Who Goes Crypto?

Fight against Misons: Subscribe Jones Daily Flea Mother Newsletter and follow important news.

On May 4, "Ethereum Classic" was dropped on Twitter page column. I laughed with my eyes rounded.

This is when Dogecoin has renewed the price record so far, and on major business pages such as the New York Times, not only explains cryptocurrencies to general readers, but also derides the encrypted funds. It was necessary to report that "Joke") was performed by the wealth and promotion cycle by the Elon Musk for the appearance of Saturday Night Live. In the process, Dogecoin made people a millionaire.

But what happened in Ethereum Classic was even more strange. To be honest, it was too stupid and clear.

Ethereum Classic (etc.) is an original version of Ethereum (ETH), like bitcoin. Each is a token that can be digitally exchanged as money without relying on third parties such as VISA or SUNTRUST. ETH is a particularly popular encryption: Ashton Kutcher wants to talk about it. The market capitalization is the second most valuable after bitcoin. ETH not only conducts trading, but also has added value of digital contracts. On the other hand, Ethereum Classic does almost nothing. It was born when a hacker stolen millions of dollars equivalent to the vulnerability of the code of another program. Most of the Ethereum communities left, made ETH, and used the old protocol as a zombie chain blockchain. ETC has become a valuable ETH that is easy to receive cyber attacks.

However, from early March to early May, the value of Ethereum Classic jumped from about $ 12 to $ 130. This is not a precedent in the cryptocation cycle. The token is explodingly increasing the number of speculators in an attempt to enter the next big, meaningless cash, even in useless things that go beyond jokes like Dogecoin. However, while investigating tweets to understand what was happening in the latest lottery, I realized that the ETC explosion was based on a simple misunderstanding.

Twitter's pseudonym encryption account is "$ etc (Ethereum Classic) is basically the same as $ ETH, and can basically buy at 70 times cheaper on all major exchanges, including#Robinhood." He was writing a lie on a half successful tweet. As explained by Twitter and famous encryption investors and influencer Anthony Sasano, people believed that they were buying a "lo w-priced version of Ethereum." They were wrong. In fact, Ethereum Classic was like buying a blockbuster site with the intention of buying Netflix.

The most experienced and unknown cryptocurrency traders have called "outbreak" investment in unusual protocols. However, Ethereum Classic recorded the highest ever, as he thought that his personal trader was profitable in the ruling transaction.

Such financial absurdity has been developed in a cipher space and a wider range of economies. When the digital art niche market (there are genuine and ridiculous things) blossomed, a variety of cryptociics rising rapidly when the SPAC, which is a method of disclosing shares without doing anything You may have seen it when the currency (the project is often not completely existed). Suddenly, online people sold something that would not lead to "real economy" than stocks. It's difficult to distinguish what's ridiculous and what is really important, but it's not very important.

The way is new, but madness is not. In recent decades, the millionaires have played as stupid games in the same way. Robin Food has not invented optional transactions. The investment of funding in the cryptographic market is not the first attempt to invest in early technology before being listed on an exchange. Venture capitalists and hedge fund managers do all of these things. And now, everyone else is finally trying to catch up with them (in a sense). American Dream is not a white fence house.

Even in the pandemic economy, Dow is close to the highest ever. Corporate profits are increasing rapidly. The housing market is bullish. So is the computer chip market. So is the car market. If there is something you want to sell, it will probably not be more valuable now. < SPAN> Twitter's pseudonym encryption account is "$ etc (Ethereum Classic) is basically the same as $ ETH, and basically buying at all major exchanges including#Robinhood at 70 times cheaper. I was writing a lie that I could do it in a half successful tweet. As explained by Twitter and famous encryption investors and influencer Anthony Sasano, people believed that they were buying a "cheaper version of Ethereum." They were wrong. In fact, Ethereum Classic was like buying a blockbuster site with the intention of buying Netflix.

The most experienced and unknown cryptocurrency traders have called "outbreak" investment in unusual protocols. However, Ethereum Classic recorded the highest ever, as he thought that his personal trader was profitable in the ruling transaction.

Such financial absurdity has been developed in a cipher space and a wider range of economies. When the digital art niche market (there are genuine and ridiculous things) blossomed, a variety of cryptociics rising rapidly when the SPAC, which is a method of disclosing shares without doing anything You may have seen it when the currency (the project is often not completely existed). Suddenly, online people sold something that would not lead to "real economy" than stocks. It's difficult to distinguish what's ridiculous and what is really important, but it's not very important.

The way is new, but madness is not. In recent decades, the millionaires have played as stupid games in the same way. Robin Food has not invented optional transactions. The investment of funding in the cryptographic market is not the first attempt to invest in early technology before being listed on an exchange. Venture capitalists and hedge fund managers do all of these things. And now, everyone else is finally trying to catch up with them (in a sense). American Dream is not a white fence house.

Even in the pandemic economy, Dow is close to the highest ever. Corporate profits are increasing rapidly. The housing market is bullish. So is the computer chip market. So is the car market. If there is something you want to sell, it will probably not be more valuable now. Twitter's pseudonym encryption account is "$ etc (Ethereum Classic) is basically the same as $ ETH, and can basically buy at 70 times cheaper on all major exchanges, including#Robinhood." He was writing a lie on a half successful tweet. As explained by Twitter and famous encryption investors and influencer Anthony Sasano, people believed that they were buying a "lo w-priced version of Ethereum." They were wrong. In fact, Ethereum Classic was like buying a blockbuster site with the intention of buying Netflix.

The most experienced and unknown cryptocurrency traders have called "outbreak" investment in unusual protocols. However, Ethereum Classic recorded the highest ever, as he thought that his personal trader was profitable in the ruling transaction.

Such financial absurdity has been developed in a cipher space and a wider range of economies. When the digital art niche market (there are genuine and ridiculous things) blossomed, a variety of cryptociics rising rapidly when the SPAC, which is a method of disclosing shares without doing anything You may have seen it when the currency (the project is often not completely existed). Suddenly, online people sold something that would not lead to "real economy" than stocks. It's difficult to distinguish what's ridiculous and what is really important, but it's not very important.

The way is new, but madness is not. In recent decades, the millionaires have played as stupid games in the same way. Robin Food has not invented optional transactions. The investment of funding in the cryptographic market is not the first attempt to invest in early technology before being listed on an exchange. Venture capitalists and hedge fund managers do all of these things. And now, everyone else is finally trying to catch up with them (in a sense). American Dream is not a white fence house.

Even in the pandemic economy, Dow is close to the highest ever. Corporate profits are increasing rapidly. The housing market is bullish. So is the computer chip market. So is the car market. If there is something you want to sell, it will probably not be more valuable now.

The problem is, most of us don't own shit. The top 10% of wealthy Americans control 89% of the value of Wall Street. White people own 79% of all wealth. Homes are disproportionately owned by wealthy white people because of America's history of racial restructuring, which mishandled the 2009 mortgage crisis and unfairly shut out Black people and other people of color from the housing market. Some people own a lot.

When you look at the disparities between owners and buyers, between the poor and the super-rich, between capitalist owners and workers, the moral question is: how do we eliminate these disparities? But in an economy where most people work long hours, struggle to make ends meet, and are deeply embedded in the status quo, the question becomes: "How do I get in?"

And so that JPEG of a million-dollar digital rock turns out to be meaningful.

A few years ago, during the crypto market downturn in 2018, after the prices of the two most adopted cryptocurrencies, Bitcoin and Ethereum, exploded, I met a regular, chatty Uber driver. He was in his late 20s and had moved back with his father to improve his financial situation, but he was bored in his sleepy suburban Virginia, so he would drive around Washington, D. C. after a day of driving for Uber. (I suspected this was a desperate measure to cover up the fact that he was exhausted after a long day of driving and didn't want to go home. Drivers often say that gig workers are tired and need to sleep in their cars.) He told me that he was directing a lot of his earnings into cryptocurrencies and was using his remaining free time to research intensively which cryptocurrencies he should put his money into.

I was hurt when he told me this. After hitting all-time highs in late 2017, the price of Ethereum, Bitcoin, and every other cryptocurrency around fell, wiping out many amateur traders and speculators who had jumped in hoping for life-changing gains. Americans alone collectively lost $1. 7 billion trading Bitcoin in 2018. People like Sean Russell, who essentially pulled the plug by putting his entire life savings of $120, 000 into Bitcoin in November 2017, only to lose 96% of his initial investment a few months later. By 2019, the public consensus was that putting money into cryptocurrencies was the height of folly.

But then I thought about it for a second. About half of Uber drivers make less than the minimum wage in their state (not much higher than the federal poverty line each year), and most don't make much more than that. The only way this guy can get out of a job that could potentially be below $20, 000 is to cut even more hours from his already long shifts. This is what rich people do all the time. In Rich Dad's staff Bible Talk, Poor Dad says, "They make their money work for them." Through a Rube Goldberg complex of stocks, real estate, and other "assets," money itself.

Uber drivers generally don't have a lot of spare cash to throw around for investments, and even if the average annual interest rate on the S& P 500 is 10%, it's not going to amount to much unless your capital and investment is that big. In that context, trying to succeed in Crypto, where you could make 10x, 50x, 100x your investment in a few years if you're lucky, doesn't seem like the stupidest thing in the world. And even if he lost it all, his life wouldn't be much different than it was then.

If you want more money, you can't just get a higher salary. You also need to earn income from the rest of your waking hours outside of work. You need to keep earning around the clock. This shift is infecting everything from the kind of people who go to college (where the ROI is guaranteed) to the degree to which people choose to do business in the hope of getting the highest paying job possible. Hobbies are a side. Your time is an investment. Have you checked your 401(k)? Hustling is a way of life. Those with enough assets can afford to do it. But many of us have become petty businesses.

In her 2015 book Destroying Demos: The Secret Revolution of Neoliberalism, theorist Wendy Brown astutely observes that people are now "interpreted within the model of the modern corporation," which means "people are expected to be co-opted in ways that maximize the value of their capital in the present and increase its value in the future." Many of us are forced to become the most valuable people we can, thereby building the strongest human capital. And as businesses become more profitable from finance than from producing goods and services, smaller businesses (in the US) are starting to follow suit.

When finance becomes personal finance, personal finance just becomes personal finance.

The wealthy understood it. According to Justin Farrell's "Wilderness", the number of super wealthy people (at least $ 30 million people) has rapidly increased by nearly 10 % in the past decade, and most of the newcomers are finance. He is suffering from his position through investment and banking. According to the 2017 analysis of the data company Wealth-X, the ratio of finance, banks, and investment is clearly large (14, 5 %). On the other hand, for most other people, the economic situation remains more or less stagnant.

Why can't you imitate them, even though the bankers, venture capitalists, angel investors, private equity managers, and hedge fund managers are making a lot of money?

Until recently, you couldn't really do it. However, with the emergence of options trading on a free platform like Robinhood, Hedge Fands Ray Dario and Bridge Water Associates can bring out the absurd transaction pirated versions of the absurd transaction. Ta. Previously, if you were a certified investor (a flashy way of people with millions of dollars), you were just a hig h-tech company seed investor. Cryptomarkets can operate your own min i-virture business and pay for the initial projects.

The gamestop strain announced earlier this year is probably the clearest example of the public acting as a financing. R/Wallstreetbets's Reddit Traders did not come up with the idea of ​​investing in Gamestop, but predicted the 2008 housing crisis, Hedge Fund Manager played by Christian Bale in Big Short. It was obtained from Michael Barry. R/ Wall Street Vets obtained more than Barry's intention in the attempt of a big crash, but the s o-called populist finance movement was hedge fund manager hedge fund manager. Like, it was just started by an amateur (the arm is certain).

As economic damage collapsed from luxury finance decisions to middle and downstream classes, the ironic investment theory collapsed. Personal investors have inherited the ideology of Andrisen Hollowitz and Paul Singer, and now they are looking for returns.

In 2017, Brian Clogsgard had a stable and good job as a developer at Alabama's commercial publisher, but if he wanted to stop working, he realized that he would need a money fortress around him. 。 "I had the idea of ​​storing 10 % or 15 % of my income for a long time, but I realized that one day, I needed to look at the numbers and prepare more money. Ta". His parents began saving relatively late and gave a financial lesson learned from him during his childhood. Clog Sugad wanted a different life.

Immediately after, he began to invest in Bitcoin and Ethereum. Currently, he is concentrated separately. He has spent time managing portfolios, hosting the twitch / pod cast program "onlyTV", and managing the encryption analysis company FLIP METRICS.

If you're lucky, some people will work well with old models. If you accumulate S & amp; P500 linked ETFs steadily, you can send a relaxed retirement. However, it is an effective strategy only if the economy collapses and forced to sell assets on hand at the bottom of the market. Or you can buy Dogecoin, participate in the next Gamestop, buy FAUX-ARBITRAAGE ETHEREUM, or buy pixeled cryptopunk (and at many times the price you bought. sell). Saving may be zero, but it can happen in any case, such as a traffic accident, a diagnosis of terminal symptoms, or a pipe burning due to ice rain. Or your savings may not have been so far away from zero. And is there a possibility that a hig h-risk investment can lose thousands of dollars compared to a $ 70, 000 student debt without a guarantee of work after graduation? Those who try to make their future last are only the next logical steps in the economy that must make money to achieve stability anyway.

The truth is that people need a lot of money, and there is almost no way to get it. Now that the gap and incomplete employment are noticeable, "money" is serious and stupid. "Pandemic Economy is not an abnormality, but an enlarged version of the future that can occur. It is a world that is the best way to live a stable life rather than an American pathology.

This is not only because the opportunity to earn stable income is exhausted, but in the United States, it is always an emergency economic disaster unless it is consistently wealthy or close to the generous people. Because you will be hit. No matter how responsive you are, what is the meaning of the middle class if anyone can collapse? After all, being rich is a new standard for financial liability.

Defigod1, a pen name and investor of the encryption influencer, states in a more concise word for his Twitter followers. The middle class is gone. "

"People are doing what they can to live on as long as employment is promoted," explains, Associate Professor Lohan Gray, a Professor of Wiramet University, who is critically critical. "And the only way to do that is to get a good job, and there is no system so that everyone can get it."

This point is not always recognized in the reviews and NFTs. Many of the biggest critics are afraid of some of the cryptographic communities trying to replace central banks and government financial, economic and financial policies. Creating a technology to bypass democratic government functions is dangerous. But there is a reason why people complain and disappointed both central banks and politicians.

President Obama and Congress launched in 2009, which saved the financial sector, but also driven the economy to the cliffs for many others. In the end, Republican members did not feel any problems to keep their debt limit and weaken the country. Many of the regulations they have introduced are protecting shor t-term investors, while encouraging inequality. Individual investors cannot afford to invest in private angel that are sometimes advantageous due to certified investor regulations, but as clogards pointed out, "They go to Robin Hood and easily eliminate net assets. You can put bad call options that will be broken. " < SPAN> This is not only because the opportunity to earn stable income is exhausted, but in the United States, it is always an urgent economy unless it is consistently wealthy or close to the generous people. This is because it is hit by a disaster. No matter how responsive you are, what is the meaning of the middle class if anyone can collapse? After all, being rich is a new standard for financial liability.

Defigod1, a pen name and investor of the encryption influencer, states in a more concise word for his Twitter followers. The middle class is gone. "

"People are doing what they can to live on as long as employment is promoted," explains, Associate Professor Lohan Gray, a Professor of Wiramet University, who is critically critical. "And the only way to do that is to get a good job, and there is no system so that everyone can get it."

This point is not always recognized in the reviews and NFTs. Many of the biggest critics are afraid of some of the cryptographic communities trying to replace central banks and government financial, economic and financial policies. Creating a technology to bypass democratic government functions is dangerous. But there is a reason why people complain and disappointed both central banks and politicians.

President Obama and Congress launched in 2009, which saved the financial sector, but also driven the economy to the cliffs for many others. In the end, Republican members did not feel any problems to keep their debt limit and weaken the country. Many of the regulations they have introduced are protecting shor t-term investors, while encouraging inequality. Individual investors cannot afford to invest in private angel that are sometimes advantageous due to certified investor regulations, but as clogards pointed out, "They go to Robin Hood and easily eliminate net assets. You can put bad call options that will be broken. " This is not only because the opportunity to earn stable income is exhausted, but in the United States, it is always an emergency economic disaster unless it is consistently wealthy or close to the generous people. Because you will be hit. No matter how responsive you are, what is the meaning of the middle class if anyone can collapse? After all, being rich is a new standard for financial liability.

Defigod1, a pen name and investor of the encryption influencer, states in a more concise word for his Twitter followers. The middle class is gone. "

"People are doing what they can to live on as long as employment is promoted," explains, Associate Professor Lohan Gray, a Professor of Wiramet University, who is critically critical. "And the only way to do that is to get a good job, and there is no system so that everyone can get it."

This point is not always recognized in the reviews and NFTs. Many of the biggest critics are afraid of some of the cryptographic communities trying to replace central banks and government financial, economic and financial policies. Creating a technology to bypass democratic government functions is dangerous. But there is a reason why people complain and disappointed both central banks and politicians.

President Obama and Congress launched in 2009, which saved the financial sector, but also driven the economy to the cliffs for many others. In the end, Republican members did not feel any problems to keep their debt limit and weaken the country. Many of the regulations they have introduced are protecting shor t-term investors, while encouraging inequality. Individual investors cannot afford to invest in private angel that are sometimes advantageous due to certified investor regulations, but as clogards pointed out, "They go to Robin Hood and easily eliminate net assets. You can put bad call options that will be broken. "

The initial options regulators suggest that in this economic climate, it makes no sense. In a video addressed to students and alumni, SEC Chairman Gary Gensler suggested saving $5 a week. "You can save more than $135, 000 by the time you retire at age 65," Gensler said. Given that the average student loan debt is about $30, 000, that could reach as much as $135, 000. If inflation stays at its 2. 1% average over the past 20 years, $135, 000 would be about $55, 000 in today's money. It's not nothing, but it won't be much use in retirement.

"Such statements are clearly unrealistic. "Most people live month to month. If that's the case, the goal of retirement may be impossible unless you put money into lottery tickets. I think that's when people start stockpiling mimosas and dog coins." "The goal of retirement may be impossible unless you put your money into the lottery. I think that leads people to meme stocks."

Looking for news you can trust?

Individual investors are realizing that, despite the possibility of failing in the market, they will fail if they don't invest. "People my age and older look at Robinhood, crypto, etc. with disdain. With disdain. They complain about 'funding everyone,'" Matt Dryhurst, artist, researcher, and co-host of the podcast Art in Interdependence with Technology, told me. But when I talk to 20-year-olds I teach at NYU, they grew up on Instagram and look at me like, 'Where were you?!'" Their lives are already measured in Facebook, Instagram, Snapchat, Twitter, etc., Dryhurst explained. To them, the value of their Robinhood portfolio is just another number, apart from the more tangible impacts on their lives. "If you're 20 years old today, unless you're incredibly lucky, you've grown up in a post-2008 environment, with few career opportunities outside of an exhibitionist platform economy and ecological impacts looming before your eyes," Dryhurst explains. "So the idea of ​​direct access to investment opportunities is understandably very appealing. For people of my generation, for whom stable employment is becoming scarcer, slow and steady investing already seems outdated. It seems very foreign to them."