3 ms·
A separate reply on the gambling part (my other reply is about utility). You're not listening. Crypto holders don't care about those concerns. They willingly g
by fleddr 5y ago
A separate reply on the gambling part (my other reply is about utility).
You're not listening. Crypto holders don't care about those concerns. They willingly gamble. You can ban and shut down all of crypto (in reality, you can't) and they'll move to meme stocks or betting on sports.
You can't stop it or regulate it. Because it's a culture. It's an entire generation that is fucked anyway. Even the modest ambition of a middle class life style is out of reach. So they have nothing to lose, and will bet it all.
They aren't dumb or ignorant. They are fully self-aware, and self-identify as plebs, degenerates and ape investors. They know what they're doing.
The "concern" is misplaced and fails to impress. From their point of view, "regulation" is the traditional system which is exactly the reason why they're in crypto. The traditional system failed them.
The real concern should be aimed at the economic conditions that young people face. For as long as skeptics don't get that, they will never understand crypto and its culture.
- CPLX 5y agoYes this all sounds accurate to me. The problem is as a society this isn't a positive thing, and we should put some energy into stopping runaway gambling fads because they are highly destructive when it all comes crashing down. And it always does.
- fleddr 5y agoI'd prefer society puts more energy into a more balanced, sane and stable economy and financial system. To address the actual disease rather than the symptoms. But I'll leave it at that.
- BLKNSLVR 5y agoWell said right the way through. The other thing cryptocurrencies potentially offer is an alternative financial system to the status quo. There are lots of bugs to be worked out, but it's well on its way, and Solana and Ethereum (as only two examples of many) have the ability to act as the platform upon which these financial services can be built.
- fleddr 5y agoCrypto has the potential to break down any middle man and gate keeper. The very middle man this community bashes on a daily basis (Big Tech and all). It's an odd contradiction, but I'm used to it.
- imtringued 5y agoYou overestimate the power of money and underestimate reality.
- imtringued 5y agoNobody will introduce land value taxes, nobody except Baden Würtemberg...
- headmelted 5y agoIs it though? A whole lot of talk about middle class lifestyles being out of reach in the same sentences as “WHEN LAMBO?”. I’m sympathetic to the widespread lack of upward mobility these days. This is confusing it with something else.
- fleddr 5y agoWhen lambo is a joke. The entire space is riddled with memes and jokes. You shouldn't take it so serious.
- headmelted 5y agoI get that, but it’s disingenuous to say that there aren’t a lot of people buying this stuff because they legitimately expect it to make them rich. Is it most new buyers? There’s really no way to know.
- fleddr 5y agoI'd say most people hope it makes them rich, not necessarily expect it. More likely, aiming for a high return they can't get anywhere else. It's a distribution like anything else. A handful of billionaires, a larger group of millionaires, and then comes the sweetspot. The sweetspot for crypto is middle class (from lower middle class to higher middle class) doing a 5-10x from whatever they put in. Not enough to retire, but meaningful wealth. This return is within reach for almost anybody with some study, patience, and proper risk management.