[stpe]

The problem is not crypto. The problem is (the lack of) diversification of his investments. Putting your life-savings in a single stock is equally bad. Putting your life-savings in tech stocks is almost as bad. Diversifying it over multiple industries, exposure to different markets, and other assets than just stock - now we are talking.

It is not the same kind potential lottery win as stock picking the winner, but you also will not bit hit as hard.

This is the lesson that must be learned, not only with investing in crypto, but investing in anything.

[helsinkiandrew]

It wasn't a single cryptocurrency/stock he put his money in, it was a scam trading platform - this is more like putting all his money with ETrade, Robin Hood, except this was some kind of celebrity endorsed scam.

[baobabKoodaa]

Fake-celebrity endorsed scam

[de6u99er]

Pleqse stop calling crypto-currencies just "crypto" which has been used since many years as synonym for cryptography!

[dasil003]

You’re best off making peace with it as that genie is not going back in the bottle.

[bshimmin]

Indeed. "Crypto" has very much gone the way of "hashtag" (which is, amongst non-technical people I know, overwhelmingly used to refer to the hash symbol).

[MisterTea]

The irony is crypto means hidden which cryptocurrency isn't.

[seanw444]

Depends which one you're talking about.

[Enginerrrd]

To be fair, doesn't the "crypto" in "cryto-currency" mean "cryptographic"?

[baobabKoodaa]

Diversification has nothing to do with this case. Who knows how "diversified" the fake portfolio was on the fake web page? If your stock broker steals all your money, your problem was giving money to that dude in the first place, nothing to do with how diversified the stock picks were.

[bowsamic]

Unfortunately in the UK there has historically and today been literally zero financial education in schools