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Thunderbeast

(3,832 posts)

9. The crypto-sharks exploited many un-informed minority investors

Reply to dalton99a (Original post)

Sun Jul 10, 2022, 11:38 AM

Jul 2022

They pushed a narrative saying that black and brown people have been left out of the economy (true) for generations. Crypto was FINALLY an opportunity to grab the "fatted calf".

Sadly, many did. Bitcoin is the tulip bulb, the beany baby, the Florida swamp land of our day. Maybe the crash will shut down mining operations that are consuming a growing percentage of global electricity production that is fueled by gas and coal.

It is a wildly irresponsible enterprise fueled by greed and a fantasy of "prepper-life" independence from sovereign currencies.

Many, who could least afford it, have lost big bets.

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Crypto plunge is cautionary tale for public pension funds [View all] dalton99a Jul 2022 OP

Play stupid games, win stupid prizes. onecaliberal Jul 2022 #1

About what it is, isn't it? So spotty, so iffy. I wouldn't touch w/ a 10' pole. NT SWBTATTReg Jul 2022 #4

Hell no and definitely not with retirement funds. The stupidity of people never ceases to amaze. onecaliberal Jul 2022 #10

I've always been nervous about these so-called uncontrolled currencies that basically, we don't SWBTATTReg Jul 2022 #2

Or when a whole crypto player corporation will - dissapear. empedocles Jul 2022 #5

Wow. How scary. Can you imagine an investor who just plugged $10K of their money SWBTATTReg Jul 2022 #6

Perhaps a successful crypto gambit, gives the fund manager some bragging claims. empedocles Jul 2022 #3

Why should they care? Taxpayers will just have to make up for it. MichMan Jul 2022 #7

$15 million in what was then a $5.5 billion portfolio Yonnie3 Jul 2022 #8

The crypto-sharks exploited many un-informed minority investors Thunderbeast Jul 2022 #9

Old timer told me once to never invest in anything you don't understand. Midnight Writer Jul 2022 #11