Seasoned investors don't place all of their chips on high-risk schemes, whether it's trading penny stocks or crypto.
Another man who dumped $600k onto the bonfire said he did so in November, months after the dominoes started to fall. Did people actually believe anonymous Internet people claiming that "now is a great time to buy" or the "flight to quality" advice?
The market was signaling to many folks that this was legit. Known investors like AnderseenHorowitz were investing. Deloitte has a practice around it. Talk if ETFs entering the market are bad. FTX is attaching itself with branding relationships with Major League Baseball.
To people not getting it, it looked sort of like porn to VHS tapes back in the day. Crypto was built on Russian hackers and drug dealers, and going legit with Wall St.
I was surrounded by a bunch of people who made a lot of money on crypto. I still feel like an ass for losing much of and failing to capitalize on my $100 buy back in 2010. I netted a few thousand bucks instead of.. a lot more. But on the flip side, I think I’d feel guilty for profiting over the exploitation of others had I been able to cash in.
https://www.coindesk.com/markets/2021/03/03/the-decoder-have...