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by version_five
1634 days ago
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I think I get your point, but for clarity, I wouldn't have wanted my parents investing in startups I've worked at, or in my current startup, even though those are not scams - they are just high risk and suited only to a certain profile. "Crypto" is different because it's a scam - the potential return is undefined in a sense, because it's based on the greater fool theory and how long the scam can keep up rather than any connection to fundamentals (even the dodgy fundamentals that drive the current startup market). A risky investment is one thing, a exploitive scam is a very different proposition |
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Investing in crypto is like gambling at a game where you don’t know the rules, the house is cheating, the game can shut down (rug pull) at any time, and you can’t go to the police.
I wouldn’t advise my family to invest in startups, or to take their life savings to Vegas and blow it on roulette. I think most people know those are not safe investments. Crypto has a huge amount of hype and nonsense swirling around and since it depends on finding more greater fools the crypto scammers can take advantage of FOMO, ignorance, and what looks like the future of money.