Ask HN: Do you think we can setup passive income in crypto | Hacker News Reader

Ask HN: Do you think we can setup passive income in crypto

1 pointcuthanh4 comments

I do see lots of finance product in crypto, swapping, lending, yield farming,... Do you think it is good channel for passive income? And what is your criteria for setting it up?

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During the pandemic I realized that I needed a new hobby and I decided that I wanted to check this crypto stuff an set me the goal of seeing how much I could make without spending a single cent. After a year of adventures I came to some conclusions. First, the crypto space today for retailers (you and me) is basically pure gambling. Second, institutions see in crypto a potential for a quick buck out of naive investors. Third, I strongly believe that bitcoin will be universally adopted perhaps within a decade. So if you want to gamble in crypto I recommend: only an amount you can afford to lose and only in bitcoin. The rest is noise. I got some free crypto out of airdrops, kyc protocols, brave, crypto faucets, etc. and it went all down the drain

when I tried swapping, lending ,farming and all other "crypto finance" products. After 2 years, I have now about 200 USD in bitcoin. I estimate that I lost about 1000 USD with all my experiments (wonderland hit me hard). My main income came from presearch, brave and fractal protocol which allowed me to get a small passive income doing basically nothing.

From my short experience of 3 years (ending last year), the answer is NO. I "invested" (invest is a strong word here, I would say) in initial coin offerings, in old "established" coins, in other crypto as-sets. Fortunately, I did this with small amounts of money, so the losses were not astronomical. But never the less, it was a PURE GAMBLING! I would have spent better time (and who knows, maybe better luck) in a casino. I wouldn't recommend this.

If you want a passive income, consider something else. Now I sell stuff online in the weekends and in parallel to my day job, and I am quite happy from what small I make extra.

I think 99% of crypto is a massive scam, steer clear.

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