I don't particularly like cryptocurrency. It's clear that the utopian vision has not panned out: these aren't currencies, they're securities.
But seeing people lose their life savings is just sad. I completely understand people's rationale for taking the crypto bait. Many people bought into something that they didn't understand, motivated by the "standard" financial system failing them completely.
"I put my life savings in because I trusted you. Putting good yield on binance for locked period, now that billions of dolar have been locked this happens and thats the day before my locked period is over. now i put two stakes of max 30.000$ =60.000$ an thats my life savings ... I feel terible now. I really hope you can understand, I trusted you. No one is telling me now what is going on. I took a loss,my life is ruined"
Another
"please hear me Do kwon tell me everything will be okay if I just keep DCA Luna is not going anywhere it was my choice. I spent two years putting everything I had into it and my family and I suffered because of it and I have a few hundred left I'm not selling. Just give me hope"
Another
"Too late, everything built up, from 15k invested to 75k, to 45k end of last week to final 0 today and a fkin credit card debt for the final roll of the dice, no bear market DCA for me now fk"
Another
"I lost everything my apartment my house my money everything is gone someone help me"
This isn't joyful to watch, it's sad. As it turns out, the return on cryptocurrency isn't good, when you factor in the risk. The biggest bummer about this is that it was entirely preventable: we have an existing framework of securities regulation, created when all of this (suicides included!) happened with traditional financial instruments 100 years ago in 1929.
But seeing people lose their life savings is just sad. I completely understand people's rationale for taking the crypto bait. Many people bought into something that they didn't understand, motivated by the "standard" financial system failing them completely.
Read some of the replies to this status: https://twitter.com/stablekwon/status/1524164780189126657
"I put my life savings in because I trusted you. Putting good yield on binance for locked period, now that billions of dolar have been locked this happens and thats the day before my locked period is over. now i put two stakes of max 30.000$ =60.000$ an thats my life savings ... I feel terible now. I really hope you can understand, I trusted you. No one is telling me now what is going on. I took a loss,my life is ruined"
Another
"please hear me Do kwon tell me everything will be okay if I just keep DCA Luna is not going anywhere it was my choice. I spent two years putting everything I had into it and my family and I suffered because of it and I have a few hundred left I'm not selling. Just give me hope"
Another
"Too late, everything built up, from 15k invested to 75k, to 45k end of last week to final 0 today and a fkin credit card debt for the final roll of the dice, no bear market DCA for me now fk"
Another
"I lost everything my apartment my house my money everything is gone someone help me"
This isn't joyful to watch, it's sad. As it turns out, the return on cryptocurrency isn't good, when you factor in the risk. The biggest bummer about this is that it was entirely preventable: we have an existing framework of securities regulation, created when all of this (suicides included!) happened with traditional financial instruments 100 years ago in 1929.