5 ms·

> I suspect the people most vehemently lobbying against open-finance/Web-3.0 are those most deeply entrenched in the centralized power structures of the establi

by yunohn 5y ago

> I suspect the people most vehemently lobbying against open-finance/Web-3.0 are those most deeply entrenched in the centralized power structures of the establishment. Crypto shills are not the underprivileged, poor/homeless class of society either? They’re usually well-paid, educated tech/finance bros.

CryptoPunk 5y ago
Yes, I wouldn't be surprised if crypto holders started off as wealthier. They're certainly overly-represented amongst the wealthy now. But they'll be under-represented amongst the centralized establishment. Some interesting facts about crypto asset holders: Nearly half of Millennial millionaires have more than 25% of their wealth in crypto. Millennials have otherwise been floundering relative to older generations in terms of wealth. Crypto is a rare bright spot for the younger generations, so it's unsurprising much of the older establishment wants to crush it. Also, 44% of crypto holders in the US are non-white: https://archive.md/slVPj https://archive.md/slVPj I recall crypto ownership is 2X more common amongst hispanic Americans, and 3X more common amongst black Americans, relative to white Americans.
- pjc50 5y ago
  > have more than 25% of their wealth in .. highly volatile assets? Where has all this money come from, other than people bidding each other up?
  - CryptoPunk 5y ago
    Wealth is not always zero sum.. it could very well be a case of the pie getting larger.
- imustbeevil 5y ago
  > With regard to lottery play for respondents of various racial/ethnic groups, non-Hispanic whites and Native Americans had the highest proportion of gambling on the lottery (51% for each group); however, with regard to mean levels of gambling on the lottery, blacks and Native Americans had the highest averages (20.6 and 25 days, respectively). > Those in the lowest fifth in terms of socioeconomic status (SES) had the “highest rate of lottery gambling (61%) and the highest mean level of days gambled in the past year (26.1 days). The wealthy people are the ones selling the lottery tickets (/crypto). https://journalistsresource.org/economics/research-review-lotteries-demographics/ https://journalistsresource.org/economics/research-review-lo...
  - CryptoPunk 5y ago
    Lottery tickets don't store value. Crypto assets do. The analogy therefore fails.
    - deleted 5y ago
      [deleted]
- ac29 5y ago
  > Also, 44% of crypto holders in the US are non-white Depending on how Hispanic people are counted, thats almost exactly in line with the 2020 census, which puts the non-hispanic white population at 57.8% [0]. I think if you adjust for the average age of cryptocurrency holders, 56% white would actually be more white than the demographics of the overall age group, which I think is not the point you were trying to make. [0] https://en.wikipedia.org/wiki/Demographics_of_the_United_States https://en.wikipedia.org/wiki/Demographics_of_the_United_Sta...
  - CryptoPunk 5y ago
    The proportion of the US population that is white is 72% if hispanic whites are included. That would be more in line with the statistics I saw showing black and hispanic Americans are over-represented among crypto holders.
bko 5y ago
That's true. But it's also true that those that brush off the idea of whats essentially a checking account denominated in a currency of their choice (i.e. stablecoins) is unnecessary. They're usually well-paid, educated bros from a developed country where they have access to a well developed financial network, have banks in their neighborhood, have a stable currency and don't live under capital controls.

by yunohn 5y ago

CryptoPunk 5y ago

Yes, I wouldn't be surprised if crypto holders started off as wealthier. They're certainly overly-represented amongst the wealthy now. But they'll be under-represented amongst the centralized establishment. Some interesting facts about crypto asset holders: Nearly half of Millennial millionaires have more than 25% of their wealth in crypto. Millennials have otherwise been floundering relative to older generations in terms of wealth. Crypto is a rare bright spot for the younger generations, so it's unsurprising much of the older establishment wants to crush it. Also, 44% of crypto holders in the US are non-white: https://archive.md/slVPj https://archive.md/slVPj I recall crypto ownership is 2X more common amongst hispanic Americans, and 3X more common amongst black Americans, relative to white Americans.

pjc50 5y ago
> have more than 25% of their wealth in .. highly volatile assets? Where has all this money come from, other than people bidding each other up?
- CryptoPunk 5y ago
  Wealth is not always zero sum.. it could very well be a case of the pie getting larger.
imustbeevil 5y ago
> With regard to lottery play for respondents of various racial/ethnic groups, non-Hispanic whites and Native Americans had the highest proportion of gambling on the lottery (51% for each group); however, with regard to mean levels of gambling on the lottery, blacks and Native Americans had the highest averages (20.6 and 25 days, respectively). > Those in the lowest fifth in terms of socioeconomic status (SES) had the “highest rate of lottery gambling (61%) and the highest mean level of days gambled in the past year (26.1 days). The wealthy people are the ones selling the lottery tickets (/crypto). https://journalistsresource.org/economics/research-review-lotteries-demographics/ https://journalistsresource.org/economics/research-review-lo...
- CryptoPunk 5y ago
  Lottery tickets don't store value. Crypto assets do. The analogy therefore fails.
  - deleted 5y ago
    [deleted]
ac29 5y ago
> Also, 44% of crypto holders in the US are non-white Depending on how Hispanic people are counted, thats almost exactly in line with the 2020 census, which puts the non-hispanic white population at 57.8% [0]. I think if you adjust for the average age of cryptocurrency holders, 56% white would actually be more white than the demographics of the overall age group, which I think is not the point you were trying to make. [0] https://en.wikipedia.org/wiki/Demographics_of_the_United_States https://en.wikipedia.org/wiki/Demographics_of_the_United_Sta...
- CryptoPunk 5y ago
  The proportion of the US population that is white is 72% if hispanic whites are included. That would be more in line with the statistics I saw showing black and hispanic Americans are over-represented among crypto holders.

bko 5y ago

That's true. But it's also true that those that brush off the idea of whats essentially a checking account denominated in a currency of their choice (i.e. stablecoins) is unnecessary. They're usually well-paid, educated bros from a developed country where they have access to a well developed financial network, have banks in their neighborhood, have a stable currency and don't live under capital controls.