5 ms·
> It's not very evident to me why that form of gambling is more attractive to the average person than wagering on football teams or trading stocks. Football/sp
by LurkingPenguin 5y ago
> It's not very evident to me why that form of gambling is more attractive to the average person than wagering on football teams or trading stocks.
Football/sports: there's the impression that you need to have a high level of knowledge to be successful, and unless you're using more complex betting strategies/placing more exotic bets, the gains are fairly limited.
Stocks: much the same although there's always be a contingent of people who go for "penny stock" scams.
With crypto, you can literally just put your money in and if you're early and lucky enough and have diamond enough hands, massive life-changing gainz can be yours over very short time horizons.
See: news articles like the ones talking about how an $8,000 purchase of shiba inu coin last year is now worth over $5 billion.
- gowld 5y agoThe local Lottery works the same way.
- ksaj 5y agoPenny stocks aren't a scam. People who think they can manipulate them are scamming you though. I regularly trade penny stocks, sometimes buying and selling the same one multiple times in one day. But I don't advertise them and I don't follow advertised trades. I look for very specific attributes and get my dealing done as quickly as I can. I actually stick with the companies that I think will succeed, too. Maybe the Penny Stock Industry (if it exists) is a scam. I get what you're saying. But the stocks themselves are the same as any other stock. Just smaller and more volatile. The scam part is when someone publicizes a penny stock and hypes it for a pump and dump. Sometimes I ride them, too. But I duck out early because I know how it ends. I just make sure I sell before the pump-and-dumpers do. They nearly always tell you their "prediction" to help drive it up to where they're hoping to sell.