I had an acquaintance ask me about my opinion on crypto a few years ago and I explained it only has the perceived value and is highly volatile as a result, and that all but a few coins were basically rug pulls waiting to happen. He was satisfied with that and moved on. About a year later crypto had roughly doubled in value and he gave me shit about bad advice (it was an opinion not investment advice) and proceeded to move $10k into some coin I’d never heard of. About a month later a mutual friend said the other guy had lost like $8k of his $10k investment. Next time I saw the acquaintance there was no mention of crypto.
(it was an opinion not investment advice)
If you did give them advice, would it be different?
some coin I’d never heard of
The problem is this person was looking at the market as a whole and then investing in some niche coin. At this point any coin that’s not well-established is mostly likely pure grift.
Right, why invest in a rug pull coin when I can invest in an ETF of all the rug pull coins!
Bitcoin is the only crypto that has been approved by the SEC to be included in ETFs. So far.
Slight correction, seen that Ethereum was also approved to be included in ETFs
So you’re saying there’s a chance? Heh heh heh… Only a matter of time.
i notice that is usually conservatives that buys into the scam, and the ones that peddle it too.
Gsus4@mander.xyz 4 days ago
Yeah, it’s like those people who fall for ads where people get rich going to the casino.
Ulrich@feddit.org 4 days ago
LOL they love to parade around the 1/10,000 winners and make them spokespeople for the casino for a week.
Honytawk@feddit.nl 3 days ago
It is the way all lottery works.
You are more likely to be hit by lightning than to win the lottery. Yet people believe they will win every time.