All true, although I'm doing it for a long time and not getting rekt, because I understand the risks and I'm prepared for them.

For me it's better to take on a little risk in order not to pay taxes and not give away the upside.

The need to cover the risks is real though. There are more ways to do it, you can even have an option strategy to hedge the risk.

Here's a screenshot from a chapter of Cryptocurrencies - Hack your way to a better life table of content where I describe them in detail.