Semi OT: Anyone lose money in the crypto crash?

[OakleyDokely]

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[libertyYYZ]

As many of you know, the crypto industry just had the worst moment in its history, with FTX (the equivalent of RBC in Canadian banking) going bankrupt.

Our beloved Kyle Lowry is an ambassador for Bitbuy (unaffected by these events), and many of the people here probably have savings on crypto platforms.

This is like the equivalent of the 2008 crash for many people. I know some Raps fans that lost a very large chunk of their net worth.

Are you guys doing okay?

Crypto is a Ponzi scheme.
https://en.wikipedia.org/wiki/Ponzi_scheme
Always remember in a Ponzi to be the first one out the door. Cause if you're not first...

[Backcountry]

I've never touched crypto, but in 2019 I put $300K into real estate and cashed in this year for over $500K. Even without the unintended magnifying effects of COVID, real estate is generally a good investment.

[ciueli]

Crypto has "died" innumerable times in the past 10 years or so - Mt. Gox, China ban, etc. It has peaks and valleys, driven by big events, like any other market, but ultiimately it has been resilient. It's not for the faint of heart, but if you only invest what you're willing to see go way down, and keep it off exchanges - i.e. store it yourself - you'll be fine.

It's different this time though. The only reason Bitcoin reached the valuation it did was it was hitting mass acceptance as everyone jumped on the bandwagon of something they thought was the next big thing. Crypto.com arena, Steph Curry and other celebrities doing ads, pension funds investing in it. All of that is gone and never coming back because now crypto has the reputation of being a scam. Once millions of people lose a huge amount of money on something like this they're never buying back in, people don't like being fooled and seeing something that was sold as an inflation hedge lose 3/4ths of it's value in a year (and counting).

[720]

I live paycheque to paycheque. I don’t save. Never have. But I’m turning 30 soon so I’m gonna change that bad habit.

[raptor jesus]

Crypto has "died" innumerable times in the past 10 years or so - Mt. Gox, China ban, etc. It has peaks and valleys, driven by big events, like any other market, but ultiimately it has been resilient. It's not for the faint of heart, but if you only invest what you're willing to see go way down, and keep it off exchanges - i.e. store it yourself - you'll be fine.

You' re not of the Nortel Networks generation, are you? A single offering of anything has no guarantee to bounce back to any previous level. Saying this as the nephew of someone who lost 6 million on exactly that false narrative. You can easily be left holding nothing but the letter that says the entire thing is no more. Perceptions of value are strange things. They can exist for no reason and then vanish in a way that surprises people. This seems to suggest that mimetic programming is strong in the world.

I'm not too sure what you're getting at, but obviously nothing is guaranteed in any investment space. I never said it was. I was trying to convey that the crypto space has survived many similar events in the past. Is this time different? It's possible, but history suggests otehrwise imo, even if it takes years. But to be clear, I'm not endorsing ppl go out and invest - there's always risk.

[And1+2]

I got out completely a week before the war started in Ukraine because I saw the writing on the wall.

[DelAbbot]

My brother is big into crypto but put a lot into "stable coins", so his investment is kind of ok. He's a lurker here and tWo member.

reported for implicit association of crypto and tWo in a smear campaign

[Raps in 4]

No. But it **** up the entire DIY PC market, so indirectly I now have to pay more money for computer parts.

Building a new high-end PC would have cost me less than $2000 in 2017. It now costs over $3500 (the GPU alone costs over $2000 now, whereas a top-of-the-line GPU was $800 pre-crypto). Even though crypto is dead, GPU makers aren't about to drop prices.

[DelAbbot]

My brother is big into crypto but put a lot into "stable coins", so his investment is kind of ok. He's a lurker here and tWo member.

tWo member investing in tanking currencies. Gotta respect the consistency.

this is why I reported

[DelAbbot]

OTPP wrote off the ~$100 mill they had in FTX

which is 0.5% of their entire asset under management

[WaltFrazier]

Re thread title - how is this only "semi" OT?

[DelAbbot]

Re thread title - how is this only "semi" OT?

[DelAbbot]

I cashed out when ethereum was over 3000 cause I needed the money. First got in when it was 150 dollars. Got lucky I guess.

what did you do with the cash out?

[DelAbbot]

Tom Brady with the CEO of FTX.

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Read on Twitter

Not a good year for Tom Brady

[Parataxis]

It ain't lost until you sell it.

Depends. If you had actual bitcoin (with your own wallet) that's true. But if you invested in 'bitcoin' through an exchange, it means it's not your bitcoin, it's theirs. And if they go bankrupt, they're forced to sell off their assets (and you're an unsecured creditor)

[WaltFrazier]

Tom Brady with the CEO of FTX.

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Read on Twitter

Not a good year for Tom Brady

Should have stayed with Giselle who is richer than he is

[Hero_Panda]

Re thread title - how is this only "semi" OT?

I bet Masai has been offering crypto on the side to players in order to get a "bargain" contract deal.

[DelAbbot]

Spoiler:

Tom Brady with the CEO of FTX.

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Read on Twitter

Not a good year for Tom Brady

Should have stayed with Giselle who is richer than he is

Are you sure about that?

[kieferli]

I never invested anything I don’t understand, I am old school investor only invested in Real estate and long-term investment.

Same as you but it’s hard not get into the short positions nowadays. So much predictable volatility

This is why I never jealous ppl make quick money. It is like gambling easy come easy go