[HN Gopher] The amateur investors ruined by the crypto crash
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The amateur investors ruined by the crypto crash
Author : edward
Score : 25 points
Date : 2022-07-12 19:49 UTC (3 hours ago)
(HTM) web link (www.theguardian.com)
(TXT) w3m dump (www.theguardian.com)
| rvz wrote:
| Let's hope that the same repeated responses on every crypto-
| related post do not pollute this one. I hope not, but we'll see.
|
| But this is yet another rinse and repeat story about retail once
| again holding the bag as they throw away their life savings on
| crypto. The same old story which retail _always_ loses. every.
| time. on the hype and mania.
|
| The crash was inevitable and was going to happen anyway. The
| signs was in November [0] as I said and even before that with
| crypto. I warned them [1] when Bitcoin reached over $60K and they
| still didn't listen. One was willing to bet that DOGE would go
| over $1 by September 2021 and he lost as I warned them again [2].
| The same had happened with stocks like Cloudflare rocketing all
| the way up and warned many to sell. [2] They just held on as it
| crashed later.
|
| So tell me, how was it a surprise that it all _had_ to crash
| (especially crypto) in 2022? [4]
|
| [0] https://news.ycombinator.com/item?id=29508238
|
| [1] https://news.ycombinator.com/item?id=26937153
|
| [2] https://news.ycombinator.com/item?id=27046019
|
| [3] https://news.ycombinator.com/item?id=29355360
|
| [4] https://news.ycombinator.com/item?id=29752372
| formerkrogemp wrote:
| O, great market oracle, when will crypto prices go back up
| again?
| Barrera wrote:
| This is an evergreen story.
|
| The actors change, but it's the same play over and over again.
| Roughly once every four years. People with addiction problems and
| their influencer-enablers find "crypto" and go absolutely apeshit
| over it. Even after the inevitable crash, those who lose
| everything are mainly concerned with how to make it back.
| ASpaceCowboi wrote:
| > Roy started spending all his time watching YouTube videos and
| speaking to other cryptocurrency enthusiasts in private groups on
| the messaging app Telegram.
|
| So I don't really get this article. Let's take out the human
| psychological factor such as addiction and gambling for a second.
|
| Similar things can be said to traditional stock crash as well,
| can it not? Before the 'crypto-mania', the amateur investors
| would read a few posts/websites or gain influence from what their
| friends/peers/social groups would recite about [insert certain
| stock] and when it crashed, this is the same cycle.
|
| My point is without actually spending time conducting deeper
| research and really understanding the technology(topic), this is
| will happen to anyone(amateurs).
|
| Would love to hear others' opinions on this.
| RC_ITR wrote:
| Well, sure humans are like that. But at least with stocks
| there's _some_ societal benefits (e.g., the money Google has
| raised via equity sales has been used to make the worlds best
| search engine).
|
| With crypto, people are wasting their time in _things that
| don't help the real economy_ so it stings a little bit more.
| [deleted]
| otikik wrote:
| There's too much "I should have cashed out sooner" and not enough
| "I should have never tried crypto" in that article for my taste.
| whateveracct wrote:
| atemerev wrote:
| It's not even a crash yet. Last time, it was from $19600 to less
| than $3000. We have to go to less than $10500 for 1 BTC to
| reproduce what have happened last time (and it can be even worse
| this time, why not).
|
| I don't care. We don't build crypto for speculation by amateur
| investors.
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