Hopefully no WO peops got caught here, we have always warned NYK in these here parts and I specifically remember the gemini lending questions in here.
I hope so too, although, over the years I've found myself becoming more desensitized and cynical when it comes to the handling of BTC. I see the loss of coins due to FTX, Celsius, Luna, now Gemini, as a kind of filtering mechanism, a "survival of the fittest" type thing. Maybe even a "good" thing. In the end, it's impossible to stop it from happening. There will always be shitcoiners and those who are greedy enough to lend their BTC to companies for profit. And there will always be SBFs and FTXs, that take advantage of coiners' ignorance and greed. Cruel and insensitive as I may sound, I won't feel sorry for those who lose their coins that way.
I can have sympathy for various kinds of normies who may well have been lured into these kinds of products, and perhaps even considering that some of them might have been somewhat safe way to earn yields on your bitcoin.
Let me try to describe a normie who may well be in his mid-30s currently (so maybe born mid 80s), and feeling as if s/he is not making enough progress towards getting to entry level fuck you status and/or beyond...
So prior to his early 20s he might not have invested very much, and maybe started to dabble in investments in his early 20s, and by the time, he heard about bitcoin in his late 20s or early 30s in 2016 or so, he was not exactly lured directly to bitcoin, so maybe he dabbled in ICOs and shitcoins too.. and maybe by the time that we are getting close to 2018/2019, s/he has an income of about $48k per year, and maybe he can invest about $250 per week, yet his 2019 investment portfolio that is a combination of bitcoin and shitcoins and maybe s/he is ONLY coming around to learning about sticking with bitcoin ONLY, but the reality of the matter is that s/he is ONLY at about 20 bitcoins with all the time that s/he spent investing, so s/he believes that s/he has to earn yield because s/he heard that current entry-level fuck you status would be about 80 to 100 BTC, and s/he thinks that s/he might not be able to get there.. in terms of the BTC price going up or that his/her BTC stash might have to go up. So largely s/he becomes impatient with how fast s/he is making progress.
Don't get me wrong, I am not completely feeling sorry for this guy/gal that does not seem to be able to get his/her financial and/or mental shit together and to be more methodical and not to get lured into yield products, and maybe someone in their mid-30s with the equivalent of 20 BTC is in a pretty damned good place in terms of getting to entry level fuck you status, yet I can see how and why such hypothetical person might both get anxious and also consider that it is better to put his/her money to work by earning yield.. and maybe slowly these kinds of people are coming over to bitcoin and getting away from those kinds of yield products, because they realize that it is better to have control over their value (not getting rug-pulled) and it still might not be a bad thing to get to entry-level fuck you status in your mid-40s or even early 50s if you can be methodical, prudent, practical and patient about it, but it can be really tempting for normies to want to rush these kinds of matters to try to earn yield and not even realize the level of risks that they are taking by handing their money over to degenerate gamblers merely so they can earn 4% or 8% APY or whatever on their bitcoin.
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