The Golden Age of Grift
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Sep 30, 2022 at 10:35am #26726Sep 30, 2022 at 10:37am #26247DorothyGuest
Everyone has access to markets and market commentary 24/7. Investors and speculators flaunt their overnight wealth online, which sparks FOMO in everyone else. “If that guy made millions, why couldn’t I?” you think. The winners, losers, and outsiders of today’s markets all think they’re going to be the next success story, and they’re all looking for the next get rich quick flip.
The boundary between investment and entertainment has disappeared as markets spilled over to Twitter and Reddit. Losses generate online karma. Owning certain assets puts you in good standing with others on the internet. Everyone is pumping their bags online, and admonishing those who sell.
And then one asset catches the attention of the masses. And then they tell their friends. And then you see it on CNBC. And it’s trending on Twitter. And the story sounds so good, who cares if it’s true. Because if enough people just believe, they’ll buy it. And if enough people buy it, the price will go up. And if you buy early enough and sell at the right time, you can make millions.
Those who can spin compelling narratives. Those who can incite FOMO. Those who can buy the influence of influencers. They are going to make a ton of money. Sure, someone else has to lose a ton of money for them to profit, but who cares? It’s not like they’re going to get caught.
We are in the middle of a trillion dollar game of musical chairs. Except some people think their chair can’t disappear, other people sit in a chair before the music actually stops, and a few players just pick up a chair and leave the room altogether. The only losers are the people actually following the rules.Sep 30, 2022 at 10:38am #973CatherineGuest
absolutely fantastic article and it applies to so much more than crypto and online hype-artists, but he’s coming from an investing perspectiveOct 6, 2022 at 5:48pm #26308JuanGuest
great title for the article