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The Great Crypto Grift May Be Unwinding

newyorker.com

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Re: The Great Crypto Grift May Be Unwinding

#11

Post by DANK_YACHT »

formerkrogemp wrote: post #4

Quoted post unavailable.

BTC is down 53% from ATH. NFLX is down almost 75%. PTON is down over 91%. You'd actually be better off investing in BTC than in many tech darlings. I don't own any crypto, but I don't think it's fair to single out crypto in the middle of a broad tech downturn.

Re: The Great Crypto Grift May Be Unwinding

#12

Post by landa »

formerkrogemp wrote: post #4

Quoted post unavailable.

If you really believe it doesn't have "any value at all" then I invite you to sell it short. That's a free $30,000. The nice thing about markets is that you can express your opinion, and that market opinions without corresponding positions can be ignored.

Re: The Great Crypto Grift May Be Unwinding

#13

Post by 0xB31B1B »

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

Re: The Great Crypto Grift May Be Unwinding

#14

Post by senectus1 »

andrewstuart wrote: post #2

Crypto will come back again. The reason is because it's very closely related to gambling and triggers the same obsessive thinking as gambling does - based on my observations of how I felt and thought when I did some crypto investing - I found myself constantly checking prices and devoting huge amounts of thought to it - I even wrote a crypto trading bot to analyse strategies. If you know anyone into crypto you would…

this is true.

I was also flooded with some really obvious bullshit... this crash is going to sweep the table clean. There is a chance it might come back cleaner and stronger than before. More mainstream maybe, with some regulation.

Re: The Great Crypto Grift May Be Unwinding

#15

Post by heavyset_go »

andrewstuart wrote: post #2

Crypto will come back again. The reason is because it's very closely related to gambling and triggers the same obsessive thinking as gambling does - based on my observations of how I felt and thought when I did some crypto investing - I found myself constantly checking prices and devoting huge amounts of thought to it - I even wrote a crypto trading bot to analyse strategies. If you know anyone into crypto you would…

I, unfortunately, agree with this. Different generations of digital assets will continuously be used to grift certain demographics, with the potential for even larger bubbles and busts in the future.

Re: The Great Crypto Grift May Be Unwinding

#18

Post by arikr »

0xB31B1B wrote: post #13

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

Which Neobanks have gone bust or are likely to as a result of Luna?

Re: The Great Crypto Grift May Be Unwinding

#19

Post by [deleted] »

0xB31B1B wrote: post #13

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

[deleted]

Re: The Great Crypto Grift May Be Unwinding

#20

Post by sebmellen »

0xB31B1B wrote: post #13

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

How are the founders of these apps not in prison? I remember getting hundreds of “replace your savings account” ads that abruptly ended with the Luna collapse.
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