> Hot take: It’s fine when it happens to extreme hubris with paper wealth. It is not fine when it was someone unsophisticated chasing the herd who lost a meager sum that was meaningful to them. Comedy vs tragedy.

I think this is overlooking why people are engaging in these types of investments to begin with: they're greedy speculators who got caught up in a get rich quick scheme. They don't know what this tech is, why it is or isn't useful, or how it works. They don't know what the investment risks are and don't make any attempt at mitigating risk. They don't seek expert assistance. Instead of doing basic research to make informed decisions, they see dollar signs and yolo with their life savings. I don't feel bad for them in the same way that I don't feel bad for people who fall for 419 scams. If you participate in get rich quick schemes that you don't understand, there is a high probability of getting owned. This exact same collapse in value happened only 5 years ago, how could people be caught flat footed twice?