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I’m also seeing way more commercials advertising Bitcoin as a normal banking thing. The weirdest has got to be one where it was like your normal bank commercial about saving for retirement, but dropped terms like “He wants to know Stonks” and “What apes to buy” just super causally.
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May 29, 2022 20:34
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It doesn't help that America is pathological about rags to riches stories. Everyone from billionaires to Hollywood celebrities have to peddle the myth.
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May 29, 2022 20:34
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bobjr posted:I’m also seeing way more commercials advertising Bitcoin as a normal banking thing. Gonna call up my financial advisor and ask him which stonks are going to the moon and which apes are on fleek
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May 29, 2022 20:36
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Thundercracker posted:It doesn't help that America is pathological about rags to riches stories. Everyone from billionaires to Hollywood celebrities have to peddle the myth. The myths of upward mobility, meritocracy, and that America is a classless society all come into play, too.
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May 29, 2022 21:01
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Cyrano4747 posted:But that's ancient history, who gives a gently caress about that. I know what you meant by this remark, that you were referring to the whole of your potted history of America's post-WW2 economy; but it's unfortunately placed, because you put it right after the paragraph where you discussed the effect of racism in barring black people access to economic opportunities.
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May 29, 2022 21:28
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Hammerite posted:I know what you meant by this remark, that you were referring to the whole of your potted history of America's post-WW2 economy; but it's unfortunately placed, because you put it right after the paragraph where you discussed the effect of racism in barring black people access to economic opportunities. You're right, I didn't intend it that way, but honestly it works either way. No one - especially middle to upper class white Americans - wants to look at how centuries of racism prevented non-whites from enjoying the same relative success and tilted the tables WAY in the favor of white Americans.
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May 29, 2022 21:59
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Cyrano4747 posted:The thing to keep in mind about this is that people think that can become wealthy - not rich, all-caps WEALTHY - because there are always a few examples of people who did pick the right stock, or the right coin, and were in the right place at the right time and smart enough to cash out on top. People also delude themselves about the scale of what they're trying to achieve with the resources they have. These "lucky" stock pickers didn't make their billions from a $10,000 buy-in. We're talking about people who could "risk" a few million (or multi-million) dollar bets and one of them blew up. Meanwhile, Joe Blow is out here telling himself he can turn his thousand into a hundred thousand and then turn that into a hundred million. There are just so many bets that have to be made perfectly. At least when people were doing the online poker thing 10-15 years ago, there was pretty candid discussion about your bankroll and how to know if you're getting to an unsustainable point but now the attitude is all-in isn't enough, you gotta borrow money to get in this pot. Then suddenly there's a glitch in the system and now the pot is gone, better get some money for the next pot, it's gonna be huge! 
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May 29, 2022 23:12
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Agents are GO! posted:I guess I can't get my head in the space where I'm willing to drop significant cash without doing some serious research. Hell, I did like 45 minutes of research just deciding which version of Elden Ring to buy. When you think you've found a free money machine that'll exponentially multiply any money you put in, you'll be able to come up with a lot more cash than you think. The same poo poo happened in the epidemic of Ponzi schemes that sparked off the Albanian Civil War. Farmers sold their livestock and put the money into the Ponzi schemes instead. Suburbanites sold their houses and put the proceeds into the Ponzi schemes, as they figured putting that lump sum into the scheme would generate payoffs big enough to be able to rent a place and still make a big profit. People put their whole family's life savings into these schemes. When you're convinced a scheme is going to triple your money in three months, it's easy to make extremely unwise financial decisions and bring yourself to the very brink of ruin - after all, you'll be able to buy everything back and pay off all those debts in just a couple of months when you've received that big money!
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May 29, 2022 23:31
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Bankruptcy is temporary, the smug satisfaction of being better than is eternal.
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May 29, 2022 23:41
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Cyrano4747 posted:You're right, I didn't intend it that way, but honestly it works either way. No one - especially middle to upper class white Americans - wants to look at how centuries of racism prevented non-whites from enjoying the same relative success and tilted the tables WAY in the favor of white Americans. yes but have you considered that 'code is law'... code is law. code is law. can't be racist. law. code. stay poor. apes. gone. family. gone. dip. bought. eating jiffy blueberry muffin mix straight from the box in poo poo stained boxers. code is law.
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May 29, 2022 23:54
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Main Paineframe posted:When you think you've found a free money machine That is where I stop, because that's obviously bullshit. It's like whole swaths of people can't internalize "if it seems too good to be true, it isn't true." Main Paineframe posted:When you're convinced a scheme is going to triple your money in three months Again, that's where it should stop, and I honestly don't see a problem mocking people for not stopping. From googling the Albanian Civil War, first, holy poo poo, and second I guess I can accept some people who otherwise wouldn't have dumped their money in were convinced by the fact even some government officials were promoting Ponzi schemes, but again, holy poo poo. Deep Glove Bruno posted:yes but have you considered that 'code is law'... code is law. code is law. can't be racist. law. code. stay poor. apes. gone. family. gone. dip. bought. eating jiffy blueberry muffin mix straight from the box in poo poo stained boxers. code is law. Cole is slaw.
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May 29, 2022 23:57
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Agents are GO! posted:Cole is slaw. now we're talkin. throw some of that with some pulled pork on a bun. let's forget burtcoin exists
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May 30, 2022 00:03
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What kind of slaw? You think coinerz get enough greens or fiber in their diet?
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May 30, 2022 00:10
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PhazonLink posted:What kind of slaw? I'm thinking there is a bunch of crossover with the crossfit/carnivore types and crypto bros
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May 30, 2022 00:27
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Seth Pecksniff posted:Gonna call up my financial advisor and ask him which stonks are going to the moon and which apes are on fleek Apes with drool or objects being held by their left side of the mouth are in at the moment. Apes with hats cocked to one side are not cool.
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May 30, 2022 01:38
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Some apes are more equal than others.
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May 30, 2022 02:11
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Golden Bee posted:https://twitter.com/adamultraberg/status/1530602197116891136?s=21&t=7hdNM44vu8-sMREYqCR4zA I’ll get the poll going to reset to LUNA 3.0. We are going to get it right this time, guys, I promise!!
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May 30, 2022 02:16
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https://twitter.com/arpitrage/status/1530934272751808512
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May 30, 2022 02:20
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Shrimp or Shrimps posted:The almost tragic thing about this is that there are heaps of earnest true believers who aren't out to scam others or want to take advantage of no regulation and commit fraud or whatever, but instead believe that the real world financial system is rigged and controlled by just a tiny few puppetmasters locking them into being poor, and that crypto is somehow the antidote to this. Except it's the exact same poo poo in crypto and if you're a retail "investor" you are always, always going to get hosed at one point or another and all the big money is going to get bailed out as we saw with the UST/Luna horror show. This is a much better way of putting what I meant to say earlier. Agree.
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May 30, 2022 02:25
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What a great idea.
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May 30, 2022 02:28
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Ghost Leviathan posted:Pretty much everything about Western culture and economics is training people to fall for scams, snake oil, and get-rich-quick schemes. That's literally every culture.
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May 30, 2022 02:35
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guys I think crypto is a scam. shocking, i know.
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May 30, 2022 02:42
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LifeSunDeath posted:guys I think crypto is a scam. shocking, i know. You think that makes it okay to make fun of those people who don't recognize this very obvious fact?! It does.
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May 30, 2022 04:18
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This basically describes the accredited investor process, we would just need to start sticking to it.
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May 30, 2022 04:47
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zedprime posted:This basically describes the accredited investor process, we would just need to start sticking to it.  What could go wrong
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May 30, 2022 04:53
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Lenins Potato posted:
worked just as intended, regular people's exposure was limited, unlike with buttcoins
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May 30, 2022 05:14
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Vesi posted:worked just as intended, regular people's exposure was limited, unlike with buttcoins You know most firms just use the honor system when you say you're an accredited investor, right? As long as you sign the affidavit, that's all they care about. Hence the need to actually stick to the accredited investor rules.
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May 30, 2022 05:35
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Matt Levine is a national treasure, and I highly recommend his newsletter. He’s knowledgeable and also a good writer, which is a rare combination in the finance field.
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May 30, 2022 06:01
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Agents are GO! posted:That is where I stop, because that's obviously bullshit. It's like whole swaths of people can't internalize "if it seems too good to be true, it isn't true." i think a lot of it comes from something touched on earlier, humans are social creatures. consider the asch conformity experiments. when placed in a situation where the group consensus clashed with objective reality, a significant number of participants went with the consensus. add to it the very real psychological pressure of fomo, and it can become very hard to sit things out. i hate to judge on things like this because the human brain is such a kludge job of heuristics and processing shortcuts that i'm not confident enough to say i will always avoid irrational behavior. and i can believe that there are people who were already in a bad spot putting in money they can't afford to lose and devastating lives. however, this devastation is happening in the form of "slurp juice", so i think we can split the difference and call it tragi-comic
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May 30, 2022 06:04
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GhostofJohnMuir posted:however, this devastation is happening in the form of "slurp juice", so i think we can split the difference and call it tragi-comic It's like watching a video where someone falls down spectacularly: you laugh at it but also wince and go "oohh, I hope that guy's okay"
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May 30, 2022 06:17
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Has economics been a required high school course in the US in recent memory? I was in an International Baccalaureate high school so didn't get the standard American education, but I strongly suspect that economics was one of the many things cut as they strangled education budgets and more recently got into a STEMlordy fapfest.
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May 30, 2022 07:43
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CaptainSarcastic posted:Has economics been a required high school course in the US in recent memory? I was in an International Baccalaureate high school so didn't get the standard American education, but I strongly suspect that economics was one of the many things cut as they strangled education budgets and more recently got into a STEMlordy fapfest. I don't remember economics even being part of the IB program I was in, 20 years ago. If we wanted it, I think we had to take it from the AP curriculum. For kids on the regular track, I do believe it was rolled into a general civics and government course. Similar situation with statistics. The kids who took statistics generally weren't on the honors/direct-to-university track, and the kids who were took calculus. Bare-minimum coverage of statistics was shoehorned into the science classes. A good knowledge of statistics would probably help a lot of the people getting suckered right now much more than derivatives and integrals.
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May 30, 2022 08:18
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istewart posted:I don't remember economics even being part of the IB program I was in, 20 years ago. If we wanted it, I think we had to take it from the AP curriculum. For kids on the regular track, I do believe it was rolled into a general civics and government course. I was in high school in the mid to late 1980s, so it's possible the curriculum was different or that my memory is inaccurate. It was also right around the time that neoliberal economics really took off so the landscape was a little different. You're right that having a grounding in statistics would be helpful for people to have - it's one of those things I kind of take for granted that I should realize is not actually common knowledge.
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May 30, 2022 08:33
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Stalizard posted:Found a fun one on the local news: You left out the part of the quote where one of the guys calls it a shitcoin https://twitter.com/troptions2017 Everything about the branding of it seems reminiscent of Trump
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May 30, 2022 08:52
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Having economics and statistics courses in highschool wouldn't help because the kind of people who don't know that from other sources wouldn't pay attention to the lessons anyway and would forget it all a week later I've been in far too many conversations with people going "why were we never taught that in school?" where I can reply "we were in the SAME CLASS and we WERE taught that, but you were too busy drawing the cool S"
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May 30, 2022 09:38
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Plus, a constant theme of things like the tech bubble is that as soon as you introduce a poorly understood variable, at least to the layman, people suddenly become ludicrously credulous about it. Basically 'tech' and now 'digital' has become what radiation was in the 50s; that is, literally magic, and people will believe literally anything about it if you use the right buzzword salad.
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May 30, 2022 09:55
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Ghost Leviathan posted:Plus, a constant theme of things like the tech bubble is that as soon as you introduce a poorly understood variable, at least to the layman, people suddenly become ludicrously credulous about it. Basically 'tech' and now 'digital' has become what radiation was in the 50s; that is, literally magic, and people will believe literally anything about it if you use the right buzzword salad. Was just going to post words to this effect. Also as a tag on the statistics/economics curriculum, except for hopeless ignoramuses, you also end up with people who confuse these disciplines with politics. These are tools to inform policy, not BE policy.
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May 30, 2022 10:13
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"Oh, he's giving away free money" what the gently caress
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May 30, 2022 10:30
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CountryMatters posted:Having economics and statistics courses in highschool wouldn't help because the kind of people who don't know that from other sources wouldn't pay attention to the lessons anyway and would forget it all a week later yeah but that S looks real cool... drat... thinking about drawing it right now
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May 30, 2022 11:15
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tpink posted:Matt Levine is a national treasure, and I highly recommend his newsletter. He’s knowledgeable and also a good writer, which is a rare combination in the finance field. This. Most people who write entertaining words about finance either worked in sales (where most of the charming people end up tbf) and never had to learn how the sausage was made, or dropped out of the industry before they got to the stage of learning that. 99% of the ones who actually understand how it works are dull as all hell. Matt Levine can somehow make me chuckle while quoting SEC regulations, which seems like it violates at least a few laws of nature.
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