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I suppose it is viscerally obvious to you at this point, but putting money into something like Bitcoin should be considered one step up from putting it all on 31 and letting it ride: don't do it with money you consider important.

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I don't get why people who don't trust banks go and deposit money to the first BS "service" that's a guy and his dog, implemented in 2 weeks, full of holes and bugs, and with nothing much as financial assurances and security that you'll even get your money out.

Because banks are "the Man", while bitcoin is "one weird trick .. bankers hate it!" Social proof by negative.

The crypto also triggers a geeky faith in technology. Because the crypto is sound, it's just the way it's being used is problematic. And the institutions around it are very flaky, but geeks hate institutional politics and dream of eliminating it by technological fiat.

Who said they don't trust banks? I think what you are really asking is, "Why would people who see a get-rich-quick opportunity put their money in such an operation?"

Indeed. I was young and dumb, as so many before me. Lesson learned.

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