Hacker News Reader

Sinking your whole life savings into something is stupid and it's peoples own fault if they do so and lose everything.

Sunk half my life savings in at $16, then doubled down and sunk the rest in when it dropped to $3.

Have now bought a house each for pretty much all my close friends and family members.

Couldn't a gambler say exactly the same thing?

Usually, no.

With gambling the winners is very, very small minority. With bitcoin/crypto practically all people who got in before 2017 have been doing very, very well.

With any financial instruments there are those for who it is a worse deal than alternative. With Bitcoin you have great volatility, but it has been mostly upwards. If you have made loss you are probably minority of the user/investor base.

For example, the current ATH was nearly $20k, and the current price is $9k. If you were unlucky enough to buy at ATH, you are down to 40%. Thats still not that bad situation - for example with stocks it is easy to find bets where you lose 90%.