Right - Im not faulting people for that. The article claimed people on 2+2 had three commas of BTC which I was doubting.
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I know at least one guy who got in heavily and at least his sentiment never wavered. He is and always has been such a libertarian true believer, the type to say he doesnât care when the BTC to USD price crashes cause he still has the same amount of BTC. Tough to say what heâs actually worth cause Iâve never asked for numbers and he never changed his standard of living. He might not be a billionaire but it wouldnât surprise me if someone like him was.
donât think Satoshi dumped
Never selling and selling everything both seem kinda dumb to me. Take some profit and let the rest ride imo.
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Not sure if he was in that thread, but how much crypto did Haralabos have?
Yeah ugh. My takeaway is how terrible capitalism is. All these desperate people trying to spin it up with zero idea of what can happen.
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i do feel bad for them but some of the #unbanked people seem impossibly stupid. you take celsius et al basically at their word and you dump your life savings into it based on a promise? FDIC insurance is a thing like, for a reason. what did they think that was? some kind of scam? if celsius ripped them off, what did they expect would happen?
Yeah thatâs what I mean though. These people are obviously deluded and I donât attribute a lot of fault (personally wouldnât describe them as impossibly stupid, at least not most of them) to them as much as a culture that glorifies get rich quick and just unseemly levels of wealth (and displays of it).
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There is a type of person who sees our entire financial system, including stuff like FDIC insurance, as a house of cards and then tries to will itâs collapse into existence.
If you look under the hood and think about it, the underpinnings of our society do seem shaky and it is indeed possible that one day the Fed, US dollar, etc. may collapse. But doing all this weird shit isnât going to save you from the fate of the normies in the doomsday scenario.
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the thing with that though is crypto would not likely survive any event that collapsed global currencies anyway. what would they exchange it for, bottlecaps?
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Thatâs why Iâve long been at âcryptobros have indeed identified a potential problem but are lying/delusional about having provided a solution.â
I get that reference!
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I am absolutely not willing to concede crypto bros have identified a problem.
Bank regulation works! And before you cite 2009, if we had let the banks go under not a single depositor would have lost a dime. And depositors at banks that were allowed to fail lost nothing.
To the extent the criticism is âitâs not backed by anything,â Iâll take the US government over, uh, literally nothing at all.
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Crypto bros believe banking and the government are corrupt. This isnât necessarily wrong, but getting rid of banks and government isnât the solution.
It wouldnât matter anyway. There is more money currently funding projects far more naive than Celsius but theyâre just more canny it.
You had and still have every possible warning sign to your arsenal on shit far larger than Celsius but people are buying this shit for the same reason that theyâd bet on Pai Gow in 2022. It only comes to and end when those people run out of enough money to no longer fuel this stupid shit that always just coincidently comes into fruition when folks have high levels of disposable income.
This guy (one of the best crypto traders) has a good take towards why people get drawn into these things. Feelings of financial hopelessness.
Good article in the FT also towards why people decide to just moonshot it.
I can at least understand moonshots, but putting your money in places like Celsius for 10% return seems dumb - all the risk, not much return.
banks actively prey on their customers and they get away with it for slaps on the wrist because they bribe a supermajority of the congress every election cycle. theyâre firmly in league with the evil US government
with bitcoin, you donât have to trust some company backed by fascists with nukes. you simply trust our messiah Satoshi, who devised and built this system out of love for the common man and walked away from billions of dollars. didnât even want the CREDIT! refused both money and fame; a true hero of the people. americaâs founding fathers? criminals, btw
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True. A lot of people are financially illiterate and conmen take advantage of them easily, since dawn of time.
Look at how Madoff took billions from even rich people.
This thread summarizes dozens of Celsius investors and why they invest. People need to be protected from their incompetence.