Hacker News Reader

Comment by jfengel | Hacker News Reader

Yep. It's no fun watching other people invent fake money and having it come true. I'll always be jealous that I could have been the one to invent JfengelBucks and somehow get people to accept them.

But I basically view it like any other tech lottery. I knew Sergey Brin in high school and was on the math team with him. I coulda been that guy, but I wasn't. Lots of us were as smart and capable as Mark Zuckerberg, but we weren't Mark Zuckerberg.

People who guessed that BTC would become the next hula hoop... good on ya. I hope you use your profits well and live a good life with 'em.

View on HN

There are a lot of crypto millionaires who are 100% invested in crypto, are not selling and are convinced they'll be billionaires.

Honestly I don't know why, having reached FU wealth, you wouldn't sell and diversify in to every other asset class going. That's what i'd do.

Which asset classes would you diversify into?

The stock market is at all time highs.

Real estate is also at all time highs (depending on location, but in general).

Precious metals are not on track to beat inflation.

Treasury bonds are not on track to beat inflation.

The rates even on high yield savings accounts also do not beat inflation (and are relatively very low).

There is a concern that USD may be devaluing, due to all the money printing that has happened in 2020 and 2021.

I agree diversification is good, and I don't think it's good to be 100% invested in crypto, but I'm just curious how you would allocate your portfolio if you were in that situation.

Time in the market beats trying to time the market.

https://youtu.be/nE7A-qb3QBI

Good video. Peter Lynch does also say at some point in the video that he looks at what's happening now. I do think it is worth considering that some of the current asset classes are possibly in bubble territory, and some asset classes don't have high enough returns to preserve purchasing power. Historically, the stock market has done well, over time, no disagreement there.

> other people invent fake money

All money is fake money. It's been 10 years man, there's no excuse to not understand this by now.

Right. But we don't get new fake money very often. Fake money becomes real money when people agree to it. People try all the time and fail. Someone succeeded.

This time without even a chunk of dirt, which is usually required for a fake money to work. The people on the same dirt agree to use that fake money with their neighbors, usually as part of an agreement not to beat each other up. It's not necessary, and in fact anyone can make a new one at any time. And they do. It just usually doesn't work.

Reply on news.ycombinator.com