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I wasted years of my life in crypto

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681 points Anon84 | 5 comments | 07 Dec 25 12:57 UTC | HN request time: 0s | source
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reenorap ◴[08 Dec 25 15:28 UTC] No.46193336[source]▶
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.
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earnesti ◴[08 Dec 25 16:06 UTC] No.46193945[source]▶
I'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.
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kanbankaren ◴[08 Dec 25 16:47 UTC] No.46194513[source]▶
It has proven neither to be a store of value nor medium of exchange though it is being used extensively for criminal activities.
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jobs_throwaway ◴[08 Dec 25 17:00 UTC] No.46194713[source]▶
How has it not been a store of value?
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1. outside1234 ◴[08 Dec 25 17:19 UTC] No.46194929[source]▶
It has an extremely volatile profile. You might as well stick your money in the SP 500 and call it is a currency.
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2. psunavy03 ◴[08 Dec 25 17:26 UTC] No.46195017[source]▶
Except the S&P 500 will give you a return. The stock market is not gambling, much as some people want it to be.
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3. lxgr ◴[08 Dec 25 17:37 UTC] No.46195170[source]▶
It 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.

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4. psunavy03 ◴[08 Dec 25 19:53 UTC] No.46196774{3}[source]▶
And when it goes down the answer is to buy the dip. If you have funds needed for other things, they should be in lower-risk investments. As people get older, they should be moving large amounts of equities into bonds to lock in their gains.

There is a reason people still have things like checking and savings accounts and CDs.

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5. lxgr ◴[08 Dec 25 20:03 UTC] No.46196898{4}[source]▶
> If you have funds needed for other things, they should be in lower-risk investments.

That’s exactly my point.