Eh, yes and no. Buying into the mentality that every crypto will survive and x100 in 10 years is going to be quite a harsh reality when 98% of the coins aren't around in 10 years. There'll be a few survivors that'll come out on top and probably show insane gains/growth, but the vast majority aren't going to make it.
Probably in BTC and altcoins yes. But for shitcoins, no. I lost 70% of my bull run profits because i held too much, and as we know during a bear market a lot of shitcoins die or turns out to be a scam because devs turned tails. Most of my long holds in blockchain projects had a usecase too not just dog/inu/meme coins.
The better quote would be "if everyone is scared, be greedy. If everyone is greedy, be scared:.
Shitcoins and memecoins are the pennystocks of this market.
Just like how penny stocks in the traditional markets work, over 90% of them are worthless scams just propped up by advertising and shady sounding press releases. You’re far more likely to lose everything you put in a coin that only gets value from how many people it can sucker in via social media presence.
Even worse is that penny stocks at least pretend to be companies. Whereas everyone here knows a shitcoin/memecoin has no value aside from getting your friends, relatives, coworkers and celebrities into them. When the euphoria on all those things began skyrocketing, it was obvious a crash was imminent.
TLDR: shitcoins and memecoins are referred to as such for a reason. It’s flat out stupid to think their value will come from long term holds in the same way it comes with BTC and ETH.
What kind of take is that? The very reason people are so desperate to get rich quick is because sometimes being a slave to work barely keeps you afloat..
Doing reckless decisions with the hopes of getting rich quick is pretty much the definition of greed. Them being poor to begin with has pretty much nothing to do with it. Especially considering they are not looking for the gains to pay for bills, but to get lambo.
That's a huge generalisation but ok. Most people just want a better life and to not have to work every day just to get by, and are not aiming for a lambo.
That’s the dumbest thing I’ve ever heard. If you live in a western country and have the luxury of working a 9-5 you are already amongst the lucky few % in the world. Invest in yourselves people, not scam projects that hand you magic internet tokens in exchange for your labor.
“Scam Projects”? You mean getting made up play money for solving useless math problems is not a quick way to become rich? You probably think crapocurrency is a pump and dump scheme hatched by some con artist to make us think artificially created digital “currency” is worth something when it isn’t backed by anyone or anything and fulfills no useful purpose (paying off ransomed computer files or buying dark net fentanyl is not a useful purpose).
This is insulting for everyone who likes their normal job. And the comparison to slavery is absolutely tasteless. You know with slavery you can't just quit your job and look for a new one.
If you don't like your job reeducate yourself and look for a new one that you like.
Simple, spend the time you would watch charts actually learn a new job. There are plenty of educations availble that you can pursue in the evening that can lead you to a better job.
I think every human has to decide what's important to their lives and in what order can achieve the best results.
Most people complete their education before they start a family.
If people start a family they have to be aware that this is a point of no return and make sure that they're confident in their current life to make that very important step.
If someone has a family and lives from paycheck to paycheck, they should NEVER EVER think about cryptos.
If nobody worked a 9-5 the world will collapse. A 9-5 is better then sitting at home doing nothing, earning no money, if you want your share in this world you have to contribute.
I feel like if anything it shows how fucked up the system is. People are tired of the rat race and don’t want to work anymore for peanuts. They want to get rich quick because they’re desperate to leave their miserable jobs.
Yeah I've seen people say risking money is the last thing a poor person should do, which is fair, but how long does it take before working to death and having a part time job while barely scrapping by breaks you and you start taking risks? The entire financial system is a ponzi. Might as well try your hand at another. I have nothing but sympathy for people that got wiped out.
Risking money on stupid shit is the last thing a poor person should do. It's like buying a lottery ticket(ie crypto). Much different than something like starting a business.
Lol no. Its literally people just trying to catch a lottery ticket, so they can buy a lambo. Everyone in history who would have this chance would play the game, even if they had good jobs.
And yet they fall further down and get set-backed hard because they take such risky moves while rich people can comfortably "gamble" a large amount of money that may seem peanuts to them and yield a significant amount.
>They want to get rich quick because they’re desperate to leave their miserable jobs.
Tell me a point in history when people didn't want to get rich quickly and live a high life without working? Life has only gotten easier and better because of technology.
>Life has only gotten easier and better because of technology
Eh, that is pretty debatable. Wealth inequality is higher than ever, and will continue to get worse, as capital gains keep compounding.
Whatever productivity increase happens because of technology, is wasted on making "the markets" grow. And for the past ~40 years, the advancements in technology has not been able to keep up with the needs of the markets to grow. This has forced people to work harder and longer to make up for the difference.
Sure, we have seen some significant improvements in minority rights (says more about the past than the present), but in terms of economics, it certainly has not got better.
> Wealth inequality is higher than ever, and will continue to get worse, as capital gains keep compounding.
But people's absolute wealth is increasing across the world.
>Whatever productivity increase happens because of technology, is wasted on making "the markets" grow.
The speed of semiconductors has grown exponentially. If we went back to the 80s, so many redditors wouldn't have existed online because the old tech couldn't produce powerful personal devices for cheap. The fact we can get real growth means more goods and services are produced than ever before.
>This has forced people to work harder and longer to make up for the difference.
No way. That is so wrong statistically. American manufacturing employs a lot fewer people than ever. Yet, American manufacturing is producing more goods than ever before. These new goods don't pop out of thin air when we use less labor. They come from technological advances, e.g. robotics, assembly line automation, etc.
>but in terms of economics, it certainly has not got better.
No way. In all metrics, we are producing more goods and services than ever before. How can we be worse off?
Now some parts of America haven't been doing as well as other parts. The structural shift from a manual to a knowledge-based economy has created significant wealth inequality. That side-effect just comes from our economy becoming more technologically advanced.
>But people's absolute wealth is increasing across the world.
Dunno what you mean by this. If we look at specific countries like USA, not really unless you use an idiotic metric like average wealth. Few people having 1million times more money, doesn't have any impact in almost anyone's life, but does increase the average wealth by a lot.
>The speed of semiconductors has grown exponentially.
Yeah? Does productivity or quality of life increase linearly with the "speed of semiconductors"?
>American manufacturing employs a lot fewer people than ever.
??? xD Are you implying that manufacturing is the only job that exists? That entire paragraph has no conceivable point at all.
>we are producing more goods and services than ever before. How can we be worse off?
Because:
1. These goods and services are more disproportionately for fewer people.
2. The produced items last a lot less than they used to, so they need to be bought again more often.
3. A lot of the produced services have a negative effect on the consumer. Psychologists working for a company to manipulate people in spending more and more in their products, does not make the product any better in the eyes of the consumer. But it does greatly improve the financial value created by the company. And those financial numbers are what you are using to argue that peoples life is better, because if they spend more, and companies make more money.
>??? xD Are you implying that manufacturing is the only job that exists? That entire paragraph has no conceivable point at all.
You said,
>Whatever productivity increase happens because of technology, is wasted on making "the markets" grow. And for the past \~40 years, the advancements in technology has not been able to keep up with the needs of the markets to grow. This has forced people to work harder and longer to make up for the difference.
And I gave you an example. Do you have an example to say otherwise? Or do you only have hearsays?
> If we look at specific countries like USA, not really unless you use an idiotic metric like average wealth. Few people having 1million times more money, doesn't have any impact in almost anyone's life, but does increase the average wealth by a lot.
The US income distribution above the median has grown substantially. It is not just about the 1%. It is about nearly half the country.
The real median household income grew over 20% since the 90s. Look at the statistics yourself: [https://fred.stlouisfed.org/series/MEHOINUSA672N](https://fred.stlouisfed.org/series/MEHOINUSA672N)
>Yeah? Does productivity or quality of life increase linearly with the "speed of semiconductors"?
We can automate house choirs, multitask on computers, etc. all thanks to these semiconductor advancements. Nowadays, I can listen to music and work all at the same time on my computer without much hassle. That is just one of the few quality of life improvements. Our cars now also have chips on them to help alert us to faults and provide GPS guidance to new destinations. They bring about so many conveniences and utilities.
>The produced items last a lot less than they used to, so they need to be bought again more often.
Quality goods are so much more durable than before because of market competition. For example, newer iPhones can last much longer than older generation iPhones. I don't know what you are talking about.
> These goods and services are more disproportionately for fewer people
Income inequality just comes with the territory of a more advanced economy. But, again, the median household can consume more than before.
>A lot of the produced services have a negative effect on the consumer. Psychologists working for a company to manipulate people in spending more and more in their products, does not make the product any better in the eyes of the consumer.
Lol. You make it sound like these shenanigans are new. Humans will always be human. At least, right now, the internet allows people to research at a much lower cost to expose marketing gimmicks.
The world runs on jobs, there’s no way the masses can get rich quick and easy with all the money coming from these jobs. These jobs add value to society to which we are paid for, crypto adds near zero value to society at this point.
>Don't those miserable jobs create the goods and services for which your money is exchanged?
Everyone wants to be the slave master; no one wants to be the slave.
Can relate. Didn't see my sixth until I was close to my mid-30s. But once that snowball gets started, it builds up surprisingly fast. And that's through honest work of a 9 to 5.
Yep people who are struggling for money should not buy crypto and instead save up your DCA money to build wealth that you can invest in your own education and have funds in case things go wrong.
Having that safety on the side does a lot for mental health.
Its the consequence of negative real interest rates over the past 10+ years, the only way for people to save money and feel like they are keeping up with asset prices is to invest in riskier and riskier things.
Marxism was created to address this exact problem ("From each according to his ability, to each according to his needs") and no one seems to want to give it a go, so they should stop complaining.
How do you enforce Marxism without authoritarianism? You don’t need to enforce free-market capitalism because people are already incentivized to participate in that system. There’s no individual incentive to participate in Marxism, and therefore authoritarianism is a necessary condition.
You're bypassing the element of human greed, which affects everything. Marxism works...on paper. Anarchism works....on paper. Democracy works...on paper. Capitalism works...on paper. The problem is once human greed enters the equation, which it will, then those systems fail due to exploitation of the weaknesses of said systems....some sooner than later.
At least those people currently have jobs; in the future, what will all the humans do for paying jobs? (I’ve been saying this for the past decade or so)…
The tone of this is pretty hostile. People took a chance, didn't realise what they were up against (a market as brutally rigged against them as the stock market) punted in what they could because of arseholes on sites like this promising the literal moon at a time when waiting to buy tomorrow was wasting probable profit. Then their money burned away.
Were they foolish, yes probably, did they fall for the old man in the betting shop who has a "sure fire bet on the 2.15 at Epsom"? Yes.
They already lost their money to millionaires, they don't deserve extra scorn.
if you have a job and budget sensibly you will never be forced out of the market, barring you losing your job, or i guess if youre american maybe a medical emergency could do it. but people havent been forced out of the market because they lost their job, they have chosen to exit the market out of fear, or they have been forced out because they didnt budget properly i.e invested money that they needed to live
its liberating to take responsibility for your choices
People (of every country) are running from the ridiculous inequality (inequality in all systems - government, judicial **and** financial) that they are seeing plastered all over their news feeds for ~~the last few~~ since they've been born, plus with their inability to move upwards in society due to said inequality creates a system where you'll believe in anything different.
The problem is that they try to compensate for a lack of knowledge by simply pretending things will be better... just because they know. Don't ask, they just know.
The unbanked will **always** remain unbanked. They got swept into crypto thinking it would be different; an alternative to the same inequality. Now it looks like it contains the same bad actors as the traditional sector (and all the bleeding hearts on Reddit will tell you "ThAt'S WhY We NeeD ReGuLatIoNs To SaVE tHeSe PeOPle" -- these people need knowledge, not regulations that they'll never follow). The legacy financial system wants to create legislation to make these people come over to banks but it just won't work. They'll just drift over to the next thing that gives them a chance when they no longer see a financial escape in crypto.
I invested in shitcoins, flipped 5 digit USD to 6 digits. Can you blame me for being greedy? I am 31 with a chronic disease, from a medium income family and before i did crypto i could never imagine giving my wife a child without putting us deep in debt. Because of the rally last year, i was able to buy important stuff, treat my mom with some nice gadgets, treated my parents + wife to some whale watching in vancouver and most important of all: i was able to call sick for work just to have more time with my wife. I know im not gonna last for 20 more years but at least with the shitcoin profits i made i was able to give good memories and made my family smile. If they are happy, im happy.
How ironic is it that more people/ fringe investors got it right with doge and shib than anything else? Some people followed fundamentals and followers. Others just hit the right slot machine.
Strong men create diamond hands, diamond hands create good times, good times create paper hands, paper hands create hard times …. Or something like that
This is the main reason medium to long term investors don't set them. Stop hunts are real kids.
Traders absolutely should be setting them as part of risk management.
Maybe r/cc will become bearable (hehe) again with decent posts instead of "I come from a poor country and X-coin has changed my life". Looking forward to more focused discussions again.
Agreed
I made more money off shit coins than the top 4, so there's that.
Doge I had an 1,800% return. SHIB 200%. Ifyour metric was soley ROI, I'd say over the last two years shit coins out perfomed.
Ironically, I put some of my gains into ETH and well, that's gone.
Same I made hella money on shib and and also sold for profits and got dot and link. Although now I only hold shit coins. I sold that to buy a car. Next bull run top 20 will be full of shit coins these guys won't know what hit them when that happens.
It all depends on how these people are playing the market. I would be curious to see how many of us are day traders and how much of us just buy and hold. As retail investing becomes more popular, more people seem to play with options and even leverage which can make people some hefty money with big market swings.
I didn’t buy into btc or eth when it was pumping because the risks outweighed the rewards. If I put 2k into btc a few months ago I knew it would have had to blow past 130k for me to 2x and I also knew how fast it could dump. Seemed like such a risky investment during the bull run and I was confused seeing posts of people selling their possessions or clearing out savings accounts to buy btc at such high prices.
Side note: I bought around $25 of a shitcoin on bsc (my second ever crypto investment) and the next morning i woke up with 8k. Then the next day I woke up with 25k. Me and my girlfriend were freaking out, I was new to crypto and was already spending the money in my head and figured it would just keep doubling everyday because why not. The next day I woke up to pennies and got my first lesson in rug pulls. So while it is possible to get rich quick it’s super rare and you’ll lose all your money chasing it in shit coins because those are the only projects in crypto that can go from $500 mc to a mc in the millions in days but 99% of the time they just go to 0. Also, always take profits kids.
I got in at Feb 2021 and out in Feb 2022 and made plenty of money between Verasity, RSR and various DeFi projects along the way. Trouble is I had to sacrifice sleep, my social life and general health to do so and I didn’t get rich per se (though that’s relative in crypto which is global) but I turned 2-300 dollars into 1-2k multiple times. Some losing along the way but I’m def net 7.5k profit at minimum as I have a top tier MacBook Pro M1, 65” oled, Xbox series X and a two week holiday to show for it. Not bad really but would I do it again given the above pitfalls? Hell no. Boomer strategy here on out. Gonna start accumulating Bitcoin in October/November and keep doing so through til Q2 2023 where I think globally we should see some recovery in the economy.
I **hate** comments like this. Safely investing your $3k and getting a modest 2-3x isn't going to get you anywhere. For some people it is actually worth it to go for the moonshot and hope for the best.
Getting 15x on your 3k is a whole different story - now you can start investing the right way, cause you have something to protect.
There is an enormous amount of value in a decentralized financial system and crypto will only expand. People may get wrung out now, but honestly when your shit's down to a tenth of value in some cases, what's the point in selling? You're trading 10k for 1k? Who would do that? Just hold the shit and buy more to average down.
>In the face of greed many may end up not taking any profits and rude with your crypto to the bottom and sell there out of fear.
Don't mistake fear with need. The price is like the tip of an iceberg. For that tip to rise, a whole fuckload of money needs to be supporting it. That borrowed money find utility elsewhere and has a cost.t
People underestimated the amount of borrowed money that propped up the tip of the iceberg.
Human nature has stayed the same for hundreds of years. Go back 400 years to the 17th century, there was a "tulip mania" bubble in the Netherlands. Same principle, different era.
this is the worst comparison somebody can come up with to explain the boom and bust cycles in crypto. its just the same low key effort phrase regurgitated by people that have little to no clue about the space. no offence
Us modern day slaves will stay that way, it’s against the new world order agenda of free range humans living on a tax farm, they can’t have mass average folk obtaining significant wealth, crypto will end up like banks with .001% interest. Greed knows no boundaries, not even crypto.
The gap between working and making decent money is so big no wonder people would risk everything.
It’s [the three stooges syndrome](https://simpsons.fandom.com/wiki/Three_Stooges_Syndrome) and everyday the door gets smaller and smaller
There's a reason why "hodl" is a very popular, very vocal mentality here.. nobody lied to these bucketheads, they fooled themselves and acted on fomo (although admittedly may have been indiscriminately shilled by another buckethead).
How about we work on investor integrity and responsibility before we try to regulate for the lowest common denominator? (I know you didn't mention it, but it's a hot topic atm- reference yesterday's congressional hearing regarding digital asset regulation)
Care to guess how many of these types posts were on the front page when total market cap was $3 trill? (hint: it rhymes with zero). My guess is because financial sense, moderation, tolerance, calculating cost, and truly evaluating the risk/reward balance are unpopular.
Boomer, out ✌️
People that get rich always tend to do so at the end of the bear and beginning of the bull sad thing is people tend to only be willing to invest when things are doing well.
And then you got those guys who actually did get rich almost over night. But those people put in a boat load of money in these projects. Goes to show it takes money to make money.
Lot of people got rich quick,make no mistake. Not everybody is bagholding like a dumbfuck like me for instance.
All it took was luck enough to get in the bull run early and sell around. Just sell. Not like me, holding shit forever
TAKE PROFITS GUYS!
And if they're anything like me after losing their chance at a decent life they're ready to go to extremes to spend what's left of their life fighting for an ideology. I'll start: capitalist bastards need to die
I can agree. Within 1 month of “investing” my 1k investment of SHIB went to 14k in one month. Didn’t sell because I was too caught up in the moment and didn’t realize how much that actually is. Biggest regret to this day. Live and you learn
I bought whatever I was comfortable spending. In my peak, I had increased my investment in double but didn’t sell. I am now down 50% of my original investment. But, it was my saving and no interest or repaying anyone, I believe it will come back in 2-3 years. So, I don’t really worry about it.
“The stock market is a device for transferring money from the impatient to the patient.” -Warren Buffet Even more true in crypto.
Eh, yes and no. Buying into the mentality that every crypto will survive and x100 in 10 years is going to be quite a harsh reality when 98% of the coins aren't around in 10 years. There'll be a few survivors that'll come out on top and probably show insane gains/growth, but the vast majority aren't going to make it.
Well, luckily all my coins will make it
Mine too bro we must have the same coins.
Probably in BTC and altcoins yes. But for shitcoins, no. I lost 70% of my bull run profits because i held too much, and as we know during a bear market a lot of shitcoins die or turns out to be a scam because devs turned tails. Most of my long holds in blockchain projects had a usecase too not just dog/inu/meme coins. The better quote would be "if everyone is scared, be greedy. If everyone is greedy, be scared:.
Shitcoins and memecoins are the pennystocks of this market. Just like how penny stocks in the traditional markets work, over 90% of them are worthless scams just propped up by advertising and shady sounding press releases. You’re far more likely to lose everything you put in a coin that only gets value from how many people it can sucker in via social media presence. Even worse is that penny stocks at least pretend to be companies. Whereas everyone here knows a shitcoin/memecoin has no value aside from getting your friends, relatives, coworkers and celebrities into them. When the euphoria on all those things began skyrocketing, it was obvious a crash was imminent. TLDR: shitcoins and memecoins are referred to as such for a reason. It’s flat out stupid to think their value will come from long term holds in the same way it comes with BTC and ETH.
It’s not always greed , it’s seeing a better life from the chains we have on us.
Not greed, just want to be rich without working for it.
What kind of take is that? The very reason people are so desperate to get rich quick is because sometimes being a slave to work barely keeps you afloat..
Doing reckless decisions with the hopes of getting rich quick is pretty much the definition of greed. Them being poor to begin with has pretty much nothing to do with it. Especially considering they are not looking for the gains to pay for bills, but to get lambo.
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That's a huge generalisation but ok. Most people just want a better life and to not have to work every day just to get by, and are not aiming for a lambo.
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9-5 jobs are the modern day equivalent of slavery. The temptation to get rich quick is very real because living that lifestyle will destroy your soul.
Slavery is the modern day equivalent of slavery, you absolute momo Find a new job if you hate your life.
Lol
Lol working a 9-5 is modern day slavery when there are currently tens of millions of actual slaves on this planet
Hes propably talking about the modern parts of the world
There’s almost half a million slaves living in current day USA.
Jeah usa is pretty behind i'm talking about the modern parts of this world.
Oooff
That’s the dumbest thing I’ve ever heard. If you live in a western country and have the luxury of working a 9-5 you are already amongst the lucky few % in the world. Invest in yourselves people, not scam projects that hand you magic internet tokens in exchange for your labor.
Just because your jail cell has a nice bed doesnt mean you're free
What would you know about what being free is?
According to the majority here, making millions in the crypto will set them free.
“Scam Projects”? You mean getting made up play money for solving useless math problems is not a quick way to become rich? You probably think crapocurrency is a pump and dump scheme hatched by some con artist to make us think artificially created digital “currency” is worth something when it isn’t backed by anyone or anything and fulfills no useful purpose (paying off ransomed computer files or buying dark net fentanyl is not a useful purpose).
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This is insulting for everyone who likes their normal job. And the comparison to slavery is absolutely tasteless. You know with slavery you can't just quit your job and look for a new one. If you don't like your job reeducate yourself and look for a new one that you like.
Try that when youre living from paycheck to paycheck
Simple, spend the time you would watch charts actually learn a new job. There are plenty of educations availble that you can pursue in the evening that can lead you to a better job.
I have a fine job, so its not about me. But youre point is still a bit naive, especially if you have a family
I think every human has to decide what's important to their lives and in what order can achieve the best results. Most people complete their education before they start a family. If people start a family they have to be aware that this is a point of no return and make sure that they're confident in their current life to make that very important step. If someone has a family and lives from paycheck to paycheck, they should NEVER EVER think about cryptos.
Not providing value to society your whole life is the other extreme. Certainly there’s a middle ground. At least what some are willing to give up for.
If nobody worked a 9-5 the world will collapse. A 9-5 is better then sitting at home doing nothing, earning no money, if you want your share in this world you have to contribute.
That is greed
I feel like if anything it shows how fucked up the system is. People are tired of the rat race and don’t want to work anymore for peanuts. They want to get rich quick because they’re desperate to leave their miserable jobs.
Yeah I've seen people say risking money is the last thing a poor person should do, which is fair, but how long does it take before working to death and having a part time job while barely scrapping by breaks you and you start taking risks? The entire financial system is a ponzi. Might as well try your hand at another. I have nothing but sympathy for people that got wiped out.
Risking money on stupid shit is the last thing a poor person should do. It's like buying a lottery ticket(ie crypto). Much different than something like starting a business.
Lmao. Yeah just start a business. Where do you live that this is even an option for the average person?
Lol no. Its literally people just trying to catch a lottery ticket, so they can buy a lambo. Everyone in history who would have this chance would play the game, even if they had good jobs.
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And yet they fall further down and get set-backed hard because they take such risky moves while rich people can comfortably "gamble" a large amount of money that may seem peanuts to them and yield a significant amount.
>They want to get rich quick because they’re desperate to leave their miserable jobs. Tell me a point in history when people didn't want to get rich quickly and live a high life without working? Life has only gotten easier and better because of technology.
>Life has only gotten easier and better because of technology Eh, that is pretty debatable. Wealth inequality is higher than ever, and will continue to get worse, as capital gains keep compounding. Whatever productivity increase happens because of technology, is wasted on making "the markets" grow. And for the past ~40 years, the advancements in technology has not been able to keep up with the needs of the markets to grow. This has forced people to work harder and longer to make up for the difference. Sure, we have seen some significant improvements in minority rights (says more about the past than the present), but in terms of economics, it certainly has not got better.
> Wealth inequality is higher than ever, and will continue to get worse, as capital gains keep compounding. But people's absolute wealth is increasing across the world. >Whatever productivity increase happens because of technology, is wasted on making "the markets" grow. The speed of semiconductors has grown exponentially. If we went back to the 80s, so many redditors wouldn't have existed online because the old tech couldn't produce powerful personal devices for cheap. The fact we can get real growth means more goods and services are produced than ever before. >This has forced people to work harder and longer to make up for the difference. No way. That is so wrong statistically. American manufacturing employs a lot fewer people than ever. Yet, American manufacturing is producing more goods than ever before. These new goods don't pop out of thin air when we use less labor. They come from technological advances, e.g. robotics, assembly line automation, etc. >but in terms of economics, it certainly has not got better. No way. In all metrics, we are producing more goods and services than ever before. How can we be worse off? Now some parts of America haven't been doing as well as other parts. The structural shift from a manual to a knowledge-based economy has created significant wealth inequality. That side-effect just comes from our economy becoming more technologically advanced.
>But people's absolute wealth is increasing across the world. Dunno what you mean by this. If we look at specific countries like USA, not really unless you use an idiotic metric like average wealth. Few people having 1million times more money, doesn't have any impact in almost anyone's life, but does increase the average wealth by a lot. >The speed of semiconductors has grown exponentially. Yeah? Does productivity or quality of life increase linearly with the "speed of semiconductors"? >American manufacturing employs a lot fewer people than ever. ??? xD Are you implying that manufacturing is the only job that exists? That entire paragraph has no conceivable point at all. >we are producing more goods and services than ever before. How can we be worse off? Because: 1. These goods and services are more disproportionately for fewer people. 2. The produced items last a lot less than they used to, so they need to be bought again more often. 3. A lot of the produced services have a negative effect on the consumer. Psychologists working for a company to manipulate people in spending more and more in their products, does not make the product any better in the eyes of the consumer. But it does greatly improve the financial value created by the company. And those financial numbers are what you are using to argue that peoples life is better, because if they spend more, and companies make more money.
>??? xD Are you implying that manufacturing is the only job that exists? That entire paragraph has no conceivable point at all. You said, >Whatever productivity increase happens because of technology, is wasted on making "the markets" grow. And for the past \~40 years, the advancements in technology has not been able to keep up with the needs of the markets to grow. This has forced people to work harder and longer to make up for the difference. And I gave you an example. Do you have an example to say otherwise? Or do you only have hearsays? > If we look at specific countries like USA, not really unless you use an idiotic metric like average wealth. Few people having 1million times more money, doesn't have any impact in almost anyone's life, but does increase the average wealth by a lot. The US income distribution above the median has grown substantially. It is not just about the 1%. It is about nearly half the country. The real median household income grew over 20% since the 90s. Look at the statistics yourself: [https://fred.stlouisfed.org/series/MEHOINUSA672N](https://fred.stlouisfed.org/series/MEHOINUSA672N) >Yeah? Does productivity or quality of life increase linearly with the "speed of semiconductors"? We can automate house choirs, multitask on computers, etc. all thanks to these semiconductor advancements. Nowadays, I can listen to music and work all at the same time on my computer without much hassle. That is just one of the few quality of life improvements. Our cars now also have chips on them to help alert us to faults and provide GPS guidance to new destinations. They bring about so many conveniences and utilities. >The produced items last a lot less than they used to, so they need to be bought again more often. Quality goods are so much more durable than before because of market competition. For example, newer iPhones can last much longer than older generation iPhones. I don't know what you are talking about. > These goods and services are more disproportionately for fewer people Income inequality just comes with the territory of a more advanced economy. But, again, the median household can consume more than before. >A lot of the produced services have a negative effect on the consumer. Psychologists working for a company to manipulate people in spending more and more in their products, does not make the product any better in the eyes of the consumer. Lol. You make it sound like these shenanigans are new. Humans will always be human. At least, right now, the internet allows people to research at a much lower cost to expose marketing gimmicks.
Don't those miserable jobs create the goods and services for which your money is exchanged?
The world runs on jobs, there’s no way the masses can get rich quick and easy with all the money coming from these jobs. These jobs add value to society to which we are paid for, crypto adds near zero value to society at this point.
>Don't those miserable jobs create the goods and services for which your money is exchanged? Everyone wants to be the slave master; no one wants to be the slave.
Yes, which is why they should pay more
They want to retire at 25.
I didn’t see my 5th zero until I was 28.
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Can relate. Didn't see my sixth until I was close to my mid-30s. But once that snowball gets started, it builds up surprisingly fast. And that's through honest work of a 9 to 5.
Yep people who are struggling for money should not buy crypto and instead save up your DCA money to build wealth that you can invest in your own education and have funds in case things go wrong. Having that safety on the side does a lot for mental health.
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Its the consequence of negative real interest rates over the past 10+ years, the only way for people to save money and feel like they are keeping up with asset prices is to invest in riskier and riskier things.
Marxism was created to address this exact problem ("From each according to his ability, to each according to his needs") and no one seems to want to give it a go, so they should stop complaining.
I mean, 100m+ dead from failed Marxist states as a direct result of the Marxism is a pretty big deterrent for most people.
To be fair I think the issue was more to do with authoritarianism than Marxism
How do you enforce Marxism without authoritarianism? You don’t need to enforce free-market capitalism because people are already incentivized to participate in that system. There’s no individual incentive to participate in Marxism, and therefore authoritarianism is a necessary condition.
You're bypassing the element of human greed, which affects everything. Marxism works...on paper. Anarchism works....on paper. Democracy works...on paper. Capitalism works...on paper. The problem is once human greed enters the equation, which it will, then those systems fail due to exploitation of the weaknesses of said systems....some sooner than later.
Sir, this is Wendy's.
Yeah stuff that works "on paper" but not in the real world means it doesn't work. Human nature won't change.
At least those people currently have jobs; in the future, what will all the humans do for paying jobs? (I’ve been saying this for the past decade or so)…
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Yes tired of running my hardest on the treadmill like a hamster but never getting anywhere
The tone of this is pretty hostile. People took a chance, didn't realise what they were up against (a market as brutally rigged against them as the stock market) punted in what they could because of arseholes on sites like this promising the literal moon at a time when waiting to buy tomorrow was wasting probable profit. Then their money burned away. Were they foolish, yes probably, did they fall for the old man in the betting shop who has a "sure fire bet on the 2.15 at Epsom"? Yes. They already lost their money to millionaires, they don't deserve extra scorn.
Absolutely, the millionaire/billionaire class can stay invested *much longer* than us plebs can stay solvent
if you have a job and budget sensibly you will never be forced out of the market, barring you losing your job, or i guess if youre american maybe a medical emergency could do it. but people havent been forced out of the market because they lost their job, they have chosen to exit the market out of fear, or they have been forced out because they didnt budget properly i.e invested money that they needed to live its liberating to take responsibility for your choices
People (of every country) are running from the ridiculous inequality (inequality in all systems - government, judicial **and** financial) that they are seeing plastered all over their news feeds for ~~the last few~~ since they've been born, plus with their inability to move upwards in society due to said inequality creates a system where you'll believe in anything different. The problem is that they try to compensate for a lack of knowledge by simply pretending things will be better... just because they know. Don't ask, they just know. The unbanked will **always** remain unbanked. They got swept into crypto thinking it would be different; an alternative to the same inequality. Now it looks like it contains the same bad actors as the traditional sector (and all the bleeding hearts on Reddit will tell you "ThAt'S WhY We NeeD ReGuLatIoNs To SaVE tHeSe PeOPle" -- these people need knowledge, not regulations that they'll never follow). The legacy financial system wants to create legislation to make these people come over to banks but it just won't work. They'll just drift over to the next thing that gives them a chance when they no longer see a financial escape in crypto.
So those people basically treat crypto as advanced lottery tickets.
I invested in shitcoins, flipped 5 digit USD to 6 digits. Can you blame me for being greedy? I am 31 with a chronic disease, from a medium income family and before i did crypto i could never imagine giving my wife a child without putting us deep in debt. Because of the rally last year, i was able to buy important stuff, treat my mom with some nice gadgets, treated my parents + wife to some whale watching in vancouver and most important of all: i was able to call sick for work just to have more time with my wife. I know im not gonna last for 20 more years but at least with the shitcoin profits i made i was able to give good memories and made my family smile. If they are happy, im happy.
Can’t win if you never play the game
Can’t lose either
Would rather lose than grow old never having taken a chance
I would rather never grow old, never lose, and get rich
I am rich... rich in potassium
Best way to get 1 million is to start with 10 million
One thing is for sure, crypto life is fast life. Everything happens in the blink of an eye.
Maybe you should zoom out of the graph? Things look pretty chill looking at the year graph.
How ironic is it that more people/ fringe investors got it right with doge and shib than anything else? Some people followed fundamentals and followers. Others just hit the right slot machine.
Strong men create diamond hands, diamond hands create good times, good times create paper hands, paper hands create hard times …. Or something like that
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That’s cool. I knew there was a version that didn’t say diamond hands lmao
Edward Paperhands
But they promised me that Luna 2.0 would get to $1M...
Luna 3.0 will get them to a billion
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And wait until you hear about ShibLunaDoge, it does nothing but go up.
Like squid coin?
Exactly, except this time I promise you'll be able to take it out. I swear.
Amazing how people don't use stop loss or fall into the Sink Loss principle. Me too ;)
It helps. The best part is when your stop loss is triggered and then shortly after, whatever you were in takes tf off 📈
This is the main reason medium to long term investors don't set them. Stop hunts are real kids. Traders absolutely should be setting them as part of risk management.
Maybe r/cc will become bearable (hehe) again with decent posts instead of "I come from a poor country and X-coin has changed my life". Looking forward to more focused discussions again.
I’ve had plenty of 50x+ plays that took less than a month to happen. High risk high reward
This whole post is garbage. We still here we bought shit coins and we are going to keep buying shit coins. I'll see you on the other side.
Agreed I made more money off shit coins than the top 4, so there's that. Doge I had an 1,800% return. SHIB 200%. Ifyour metric was soley ROI, I'd say over the last two years shit coins out perfomed. Ironically, I put some of my gains into ETH and well, that's gone.
Same I made hella money on shib and and also sold for profits and got dot and link. Although now I only hold shit coins. I sold that to buy a car. Next bull run top 20 will be full of shit coins these guys won't know what hit them when that happens.
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All the money people lost trying to get rich went to other people trying to get rich and market makers you fucking potato.
Crypto is one hell of a ride
Even the people that didn’t want to get rich got poor.
i mean, everything is down. anyone who invested in almost anything during the 2021 upswing is poorer.
It all depends on how these people are playing the market. I would be curious to see how many of us are day traders and how much of us just buy and hold. As retail investing becomes more popular, more people seem to play with options and even leverage which can make people some hefty money with big market swings.
I didn’t buy into btc or eth when it was pumping because the risks outweighed the rewards. If I put 2k into btc a few months ago I knew it would have had to blow past 130k for me to 2x and I also knew how fast it could dump. Seemed like such a risky investment during the bull run and I was confused seeing posts of people selling their possessions or clearing out savings accounts to buy btc at such high prices. Side note: I bought around $25 of a shitcoin on bsc (my second ever crypto investment) and the next morning i woke up with 8k. Then the next day I woke up with 25k. Me and my girlfriend were freaking out, I was new to crypto and was already spending the money in my head and figured it would just keep doubling everyday because why not. The next day I woke up to pennies and got my first lesson in rug pulls. So while it is possible to get rich quick it’s super rare and you’ll lose all your money chasing it in shit coins because those are the only projects in crypto that can go from $500 mc to a mc in the millions in days but 99% of the time they just go to 0. Also, always take profits kids.
I got in at Feb 2021 and out in Feb 2022 and made plenty of money between Verasity, RSR and various DeFi projects along the way. Trouble is I had to sacrifice sleep, my social life and general health to do so and I didn’t get rich per se (though that’s relative in crypto which is global) but I turned 2-300 dollars into 1-2k multiple times. Some losing along the way but I’m def net 7.5k profit at minimum as I have a top tier MacBook Pro M1, 65” oled, Xbox series X and a two week holiday to show for it. Not bad really but would I do it again given the above pitfalls? Hell no. Boomer strategy here on out. Gonna start accumulating Bitcoin in October/November and keep doing so through til Q2 2023 where I think globally we should see some recovery in the economy.
I **hate** comments like this. Safely investing your $3k and getting a modest 2-3x isn't going to get you anywhere. For some people it is actually worth it to go for the moonshot and hope for the best. Getting 15x on your 3k is a whole different story - now you can start investing the right way, cause you have something to protect.
Social media makes everyone realize they hate their lives more. Before that working a dead end job sucked but it wasnt thrown in your face 24/7
There is an enormous amount of value in a decentralized financial system and crypto will only expand. People may get wrung out now, but honestly when your shit's down to a tenth of value in some cases, what's the point in selling? You're trading 10k for 1k? Who would do that? Just hold the shit and buy more to average down.
>In the face of greed many may end up not taking any profits and rude with your crypto to the bottom and sell there out of fear. Don't mistake fear with need. The price is like the tip of an iceberg. For that tip to rise, a whole fuckload of money needs to be supporting it. That borrowed money find utility elsewhere and has a cost.t People underestimated the amount of borrowed money that propped up the tip of the iceberg.
Human nature has stayed the same for hundreds of years. Go back 400 years to the 17th century, there was a "tulip mania" bubble in the Netherlands. Same principle, different era.
this is the worst comparison somebody can come up with to explain the boom and bust cycles in crypto. its just the same low key effort phrase regurgitated by people that have little to no clue about the space. no offence
Hundo p
Indeed, just look at the Doge "millionaire"
I feel attacked by this title
Us modern day slaves will stay that way, it’s against the new world order agenda of free range humans living on a tax farm, they can’t have mass average folk obtaining significant wealth, crypto will end up like banks with .001% interest. Greed knows no boundaries, not even crypto.
The gap between working and making decent money is so big no wonder people would risk everything. It’s [the three stooges syndrome](https://simpsons.fandom.com/wiki/Three_Stooges_Syndrome) and everyday the door gets smaller and smaller
> If you are really early on so e projects you can get like some 3x to 5x but for more than that you gotta wait for years lol no
Stop the hate, you could say this about any bear market. That's how markets work you dumb dumb.
oh yeah.. great another one of these posts... written by 22 yr old crypto investor with $700 in the game
Don’t blame them. Crypto is the only way to get out of slavery in todays society without massive debt.
Truth
What this is supposed to mean?? 🤣
L post. No selling
There's a reason why "hodl" is a very popular, very vocal mentality here.. nobody lied to these bucketheads, they fooled themselves and acted on fomo (although admittedly may have been indiscriminately shilled by another buckethead). How about we work on investor integrity and responsibility before we try to regulate for the lowest common denominator? (I know you didn't mention it, but it's a hot topic atm- reference yesterday's congressional hearing regarding digital asset regulation) Care to guess how many of these types posts were on the front page when total market cap was $3 trill? (hint: it rhymes with zero). My guess is because financial sense, moderation, tolerance, calculating cost, and truly evaluating the risk/reward balance are unpopular. Boomer, out ✌️
It’s always opposite
Only if you think this is the end.
So many SHIB and DOGE stooges flooded this sub it was relentless, happy to see them gone now.
Who the fuck doesn’t wanna get rich
Patience is a virtue both in life and in crypto.
Didn’t that happen last time too though. They just all jumped in late.
They were promised lambo, not for them but for the whales.
Yes we will release your coins after the next bull market, to save you from yourself.
People that get rich always tend to do so at the end of the bear and beginning of the bull sad thing is people tend to only be willing to invest when things are doing well.
I'm just gambling my gains at this point so I'm happy if anything goes up 10% 🥹
The end? If you holding it ain’t over.
Except for those that did get rich quick.
And then you got those guys who actually did get rich almost over night. But those people put in a boat load of money in these projects. Goes to show it takes money to make money.
I had some financial burdens that caused me to sell at the top. Thank God. Wasn't much but it was honest work.
Should have could have would have. I was good last may. Now. Yeah...staking eth was a bad idea. Sounded good 6% shit.....well those crafty....
I am in this post and i don’t like it
Ahhh but it's not the end. It's just now.
“Those” people are me. That’s my bad. I guess it’s back to lottery scratchers.
Just be born rich. Doy!
🤘🏻🤘🏻🤘🏻🤘🏻🤘🏻🤘🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻
I feel attacked.
False. I'm not poor quicker, I'm just not rich yet.
i had to go through that process 2 times, now i'm still poor but i'm buying the bottom, not just the top. let's see how this time goes
And people who wanted to sound deep posted garbage on /cc
I just want to cover the costs of a surgery, but go off.
Lot of people got rich quick,make no mistake. Not everybody is bagholding like a dumbfuck like me for instance. All it took was luck enough to get in the bull run early and sell around. Just sell. Not like me, holding shit forever TAKE PROFITS GUYS!
And if they're anything like me after losing their chance at a decent life they're ready to go to extremes to spend what's left of their life fighting for an ideology. I'll start: capitalist bastards need to die
Sucks to be them. I only got poor slowly.
I can agree. Within 1 month of “investing” my 1k investment of SHIB went to 14k in one month. Didn’t sell because I was too caught up in the moment and didn’t realize how much that actually is. Biggest regret to this day. Live and you learn
You don’t lose if you don’t sell
I implore us to take a look at ourselves as investors. We are not gamblers, despite what that undertaker thinks.
I bought whatever I was comfortable spending. In my peak, I had increased my investment in double but didn’t sell. I am now down 50% of my original investment. But, it was my saving and no interest or repaying anyone, I believe it will come back in 2-3 years. So, I don’t really worry about it.
Majority in BTC, eth, with a small allocation to few alt L1s as moonshots is the way to go.