"Anyone who thought there could possibly be a 6.5% riskless (or even low risk) return in 2022 conjures an old saying - 'a fool and his money.'"
"I feel sorry for them, but yet I'm not sympathetic. Some people took their life savings into a casino and bet it all. Jeez.... The fact that people are millions 'investing' in so called cryptocurrencies tells us that we have a woefully inadequate financially educated populace. Using real money to buy fake money has got to be the most obvious con in history. And yet here we are."
From the top-rated comment on "Ordinary Investors Who Jumped Into Crypto Are Saying: Now What?/Many small investors who piled into cryptocurrencies on FTX, BlockFi and other platforms are recognizing the perils of investing in an unregulated industry" (NYT).
The article begins with an anecdote about "a 43-year-old father of two [who] put $600,000 — much of his life savings — into an account at BlockFi" because it was "marketed... as risk free, yielding 6.5 percent interest, more than [he] could get anywhere else."
As they say: If it's too good to be true, it probably is.
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