There's two camps here. On Crypto Twitter and Reddit, the space being ridden with scams and fraud is widely acknowledged and even accepted as part of the game. Some take it even as far as to congratulate the scammer, although most don't. There's also people actively researching and documenting scams, and doing good in warning people. But overall, one can say that this public outlet of crypto is very much aware. They know in what type of casino they're playing.
We won't ever hear of camp 2, the silent majority that bought into the scam and lost their money.
"just shaking my head that anyone thinks putting their life savings into an alt-coin has any chance of going well for them"
There actually is a chance that this goes VERY well for them, which is of course the fatal attraction. During a bull run you can buy almost any altcoin and it will rise with the tide of the crypto market as a whole. Watch Bitcoin's trajectory in a 1 minute chart and compare it with almost every other chart, it's nearly identical, because it's algorithmically traded.
You're still right though that you should only put in what you can afford to lose.
We won't ever hear of camp 2, the silent majority that bought into the scam and lost their money.
"just shaking my head that anyone thinks putting their life savings into an alt-coin has any chance of going well for them"
There actually is a chance that this goes VERY well for them, which is of course the fatal attraction. During a bull run you can buy almost any altcoin and it will rise with the tide of the crypto market as a whole. Watch Bitcoin's trajectory in a 1 minute chart and compare it with almost every other chart, it's nearly identical, because it's algorithmically traded.
You're still right though that you should only put in what you can afford to lose.