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That was my first thought. Not FTX related, but I just got another email from Coinbase reassuring me that they’re not gonna use customer funds without permissio

That was my first thought. Not FTX related, but I just got another email from Coinbase reassuring me that they’re not gonna use customer funds without permission. I have in the past moved my shit out of Coinbase wallets because of doubts about that. Honestly though I just want to GTFO of crypto at this point…

readthenotes1 4y ago
"at some point, you are the greater fool" "If you look around the table and can't see the chump, you are the chump"
perryizgr8 4y ago
> Coinbase reassuring me that they’re not gonna use customer funds without permission "Not gonna" is wildly different from "cannot". So are you sure they physically cannot use your funds? If that's not the case, their promise is worth just the price of sending that email to you.
lottin 4y ago
Get out, man. Learn investment theory. All you need is a couple of index funds and bonds. Investing isn't supposed to be exciting or make you rich quick.
- hello639 4y ago
  > All you need is a couple of index funds and bonds. Ah, spoken like a true middle class Boglehead. VTI/VOO will not change your life, even after 30 years. Broad market ETFs are not worth the risk. You’re better off doing bonds (little to no risk) or crypto (high risk, more likely for life-changing generational wealth compared, even compared to FAANG SWE TC).
  - MrBingley 4y ago
    > life-changing generational wealth By that measure, the people who had their life savings in FTX (and Celsius and Luna before that) have certainly succeeded. Investing in total-market index funds is the single best strategy for the average investor. (In fact it's so good there's a proof! [1]) If you invested $10000 in the total US market in 1992 (30 years ago) and never touched it again, your inflation-adjusted balance today would be $72452 [2]. That's an insane 7x of real growth that requires absolutely no effort on your part. Even if you did a more conservative mix of 60% stock and 40% bond (VBMFX) you would have 4.5x real growth. [1] https://web.stanford.edu/~wfsharpe/art/active/active.htm https://web.stanford.edu/~wfsharpe/art/active/active.htm [2] https://www.portfoliovisualizer.com/backtest-portfolio https://www.portfoliovisualizer.com/backtest-portfolio
    - boppo1 4y ago
      Does that study account for stocks that have dropped out of the index? Re-balancing fees? What about LIRP/ZIRP?
      - robbintt 4y ago
        I haven't read this study but the listed returns account for index rebalancing.
  - likecarter 4y ago
    Crypto is life-changing in the sense that you will probably lose all your money as (1) a complete speculation or (2) in a hack or (3) due to fraud.
  - 65 4y ago
    Crypto isn't actually an investment in anything. It's just speculation. With crypto you're not investing in anything that will produce a positive cash flow. Bonds and the stock market actually produce cash flow.
  - kweingar 4y ago
    Why not just bet it all on red and get your life-changing generational wealth without all the drama?
- fosk 4y ago
  And even there you can get access to options trading for quicker - and riskier - ways to make money using the traditional stock market. At least if you lose the money is not because somebody in the Bahamas decided it was time to retire earlier with your assets.

readthenotes1 4y ago

"at some point, you are the greater fool" "If you look around the table and can't see the chump, you are the chump"

perryizgr8 4y ago

> Coinbase reassuring me that they’re not gonna use customer funds without permission "Not gonna" is wildly different from "cannot". So are you sure they physically cannot use your funds? If that's not the case, their promise is worth just the price of sending that email to you.

lottin 4y ago

Get out, man. Learn investment theory. All you need is a couple of index funds and bonds. Investing isn't supposed to be exciting or make you rich quick.

hello639 4y ago
> All you need is a couple of index funds and bonds. Ah, spoken like a true middle class Boglehead. VTI/VOO will not change your life, even after 30 years. Broad market ETFs are not worth the risk. You’re better off doing bonds (little to no risk) or crypto (high risk, more likely for life-changing generational wealth compared, even compared to FAANG SWE TC).
- MrBingley 4y ago
  > life-changing generational wealth By that measure, the people who had their life savings in FTX (and Celsius and Luna before that) have certainly succeeded. Investing in total-market index funds is the single best strategy for the average investor. (In fact it's so good there's a proof! [1]) If you invested $10000 in the total US market in 1992 (30 years ago) and never touched it again, your inflation-adjusted balance today would be $72452 [2]. That's an insane 7x of real growth that requires absolutely no effort on your part. Even if you did a more conservative mix of 60% stock and 40% bond (VBMFX) you would have 4.5x real growth. [1] https://web.stanford.edu/~wfsharpe/art/active/active.htm https://web.stanford.edu/~wfsharpe/art/active/active.htm [2] https://www.portfoliovisualizer.com/backtest-portfolio https://www.portfoliovisualizer.com/backtest-portfolio
  - boppo1 4y ago
    Does that study account for stocks that have dropped out of the index? Re-balancing fees? What about LIRP/ZIRP?
    - robbintt 4y ago
      I haven't read this study but the listed returns account for index rebalancing.
- likecarter 4y ago
  Crypto is life-changing in the sense that you will probably lose all your money as (1) a complete speculation or (2) in a hack or (3) due to fraud.
- 65 4y ago
  Crypto isn't actually an investment in anything. It's just speculation. With crypto you're not investing in anything that will produce a positive cash flow. Bonds and the stock market actually produce cash flow.
- kweingar 4y ago
  Why not just bet it all on red and get your life-changing generational wealth without all the drama?
fosk 4y ago
And even there you can get access to options trading for quicker - and riskier - ways to make money using the traditional stock market. At least if you lose the money is not because somebody in the Bahamas decided it was time to retire earlier with your assets.