Expert financial analyst Brianna Wu is too busy gloating over "white men" losing 200bn in cryptocurrency. Something he previously bragged about investing in, but only because he made money. Now he brags about investing in large arcade games, and explains that it was such a smart investment because people are paying big money for pinball machines because of the pandemic, which he also bought during the pandemic...
And luxury sports cars, which are famously known for being very cheap to store and maintain and surely the resale value will exceed all those maintenance and insurance costs for a tidy profit. And expert racer and mechanic Brianna Wu would never do anything to require expensive repairs to those cars...
It reminds me of the steve martin bit
(they cut off the best part..and I made a special deal where I only need to keep 2 tons of it at my house)
John is playing those machines (he's putting wear on them) that's not earning like if they were installed in a bar.
and those are large items and he's doesnt have enough stock to really make much as an investment. Not to mention he tweets about having to work on them (an expense) - there just isn't significant returns
sure, he could could out reasonably well in terms of his hobby not costing him too much and that's fine- but It's not really a meaningful financial vehicle
Honestly she is not wrong about this. There is a cult like aspect to present in large sections of crypto. These people (Its not everybody but its a lot) that will not hear any reason why crypto is bad. They usually put too much money in, HODL instead of taking profits and then loose everything when it crashes.
Something else to consider: Crypto has never existed inside of a greater bear market. Bitcoin came into being after the crash of 2008 and the market has been in recovery since then. If something similar happens, lots of peoples positions are going to be wiped out. We're seeing now that even stable coins are not as stable as we thought and are more vulnerable than we give them credit for. When Bitcoin goes to 10k its going to be a wake up call for lots of people.
It is hard for people to recognize their at fault when something happens and they will try to blame someone else of just say it was the circumstances that cause their predicament.
I think there's somethign to be said for the market being overheated and largely speculative...this isn't some big news, Lanier (where John picked up the environmental thing on crypto-currency) for instance has been saying it for years and years.
Hell, the tech bubble at the turn of the millennium suffered from much the same problems....com speculation -
TBH, a lot of people, myself included have lamented that so much of the attention in cryptocurrency is around the speculation and not its use as a currency.
BUT Brianna really wraps it in the narrative he pushes....that it's all entitled dudebros that will become nazis (what about the middle aged women and beanie babies? were they entitled worshipers of a mogul and about to become nazis?) now males in the youth rang 18-29 are doing about 2.25x the amt of activity to females in terms of %
but at rough parity of genders in that demo is the US, that puts females still at i the 30% neighborhood of the market which is significant, but it doesn't fit how Brianna needs to cast the investor. - are they going to be entitled she-nazis?
