I think people are scared to leave coins in exchanges, Some let you borrow against it, I’m guessing those accounts probably had the coins sold off to cover the loans,
People should be worried leaving their money in exchanges. If you lend your coins, it’s in your contract that the exchange will sell the coins to cover the loan on your behalf. So what happens when there’s a run on the exchanges? You will not get your coins back and that’s because there’s multiple claims to that asset. Who gets first dibs? It’s a game of musical chairs, and you don’t know if you have a chair until the music stops. There might be 10 chairs but 20 fingers pointing at the chairs.
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Imo buying now is not catching a falling knife if your time horizon is long enough. All this stuff will look cheap in ten years. Keep an emergency fund (keep it as a higher % during “scary times”). DCA. Diversify. Let time do its thing. It’s not magic.
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Buying what ?
Thank you for this, everyone needs to hear this
Yea I pulled everything back to trezor
You only hope a lot of those people riding the wave of covid banked and did not get wiped out.
One would hope. But sadly I know of a few that thought the rocket would never stop.
Sucks for them.
They def get mostly wiped out. Bubbles suck in dumb retail who provide exit liquidity to initial holders/early adopters.
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Not in their nature; most who get into crypto simply don’t see risk the way conventional investors do. You see a 2x return and think it’s time to lock in gains. They only see it as proof a 10x is around the corner.
If you want to get into their heads spend time on the Celsius sub forum of Reddit. Presently a great many people there who have been locked out of their money by a defunct exchange many of them to this day still think they are going to get their money out. It’s pure delusion. How many rug pills do they need to see before they learn their lesson?
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Wont learn until they lose everything
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You’d think so but some still don’t learn; some have lost everything and the lesson they think they learned is to stop using exchanges.
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Digital currency? Totally possible the idea is sound the fundamentals for block chain are revolutionary.
But!!! Buying an unregulated currency that started from money laundering…is bound to end bad.
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What’s revolutionary about it?
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Revolutionary in ability to separate dumb retail from money and enable institutional advantage.
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Well the technology, currency aside can change many markets were intermediaries control the industry. Real estate for one faster and more transparent transactions, removing fees and middle men.
I’m to lazy after a 10 day vacation and 14hr drive to play mental gymnastics on the internet. But a simple google search will show how companies are leveraging the tech outside of crypto in “revolutionary” ways.
Happy 1776 Day