Here, let me save you some time.
When a new technology comes along, a lot of people want to invest in it. That’s a big opportunity for scammers. People who are unable to discern scam from not scam get scammed.
When a new technology comes along, a lot of people want to invest in it. That’s a big opportunity for scammers. People who are unable to discern scam from not scam get scammed.
Queue ESG in the current time.
I own a startup in that space, we are not scammers (source: trust me, bro) but the amount of charlatans I see everyday is staggering! Btw, Adam Neumann just jumped into this as well, just so you know ¯\_(ツ)_/¯.
The worst part is that it:
- deprives non-scammers of the investment they “deserve”
- mis-represents the viability of the whole industry
- requires that non-scammers dedicate time and money to counter mis-information, at the cost of focus on the core problems to be solved
- eth is not a scam
- uniswap is not a scam
- usdc is not a scam
- aave is not a scam
So it’s just these people that have ever lost money in crypto?
Honestly, every crypto-successful person I know has ALSO invested in shitcoins and scams.
> People who are unable to discern scam from not scam get scammed.
This is a common refrain, along with Do Your Own Research (DYOR). As if scams are that obvious.
However, my additional point was that I have successful crypto friends, that actively and knowingly invest in shitcoins and justify it as “money they can afford to lose”.
Also, just to be clear - are cryptocoins an investment, a store of value, a currency, or equity-equivalent in a company? Because the goal always seems to be buying enough of every coin to maximise speculative windfalls. That is /strictly/ not the goal of a traditional index fund.
i can't speak to your friends' behavior, but you can buy tokens and do well without putting money behind the do kwons of the world.
I’d go one step further to posit that most crypto traders are not even day traders, so much less experienced.