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Joined 1 year ago
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Cake day: August 23rd, 2023

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  • This is also what a lot of people forget how it was at the time, thinking “if only” they had been early adopters and how they’d be millionaires. I was one, and had found it was great for traveling said “trade route”, but also watched when Mt Gox collapsed and tanked the price 75% while stealing millions from people, and decided to take my winnings and leave the table.

    How many people would see that shit and be like “Yes, I’m going to hold onto this for the next 10 years when it’s worth something” and then sit through the number of 50+% loss events that happened?

    You would have done exactly what 99% of early adopters did, and considered yourself incredibly lucky that you managed to make 1000% returns and sold.






  • Except, much like crypto, they were heavily marketed to be just like stocks and other legitimate securities (but the future, because internet stocks!), instead of just speculative gambling on completely unregulated assets. Sure, you could do a modicum of research and see that they did include in the fine print they were explicitly NOT regulated securities, but your Average Joe has no clue what that means and just sees someone he trusts (don’t ask me why, but people absolutely do), telling him he’ll be super rich if he buys some C-list celebrity’s monkey JPEG.

    Do I still think people like Average Joe are idiots for buying them? 100%. But that doesn’t make it okay that people are taking advantage of their financial naiveté either.