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Comment by panarky | Hacker News Reader

People lose their shirts in crypto because they lose it, trade it, and sell too soon.

The only proven way to make a killing in crypto is to be physically prevented from losing it, trading it, or selling it for ten years.

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They only lose their shirts because its speculative gambling... They are scared the same way the person betting on red is.

You're describing anybody investing in anything (except those who cheat).

I like to distinguish investing from speculating. Investing is putting money into a business which actually makes money. Speculating is buying something because you think the price will go up.

investing is not just that. its putting money where you expect the business to make MORE money in the future. if they dont, you dont make money in the end.

It’s also not just that! theres no requirement for a business to be involved for it to be an investment (e.g Gov bonds)

sure. But when talking about stocks which is usually one of the main investment devices, its business related.

If the price does go up, did it "actually make money"?

Not necessarily.

> The only proven way to make a killing in crypto is to be physically prevented from losing it, trading it, or selling it for ten years.

Which is very well known in the crypto world with these two mantras:

    - "Not your keys, not your coins" (meaning one shouldn't trust anyone)

    - "HODL"   (aka "hold on to your coins")

The fear of losing is greater than the desire to win! So people trade or sell before a ten years timeframe.

This only reads that way looking back over a raising value. Look at a stock that goes to 0 and call the people that sold early fearful of losing,

When the stock/crypto goes up 100% people will gladly take their profits and go on with their lives, instead of waiting for even bigger profits.

When the stocks starts its fall towards 0 people will do incredible mental gymnastics, clinging to any shred of hope that things will turn around and they will revert their losses, so it takes them much more time to get out of the bad investment.

This is true in crypto, but not true in Bitcoin

And when crypto goes to 0?

Bitcoin will never go to $0 because if it ever got to $1 I'd buy all 21 million of them. And there are lots of people like me.

Not if the algorithm is cracked and the supply of bitcoin increases. It’s possible for bitcoin to go to zero. Shouldn’t happen, but it can.

The supply wouldn’t even be increasable if SHA256 is cracked

What is the most likely scenario in which you see Bitcoin changing hands for ~0 value, or I suppose not changing hands?

I transfer it to people on the slowest method for 1st borns baby shower. I used it on furniture at Overstock.com while they allowed it. I gamble with it. I have donated with it.

For me and probably many others, when expediency isn't an issue, BTC works great.

People want to get real money out of it.

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