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The WallStreet Bets, NFT and Crypto ecosystem is very niche. It's also very self-reinforcing because the internet made these people find their counterpart. The
by csomar 4y ago
The WallStreet Bets, NFT and Crypto ecosystem is very niche. It's also very self-reinforcing because the internet made these people find their counterpart.
The reality for most people is still very much different. I'd say zero-interest rates and negative interest rates had more of an effect on people than crypto or risky stock bets. The system was kinda getting by until western politicians went over-board during the Pandemic and started printing money like crazy because MMT and also the elite convinced them that they had enough productive capacity; so the money will not trigger inflation but trigger this productive capacity...
We know how that turned out, and now the Fed/Politicians are turning to the reality of inflation. Inflation is real, and inflation is consequence to your actions. Financial nihilism (at large) is very short-lived. Reality will catch up to you. It doesn't mean it doesn't exist (elsewhere). Many nihilistic countries are having their currencies blow up even before the pandemic and more so now.
- Sholmesy 4y ago> The WallStreet Bets, NFT and Crypto ecosystem is very niche /r/wallstreetbets has 13.5 million subscribers.
- tristor 4y agoThat's true, but I think watching it and acting on it are very different things, just as in the case with other social media. For example, I subscribe to WSB, but I also don't do risky trades except with small amounts of "fun money", I have triple digit thousands invested in index funds. Being a subscriber is not the same as being an active participant in the underlying behavior. I watch it mostly out of schadenfreude (which might mean I'm not a very nice person, but there it is).