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A comment on Shorting Tether for Fun and Profit. Parent comment

Re:Shorting Tether for Fun and Profit by RestlessMind on Monday January 09, 2023 @12:02AM (#34306955)
Counterintuitively, the person making $300K/yr can just keep buying SPX every paycheck for the next 10-15 years and have a very cushy upper middle class lifestyle with a nice nest egg. For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty. More so if that someone is making only a few dollars per day in a despot regime with weak currency management; then crypto* is truly a rare lifeline for them.

* I only trust BTC. There are some noteworthy projects like Ethereum who have earned benefit of doubt, but its better to stay away from rando shitcoins. Also stay away from centralized exchanges (Binance, FTX and the likes).

[ Parent | on HN ]
Re:Shorting Tether for Fun and Profit by MuffinFlavored on Monday January 09, 2023 @08:58AM (#34310353)
> For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty.

Or help keep them there as they keep getting "scammed" out of their money.

Think about $15/hr people who bought anything other than Bitcoin when Bitcoin was at $60k+

Crypto has most likely been harmful for a bunch of lower class people.

[ Parent | on HN ]
Re:Shorting Tether for Fun and Profit by RestlessMind on Monday January 09, 2023 @01:23PM (#34313913)
> Think about $15/hr people

Actually let's think about them. What could they buy in Q4 2021 (when BTC was 60k+)? If they were in the US, then probably some random stocks or some index fund, which has gone down in value (-20% for S&P, to -65-70% for "blue chip" ones like TSLA or META). Definitely not real estate. And forget about commodities.

Outside the US? I'd wager similar scene in other advanced economies. I don't even know what good options they have in developing markets.

Even today, I'd wager that BTC* will have a better outcome than S&P over the next 10 years.

*to me, BTC is the only reputable crypto. ETH, if you understand how it works. Forget about everything else.

[ Parent | on HN ]