←back to thread

I wasted years of my life in crypto

(twitter.com)
681 points Anon84 | 1 comments | 07 Dec 25 12:57 UTC | HN request time: 0.338s | source
Show context
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.
replies(9): >>46193437 #>>46193642 #>>46193767 #>>46193826 #>>46193945 #>>46194644 #>>46194858 #>>46196203 #>>46201109 #
PKop ◴[08 Dec 25 16:56 UTC] No.46194644[source]▶
Both 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.
replies(3): >>46195770 #>>46196250 #>>46208211 #
1. didibus ◴[09 Dec 25 18:01 UTC] No.46208211[source]▶
It is basically a big game of hot potato. If you are OK with that, fine, but you are still just gambling on a party game chip.

There is a little bit of real value in having a rail that is hard to block, so you can move money across borders or around account freezes, sanctions, or runaway inflation. But that probably only justifies a tiny slice of the current price.

Most of the rest is speculation.

Fiat is different. A national currency is tied to the economy that uses it. Wages, rent, groceries, taxes, all live in that unit. Even if it crashes on FX markets you can still use it inside that country to buy local goods and services, and over time prices and wages shift along with it. The currency may fall against the dollar, but the local cost of living in that currency moves with it too.

The dream was that crypto gets adopted economically in a similar fashion, and even globally, that simply didn't happen, so it ended up just being gambling.