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I wasted years of my life in crypto

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681 points Anon84 | 1 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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VHRanger ◴[08 Dec 25 17:25 UTC] No.46195006[source]▶
A store of value is an asset with as close to 0% volatility in price as possible.

Bitcoin is a speculative asset: it has very high price volatility. It is not a store of value in the proper term.

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tgsovlerkhgsel ◴[08 Dec 25 17:45 UTC] No.46195298{3}[source]▶
By that standard, over the past year, Bitcoin would be a better store of value than gold...
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kanbankaren ◴[08 Dec 25 18:09 UTC] No.46195612{4}[source]▶
Over the past year,

Bitcoin lost 10.8%

Gold gained 60.0%

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1. listenallyall ◴[09 Dec 25 01:28 UTC] No.46200226{5}[source]▶
> A store of value is an asset with as close to 0% volatility in price as possible.

You just proved his point. In this example, bitcoin's volatility is closer to zero than gold's. Thus, by the quoted definition of "store of value", then in this particular time frame (it would be very different going back 5, 10, 15 years), bitcoin is the better store of value.