The level of crazy failures in the crypto space is mind boggling, but while there's money to be made, people will continue to take the gamble. Lots of people get hooked on the consta t volatility. And volatility is a great opportunity to make money. The problem with crypto from my perspective is not so much that it has zero intrinsic value, but that it's so easy to pull of scams at every level. Key loggers in links on YouTube videos, forums, influencers touting scam crypto (Kim kardashian got caught up in it), 10k finfluencers all with a vested interest for you to buy some obscure coin etc.How many more of these warnings do people need to avoid crypto? https://www.abc.net.au/news/2022-11-11/ftx-crypto-collapse-sam-bankman-fried/101641992
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For many, crypto is the first time they've gotten engaged in investing. It's a prettty deep and rich landscape full of scams, big gains, big losses and full of wierdos that have no right managing billions of dollars of capital (lol safe moon ceo went from living in an RV to being a billionaire to being broke inside of a year).
People don't need warnings. They need education. What seems like common sense in the normal world, doesn't always translate to this space.