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These are kinda different. For Bitcoin this is about it gaining mainstream recognition, in a way it still is not recognized, since some countries want to ban i
by speeder 5y ago
These are kinda different.
For Bitcoin this is about it gaining mainstream recognition, in a way it still is not recognized, since some countries want to ban it, in others it is unregulated and so on.
But for 1929 is about when even people that normally wouldn't be investing, think they are good investors because they are investing and getting impressive returns, it means the stock market is overheated, and more sensible investments are not giving enough returns.
That said we are in a 1929 situation right now, in my opinion, not only stocks keep rising, but seeing even meme cryptos skyrocketing, a rise in employment in cassinos bigger than employment in production (according to jobs data in US), and seeing people that can't pay their own expenses properly "investing", makes me think something is seriously wrong with the economy, not just in US mind you, I am seeing in other countries a rapid proliferation of investment advice online courses and coaches, rapid gains in questionable investments, a rise in popularity of scams and pyramid schemes, basically people want to save, can't figure out how to save, and are burning money in the cheapest options (meanwhile a good choice would be buy land for example, but despite me being in the top 5% richest in my country, I can't afford any, at all! I live in a "projects" style rented apartment and despite me wanting to actually farm, all my income is going in paying the ever increasing food, medicine and rent costs! I can't afford buying property, much less electronics, toys, etc... that would move the economy beyond the bare mininum).
- nullc 5y agoPeople are exchanging their dollars for dog money: https://www.youtube.com/watch?v=cbI31x3FpS0 https://www.youtube.com/watch?v=cbI31x3FpS0
- mdoms 5y agoJesus fucking Christ that's a stupid annoying video.
- CrazyPyroLinux 5y agoI knew what this was before even clicking. Remy is the best!
- slg 5y agoThe point of this ad is not "use Bitcoin as a currency" it is "buy Bitcoin as an investment". This really is about "people that normally wouldn't be investing, think they are good investors because they are investing and getting impressive returns".
- user-the-name 5y agoThey are absolutely, exactly the same. What you describe applies exactly to bitcoin, if not even more so.
- leppr 5y agoI'll reference a previous related comment of mine to avoid rewriting everything here [1]. In short, the root cause behind everything you're talking about is low interest rates and money supply inflation. Rich people have been on an asset buying spree (primarily real estate but not only) by borrowing at close to 0 interest, which makes ownership of those assets more and more out of reach from everyone else as they bid each other up. 'Coincidentally', the world happened to be in lockdown during the bulk of this money printing, limiting inflation in consumption goods and making this transfer of wealth stay outside the zeitgeist. The gambling craze among the lower classes is the tail-end of that. [1]: https://news.ycombinator.com/item?id=26885100 https://news.ycombinator.com/item?id=26885100