What about diversification? The old saying “don’t put all your eggs in one basket” surely would have prevented the loss of this person’s entire life savings. Well, at least he is young and has time to recoup. I’d like to ask him if he would invest in crypto again.
I hear proponents of crypto say things like “I’m betting on the technology,”(with little training or experience in software engineering and cryptography) “it can’t be hacked,” and “it is more secure than government backed dollars.” This sounds similar to the lies sold to people regarding diamonds “diamonds are forever,” “diamonds are scarce,” and “diamonds are an investment.”
Ironically, the same government that backs currency is needed to rule in the favor of those who lost money playing the crypto game – an “I don’t need you until I do” type situation.
Software Engineer Loses Life Savings in Quadriga Imbroglio