There’s Nothing to Do Except Gamble
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There’s Nothing to Do Except Gamble
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Re: There’s Nothing to Do Except Gamble
#2> Maybe the question we should have been texting our financially literate friends wasn’t “What is an NFT?” but “What is money now?”
Potentially interesting piece on the subject, but not particularly deep or insightful.
Re: There’s Nothing to Do Except Gamble
#3>for many of us, money is only experienced through our phones, as a number on a screen. You pay your rent with one app, you buy put options with another. The number goes up, it goes down, it lives in the little portal we hold in our hands.
And decades ago it was a number written down on a little piece of paper, and before that it was little pieces of “precious” metal locked away somewhere.
At least nowadays amateurs have a better chance to be literate.
Re: There’s Nothing to Do Except Gamble
#4Zero mention of the recent unprecedented fiat currency printing we've seen, nor the fact that every time since the Tang Dynasty when we have done this, it has led to very troubling times 12-18 months later.
Everyone is gambling even if they dont know Crypto exists.
Re: There’s Nothing to Do Except Gamble
#5>for many of us, money is only experienced through our phones, as a number on a screen. You pay your rent with one app, you buy put options with another. The number goes up, it goes down, it lives in the little portal we hold in our hands. And decades ago it was a number written down on a little piece of paper, and before that it was little pieces of “precious” metal locked away somewhere. At least nowadays amateurs…
I still have gold and prefer cash for purchasing daily items.
The money seems real, swiping cards or phone financial transfers lack a physical reality and my brain has less friction with digital transfers, thus I avoid them out of financial prudence.
Re: There’s Nothing to Do Except Gamble
#6[deleted]
Re: There’s Nothing to Do Except Gamble
#7>for many of us, money is only experienced through our phones, as a number on a screen. You pay your rent with one app, you buy put options with another. The number goes up, it goes down, it lives in the little portal we hold in our hands. And decades ago it was a number written down on a little piece of paper, and before that it was little pieces of “precious” metal locked away somewhere. At least nowadays amateurs…
I still have gold and prefer cash for purchasing daily items. The money seems real, swiping cards or phone financial transfers lack a physical reality and my brain has less friction with digital transfers, thus I avoid them out of financial prudence.
Have you noticed how your cash is buying fewer items than it did a ~year ago? My daily item costs are WAY up, which is really just saying the value of the cash is WAY down.
Re: There’s Nothing to Do Except Gamble
#8Money is stored wealth, the ability to buy goods and services in the future. The problem seems to be that we live in a time of societal upheaval. The future of stored wealth becomes cloudier and more uncertain the further you go out in time. So, what is the best place to store wealth? Will my wealth be eroded by inflation? Will the companies I invest in become obsolete by technology or market-manipulating nation states? Will regulation changes suddenly damage the value of my investment? Will changes in tax regime eat my earnings? Will corruption and crime take my wealth?
Clearly, some people are getting out of hand with speculation and credit (a suitcase full of lottery tickets is not diversification). As Warren Buffett says, when the tide goes out you learn who's been swimming naked. The economy has its ups and downs and speculative fervor ebbs and flows. There are no certainties, but IMHO all you can do is stay diversified and maximize the probability of your success.
Re: There’s Nothing to Do Except Gamble
#9How many people are actually getting rich with NFTs besides people who who are already celebrities/famous? Not many. The market is flooded now with NTFs. The overwhelming majority of listings do not sell or sell for little.
A better way to make money is with 3x ETFs using options strategies, which I am working on. The performance of some of the major 3x funds such as TECL, FNGU, and TQQQ surpass even Bitcoin
Re: There’s Nothing to Do Except Gamble
#10Zero mention of the recent unprecedented fiat currency printing we've seen, nor the fact that every time since the Tang Dynasty when we have done this, it has led to very troubling times 12-18 months later. Everyone is gambling even if they dont know Crypto exists.
Ha. I was skeptical about the unprecedented bit but googling seems to indicate you are correct, at least for the US https://mobile.twitter.com/fgmr/status/1355105955982282752