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I wasted years of my life in crypto

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681 points Anon84 | 3 comments | 07 Dec 25 12:57 UTC | HN request time: 0.01s | 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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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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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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sneak ◴[08 Dec 25 17:49 UTC] No.46195345[source]▶
A normal savings account does not have zero risk.
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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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1. clbrmbr ◴[08 Dec 25 19:32 UTC] No.46196570[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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2. anthonypasq ◴[08 Dec 25 19:45 UTC] No.46196699[source]▶
dont bother, hackernews commenters are constitutionally incapable of not being the most pedantic person in the room.
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3. bangaladore ◴[08 Dec 25 19:51 UTC] No.46196756[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.