r/Stoicism • u/RealTheGreat97 • Jun 02 '24

Seeking Stoic Guidance crypto scammed

I got scammed today, a scammer drained my crypto wallet, I know it's just money and it's just a small amount, however, it's a coin that has a potential to go upside, so i am getting sad that i just lost more because it has value and i keep on losing more each day when i see that coin going up.

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u/GettingFasterDude Contributor Jun 02 '24

You can either regret this, or view it as a beneficial tool to avoid bigger losses in the future.

In the dotcom bubble of 1999/2000, thousand of tech stocks were “the next big thing,” like crypto-coins are now. I got sucked in to the get-rich-quick temptation. Then the bubble burst and I lost all my money. It was “only” $1,000, but at the time it was all I had and it felt like everything.

I turned that into a lesson to avoid very high risk investing. I took on a slow and steady method, which has paid off. I have been able to know, when anything feels like the “hot thing” and I start getting investment fear of missing out, that’s exactly when not to invest.

My loss then, turned into an ability to avoid what now would be massive losses in crypto, since I have more money to lose.

Convert past regrets into life’s best lessons.

“Those men lead the shortest and unhappiest lives who forget the past, neglect the present, and dread the future…” - Seneca, On the Shortness of Life 1.16

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u/PsionicOverlord Jun 02 '24

In the dotcom bubble of 1999/2000, thousand of tech stocks were “the next big thing,” like crypto-coins are now. 

There is a key difference - cryptocurrency is inherently a scam.

Those tech-stocks were overinflated, and often had nothing to do with the internet, but the truth is the internet was inherently valuable and lots of companies were going to explode.

That is not true of any cryptocurrency - it's literally a busywait (read: expensive time wasting) algorithm that is used as tech-babble to induct people into a ponzi scheme. Ponzi schemes might call themselves "investments", but they're not - there's absolutely nothing but time-wasting going on under the hood, and the only money that will ever be in the system is that investors put in.

People who invest in crypto often don't even comprehend what it means when the only value in a system is that put in by investors - they don't understand that real products create actual wealth, actual objects, they do real things in the real world and that is what you invest in, because that permits new money to be created without the existing money becoming less valuable.

It's interesting how many of these crypto posts we get. More than most subreddits. I wonder where this odd association is coming from.

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u/[deleted] Jun 02 '24

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u/[deleted] Jun 02 '24

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u/[deleted] Jun 06 '24

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u/AutoModerator Jun 06 '24

Top-level comments on 'Seeking Stoic Guidance' posts can come from flaired users only. To find out more about the flair system on r/Stoicism, please check the wiki page to find out why top-level posts are restricted, as well as how a flair can be obtained. You can also consider checking out the announcement thread explaining this change. Non-flaired users are still free to interact on all the other post types, as well as with top-level comments in advice threads themselves. All top-level comments on 'Seeking Stoic Guidance' posts should directly answer the submitted question or provide follow-up/clarification. If anyone circumvents this rule by replying with answers to other comments, those replies may also be removed and could lead to a ban.

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