I think when the dust settles, it’s pretty clear that what crypto has become is basically get rich ponzi scheme. Whatever original altruist attempt at a digital secure currency for some altruist social benefit has long past the moment people started trying to create their own currency and NFT in the quest to get rich quick.
This shit needs to be regulated so the idiots of the world don’t get burned as easily moving forward…
The other part that is really said is if you go to social media like IG and Facebook, etc you have a bunch of unlicensed kiddie trying to push the ill-informed about crypto and trying to get people to buy… In the financial industry, pushing for financial products has to be licensed and regulated to some extent….It’s the wild wild west on IG and Facebook, and frankly, IG and Facebook bears some responsibility for letting this sort of ill-advised finance “advice” persist and spread throughout their platform.
They should be heavily fined too.
You know when the biggest least financially savy people start cheerleading about how easy it is to make a lot of money gambling in something…then it’s time to get out…It’s like the “water-cooler stock market advice by the office receptionist theory”….If the at the office water cooler, everyone’s talking about how easy it is to make money in the stock market, even the least financially savy people…it’s time to get out.
For me, I’m old school and agree with Warren Buffet on crypto. I won’t touch it..Well $100 tops, is what I have on dogecoin and sushiswap, he he.[/quote]
Agree with virtually all of that.
Last year I had a few friends come up to me very excited about how they got into crypto – dogecoin, etherium, bitcoin, etc. I told them it was my opinion they should only put in “play money”, an amount similar to what they would take to Vegas and not get heavily invested in crypto. I’m even more of that opinion now. 🙂
And if the kind of wrecklessness witnessed with the companies who invested in FTX is indeed common far beyond FTX and crypto as has been suggested elsewhere in this thread, then the world is going to feel much more pain going forward.
I agree with Jeff Bezos – he recently said people should keep a hefty reserve of cash right now because things are going to tank hard soon.
