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0 pointshmate93y ago0 comments

They had the best API offering so that’s where I started with small funds. Ramped it up to a great significant amount. Didn’t see any early signs that I should withdraw. They’ve raised billions, they’re making millions daily from fees, CEO is looking to donate a billion dollars to politicians etc.

I truly underestimated human greed where making 7 figures of profit A DAY is not enough and you still gamble with user funds.

Luckily I’m still young enough and don’t have a family and I am confident I can rebuild but man, it definitely stings.

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WXLCKNO3y ago

> I truly underestimated human greed where making 7 figures of profit A DAY is not enough and you still gamble with user funds.

This is the mind boggling part to me and many others like you. How do you mess up this bad when you were on top of the world and a billionare before age 30? Was it really not enough?

Not sure which exchanges are sane anymore these days, you can rule out pretty much anything with it's own token as being too high risk, including Binance. Coinbase went too big too fast and we saw extreme greed with them going public. Kraken seem cautious overall, taking fewer risks and doing things the right way?

Hard to say for sure.

jasonwatkinspdx3y ago

My personal crackpot theory is a lot of these people become addicted to the gamble, so following a simple sure thing plan is actually a huge turn off for them. I definitely think you see this in Elon's recent behavior, where even if he ultimately took the same strategic actions, just a tiny bit of restraint in the execution would save him vast sums of money and headache.

chucksmash3y ago

FWIW, the only exchanges allowed to do business with NY residents are (were?) Coinbase and Gemini. Perhaps worth looking at what the barrier to doing business is there. As other exchanges go toes up, it makes me think whatever it was might have been more useful than the kneejerk "ugh, probably some stupid government paperwork" one might first be tempted toward.

w1nst0nsm1th3y ago

> Didn't see any early signs that I should withdraw...

  - Double Tops btc in november 2021. 

  - Interest rates at record lows worldwide.

  - Early signs of inflation > Rumors of fed raising interest rates & rumors of quantitative tightening.

  - End of covid checks and government bailouts.

I suggest, at the very least, "Psychology of Finance" by Lars Tvede and "History of Financial Speculation" by kindleberger if you want to continue your journey in investing.

I also suggest you reading Financial Times and especially its comment section which is often more insightfull than articles themself... WSJ optional, but its comments section is trash (politicaly and economically very biased). > google bypass firewall.

I also suggest you to disconnect completelly from "assets" built and backed by hashed numbers (once you read "History of Financial Speculation", it will become clear).

MacsHeadroom3y ago

These aren't reasons to withdraw from a brokerage, particularly if you're using it to short the market.

sbierwagen3y ago

Ah, the problem of shorting. Something goes down 20%, you make money. Something goes down 100%, you are theoretically supposed to make a lot of money, but instead your counterparty blows up and you lose everything.

sgt1013y ago

I'm genuinely sorry for you, but impressed by your attitude.

Good luck.

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