Quote:
Originally Posted by theskillzdatklls
Crazy to me that everyone here on 2p2 isn't a millionaire from crypto.
How asleep at the wheel did you have to be?
Are you being facetious?
I think this 560,000-member forum is a lot more heterogenous than you assume. People of all ages, from all parts of the world, with varied educational and work backgrounds and financial literacy and obligations. Even their poker experience and success (or lack thereof) probably run the gamut: different games, different modes (live vs. online, tournament vs. cash), vastly different stakes (from $0.01/$0.02 online to nosebleeds live), and widely varying win rates. Some of them own companies and/or real estate and are diligently saving and investing; others are living in their cars and scrounging for a stake or loan to play on.
I can think of three big reasons why a 2p2er would not invest in crypto at all, much less make $1 million doing so:
1. Whether they're employed or not, they have numerous debts (house payments, car payments, student loans, credit cards, unpaid taxes, friends and family, fellow poker players, loan sharks) and no extra money to invest in anything. Their net worth is negative.
2. They have already achieved wealth through a traditional, conservative path (work a high-paying job for three or four decades, buy a house and watch it steadily appreciate in value, make regular contributions to a 401K or IRA) and have no desire or need to start investing in super risky and volatile assets to be set for life financially.
3. They've heard the arguments in favor of crypto, but they've also heard the arguments against it, and they're understandably wary (case in point: rickroll).
Even those 2p2ers who did decide to invest in crypto might have (a) sold for a small profit and missed out on much larger future gains, (b) FOMO'ed in near the top of a bull market and later sold their holdings at a loss, or (c) gone all in on leverage or DeFi or one of the many exchanges/lending platforms that failed in 2022 and gotten burned.
I started investing in crypto in 2017 and am doing extremely well right now. But I would not recommend crypto to anyone who wasn't fascinated by it or passionate about it AND willing to spend a significant amount of time studying it. It's too volatile for most people to handle, and there are too many pitfalls that lead too many investors to get rekt.
I think it's far more likely that one will lose money investing in crypto than become a millionaire doing so, just as it's far more likely that one will lose money playing poker than win a WSOP bracelet—even if that person does browse this forum.
