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> when the entire society is built around maintaining the lie Maybe the part of society that contains the crypto enthusiasts. Every part of society with a shre

by WJW 4y ago

> when the entire society is built around maintaining the lie Maybe the part of society that contains the crypto enthusiasts. Every part of society with a shred of financial experience has been pointing out that 20% is really really high compared to the risk free interest rate. Of course, pointing out that something is unsafe will not make you popular with the people dreaming of getting rich.

hnbad 4y ago
Okay, if 20% ROI is extremely unrealistic and physical labor is for fools, what's your story for the guy trying to come out of poverty and willing to put in whatever it takes? Are you saying that the poor are just destined to remain poor? I'm not saying the narrative they're told is correct, I'm saying the wealth disparities in society are undesirable and if just telling poor people to pull themselves out of poverty is not viable, we need other solutions to address those disparities.
- WJW 4y ago
  I don't have a story for the poor guy trying to come out of poverty in the way you mean. The chances of becoming 0.1%-style rich are extremely slim and likely the best shot they have is to slowly work their way up so their children can be middle class and (if the children also work hard towards generational advancement) their grandchildren relatively rich. Getting Kardashian-style rich is unlikely to ever happen for more than a few thousand people in the world at a time. Telling people the truth (becoming extremely rich is very very unlikely) seems better to me than a beautiful but untrue story that might harm them financially (ie: invest in this shitcoin and we're all gonna make it). Like you I think large wealth disparities in society are undesirable, but if those come from the way society is set up then society is what is going to have to change. If you really want to change society then set up a movement and convince large groups of people about your viewpoint, but be prepared for hostility from anyone with a vested interest in the status quo.

by WJW 4y ago

hnbad 4y ago

Okay, if 20% ROI is extremely unrealistic and physical labor is for fools, what's your story for the guy trying to come out of poverty and willing to put in whatever it takes? Are you saying that the poor are just destined to remain poor? I'm not saying the narrative they're told is correct, I'm saying the wealth disparities in society are undesirable and if just telling poor people to pull themselves out of poverty is not viable, we need other solutions to address those disparities.

WJW 4y ago
I don't have a story for the poor guy trying to come out of poverty in the way you mean. The chances of becoming 0.1%-style rich are extremely slim and likely the best shot they have is to slowly work their way up so their children can be middle class and (if the children also work hard towards generational advancement) their grandchildren relatively rich. Getting Kardashian-style rich is unlikely to ever happen for more than a few thousand people in the world at a time. Telling people the truth (becoming extremely rich is very very unlikely) seems better to me than a beautiful but untrue story that might harm them financially (ie: invest in this shitcoin and we're all gonna make it). Like you I think large wealth disparities in society are undesirable, but if those come from the way society is set up then society is what is going to have to change. If you really want to change society then set up a movement and convince large groups of people about your viewpoint, but be prepared for hostility from anyone with a vested interest in the status quo.