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I wasted years of my life in crypto

(twitter.com)
681 points Anon84 | 14 comments | 07 Dec 25 12:57 UTC | HN request time: 0.2s | source | bottom
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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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teekert ◴[08 Dec 25 15:34 UTC] No.46193437[source]▶
My 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.

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1. anthonypasq ◴[08 Dec 25 17:41 UTC] No.46195250[source]▶
well i would hope so, a normal savings account has 0 risk. im not sure this is a great argument to hold some bitcoin lol
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2. sneak ◴[08 Dec 25 17:49 UTC] No.46195345[source]▶
A normal savings account does not have zero risk.
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3. mikewarot ◴[08 Dec 25 18:02 UTC] No.46195522[source]▶
Because of inflation, a normal savings account is a depreciating asset. It used to be different, but in the land of near zero prime interest, and phony inflation numbers, that's the way it sits.

Also, the risk isn't zero, just way closer to zero than that of Bitcoin or other crypto, in my opinion.

4. bangaladore ◴[08 Dec 25 18:59 UTC] No.46196217[source]▶
What 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.

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5. teekert ◴[08 Dec 25 19:01 UTC] No.46196243[source]▶
Through some coincidence I started with 80€, now it’s 20k. Maybe someday it’ll buy my kid a house. Then I’ll take it out. If I loose it all, I don’t care.
6. anon7725 ◴[08 Dec 25 19:28 UTC] No.46196516{3}[source]▶
Inflation risk.
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7. clbrmbr ◴[08 Dec 25 19:32 UTC] No.46196570{3}[source]▶
Ofc a savings account has risk in real terms. But I assume GP was referring to risk in terms of losing principle in dollars.

There’s still some risk short of a global financial collapse where the FDIC rules are weakened, perhaps by making the $250k limit per individual for example, and then there being some bank failures. Or changing to only covering a certain % of deposits etc.

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8. bangaladore ◴[08 Dec 25 19:41 UTC] No.46196654{4}[source]▶
I think most people would accept inflation as less of a risk then 20+% swings of the crypto market on a fairly common basis.
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9. anthonypasq ◴[08 Dec 25 19:45 UTC] No.46196699{4}[source]▶
dont bother, hackernews commenters are constitutionally incapable of not being the most pedantic person in the room.
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10. bangaladore ◴[08 Dec 25 19:51 UTC] No.46196756{5}[source]▶
I believe there was an implication of the commenter I responded to that the risk of a savings account is somewhat similar to the risk of crypto. So, I asked said commenter to quantify or describe the risk. A comment simply with the text "A normal savings account does not have zero risk." is useless to a productive conversation.
11. teekert ◴[08 Dec 25 19:53 UTC] No.46196767{3}[source]▶
Currency depreciation due to inflation is one.
12. sneak ◴[08 Dec 25 20:25 UTC] No.46197181{5}[source]▶
If they’re that common, it’s easy to profit 20% from them.
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13. sneak ◴[08 Dec 25 20:26 UTC] No.46197187{3}[source]▶
Forcible illegal deportation is one.

ICE grabbed a US citizen friend of mine and threw her on a bus and drove her hundreds of miles away and was about to toss her over the wall to Mexico last week.

Civil asset forfeiture is another.

Tax warrants, which have zero burden of proof to be issued, are another.

I don’t keep money in banks, personally, after the third one bit me some years ago and I realized that storing money in banks makes it more likely to be stolen, not less.

14. bangaladore ◴[08 Dec 25 23:21 UTC] No.46199065{6}[source]▶
That 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.