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Comment by davidw | Hacker News Reader

"The only winning move is not to play". I guess you might miss out on something, or miss out on making a tidy profit off a Greater Fool, but the peace of mind is worth it.

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I mean you could say the same things about any sort of investment that isn't risk-free (which is basically all investments that earn a return nowadays). I don't see anything fundamentally different about crypto than any other asset really.

I can be pretty sure that a diversified set of stocks, bonds, and maybe some real estate are not an outright scam, or that someone is going to make off with all of it because the whole thing is completely wild west.

Sure, there's a higher risk profile but also the payoff can be absolutely staggering.

Moreover the risks aren't evenly distributed: crypto isn't a homogenous space.

The risk isn't for everyone, but those that are intimately familiar with the space and practice reasonable risk management can do pretty well.

There's a reason why almost all tradfi trading firms have either already entered the space or are considering it.

Remember 2008? (I know, ages and ages ago.)

If you bought stocks in 2008, you would be massively up right now.

That only works if you have no wealth. If you have any wealth, you should diversify it. Only a fool would dump all their money into crypto, but also only a fool would put all their eggs into the basket of unbacked fiat. You're just picking which game to play, and hoping you play enough games with even enough odds that you don't lose too many at once.

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