1/ I sold half my #bitcoin at $30, lost more in MtGox, btce, cryptsy & cryptopia as well as had a partner in a mining business disappear, losing all of my miners.
Survival advice for those in crypto who had big losses from Celsius, Luna, FTX & DeFi rug pull #ponzigeddon 2022:
@coinmamba As much as I agree with you they’d also have the resources and security to ‘hold’ that gold. Obviously crypto is much more practical but gold is not impossible when your net worth is in the billions.
@racheleesthinks Your writing is incredible. Does this mean you have zero exposure at all to Bitcoin? Also what are your favourite “asymmetric” high upside high downside alts? And Safe to assume you are intending to hold those for long term upside instead of swing trading on pumps
But, due to above reasons, my portfolio is heavily skewed toward those riskiest of “asymmetric” bets ($1 to reap $1000) on a tiny handful of altcoins that I believe have real utility potential. Of the major coins, I have very small exposure to Ethereum, Solana, and Polkadot.
Crypto is in the early adoption stage. So, it is going to be highly volatile for a while longer. Don’t think you can’t lose your shirt though. Let’s look at some very rough numbers.
Around 46M Americans own some form of crypto (106M is the global figure).
@imtheworstyep@MikeMcDonald89 Curious about this as well. Why straight into BTC instead of hanging on the sidelines for a bit if winter is indeed coming
@MikeMcDonald89 Thanks for answering. The ETH sell makes sense, but the rotation back into BTC still has me curious. If winter is starting, wouldn’t it be better to sit out for quite awhile? Or just a hedge?
I gotta thank everyone who discouraged me selling $ETH at $1900 but its finally time for me to leave. Still holding some but made my largest alt sale (and in turn largest $BTC purchase) ever today
@PrimordialAA@MazeOrBowie@PhilGalfond Investing in something you are consciously aware is garbage in hopes of a pump has real consequences sometimes. Hopefully the market sharpens up and less and less pump and dump garbage follows
Ok I want to frame this another way for poker community. 2 people are going to have a grudge match. Without asking him they send @PhilGalfond $10m as escrow assuming he will do it and use his name as the match escrow(promoting it). He doesn't like them. Is him keeping the $ fine?
@PrimordialAA@MazeOrBowie@PhilGalfond Just an all around shit spot. Hard line in the sand to completely deter people from using him isn’t the worst play. If the only risk is getting their coins immediately sent back to them no ones gonna be deterred from attempting to use him....
@PrimordialAA@MazeOrBowie@PhilGalfond Right I’d agree that’s optimal in theory. Tougher in practice when he gets gifted hundreds of scam coins all the time. Removing himself from every single one (and more get created every day) is very time consuming
@PrimordialAA@MazeOrBowie@PhilGalfond Yea I guess sending it back instantly (and making a public statement to deter future scammers) is the optimal play.
But doing nothing and encouraging more PnD creators to use him for legitimacy seems like the nut low option. Annoying spot because optics are almost always bad
@CryptoGiraffe3@MazeOrBowie@PhilGalfond Explain to me the difference. In my example people (without asking Galfond) send him $10m to use his name to promote their event. To me this is exactly what shiba creators did. In both cases I think they should tweet they are scammers/idiots and return $. Keeping $ seems bad
@PrimordialAA@MazeOrBowie@PhilGalfond There are other ways to burn coins without involving someone that wants nothing to do with your coins in the process. Whole situation sucks but responsibility is 100% on the shoulders of the shiba creators. Situation is not comparable to the Galfond one at all
@PrimordialAA@MazeOrBowie@PhilGalfond It’s not an ideal look. The optics are bad for sure, but when you send Vitalik a bunch of thinly veiled PnD coins he can do whatever he pleases with them. The alternative is them using his name for trust and legitimacy for what could be a blatant scam.