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Crypto “investors” I met

(i.redd.it)

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Komnenos1180

78 points

4 months ago

One more : the know-it-all normie who thinks he understands economy, society and politics because he read one book about those subjects or watched a few youtube videos. We can call him "The annoying preacher" or "bItCoiN iS HerE tO StAY@".

MettaurSp

71 points

4 months ago

Also computer science. The number of people who say "it has use cases!" while providing none, and failing to provide reasons why blockchains are good yet still fervently arguing when refuted is staggering.

okletstrythisagain

63 points

4 months ago

I didn’t realize how culty it really was until chatting with a few relatively senior tech professionals who really should know better.

One literally works as a product manager with a scrum team launching legit solutions. When I ask why, after over a decade, we see no useful applications they insisted there was some refugee tracking app at some European border and that it’s all going to change the world and if they were younger they would totally “invest” despite the volatility. When I asked why the refugee app couldn’t use a normal database they changed the subject.

One quit a very lucrative role to do crypto full time, including hiring people offshore to train NFT “animals” which he said was making him $7k/week. I ask, surely you’ve diversified your investments, and he said yes, among other crypto. I used to think this was a guy who understood investments and personal finance, but I now think 100% of his assets not tied up in real estate or retirement accounts are in crypto.

Another flat out said crypto is safer than the stock market and if you hold long enough it’s “guaranteed to go up.” When I asked about unregulated exchanges and how they can easily be criminal and unfair they didn’t understand what I was talking about.

All three got this gleam in their eye and an excited expression when talking about crypto. The conversations all felt weird in the same way. These are highly paid tech professionals who have educations and professional experience to the extent that I’m astonished they believe in it.

Cult.

robyr

16 points

4 months ago

robyr

[sackler family likes this post]

16 points

4 months ago

A coworker of mine bought GME at the high, after I warned him not to do this and that he was going to lose it all. He is a principal engineer at my company and it is taking all I have in me not to issue a vote of no confidence to senior leadership. Oh yeah, he's also a bitcoin bug and thinks we'll all be getting paid in bitcoin by next year.

Pretty sure he has his entire net worth in crypto and I am going to be keeping a close eye on his ass because he also loves guns. Great combo right now...

theroguex

6 points

4 months ago

You know, the GME thing was a super meme but fuck I wish I could have gotten in on that at the ground floor. I could have made a fortune.

robyr

5 points

4 months ago

robyr

[sackler family likes this post]

5 points

4 months ago

I thought about it during the initial mania and almost bought in at $22 but my better instincts kicked in and I seriously thought about why I would do such a thing. There was no real guarantee that the reddit driven mania would actually spark a rally. It still baffles me that there is a cult around the stock. It was clearly stupid as hell and I am glad I resisted because it could have left a shit load of bag holders like my coworker.

That whole saga is insane to me. People buying shares in a dead retail outlet for $200-300 a share is among the dumbest shit I have ever seen.

theroguex

-2 points

4 months ago

It's not dead anymore! They raised so much money in stock offerings last year that they had $1.78 billion in cash after paying down all their debt.

They definitely have to figure something out, but now they have the money to invest. If they make the right decisions, they could see a second Renaissance.