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What are you trying to say? - Business and work in general makes rich people richer. Remember that rich is very relative. You are a very wealthy person compare

What are you trying to say? - Business and work in general makes rich people richer. Remember that rich is very relative. You are a very wealthy person compared to a random person in some countryside in China. - Considering the previous point, are you saying that people who have some money should not do anything to make more money? Should they stay the same, or should they become poorer? What do you advocate to do this? Prevent them from working? Take money from them forcefully? All I hear from people in the crypto world is that you SHOULDN'T invest if you don't have money you're willing to lose. Crypto investment is a dream only for delusional people who want to get rich quick. If you do that then lose your money, you don't get to complain. You're free to choose, if you choose wrong, lose, and then not take responsibility for your choice and blame others, then you're truly a loser.

qeternity 5y ago
I’ll take issue with your last point. Many in crypto are evangelical about it, but follow up everything with a “DYOR” as if that absolves whatever their statement was. Michael Saylor, the most visible corporate Bitcoin warrior, advised people to mortgage their homes and borrow as much as they could to buy Bitcoin at the literal top of the market (to the day). The number of people in crypto who believe in a libertarian, anarcho-capitalist world are on the order of 0.01% - the millions of retail traders punting Dogecoin around are just trying to get rich and don’t give a damn about the tech or some greater cause. And that’s because that is how crypto is actually marketed to the masses.
- w4llstr33t 5y ago
  Michael Saylor did say that, it's true. I am posting this, which is the original video, since I see the other comments link to a reddit post which has a modified, sensationalized version: https://www.youtube.com/watch?v=XgqC5_eugJI&t=4470s https://www.youtube.com/watch?v=XgqC5_eugJI&t=4470s I take issue with him telling individuals to accrue debt to acquire Bitcoin (companies I have less of an issue taking debt on). That's also the least reasonable part of the interview though. I think overall he makes a lot of good points as to why Bitcoin makes sense in the majority of the interview. However, I'm not one of those crypto people that only looks at one side of this. Yes, sometimes ridiculous things are suggested, but there is some good to this technology, too.
- throwawayswede 5y ago
  Of course there will be people who try to scam others into it. But how is this different from anything else in life? The world of investment is susceptible to scammers who prey on people's emotions. This is not crypto or capitalism, this just human nature and we've learned to spot it unless we're blinded by something else, and if not, then shit happens, life is not fair. > The number of people in crypto who believe in a libertarian, anarcho-capitalist world are on the order of 0.01% Where do you get your numbers? > And that’s because that is how crypto is actually marketed to the masses. Again, I don't see anyone "marketing" for it. People should understand what they're working with before selling their houses and "investing it" in bitcoin ffs. If they do that then they're dumb!
  - JumpCrisscross 5y ago
    > how is this different from anything else in life? There is a high concentration of scamming around cryptos. There are the obvious thefts and frauds. But a good fraction of crypto businesses make their money pushing tokens in a manner remarkably similar to pump and dumps. That said, for the reasons described here (crypto being a wealth transfer to the wealthy), I think it is here to stay.
  - qeternity 5y ago
    > Of course there will be people who try to scam others into it. But how is this different from anything else in life? Because unlike everything else, crypto has been designed from the ground up such that society is unable to rectify the bad elements. > Again, I don't see anyone "marketing" for it. People should understand what they're working with before selling their houses and "investing it" in bitcoin ffs. If they do that then they're dumb! Aaaand there it is. A slightly longer form of “DYOR”. If you go around evangelizing something that turns out to be damaging, you’re not absolved of all responsibility simply because you add “not investment advice”. If people who promote crypto really didn’t intend it as investment advice, they wouldn’t say anything. The whole point is that maybe other people will pump your bags. And if it all goes sideways, then you can always point at “not investment advice” because the vast majority of promoters and traders don’t understand the first thing about what a blockchain is, much less “tokenomics” or smart contract code (and exploits). You may be an expert, and not in it to get rich quick. But you’re naive if you can’t see that the huge majority around you are in it for very different reasons.
- doggosphere 5y ago
  Lol he never said mortgage homes. You’re making that up.
  - xnyan 5y ago
    Video of him saying it: https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_mortgage_your_house_to_buy_bitcoin/ https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_...
  - qeternity 5y ago
    I wish I were making it up. Another comment has posted the video.
  - DonHopkins 5y ago
    If you don't even know how to google for something as easy to find as a recording of Michael Saylor saying "go mortgage your house and buy Bitcoin with it" that you confidently "lol" and falsely deny that he said it, then how can you possibly claim that YOU are even remotely qualified to "DYOR"? https://www.google.com/search?q=%22go+mortgage+your+house+and+buy+Bitcoin+with+it%22&oq=%22go+mortgage+your+house+and+buy+Bitcoin+with+it%22 https://www.google.com/search?q=%22go+mortgage+your+house+an... Yet you scoff at other people who don't bother to do THEIR own research. Without having done the slightest bit of research yourself about what you're proudly claiming in public. Most people are too intellectually lazy to do their own research, as you just proved. YOU are the one making stuff up. https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_mortgage_your_house_to_buy_bitcoin/ https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_... "Well Bitcoin's the best crypto asset. What's the second best? There is no second best. There is no second best crypto asset. There's a crypto asset that's called Bitcoin, right? Right. There is no second best, ok? But take all your money and buy Bitcoin. Then take all your time, figure out how to borrow money to buy more Bitcoin. Then take all your time and figure out what you can sell to buy Bitcoin. And if you absolutely love the thing that you don't want to sell it, GO MORTGAGE YOUR HOUSE AND BUY BITCOIN WITH IT. And if you've got a business that you love, because your family works for the business, because it's in your family for 37 years, and you can't bear to sell it, mortgage it, finance it, and convert the proceeds to the hardest money on earth, which is Bitcoin." -Michael Saylor Does that leave any wiggle room for misinterpretation? DYOR: He said it.
- sebzim4500 5y ago
  > advised people to mortgage their homes and borrow as much as they could to buy Bitcoin at the literal top of the market (to the day). Do you have a source for that? Because it's a pretty serious accusation to make.
  - joosters 5y ago
    https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_mortgage_your_house_to_buy_bitcoin/ https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_...

qeternity 5y ago

I’ll take issue with your last point. Many in crypto are evangelical about it, but follow up everything with a “DYOR” as if that absolves whatever their statement was. Michael Saylor, the most visible corporate Bitcoin warrior, advised people to mortgage their homes and borrow as much as they could to buy Bitcoin at the literal top of the market (to the day). The number of people in crypto who believe in a libertarian, anarcho-capitalist world are on the order of 0.01% - the millions of retail traders punting Dogecoin around are just trying to get rich and don’t give a damn about the tech or some greater cause. And that’s because that is how crypto is actually marketed to the masses.

w4llstr33t 5y ago
Michael Saylor did say that, it's true. I am posting this, which is the original video, since I see the other comments link to a reddit post which has a modified, sensationalized version: https://www.youtube.com/watch?v=XgqC5_eugJI&t=4470s https://www.youtube.com/watch?v=XgqC5_eugJI&t=4470s I take issue with him telling individuals to accrue debt to acquire Bitcoin (companies I have less of an issue taking debt on). That's also the least reasonable part of the interview though. I think overall he makes a lot of good points as to why Bitcoin makes sense in the majority of the interview. However, I'm not one of those crypto people that only looks at one side of this. Yes, sometimes ridiculous things are suggested, but there is some good to this technology, too.
throwawayswede 5y ago
Of course there will be people who try to scam others into it. But how is this different from anything else in life? The world of investment is susceptible to scammers who prey on people's emotions. This is not crypto or capitalism, this just human nature and we've learned to spot it unless we're blinded by something else, and if not, then shit happens, life is not fair. > The number of people in crypto who believe in a libertarian, anarcho-capitalist world are on the order of 0.01% Where do you get your numbers? > And that’s because that is how crypto is actually marketed to the masses. Again, I don't see anyone "marketing" for it. People should understand what they're working with before selling their houses and "investing it" in bitcoin ffs. If they do that then they're dumb!
- JumpCrisscross 5y ago
  > how is this different from anything else in life? There is a high concentration of scamming around cryptos. There are the obvious thefts and frauds. But a good fraction of crypto businesses make their money pushing tokens in a manner remarkably similar to pump and dumps. That said, for the reasons described here (crypto being a wealth transfer to the wealthy), I think it is here to stay.
- qeternity 5y ago
  > Of course there will be people who try to scam others into it. But how is this different from anything else in life? Because unlike everything else, crypto has been designed from the ground up such that society is unable to rectify the bad elements. > Again, I don't see anyone "marketing" for it. People should understand what they're working with before selling their houses and "investing it" in bitcoin ffs. If they do that then they're dumb! Aaaand there it is. A slightly longer form of “DYOR”. If you go around evangelizing something that turns out to be damaging, you’re not absolved of all responsibility simply because you add “not investment advice”. If people who promote crypto really didn’t intend it as investment advice, they wouldn’t say anything. The whole point is that maybe other people will pump your bags. And if it all goes sideways, then you can always point at “not investment advice” because the vast majority of promoters and traders don’t understand the first thing about what a blockchain is, much less “tokenomics” or smart contract code (and exploits). You may be an expert, and not in it to get rich quick. But you’re naive if you can’t see that the huge majority around you are in it for very different reasons.
doggosphere 5y ago
Lol he never said mortgage homes. You’re making that up.
- xnyan 5y ago
  Video of him saying it: https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_mortgage_your_house_to_buy_bitcoin/ https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_...
- qeternity 5y ago
  I wish I were making it up. Another comment has posted the video.
- DonHopkins 5y ago
  If you don't even know how to google for something as easy to find as a recording of Michael Saylor saying "go mortgage your house and buy Bitcoin with it" that you confidently "lol" and falsely deny that he said it, then how can you possibly claim that YOU are even remotely qualified to "DYOR"? https://www.google.com/search?q=%22go+mortgage+your+house+and+buy+Bitcoin+with+it%22&oq=%22go+mortgage+your+house+and+buy+Bitcoin+with+it%22 https://www.google.com/search?q=%22go+mortgage+your+house+an... Yet you scoff at other people who don't bother to do THEIR own research. Without having done the slightest bit of research yourself about what you're proudly claiming in public. Most people are too intellectually lazy to do their own research, as you just proved. YOU are the one making stuff up. https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_mortgage_your_house_to_buy_bitcoin/ https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_... "Well Bitcoin's the best crypto asset. What's the second best? There is no second best. There is no second best crypto asset. There's a crypto asset that's called Bitcoin, right? Right. There is no second best, ok? But take all your money and buy Bitcoin. Then take all your time, figure out how to borrow money to buy more Bitcoin. Then take all your time and figure out what you can sell to buy Bitcoin. And if you absolutely love the thing that you don't want to sell it, GO MORTGAGE YOUR HOUSE AND BUY BITCOIN WITH IT. And if you've got a business that you love, because your family works for the business, because it's in your family for 37 years, and you can't bear to sell it, mortgage it, finance it, and convert the proceeds to the hardest money on earth, which is Bitcoin." -Michael Saylor Does that leave any wiggle room for misinterpretation? DYOR: He said it.
sebzim4500 5y ago
> advised people to mortgage their homes and borrow as much as they could to buy Bitcoin at the literal top of the market (to the day). Do you have a source for that? Because it's a pretty serious accusation to make.
- joosters 5y ago
  https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_mortgage_your_house_to_buy_bitcoin/ https://www.reddit.com/r/btc/comments/oj0dj4/michael_saylor_...