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...really? what were they hoping to gain? By the time you're elderly I feel like you should understand that there's no such thing as low risk high reward invest

...really? what were they hoping to gain? By the time you're elderly I feel like you should understand that there's no such thing as low risk high reward investing.

hammyhavoc 4y ago
To beat inflation. Simple as that. Interest rates aren't moving in line with the rate of inflation, ergo running out of money before they croak becomes something to be concerned by, thus most folks make investments in retirement to compensate for this. Lots of folks online saying that crypto is the only way to beat inflation. We both know that's bullshit, but with so many people huffing the laughing gas, it's easy to get taken in, especially with influencers and the Crypto.com Stadium et al.
- dehrmann 4y ago
  I like this thought and buy the motivation, but why not stocks?
  - hammyhavoc 4y ago
    Stocks aren't anywhere near as hyped, and countries aren't making stocks into legal tender ala Bitcoin, and Chivo. Not that I'm advocating for any of this BTW. It just seems like a perfect storm of massive hype, a lot of very convincing marketing, and the wind blowing in the right direction between a pandemic, Brexit, war, and a possible recession. When desperate, and many big names are involved, it can obviously look quite seductive. Used to work in this predatory niche about 7 years ago. Never again.
PuppyTailWags 4y ago
I heavily disagree with this. My generation's elderly people cannot read nor write. Of my one grandparent who can read, they have an 8th grade education. Only a minority of 60+ people were literate worldwide, much less financially literate. This also applies to my parents' generation, who grew up primarily subsistence farmers. They don't understand finances or markets or anything like crypto. They understand business investment as mutual actions of trust, where they lend their neighbor money and their neighbor buys something to benefit the town. Cryptocurrency hijacks those avenues of business investments by forming parasocial bonds and fake communities.
- hammyhavoc 4y ago
  If I could underline your comment repeatedly, I would. We take our access to knowledge for granted.
- Animats 4y ago
  "They understand business investment as mutual actions of trust, where they lend their neighbor money and their neighbor buys something to benefit the town. Cryptocurrency hijacks those avenues of business investments by forming parasocial bonds and fake communities." Exactly. The crypto promoters built a community, acted trustworthy, and then they exploited it for an affinity scam.[1] The promoters gave the impression they were on your side. They weren't. Just like Madoff. [1] https://www.sec.gov/investor/pubs/affinity https://www.sec.gov/investor/pubs/affinity

...really? what were they hoping to gain? By the time you're elderly I feel like you should understand that there's no such thing as low risk high reward investing.

hammyhavoc 4y ago

To beat inflation. Simple as that. Interest rates aren't moving in line with the rate of inflation, ergo running out of money before they croak becomes something to be concerned by, thus most folks make investments in retirement to compensate for this. Lots of folks online saying that crypto is the only way to beat inflation. We both know that's bullshit, but with so many people huffing the laughing gas, it's easy to get taken in, especially with influencers and the Crypto.com Stadium et al.

dehrmann 4y ago
I like this thought and buy the motivation, but why not stocks?
- hammyhavoc 4y ago
  Stocks aren't anywhere near as hyped, and countries aren't making stocks into legal tender ala Bitcoin, and Chivo. Not that I'm advocating for any of this BTW. It just seems like a perfect storm of massive hype, a lot of very convincing marketing, and the wind blowing in the right direction between a pandemic, Brexit, war, and a possible recession. When desperate, and many big names are involved, it can obviously look quite seductive. Used to work in this predatory niche about 7 years ago. Never again.

PuppyTailWags 4y ago

I heavily disagree with this. My generation's elderly people cannot read nor write. Of my one grandparent who can read, they have an 8th grade education. Only a minority of 60+ people were literate worldwide, much less financially literate. This also applies to my parents' generation, who grew up primarily subsistence farmers. They don't understand finances or markets or anything like crypto. They understand business investment as mutual actions of trust, where they lend their neighbor money and their neighbor buys something to benefit the town. Cryptocurrency hijacks those avenues of business investments by forming parasocial bonds and fake communities.

hammyhavoc 4y ago
If I could underline your comment repeatedly, I would. We take our access to knowledge for granted.
Animats 4y ago
"They understand business investment as mutual actions of trust, where they lend their neighbor money and their neighbor buys something to benefit the town. Cryptocurrency hijacks those avenues of business investments by forming parasocial bonds and fake communities." Exactly. The crypto promoters built a community, acted trustworthy, and then they exploited it for an affinity scam.[1] The promoters gave the impression they were on your side. They weren't. Just like Madoff. [1] https://www.sec.gov/investor/pubs/affinity https://www.sec.gov/investor/pubs/affinity