This is 100% the case... everyone I know who is crazy into crypto is also into sports betting etc.

Some of my favorite conversations on the topic have been asking people to explain blockchain or whatever (and they cant and sound like idiots trying to do it)

All they know is "I heard everyone else is making tons of money" so I jumped in.

Everyone else is doing it is always a wise investment strategy.

dupe srry

I said 100% the case "for people I know".

I realize it's not everyone but the a ton of people seem to be in there because they heard or someone told them about it not because they are even remotely educated about it.

All I have to do is ask to explain blockchain or something so I can hear them say um 50 times and bullshit something.

It's like when some dumbass politician said the internet was a "series of tubes" back in the day.

Thats news? There is Crypto that isn't a Ponzi?

OK Ill edit my original statement in fairness

Crypto in general is no more a ponzi than anything else. The Fed, our economy, pretty much our entire financial system.

Bitcoin itself is a wonderful concept.

It's wrapped up in the same bullshit everything else is at this point.

Was fun when money was being thrown around and everything was worth the ride, be interesting to see how it hangs in ongoing.

When shitty deli's start taking your "currency" it's maybe time to check your marketing plan.

Great concept, terrible marketing.

Sadly.. most of their "marketing" is word of mouth and comes from the people who bought in on hype and know nothing.

I cant tell you how many dumbasses I have asked about it that have no idea what they are invested in other than "look how much its gone up" or someone else told me to buy in.

Same people that are running for the hills right about now.

Well yah... so much for the crypto has nothing to do with the other markets theory then.

100%... see you when bitcoin is 3000

As I said earlier its a sound concept and I don't blame anyone for backing it. Shit got out of control though...

Like anything new its going to have issues and growing pains, the messaging on it has been pretty weak overall

Be interesting to see how this pans out in the end but it doesn't look good for a while like everything else.

"buy the dip" is the new "to the moon"

The lure of easy money does seem to attract the gullible.

Look how popular sports betting is now.

Spend $1 get $100 the commercial says!!! hey, I can do that... and I have $1. Hey, where did my dollar go? duh.

Oooh a chart. lol

I'd like to see more charts based on the few years of "historical " data there are.

Comparing new things with barely any history to things like the S&P makes no sense.

Like me saying my 8 year old nephew will be president someday.

Speculation is fun and all but...

I know you are... but this is why I was saying there is a "marketing issue".

You have the zealots like yourself who feel free to post crazy shit with nothing behind it like its fact.

Especially when you do things like compare one thing with no history to the S&P which is ya know.. 500 things with 65 years of history.

You may as well use numbers like a kazillion.

There is a reason so many people don't take it seriously.

Not at all...

I just wish the messaging was better because the crazier people make it sound the more volatile it is.

As far as not understanding or "liking" it. Ive done pretty well with it so its not like I don't work with it.

People are going to have to grow up and stop saying stupid pie in the sky shit if it's ever going to stabilize.

You cant throw out charts saying it's going up 300,000% and be taken seriously.

It's gone up a crazy amount due to hype... and you are trying to continue that hype I get it.

It matters because you want both things and that doesn't work... you want it to be "taken seriously" but you also want to say crazy speculative shit that noone not drinking the coolaid believes.

I realize its 2022 and thats how people are but it doesn't work.

Trying to help you... honestly this is something companies actually working in the crypto space teach their employees. They want them to tone down the "to the moon" gagillion percent blah blah rhetoric.

.

I wish you the best... shit is about to get real in the economy in general so we will find out in 2023.

I hope he's right and wish him luck as I said.

On the upside a good housecleaning will help weed out those that are truly gambling and don't have that long term outlook (or a clue what they own) which in this case is a fair amount.

It will need to stabilize at some point and will be interesting to see what that means.... without the gamblers you wont have the huge run up potential.

As I said its a challenge to market it correctly.

End up day you want it to go up with the right people invested who aren't just running and gunning but that also means no more crazy ass upside.

It will get there... they need more of you and less of the uneducated in there.

If that ever happens be interesting to see where it lands without the clueless pure speculation buyers.

You are probably right and what a sad commentary on humanity that is.

As if facebook etc were not bad enough to distort peoples sense of reality.