The stock market is basically a casino where you’re allowed to bet on the house. Amazingly, instead of betting on the house people still go all-in on their favorite roulette numbers because of dank memes.
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There are plenty of use cases in crypto if you bother to look around, but maybe the most under-appreciated one is right here on display in the last 10-15 posts: Put it simply, it feels a lot better to be involved in crypto surrounded by people who are having fun, making money, and building things, than it is to be involved in progressive politics for instance surrounded by NotBruce types who hate everything and everyone.
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If you want to lol at the inherent absurdity of crypto decentralization all you have to do is remember that the internet is a physical thing which occupies actual geographic space and is privately owned by a small number of companies whose existence is protected by governments with guns.
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There are legit arguments against crypto. It’s just that often it seems people are working backwards - they start with hating crypto and try to fill in the reasons why it’s stupid/bad. You see this all the time when people trot out one argument, only for it to be refuted and then immediately just pivot to a different argument for why crypto is bad.
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I mean, it’s “bad” because it uses outrageous amounts of energy. Less problematically, it is also bad because fraudsters are taking advantage of stupid people while advancing idiotic and harmful libertarian ideology.
Separately, it is a stupid thing to buy.
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This is sort of where I’m at. Own zero crypto. Very little FOMO because I can’t realistically claim I would’ve gotten in at the true ground floor (let’s call that <$1000). I suspect I could have realistically gotten in around $5-10K, but as a classic index fund long-term investor, there’s no way I would ever dump a significant portion of my net worth/savings into BTC, and therefore even a quadrupling/quintupling of BTC wouldn’t be life-changing (don’t get me wrong - it would be pretty nice), and would probably be an exit point to take winnings off the table and revert back to all index funds.
I wonder if there are parallels between crypto hate and Republicans discomfort with watching the world change.
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I might have more sour grapes if the stock market hadn’t been on such a crazygood run for the past decade.
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Pro tip: you don’t have to listen to any of the annoying yambags involved with crypto to print free money and have fun. It’s impossible to keep up with everything that goes on just in our NFT discord let alone having time to follow a bunch of insufferable ancap Twitter muppets.
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how
Buy low, sell high.
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if you think stonks are bad for economic inequality, crypto is at least 10x worse.
I don’t really think stonks themselves are. I think corporations are. And again I think crypto and NFTs are fundamentally dumb(even though I enjoy them and have made money on them). But no dumber than the poker boom, fantasy sports, TSLA, etc.
I enjoy watching the spectacle from the sidelines and lurking the Bitcoin reddits, though it does upset me when I see some dude say he’s “orangepilled” his gf into moving her entire 401k into crypto.
I dont think this is neccesarily true
It would be unlikely you ever got to 60K anyway. You would have sold when it dropped from 30 to 20 or whatever it was that happened a year and a half back
i somehow think everyone are wrong here in some capacity. that’s probably a me problem.
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But nothing is low anymore except for terrible shitcoins
I’m not sure. I’ve never sold stock investments when they’ve dropped, not sure I would have with BTC. Typically, I regret not buying more or accelerating buys. Perhaps if it dropped below my initial investment I would cut my losses and move on. It’s all hypothetical for now.
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