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I have a friend who’s a lawyer and seems smart by all accounts.

He debated me on why we need a managed monetary system and why hard money is bad for innovation for a week, then finally asked me for some bitcoin resources.

I learned a few months later that he bought some sort of index of cryptocurrencies and it wasn’t doing so well. When I asked if it contained any bitcoin allocation, he said “I have no clue”.

💀

davies 2y ago 💬 1

Oof. That's a typical example of knowing just enough to be dangerous. "I know, I'll buy an index of coins like the S&P to derisk"

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Discussion

burns 2y ago 💬 1

I’m thinking one of his pro-crypto friends got to him and convinced him there’s more value outside of bitcoin but then they couldn’t really name anything specific and told him just to get a basket of a bunch in case one moons.

davies 2y ago

Yep, I suspect so too. I'm seeing him again next week so will ask who conned him.