When you’re already a millionaire but didn’t want to cash out because turns out you just liked riding the gambling high rather than treat it as a job.
Eh if you really believe in crypto it makes no sense to cash out, but every peak has shown that attitude of “this is when crypto will really go mainstream” was wrong.
I too am also a millionaire in money I can’t and won’t spend
Eh if you really believe in crypto it makes no sense
Yeah, which is why it’s a Ponzi scheme banking on poor people’s gambling addictions lol. Plenty of others have been duped into this shit since antiquity. MLM selling bored housewives Tupperware in the 1950s as if it was going to make them rich too. Stock is even more out of your hands unless you’re already multi-millionaire rich.
The stock market, crypto, all of it when treated as short term get rich schemes is no different than literal gambling.
https://www.gatewayfoundation.org/addiction-blog/day-trading-gambling/
https://www.investopedia.com/articles/basics/10/investing-or-gambling.asp
Even if you think it’s a terrible idea, that’s really not what Ponzi scheme means…
Look, hit me with the pedantic semantic hammer as much as you want. I’ve linked plenty of proof above likening it to both definitions lol.
It’s a legal pyramid scheme, ponzi scheme, whatever, when people at the bottom who put in can go literally bankrupt, while the people at the top reap 95% or more of the benefit while being COMPLETELY INSULATED from loss due to bailouts, other rich folk insuring losses, and ‘bankruptcy’ for corporations while C Suite execs still walk away with millions as long as it was a ‘good Faith’s’ investment.
Tried to fuck the rich out of their money though? They shut down trade sites, send you to jail for insider trading, meanwhile all they have to do is time their sellout on stocks a whopping 3-6 months in advance before they liquidate their company to get a max payout. All while they buy our politicians who have the LEGAL ability to inside trade…
That is a scheme where people at the bottom get fleeced for their money. Millions getting fucked by it with so many getting squalid benefits for essentially investing 1/4 their income for literally half their lives, only for the rich at the top to still make out with bank.
It’s a pyramid scheme. You can narrowly define what counts as a ponzi scheme as much as you want to try to avoid it, but it’s the truth.
It’s a legal ponzi scheme. As I’ve linked to with a multitude of sources making these direct comparisons with plenty of proof beyond concept.
https://www.investopedia.com/ask/answers/09/ponzi-vs-pyramid.asp
Well, it would be smart to cash part of it out and diversity your portfolio in case something happens.
Exactly. I hate this message that you should ride Bitcoin to the bottom because some day it’ll be worth a million. Cash is a position. When it’s low (and it always goes low) you can buy back in again. You effectively have more Bitcoin for the same invested cash.
There was a guy on 90 Day Fiance that was literally crying because he invested his life savings in crypto.
