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This was hilarious and well-written. I've become extremely alarmed at the number of completely non-technical people who don't know anything about how cryptocur
by JPKab 6y ago
This was hilarious and well-written.
I've become extremely alarmed at the number of completely non-technical people who don't know anything about how cryptocurrency works getting extremely into it via YouTube click holes. It's obvious that these NFTs are capitalizing on it.
A guy I ran into at the hardware store today was talking to me and he didn't understand the concept of a cryptocurrency that has a stable value so that it can be used as a means of exchange.
He's an airline pilot and he just has tens of thousands of dollars invested in various crypto things that he heard about on YouTube and he's made a ton of money on it..
It was eerily reminiscent of conversations I had with people flipping houses in 2006.
- chadcmulligan 6y agoThanks for the compliment - I'd like to think he would agree.
- nicbou 6y agoEvery single male friend of mine is talking about crypto. I am so tired of this topic. That and Tesla.
- epx 6y agoI avoid the subject since a friend insisted on taking about Bitcoin with me during the funeral of HIS mother.
- secabeen 6y ago> He's an airline pilot and he just has tens of thousands of dollars invested in various crypto things that he heard about on YouTube and he's made a ton of money on it. "made a ton of money on it." Until he has sold those assets and turned them into a major, stable currently like USD in his bank account or a diversified collection of other assets, they are as reliable a store of value as Enron stock was in July of 2000.
- Puts 6y agoIsn't it interesting though that the people who don't have the technical understanding of why most cryptocurrencies at the core are unsustainable, just as the housing market was in 2006 are still the ones making money on it? When betting in any market understanding people and psychology seems to be more important than understanding the product.
- justincormack 6y agoNo, the price is going up, everyone on average is making money. In a bubble everyone tends to think they are very well informed and investing rationally and getting the psychology right.
- quattrofan 6y ago"why most cryptocurrencies at the core are unsustainable" would you care to elaborate on such a sweeping statement?
- deleted 6y ago[deleted]
- Nursie 6y agoIt's also currently reminding me of the second-life land rushes from about that time.