Ohh I'm well aware. BUT most people, before they make a major financial decision potentially impacting their family will do some semblance of due diligence.
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
FWIW, I didn’t take the article as a hit-piece on crypto. But I absolutely agree with the writer that most people don’t understand crypto. Go ask 10 random people about crypto and DeFi = they are all clueless. I’ve actually done this exercise several times. You will be shocked, especially when you meet the ones that own BTC yet they still can’t explain what they own. The other point of the article is risk and paid endorsements. Idiots don’t realize that when Kardashian starts tweeting about some shitcoin she is being paid big bucks.
I agree, but that’s not how many Gen Zs and young Millennials think. And in their defense, the crypto world is a tough place to navigate and legit information is not readily available. I’ve done plenty of due diligence - wasn’t easy.
Well, not that I want to keep the debate going, but it's certainly possible that a finite group of people could. I again note my last point about the money supply. If that finite group has an ever increasing money supply, then of course they could.
I also think time period's need to be considered, in a stretch of time, the overall number of participants could decrease, dramatically even, but a relatively few new participants with significantly higher buying power, could enter the market and drive the price up. Lower number of participants but higher price because of increased money supply. Is that likely or does that last indefinitely? I dunno, but it's certainly possible.
Now if he said "a finite amount of moneys" then sure, then "not possible" would be fitting.
I said this to someone last week--seems to be moving in line with Big tech. Does that make me think the underlying technology of these platforms is the driver or seen as tech? No. Just a herd moving all in the same direction for what people are investing in
Agree 100%. Herd mentality and algorithmic trading is causing these massive infra-day swings.
It wasnt a hit piece. It was a piece written by a sports writer trying to get clicks.
Just as I may understand crypto more than most, you understand the basics of the space and eep diverting back to defi as a talking point. Almost everyone is clueless on defi. It took me a lot of time to comprehend basics of it. But it doesnt equate to Bitcoin. If I had to guess, 99% of retail BTC investors have not touched defi.
And ya, youre going to see more and more crypto shilling. It's no different than anything else in society now. Everything you see online or on tv is an advertisement in one way or another. Everything you do online is meant to build a profile on you to sell to advertisers. So ya, the same people who dont realize that some shitbox celeb is getting paid to shill a coin also probably doesnt realize that every other influencer they follow is shilling them their warez 24/7.
Unless there is a radical or major shift, I don’t believe that when push comes to shove people really care about self-custody wealth. And, the financial strangle-hold Big Banks have on the average person would take decades for crypto to overcome, if at all. Sure, people may not trust the Gov’t but you could say that at any point in history. The fact is that most people don’t understand finance/investments - period. Just like they don’t understand fitness/nutrition as evidenced by the obesity rate in our country. Two of the most critical aspects of life, money and health, and people are F’in clueless LOL. Heck, I’m shocked at how many people are either oblivious to the current inflationary environment or simply don’t care and accept it as a normal cycle. Unless and until crypto makes a meaningful difference in the everyday lives of “people”, I think scale and adoption will continue to be a problem. Which is why I believe the underlying tech will prevail in the end and detach itself from the coin/token dynamic, meaning centralized consumer/commercial products and applications. But who knows…
I think it will have a much major effect on people internationally well before it makes a meaningful differene of people domestically. The jury is still out on El Salvador, but the potential to bring some form of "banking" to 30-40% of the global population w/o access to a bank account, is that meaningful difference.
Totally agree re: international. By all measures El Salvador has been a complete and utter failure but I’ll fully admit that it could change at any time, especially if BTC goes to the moon. Russia/India are wildcards too. Plus, if U.S. launches a digital dollar hard to say how broad an effect that would have. But keep in mind that to service the 30-40% of global pop w/o access to traditional banking BTC would have to stabilize and revert back to the transactional narrative.
The younger generation definitely does. With NFTs and Tokens, this is the future of ownership of a company/startup. Decentralization is not just about the technology, it’s also decentralizing wealth. Big gains are not just for the elite anymore. Love to see it.
Most people, including the younger generation can give a rats ass about decentralized wealth; they are mainly buying crypto in the hopes of big returns….. if you think otherwise, you are kidding yourself. I work with many people in their 20’s. They either think it too volatile to invest in, or they have bought it in hopes of high returns. Not one has ever mentioned that they are in it because of the decentralization. And to a person, most are experiencing a ton of pain as they have lost their hard earned money over the last year.
When I think of decentralization, I think of a currency without a central authority or storage; I.e., the distributed ledger. But if you want to talk about decentralizing wealth, then nobody should waste their time with BTC because it’s the exact opposite:
Bitcoin Is Still Concentrated in a Few Hands, Study Finds
Bitcoin is dominated by "concentrated players, be it large miners, Bitcoin holders or exchanges,” researchers wrote
No crap most of them don’t care about decentralization. But do you know how many 20 year old millionaires have been made by crypto? For sure more than all other industries combined. That’s what I mean by decentralizing wealth, these kids ain’t waiting for wealth to trickle down.
That article doesn’t show that at all really. And compared to a stock, the holders are way more diverse. Not to mention you are leaving out all other coins and the NFT space.When I think of decentralization, I think of a currency without a central authority or storage; I.e., the distributed ledger. But if you want to talk about decentralizing wealth, then nobody should waste their time with BTC because it’s the exact opposite:
Bitcoin Is Still Concentrated in a Few Hands, Study Finds
Bitcoin is dominated by "concentrated players, be it large miners, Bitcoin holders or exchanges,” researchers wrotetime.com
Yeah, not many = at least not nearly as many as social media would have you believe. I have no idea how reliable the data is and whether it covers all of crypto and the exact ages, but most of the articles within the last year say there are roughly 100,000 millionaires and 25 billionaire whales. With that said, I do think the crypto rags to riches stories you read about are compelling to the younger generation. Reminds me of when my buddy won $25K in AC back in high school, and the next thing you know half the high school was in AC every weekend for the next few months trying to hit big. Well, few if any ended up replicating my buddies success.
BIC’s Crypto Video News Show: How Many Bitcoin Millionaires are There in 2021?
As the price of bitcoin (BTC) keeps getting higher, “hodlers” can’t help but wonder how much money they would have if only they had invested sooner. But among those who did, how many bitcoin millionaires do we have? Watch BIC’s Latest Crypto Video News Show Here: Diamond Hands Holders Since...
You give social media way too much credit. Yes, there are great success stories of 12-year olds minting NFTs making $500K and college kids stacking BTC so they can retire before they start even careers. But there are way more folks that have lost money in crypto than there are millionaires. It’s the modern day “all you need is a dollar and a dream”.
Unless you invested the bulk of your money less than a year ago then any crypto investor has likely made a good amount of money.
Also, a majority of millennial millionaires have investments in crypto. So, while some have lost out, a lot have profited. More significantly, a substantial portion of money invested by rising generation goes to crypto. At some point, government has an interest in not causing all those investments to fail.
Millennial millionaires plan to add more crypto in 2022, CNBC Millionaire Survey finds
Fully 83% of millennial millionaires own cryptocurrencies, according to the CNBC Millionaire Survey.
The key words are “millennial millionaires” = they represent a TINY number of folks relative to all millennials and the broader population. If you told me the majority of millennials are planning to invest in crypto then even I’d start buying crypto yesterday. Again, the article addresses a small group “millennial millionaires” = does not address millennials or millionaires.Unless you invested the bulk of your money less than a year ago then any crypto investor has likely made a good amount of money.
Also, a majority of millennial millionaires have investments in crypto. So, while some have lost out, a lot have profited. More significantly, a substantial portion of money invested by rising generation goes to crypto. At some point, government has an interest in not causing all those investments to fail.
Millennial millionaires plan to add more crypto in 2022, CNBC Millionaire Survey finds
Fully 83% of millennial millionaires own cryptocurrencies, according to the CNBC Millionaire Survey.www.cnbc.com
Feel free to come up with a reasonable argument, position, theory, anything, and join the debate. I still don’t understand why you think I hate crypto. I like blockchain technology a lot. And apparently so does Google. Here’s just the latest example of why decentralization will ultimately result in centralization as it relates to blockchain products/applications. Read the article closely as the key quote is “The division will focus on “blockchain and other next-gen distributed computing and data storage technologies,”…unless I missed it, not a single mention of coins/tokens. And Google used “distributed” instead of “decentralized” for a reason.
Report: Google Launches Blockchain Division – Blockchain Bitcoin News
Google, the software behemoth company, has reportedly started a new blockchain-based division inside its Labs group.
Report: Google Launches Blockchain Division – Blockchain Bitcoin News
Google, the software behemoth company, has reportedly started a new blockchain-based division inside its Labs group.
I think you hate crypto because you hate crypto. LOL!Feel free to come up with a reasonable argument, position, theory, anything, and join the debate. I still don’t understand why you think I hate crypto. I like blockchain technology a lot. And apparently so does Google. Here’s just the latest example of why decentralization will ultimately result in centralization as it relates to blockchain products/applications. Read the article closely as the key quote is “The division will focus on “blockchain and other next-gen distributed computing and data storage technologies,”…unless I missed it, not a single mention of coins/tokens. And Google used “distributed” instead of “decentralized” for a reason.
Report: Google Launches Blockchain Division – Blockchain Bitcoin News
Google, the software behemoth company, has reportedly started a new blockchain-based division inside its Labs group.news.bitcoin.com
Report: Google Launches Blockchain Division – Blockchain Bitcoin News
Google, the software behemoth company, has reportedly started a new blockchain-based division inside its Labs group.
You’ve got it all wrong my friend. I’m simply siding with Google and Block. It’s about the technology. And until BTC or any cryptocurrency can show a path to wide-scale/adoption for transactions as opposed to a get rich quick scheme, I’ll continue to focus on the technology. Without the support of China, Russia, India, and the U.S. (among others), wide-scale BTC adoption will be next to impossible, especially when the U.S. launches a digital dollar. With that said, for the hundredth time, I find nothing wrong with anyone throwing a few bucks at crypto as the spec portion of their investment portfolio. Hell, if biotech stocks can be viewed as a form of investment then so should crypto.
Yes. But Most products, tulips and other exceptions acknowledged, that a majority of the richest folks of a generation invested in, have panned out. If for no other reason than millennial millionaires have political power that increases every day and the powers that be won’t want one of their main assets to collapse.
I personally know several. Can’t say the same for folks working 9-5 and contributing to a 401k. And that’s the point.
I’m sorry you missed out. Still plenty of time to get in, or you can continue to cry about it on the internet.
Missed out on what? Crypto? No need to apologize. I live below my means, and my wife and I sunk just about every penny We had into the stock market over the last 20 years through maxed 401Ks (x2), Roth IRAs (x2), 529s (x2), individual trading accounts, not to mention a few other investment vehicles. I would retire today if not for the fact that I am in my prime earning years and that would be completely short-sighted.
But, feel free to congratulate your crypto-millionaire friends for me. I’ll also give a shout-out to last week’s Power-Ball winners.
I believe you mentioned you are a Star Wars fan (as am I). Pointless cheerleading posts such as this make you the Salacious B. Crumb of these threads.
Salacious B. Crumb
A Kowakian monkey-lizard with a shrill cackle, Salacious Crumb sat on Jabba's dais, stealing bits of food and mimicking the Hutt, his courtiers and visitors. The Hutt's noxious pet was the palace's unofficial court jester, tolerated because his antics amused Jabba.
www.starwars.com
This tells me all I need to know. Also the fact that you post in here despite not being an investor or educated in the space.
Not at all. But the notion that only crypto makes millionaires is misleading and downright ignorant. The stock market has made more people rich across the global than crypto ever has.
Pal, anyone that reads all of our respective posts here quickly realizes it’s you that’s uneducated.
No one is saying that crypto, which has existed for about a decade, has made more millionaires than the stock market or that the only way to be a millionaire is to invest in crypto. Straw men. All I am saying is that 83% of millennial millionaires have money in crypto, which makes it unlikely that crypto will fall to zero.
Most people who make a ton of short term plays on crypto or on the market are unlikely to become rich. But people who buy and hold crypto seem to, on balance, be doing quite well. Again, I have a pretty diversified portfolio- and crypto is easily the investment I own that has increased the most on value over the shortest times - even accounting for all of the market dips. Maybe it will go to zero, which would suck. Maybe it will plateau, which is fine by me because I got in early. Or maybe it will keep going up, which would be awesome. I’m not sure how anyone can be certain what it will do.
You are correct. The likelihood of BTC going to zero is near zero. Especially as more institutions get into the space.
Sidebar, and it pains me to say this. but for those looking to get into crypto but not really, GBTC is trading at 27-30% of NAV right now. There's a good buy in opp for people (Aldo) who's interest is piqued by BTC but wont jump in. :)
As someone who made a ton of money on crypto -- and is now one of its harshest critics here -- some of us just know when to get out of a ponzi scheme.
Surprised no one posted the big news today:
https://www.barrons.com/articles/wh...egulate-cryptos-national-security-51643312454
Never good when the White House says it's a "Matter of National Security" 😂
Surprised no one posted the big news today:
https://www.barrons.com/articles/wh...egulate-cryptos-national-security-51643312454
Never good when the White House says it's a "Matter of National Security" 😂
Yup, I didn’t want to upset the crypto crowd here with real world issues so I didn’t post it. And, Don’t forget the new IMF warning to El Salvador. In response the ES president mocked the IMF on Twitter with a Simpsons meme. Bad idea. Wasn’t El Salvador begging the IMF for a billion dollar bailout? Prob not a good idea to clown the IMF when you have your hand out.
IMF Urges El Salvador to Ditch Bitcoin’s Legal Tender Status
After adopting bitcoin as national currency, the Central American country plans to issue bonds backed by bitcoin as negotiations with the IMF stall.
www.wsj.com
More great news!!!
www.foxbusiness.com
SEC rules on Fidelity's Bitcoin ETF
Bitcoin investors lost another chance to invest via an exchange-traded fund.
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