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I wasted years of my life in crypto

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Re: I wasted years of my life in crypto

#611

Post by expedition32 »

reenorap wrote: post #601

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…

You can make money from religion. You just have to make sure not to believe in it. No attachment.

Re: I wasted years of my life in crypto

#612

Post by FabHK »

SirMaster wrote: post #576
hshdhdhj4444 wrote: post #398

Earlier quoted context omitted.

The only buyers are criminals, sanction evaders, and probably the dumbest people in the world given that the entire crypto ecosystem is focused on one thing and one thing only. Creating the most deflationary monetary system in history.

So it was dumb of me to buy my bitcoins back when they were less than $100 a coin just in the slim chance that it completely blew up? I don't see what was dumb about a decision to put less than $1000 into 10 coins just in case. Worked out really well for me in the end and a less than $1000 gamble doesn't seem like that crazy of a gamble, at least to me.

Suggest you put $1000 each into all the other 28m of cryptos tracked by coinmarketcap, "in the slim chance that it completely blew up".

Re: I wasted years of my life in crypto

#613

Post by freejazz »

somenameforme wrote: post #450
geysersam wrote: post #445

Earlier quoted context omitted.

There's no difference. You can't formulate that distinction coherently. What's the difference between having the freedom to walk the street and having the freedom to not be hindered from walking the street?

There's tremendous difference. Imagine I put a 5' high fence every 3 feet on a sidewalk. You still have the freedom to walk down the street, but no longer have the ability to do so. This is why the Bill of Rights is framed in terms of limitations on governments as opposed to guarantees of rights. For instance, the Bill of Rights doesn't grant you the right to free speech. You already naturally have that. It instead m…

> There's tremendous difference.

No there isn't. They are the different sides of the same coin. Any freedom from something is a constraint against someone else doing that thing.

Re: I wasted years of my life in crypto

#614

Post by scotty79 »

tsimionescu wrote: post #454
rjdj377dhabsn wrote: post #418

Earlier quoted context omitted.

How is the serial number on cash any more anonymous than bitcoin addresses?

Because it's attached to the bill itself, not the owner or the wallet. If I give you a dollar bill with the serial number 100100, it's impossible for you to prove that bill came from me (unless you have forensic evidence of me giving it to you, of course - but that's equivalent to having photo evidence of me typing in my private key to a BTC wallet) . If you find a dollar bill on the street, it's now yours, you can't…

You don't have to transfer bitcoin. You can give someone private keys to the wallet and they can do anything they want with it. It would be exact equivalent of giving someone the bill

Re: I wasted years of my life in crypto

#615

Post by FabHK »

HighGoldstein wrote: post #526
ForHackernews wrote: post #491

Earlier quoted context omitted.

Name one, and provide evidence to support that assertion.

Nigeria, Argentina, Venezuela, all prime examples because they faced especially severe problems with hyperinflation and traditional banking. You can also find widespread use in developing economies like Brazil, Indonesia, Philippines, but of course to a lesser degree since the problems with traditional finance are not as severe there. I will gladly provide more in-depth information, if someone provides some evidence…

Crypto is not prevalent in the Philippines or Indonesia. Except maybe in the scam centres in the Philippines run by Chinese gangsters that are operating pig butchering and other scams, and threatening to undermine the Philippine government. See The Economist, which estimates that these crypto scammers rake in some $500bn a year.

https://www.economist.com/audio/podcasts/scam-inc

https://www.economistgroup.com/press-centre/the-economist/fr...

Re: I wasted years of my life in crypto

#617

Post by scotty79 »

hirsin wrote: post #145
bdangubic wrote: post #115

Earlier quoted context omitted.

I am a dual citizen. I wanted to buy a condo near my parents where I spend my summers with my family. I have never in my entire life felt like a criminal more than trying to buy something, with the money I made with my wife, going through regular financial system. after weeks of feeling like a criminal over coffee with my cousin who owns the company that was selling me the condo I was like “can I just fucking give yo…

What made you feel like a criminal? Buying a home is fairly straightforward and has almost no state verification of any piece of it, at least in the US. Was it something the state enforced, or something being done by the agents of the transaction (ie the mortgage company)?

Just owning this much money feels criminal. Suddenly a lot of institutions start asking questions about where they came from.

Re: I wasted years of my life in crypto

#618

Post by utopiah »

reenorap wrote: post #601

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…

Thanks for sharing that unique perspective.

How do you feel about similar trends at the moment?

Re: I wasted years of my life in crypto

#619

Post by saalweachter »

teekert wrote: post #604
reenorap wrote: post #601

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…

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.

My advice is always: invest in the assets I hold, and never sell.

It really makes the value of my holdings rise.

Re: I wasted years of my life in crypto

#620

Post by underlipton »

FabHK wrote: post #608
brianolson wrote: post #462

Earlier quoted context omitted.

I worked in blockchain ("builder") for 5 years. I started 'eh, there are speculators, whatever, I build good tech' but finished 'holy crap speculators completely dominate and distort everything, nobody cares about good tech'

> nobody cares about good tech Indeed. For example: Chia is arguably decent tech (better than Bitcoin), built by Bram Cohen (of BitTorrent fame), innovative PoSpace+Time. But nobody cares, it's at #450 in market cap, way down below Doge (#10), $TRUMP (#72), Fartcoin (#144), Melania (#375).

The market cap obsession is part of the problem. Can I use it to buy things, easily? That's the only metric that should count if you're looking for practical use, not speculation.
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