Replying to tolot

It's unlikely for someone getting some free bitcoin from faucets to be still holding them today, just like the lucky fucker that finds a Van Gogh in the basement is going to immediately selling it. I think that most people now talking, using, whinging about bitcoin are relatively new to the matter. I'm not criticizing, I'm just saying that sometimes there's not even past financial returns in who's holding bitcoin, there's only hope for some future ones because of some extrapolations from the past gains.

I'm no exception to that in a sense, I think it's an interesting tool, probably very impactful from the political and social pov, if people will get it.

Other than that, it's pretty obvious that the overwhelming majority of wealthy people didn't get wealthy by hodling one specific asset, because from a statistical pov it's not a strategy that lower the variance of returns of you invested capital.

Again, not critizing bitcoin holders here, just stating facts
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Laeserin 1y ago

Wealthy people usually own income-generating assets like small businesses, valuable patents, or shares.

The "spend €50 on crypto and end up a gazillionaire" thing only worked because it was a tiny, rapidly-growing market. Now that there are hundreds of millions of us stacking, there's no real asynchronisity of knowledge to leverage and it's become a relatively-reliable savings vehicle, with unusually high returns.

Best deal around, but probably won't make you very rich unless you already are and can therefore buy loads of it.

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tolot 1y ago

Yep, I agree. This is not an information-asymmetric market anymore, even shitcoins are somehow information-complete submarkets...the only info that lacks is if the project is a plain scam or if the scammy looking shape of the marketing is just a strategy for a long term slow draining of resources from investors to founders. Which is simply an another version of a scam, a more low-time preference one

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Laeserin 1y ago

All coins are pyramid schemes, of one type of another, if their supply is capped.

Bitcoin doesn't have a solution to this, but people entering further down might eventually refuse to play.

CBDCs will tap into that resentment, I think.