Why I'm Done With Crypto (I Sold Everything)

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[Rafael-qxye]

People want decentralized finance without the consequences that may come from it (scams). Regulations are a must and it baffles me how people invest all their savings into an unregulated territory

[KevinNaughtonJr]

all the stuff that's happening is crazy rn great breakdown Nick

[imhassane]

My thing with crypto is that many people use it as investment and not actually for paying stuffs so I never understood how those cryptos got this valuable if everyone is just holding them

[KingKongHitDaBong]

The funny part about all of this was that on all the defi lending dapps sam was using, we saw he was constantly topping up his collateral and paying back his loans when ever his ltv ratio got too high. That's because this was a smart contract, if debt got too high he would simply get liquidated. There was no "trust me bro", everything was on chain and verifiable. All the shenanigans happend off chain and on his cex. We don't need regulation (in fact this whole situation showed that some SEC regulators may have even been complicit), we need a trustless, verifiable and open finance.

[appuser]

I just find it too taxing on my higher functions to be stressing about it. Perfectly valid to focus on learning/career or more trusted financial instruments. Spending every waking moment stressed out about the quick money (making it or losing it) is no way to live. Getting a windfall can be good, but not if you're stuck in a perpetual cycle of risking it all or blowing your life up.

With everything going on I would like to know if Web 3 is a real, tangible area to focus my studies on, or just a hollow buzz word. The algorithms and implications of crypto are fascinating.

[jonphinguyen]

Coins weren't meant to be an investment. It should remain UNREGULATED because that's the point my goodness.

[Muaythaifighter]

I re-watched the big short the other day and one of the first scenes in the movie states "you know you're in a mania when instances of fraud increase". With that I am glad I never got into crypto to begin with. I was on the verge, but stuck to my gut. If a crypto winter is to come I may consider buying some scraps but for now I'll just stick to the sidelines.

[squid]

If you hear a guy say that his primary purpose for getting rich is to give it away, that already should be a red flag.

[hamm]

Y’all wanted an unregulated market, y’all got one.

In many of these pie in the sky discussions, whether it be free speech or economy systems, so often do people just assume good actors. There are always bad actors, and those bad actors always complicate your models if your models are predicated on a spherical cow.

Moral of the story: that absolutest stance you hold is likely in a vacuum and will not hold true in practice.

[sapphirenoctua]

it's exactly as you said. It was the inevitable. Who ever profited did, now it's all collapsing right before our eyes.
This is criminal actually.

[onsb.]

Nas Daily has enough controversies himself, and he covered SBF in a video... It's like scumbags know each other.

[blockblock_]

"I'm done until regulation comes in" - these are the words of people from traditional stocks market who want to get stable 7-10% a year with no risk etc.
That's not about crypto, especially that's not about currently trending Decentralization, which is surely involve some kind of risk in a trade for providing zero trust system.
If you invested with only thought of making some sweet % you were wrong, such mindset leads to leaving after losses.
Believe in technology, pick promising projects, store on cold wallet, stack sats.

[Tsusei_]

I was fortunate enough to withdraw my money in time, i ended up having 80% of my portfolio in it. Just started buy the dip, only time will tell if thats smart or not.

[Lancelot]

Dude you didn’t experience mtgox event apparently

[ragebait]

Theres scammers in every financial industry.

[thndr_]

Best thing I did with crypto was never get involved. Same with NFTs

[MauritsWilke]

Fun party game: take a shot every time he says allegedly

[ppatil]

reminds me of myself in 2014, leaving the space permanently right now is a big mistake that you will regret later. FTX collapse doesn't change the fundamental value of digital assets, and after the mania subsides is exactly the right time to be in the space.

[darthherohito]

Nah, just don't use exchangers and u'll be fine.

[steviewonder]

Everything interesting and legitimate happening in crypto is happening in defi and mainly only on Main net, Optimism, and Arbitrum. You can get 10-30% apy on delta neutral collateral with actually revenue generating protocols like GMX which is a fully noncustodial trading platform similar to FTX but you have full control as a user over your funds. The problem with a lot of so called crypto people is they really never got into crypto but just liked trading it on a centralized exchange. They’re just goofballs who like to stare at charts.