefringthing 10mo agoIt's a store of value in the sense that it has a non-zero price at any given moment, but when people say that one of the functions of money is to be a store of value, they mean that its value must be reasonably stable so that its future usefulness is predictable.
- outside1234 10mo agoIt has an extremely volatile profile. You might as well stick your money in the SP 500 and call it is a currency.
- psunavy03 10mo agoExcept the S&P 500 will give you a return. The stock market is not gambling, much as some people want it to be.
- lxgr 10mo agoIt does go down by double-digit percentages from time to time though, which is really inconvenient if you want to, say, buy a house today or tomorrow. There's a reason people still use USD, EUR etc. and not fractional ETFs to pay and get paid.
- PKop 10mo agoBoth supporters and critics approach it too religiously. Yes 99% is scams and rugpulls. The rest of the higher profile coins are, at the very least, tools to make money. Why emotionally sell all your crypto vs holding some higher quality as insurance with potential upside? Or even, ride the periodic bulls and take profits, rinse and repeat? If it's full of scammers, why not take some of their money? Does this require "believing" in it? One can not believe in it at all, and thus actually insulate themselves from getting caught up in the hype.
- lawlessone 10mo ago>The rest of the higher profile coins are, at the very least, tools to make money. Make money from what?
- vmh1928 10mo agoMake money from the next greater fool who walks in the door. That's the essence of crypto, magic beans and greater fools.
- darkwater 10mo agoI'm not into cryptocurrencies and I hold exactly 0 of them but... Isn't basically how people make money out of gold?
- bangaladore 10mo agoGold has a use case in the real world. We can't manufacture it, so every time it is used to plate a printed circuit board, or XYZ other real application someone needs to purchase it from someone else. Some amount gets recycled, but certainly some not. Crypto has zero fundamental use case in the real world.
- expedition32 10mo agoIn the 1960s and 70s European countries became nervous about the US economy and sent dollars to NYC in exchange for gold. The US even dispatched some high ranking officials to Europe to stem the tide. It predictably had the opposite effect. So America had the option: stop printing money because gold reserves are finite or end the gold standard.
- venturecruelty 10mo agoWhat did you do with the money?
- kylehotchkiss 10mo agoI've found that looking at some people's approach towards tech as a new religion helps me to understand their irrational/criticism-free opinions of them - also helps me understand that I'm not going to change their minds on any of it, and limits my desire to debate it with them. The religion of the Social Graph/global connectivity, the religion of the Cryptocurrency, the religion of AI (and the separate religion of AGI). People's fixation on UBI leans religious too. All promised transformation into better lives for people around the world, but none have managed to achieve it. We'd really be better off shipping hundreds of containers of solar panels to the global south than pretending some quantity of code we write will have as big an impact.
- hinkley 10mo agoI was fortunate to have had a religious crisis before I could code for shit. I was inoculated by that experience and got a booster shot during the DotCom boom. Problem is that not going in for fads gets you labeled as a curmudgeon, rather than as a reasonable person.
- nurettin 10mo ago> nothing has shown to me that crypto is anything more than a speculative gamble Sounds like index futures. I understand wanting to buy fresh corn in one year at a constant price, so you get corn contracts for december 2016 and it gets delivered at that price when the contract expires. You know the cost beforehand and you plan for it. Index futures? They just dump the equivalent dollar amount to your account when it expires. Who benefited? What happened? No physical commodity got exchanged. You've played with numbers, paid commissions, probably some spread and had around 6x leverage. Pretty much checks every box for gambling.