11–20 of 197 posts
I find bitcoin to be the greatest innovation in finance in the 21st century, a watershed moment in economic development. For the first time any person can own a financial asset completely decoupled from any government. That’s the value proposition for me. It’s not nihilism - it’s optimism in the individual to succeed over the corrupt state.
Bitcoin is like the lottery? It's up thousands of percent over the years. Many, many people have made real money and/or are sitting on massive gains. Regardless of if you think Bitcoin has actual utility (I think it does in spades), labeling it a "failure" means your argument is instantly ignored by every person who's up on their investment (aka every person who's held Bitcoin over the past 10 years).
> It’s not surprising that when it comes to their investment strategies, that the “you only live once” philosophy and a preference for high-risk high-return investments is preferred. What has this generation got to lose? That is pure irrationality. IMO The real issue is a crap education system which gives neither opportunity, nor good advice-- instead of training rational actors w/ valueable skills it focuses on buil…
The nihilism of YOLO has little to do with schooling. A broken education system is well after the fact of the economic and social reality constituting their environment. The young today have impossible economic hurdles: unaffordable shoebox apartments, high student debt, no incentive to save, no good jobs for modest tasks. And society is generally incoherent: "communities" are activist and political minority groups, or online, and not your actual neighbourhood; in-person communities are fractured by many different spoken languages; plus the cultural promotion of pornography, sex, and drugs.
South Korea and Japan are 10-20 years ahead of the same curve here. However, the result has been resignation and stagnation, not revolution.
I find bitcoin to be the greatest innovation in finance in the 21st century, a watershed moment in economic development. For the first time any person can own a financial asset completely decoupled from any government. That’s the value proposition for me. It’s not nihilism - it’s optimism in the individual to succeed over the corrupt state.
Couldn't you do that with gold or even earlier, seashells?
I find bitcoin to be the greatest innovation in finance in the 21st century, a watershed moment in economic development. For the first time any person can own a financial asset completely decoupled from any government. That’s the value proposition for me. It’s not nihilism - it’s optimism in the individual to succeed over the corrupt state.
Couldn't you do that with gold or even earlier, seashells?
> And so we see Gamestop story fall out of that. In a nutshell a bunch of retail investors (possibly with help from institutional insiders) decided to pump a small cap stock far beyond what the valuation of the company should be. This completely ignores the fact that the stock was shorted over 100% of float, and people knew it was going to squeeze so they bought in hoping to ride the wave. And that did in fact happen…
This. The stock was at around 20/share before the spike and was considered a WIN at that. It's now sitting at 40/share and is probably priced high. It was shorted to below 2/share at some point which is imo insane given what we've seen EVERY SINGLE CONSOLE RELEASE EVER. The media saw an opportunity to make this about populist rage, and we all bit it. But this was started as a short squeeze and a very effective one at…
I find bitcoin to be the greatest innovation in finance in the 21st century, a watershed moment in economic development. For the first time any person can own a financial asset completely decoupled from any government. That’s the value proposition for me. It’s not nihilism - it’s optimism in the individual to succeed over the corrupt state.
1) Ransomware
2) Electricity usage
3) International reserve currency for bad actors such as North Korea, terrorist cells, and drug cartels.
I don’t see any of these three as a positive; certainly not the greatest financial innovation of all time. I also don’t see other use cases having the size of these three. (Ignoring speculative investment as a use case)
I find bitcoin to be the greatest innovation in finance in the 21st century, a watershed moment in economic development. For the first time any person can own a financial asset completely decoupled from any government. That’s the value proposition for me. It’s not nihilism - it’s optimism in the individual to succeed over the corrupt state.
The biggest society wide actualized impacts of crypto have been: 1) Ransomware 2) Electricity usage 3) International reserve currency for bad actors such as North Korea, terrorist cells, and drug cartels. I don’t see any of these three as a positive; certainly not the greatest financial innovation of all time. I also don’t see other use cases having the size of these three. (Ignoring speculative investment as a use c…