this post was submitted on 01 Jun 2025
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I had an acquaintance ask me about my opinion on crypto a few years ago and I explained it only has the perceived value and is highly volatile as a result, and that all but a few coins were basically rug pulls waiting to happen. He was satisfied with that and moved on. About a year later crypto had roughly doubled in value and he gave me shit about bad advice (it was an opinion not investment advice) and proceeded to move $10k into some coin I'd never heard of. About a month later a mutual friend said the other guy had lost like $8k of his $10k investment. Next time I saw the acquaintance there was no mention of crypto.
Yeah, it's like those people who fall for ads where people get rich going to the casino.
LOL they love to parade around the 1/10,000 winners and make them spokespeople for the casino for a week.
It is the way all lottery works.
You are more likely to be hit by lightning than to win the lottery. Yet people believe they will win every time.
i notice that is usually conservatives that buys into the scam, and the ones that peddle it too.
If you did give them advice, would it be different?
The problem is this person was looking at the market as a whole and then investing in some niche coin. At this point any coin that's not well-established is mostly likely pure grift.
Right, why invest in a rug pull coin when I can invest in an ETF of all the rug pull coins!
Bitcoin is the only crypto that has been approved by the SEC to be included in ETFs. So far.
Slight correction, seen that Ethereum was also approved to be included in ETFs
Oh, I completely forgot about that. Speaking out my ass. Thanks.
So you're saying there's a chance? Heh heh heh... Only a matter of time.
There are definitely elements of this administration that want to see their particular shitcoin approved. We'll see. It was quite the epic legal battle to even get bitcoin through that door. The SEC has rules for financial fundamentals that bitcoin legitimately met, which other coins would have a much harder time proving. But, this is the anything goes administration...
edit - See other user's comment noting that actually Etherium was also approved for use as a security last year.