News for hackers. Stuff that matters.

A comment on FTX to file for U.S. bankruptcy, CEO resigns. Parent comment

Re:FTX to file for U.S. bankruptcy, CEO resigns by jmathai on Friday November 11, 2022 @01:01PM (#33564270)
You would be surprised how easy it is for people to get sucked into a crypto bubble vortex that makes you feel like you're missing out big time by not being invested in crypto.

I was pretty heavily involved in the personal finance community on Twitter and there's two camps.

1) VTSAX and chill (basically dump money into an ETF and forget about it) 2) Moar passive income by side hustles and crypto

The latter became more and more common and ultimately drowned out the former. I believe it's because the market was doing so well that folks' risk meter just wasn't registering.

Probably the same reason why people choose to get into MLMs.

[ Parent | on HN ]
Re:FTX to file for U.S. bankruptcy, CEO resigns by paganel on Friday November 11, 2022 @07:00PM (#33568428)
> well that folks' risk meter just wasn't registering.

That's because they were probably still in school back in 2008. I remember the days of late October 2008 like it was yesterday, and back then I was a no-name computer programmer working for an independent mortgage broker, not a big finance schmuck from Wall Street.

[ Parent | on HN ]