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I am worried for the US economy. Dogecoin, a meme and joke, went from a quarter of a cent last year to 66 cents today. And the second most popular job in tod

I am worried for the US economy. Dogecoin, a meme and joke, went from a quarter of a cent last year to 66 cents today. And the second most popular job in today payrolls were Casino workers, at an staggering 72k people. Something must be seriously wrong when people think it is wise to dump money on memes and casinos!

nimos 5y ago
I think the unaffordability of housing is a driver of this. At the rate prices increase saving a couple grand a year is basically pointless so might as well yolo on some crypto/gambling on the off chance of making it big. It's not entirely illogical either if you assume the marginal utility of money is discontinuous and there is a jumps around at certain thresholds such as being able to afford a reasonable home.
- imtringued 5y ago
  I wonder how inflexible this demand is, what if it's a checkbox that almost every human wants to check? Maybe not for their entire life, but at least until the kids move out. It is entirely possible that cheap financing results in higher down payments which in the end actually fuels a savings craze that drags inflation down. I also suspect that over the long term a lot of products are going down in price and housing costs like rents are dragging the CPI up.
intergalplan 5y ago
Sure looks like capital chasing returns in the face of weak—or at least insufficient, for the amount of capital available—demand.
RC_ITR 5y ago
Or, and hear me out here, the reason casinos posted some of the highest gains in this report is because they are just now reopening.
BitwiseFool 5y ago
"What else is there to do but gamble?"
f6v 5y ago
Check this out [0]. There's just many rich. And those who buy dogecoin want to join the ranks. [0] https://en.wikipedia.org/wiki/List_of_countries_by_the_number_of_millionaires#Countries_by_number_of_Millionaires https://en.wikipedia.org/wiki/List_of_countries_by_the_numbe...
- AndrewGaspar 5y ago
  Most millionaires don't get that way and stay that way by YOLO'ing it all on meme stocks.
- Sebb767 5y ago
  Well, not all of those millionaires are "insanely rich", as in "having a million dollars fluid", but are upper middle class and have some ground or something similarly worthwile. I know quite a few millionaires, but many of these are just farmers or owners of a flat in or near a major city. They surely don't live a bad live, but they don't have thousands to pour in dogecoin or casinos. My point is, take these numbers with a grain of salt.
  - 3pt14159 5y ago
    I'm actually surprised at how low those numbers are. Only 1322 millionaires in Canada? Really? I know most people get a mortgage, but there are a ton of houses in Toronto and Vancouver that are over $1m.
    - Sebb767 5y ago
      The numbers are in thousands, so it's 1.3 million ;)
- deleted 5y ago
  [deleted]
reedjosh 5y ago
> Dogecoin, a meme and joke, went from a quarter of a cent last year to 66 cents today. Initially, from what I read about Dogecoin, I thought Dogecoin was an inflationary junk coin since it produces 5billion tokens per year. However, in considering the total supply, this is a lesser inflationary rate (not CPI--just creation) than the USD since this works out to around 4% anually. I do still think Doge is a poor currency, but I don't see it being much worse (I cringe writing this knowing I'll be blown up) than fiat dollars other than major acceptance. Either way I completely agree. Something is wrong.
paxys 5y ago
72k workers is not "staggering" by any means.
- speeder 5y ago
  To me it is considering casino is illegal in most of US. So it is 72k people concentrated in few places in a highly restricted industry
deleted 5y ago
[deleted]

nimos 5y ago

I think the unaffordability of housing is a driver of this. At the rate prices increase saving a couple grand a year is basically pointless so might as well yolo on some crypto/gambling on the off chance of making it big. It's not entirely illogical either if you assume the marginal utility of money is discontinuous and there is a jumps around at certain thresholds such as being able to afford a reasonable home.

imtringued 5y ago
I wonder how inflexible this demand is, what if it's a checkbox that almost every human wants to check? Maybe not for their entire life, but at least until the kids move out. It is entirely possible that cheap financing results in higher down payments which in the end actually fuels a savings craze that drags inflation down. I also suspect that over the long term a lot of products are going down in price and housing costs like rents are dragging the CPI up.

intergalplan 5y ago

Sure looks like capital chasing returns in the face of weak—or at least insufficient, for the amount of capital available—demand.

RC_ITR 5y ago

Or, and hear me out here, the reason casinos posted some of the highest gains in this report is because they are just now reopening.

BitwiseFool 5y ago

"What else is there to do but gamble?"

f6v 5y ago

Check this out [0]. There's just many rich. And those who buy dogecoin want to join the ranks. [0] https://en.wikipedia.org/wiki/List_of_countries_by_the_number_of_millionaires#Countries_by_number_of_Millionaires https://en.wikipedia.org/wiki/List_of_countries_by_the_numbe...

AndrewGaspar 5y ago
Most millionaires don't get that way and stay that way by YOLO'ing it all on meme stocks.
Sebb767 5y ago
Well, not all of those millionaires are "insanely rich", as in "having a million dollars fluid", but are upper middle class and have some ground or something similarly worthwile. I know quite a few millionaires, but many of these are just farmers or owners of a flat in or near a major city. They surely don't live a bad live, but they don't have thousands to pour in dogecoin or casinos. My point is, take these numbers with a grain of salt.
- 3pt14159 5y ago
  I'm actually surprised at how low those numbers are. Only 1322 millionaires in Canada? Really? I know most people get a mortgage, but there are a ton of houses in Toronto and Vancouver that are over $1m.
  - Sebb767 5y ago
    The numbers are in thousands, so it's 1.3 million ;)
deleted 5y ago
[deleted]

reedjosh 5y ago

> Dogecoin, a meme and joke, went from a quarter of a cent last year to 66 cents today. Initially, from what I read about Dogecoin, I thought Dogecoin was an inflationary junk coin since it produces 5billion tokens per year. However, in considering the total supply, this is a lesser inflationary rate (not CPI--just creation) than the USD since this works out to around 4% anually. I do still think Doge is a poor currency, but I don't see it being much worse (I cringe writing this knowing I'll be blown up) than fiat dollars other than major acceptance. Either way I completely agree. Something is wrong.

paxys 5y ago

72k workers is not "staggering" by any means.

speeder 5y ago
To me it is considering casino is illegal in most of US. So it is 72k people concentrated in few places in a highly restricted industry

deleted 5y ago

[deleted]