I’m not your mother, I’m not your priest, I’m not Gary Gensler.
I’m not saying you shouldn’t gamble with 50x leverage on illiquid altcoins on centralized crypto exchanges. Because in 2025 you will be an adult and can gamble on anything you want to gamble on.
But I have one piece of advice. You are free to accept it or ignore it.
(I hope you receive it.)
Use your money to gamble. Don’t gamble with your future.
If you like speculating in cryptocurrencies, do so with an amount you can afford to lose.
Because whether you believe CZ is cornering Wintermute (which it shouldn’t be), a technical glitch on Binance (shrug, who knows), or whether you believe Trump’s cronies are shorting the market (you’re right) Whether you believe that your guess is as good as mine (or one of the thousands of psychologically, structurally, or intentionally sinister accelerants that caused this epic $20 billion meltdown), all explanations have one thing in common.
Once it starts, there’s nothing you can do about it.
If you hold a long position with high leverage, it will be wiped out by chain liquidations. And before you can react, they do it.
I’ve been in this business for almost 10 years, and what was true when I started is still true today.
Leverage is gambling.
And as long as you do it with some awareness and restraint, that’s fine.
Casinos are fun! The casino is shiny! Casinos satisfy humans’ natural desire for risk without actually going out to hunt saber-toothed cats.
But would you walk into Bellagio and paint the house red?
Would you throw away your life’s savings in front of a dealer and withdraw $16?
It doesn’t matter just because it’s digital, sober, far away from flashing lights and slot horns, just because you *feel* like you have some control because you’re doing research and writing papers…
At the end of the day, the important thing is to play within your means.
enjoy. Spend a few bucks and go long whatever looks appealing.
But don’t bet your life on cryptocurrencies. Even today, there are many reasons why the market is not mature enough to handle ridiculous leverage.
And yesterday it was proven.
I’ll leave you with a few questions.
Should exchanges allow you to bet everything on highly risky bets? Should they be held responsible if their infrastructure cuts you off? Should your local regulators have put up sensible guardrails instead of abdicating responsibility and refusing to even acknowledge that we live in a different era than the one that produced Las Vegas?
All these questions aside, the fact is that you are still in control of your future. You are not a victim, you have agency. You can decide how much risk you want to take.
And once you’re ready to take that risk, take five minutes. Step away from your phone or computer and think about it. Is it really worth the risk? What happens if you play poorly?
These five minutes could save you years of data.
At Cointelegraph, we wish you all the best. Financially, mentally, and of course physically.
And if you survive this washout, good for you.
But let’s learn from it. Stay safe. If you leave your savings alone, your future will be more interesting and enjoyable.