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Coinbase targets financially vulnerable young adults

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Re: Coinbase targets financially vulnerable young adults

#71

Post by jadbox »

keiferski wrote: post #62

It’s maybe not entirely fair to compare crypto to gambling, but I do think it’s worth placing the rise of questionable crypto use cases in context with the increasing acceptance and legalization of gambling, especially online gambling. I remember when I was a kid growing up in the northeast, Atlantic City was still _a thing_ because gambling was not really legal anywhere else. That seems to have changed in the last d…

Afaik, some clever gambling 'lite' gaming startups found a loophole in the current online gambling legal system (I don't remember how it worked exactly). At a time that states are struggling financially, they (the courts) turned a blind eye to the abuse of the system [see taxes and lobbyists]. Perhaps others know more details.

Re: Coinbase targets financially vulnerable young adults

#72

Post by [deleted] »

robertlagrant wrote: post #64
dragontamer wrote: post #32

Earlier quoted context omitted.

> and hedge against inflation is not one of them BTC lost value through the great inflation and is only gaining value today now that inflation is down to 3%. Sounds like a pretty bad hedge against inflation. People need to stop repeating this lie. EDIT: If people need an inflation hedge, buy i-bonds first, and then TIPS after you max out. These are indexed against CPI, so the more inflation happens the more i-bonds/T…

Young adults aren't trying to hedge inflation. They're trying to make a life in a world that recommended poor degree choices and lots of student debt, people increasing in their country faster than housing, a nation and state that taxes them to fund feelgood policies, and that tells them daily that billionaires are the reason they don't have enough money. That's rough.

[deleted]

Re: Coinbase targets financially vulnerable young adults

#73

Post by chowells »

Ancapistani wrote: post #19

... as opposed to targeting only "qualified investors", thereby shutting out the vast majority of interested parties from participating? Yes, it's risky. That doesn't mean it should be restricted only to the wealthy.

Where does this bizarre idea come from? There aren't queues of high-quality companies just lining up for piddling investments from nobodies.

If you can't provide them with enough money to be worth their time in lawyer's fees, vetting you as an investor, and accounting... no quality company is interested in you as their 36th investor. If you can provide them with enough money to make that worthwhile, you have enough to be an accredited investor.

Scammers are very happy to take a piddling sum from a nobody, as that ensures you don't have the resources to go after them. And they don't need to vet you as an investor - the fact that you aren't invested in a high-quality company is all they need to know you're a mark.

Accredited investor laws aren't about protecting you from risky investments. They're about protecting you from scams you lack the self-awareness to identify. And given that you can't see that, I'm betting that's a lot of scams.

Re: Coinbase targets financially vulnerable young adults

#74

Post by kylebenzle »

latchkey wrote: post #57
dragontamer wrote: post #32

Earlier quoted context omitted.

> and hedge against inflation is not one of them BTC lost value through the great inflation and is only gaining value today now that inflation is down to 3%. Sounds like a pretty bad hedge against inflation. People need to stop repeating this lie. EDIT: If people need an inflation hedge, buy i-bonds first, and then TIPS after you max out. These are indexed against CPI, so the more inflation happens the more i-bonds/T…

You act like BTC is only available in the US.

Anti-crypto people these days have to do a lot of mental gymnastics to avoid the truth that Bitcoin (now called Bitcoin Cash) has worked perfectly for over a decade with almost no downside if you just buy slowly over time and hold/spend.

Bitcoin Cash works great and has for over ten years.

Re: Coinbase targets financially vulnerable young adults

#75

Post by desert_rue »

injeolmi_love wrote: post #33
rideontime wrote: post #4

These ads really are deeply cynical. "The whole system is fucked, but if you're lucky, you can win enough of other people's money on the crypto lottery that you'll be able to escape it"

Crypto is not zero sum since new value is created.

It’s not the expanding supply of Bitcoin that creates value; it is the people putting money in at higher rates.

Re: Coinbase targets financially vulnerable young adults

#76

Post by avree »

exoverito wrote: post #23

Of all the antagonisms for young adults, I would say an easy method to buy cryptocurrency and hedge against inflation is not one of them. The much more significant antagonist for financially vulnerable young adults is the Federal Reserve and its inflationary monetary policy that has priced many out of ever owning a home. Furthermore, the elite's industrial policy of offshoring manufacturing to China, deindustrializin…

Weird, I know friends who lost all their savings to cryptocurrency. Don't know anyone who lost all their savings due to inflationary monetary policy.

Re: Coinbase targets financially vulnerable young adults

#77

Post by sonicanatidae »

exoverito wrote: post #23

Of all the antagonisms for young adults, I would say an easy method to buy cryptocurrency and hedge against inflation is not one of them. The much more significant antagonist for financially vulnerable young adults is the Federal Reserve and its inflationary monetary policy that has priced many out of ever owning a home. Furthermore, the elite's industrial policy of offshoring manufacturing to China, deindustrializin…

Student loans take a large portion of the top of issues affecting young adults.

Re: Coinbase targets financially vulnerable young adults

#78

Post by ianai »

rvba wrote: post #63
matthewbauer wrote: post #53

Earlier quoted context omitted.

How can the fed both cause inflation and high housing costs? Raising interest rates like they have been doing should lower inflation but make housing more expensive.

First they give free money so house prices skyrocket. 10 years later they "fight" inflation that they caused by making credit scarce. House prices are sticky and dont drop by 50%. Also in general the inflation created through interest is not returned by central banks, so they make rich richer and poor poorer.

https://fred.stlouisfed.org/series/CSUSHPINSA

Re: Coinbase targets financially vulnerable young adults

#79

Post by ethanbond »

infamouscow wrote: post #41
megabless123 wrote: post #34

Earlier quoted context omitted.

being biased against racism and authoritarianism is good

What executive orders has Trump signed that are racist or authoritarian? Please list the EO numbers and explain your rational of how you arrived there using the text in the EO, rather than some highfalutin opinion written by an activist. I keep hearing this, but nobody can seemingly answer such a simple question. I can only conclude they are blatant liars and propagandists.

Well he did say he'll be a dictator for his first day in office. Can't think of the last time a non-authoritarian struggled to say "No" to "Will you be a dictator?"

Re: Coinbase targets financially vulnerable young adults

#80

Post by keiferski »

jadbox wrote: post #71
keiferski wrote: post #62

It’s maybe not entirely fair to compare crypto to gambling, but I do think it’s worth placing the rise of questionable crypto use cases in context with the increasing acceptance and legalization of gambling, especially online gambling. I remember when I was a kid growing up in the northeast, Atlantic City was still _a thing_ because gambling was not really legal anywhere else. That seems to have changed in the last d…

Afaik, some clever gambling 'lite' gaming startups found a loophole in the current online gambling legal system (I don't remember how it worked exactly). At a time that states are struggling financially, they (the courts) turned a blind eye to the abuse of the system [see taxes and lobbyists]. Perhaps others know more details.

This seems pretty relevant too:

https://en.wikipedia.org/wiki/Murphy_v._National_Collegiate_...

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