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There are many example of big lottery winners where they end up broke within 5-10years even if they won like 10mil or so. This is because they dont know how to protect their wealth and one of the most common mistake is they anyhow invest and lost ton of their wealth.

This is a thought-provoking post ... what will likely happen is that much of the crypto wealth will be converted back to fiat for most, while others more prepared to see crypto as an asset will pick it up ... so, over the course of a decade, inequality may sadly be reestablished even more firmly. Inequality of the knowledge of what wealth is and what is to be done with it will always produce this result for the masses UNLESS there is a massive shift in thinking around crypto in particular.

That said, what I am personally doing is getting prepared ... purging all unnecessary consumer habits, learning different modes of increasing wealth ... growing in every way possible ... I don't know if that is going to be enough but it is what I am doing...

haha brilliant clip! I think there will be more opportunities for people to gain more wealth, but with crypto, you still need to save and build your stack to get those stake rewards, so perhaps things won't change too much?

Thanks for sharing on LNs!

Great post. As long as people convert their crypto holdings to $$$, it is not truly accepted in my opinion.

P.S. I did try and read the title as Jack Nicholson but my impression was not very good.

Your post is reblogged and upvoted by me. It is a good post. Thank you @bozz

Thank you!

Okay, hands up if you went back and did after I mentioned that....

I actually did that.

The true wealth will come when we will no longer pair crypto to dollars or any other currency and use it as the currency.

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Yes, that is a good point. I think we are still quite a way away from that though. Like 5+ years I am thinking. Who knows though.

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It doesn't take much to earn money in a bull market but yes I agree they don't know how to handle it. Then I start seeing NFTs being sold in the million dollar range and when I look at the NFTs, I go WTF. I can't even tell if its a legit transaction anymore.

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Yeah, I read somewhere at one point that people were selling NFTs just as a front to transfer funds from one account to another but I don't know how legitimate that is.

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Money Laundering but I don't know if its a good thing to do. Because everything is done publically on the blockchain, they can eventually find out who did what with enough work.

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Yes, that is true.

I feel that's a whole new issue we will see. Your right most common folk have no clue what to do with 100 bucks alone a few hundred thousand or even tens of thousands.

Hopefully people use it first to pay any debt they have. Cause truly you are broke if you owe anything to a central bank or credit. Including a house.

I know if I come Into that one that lets me my debt will be paid before this new world comes.

I for one will not sign my debt away to give up freedom so if I can pay it off that's one step closer.

Smart move! I just made the clicks to eliminate my debt in the past week. Next up is my mortgage if alt season kicks back in. From there... Who knows. I have always said next time my wife needs a car I want to pay cash for it though.

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My issue is the fact that "regular" people may not know how to handle this new found wealth.

I agree with you and to me also it is an issue. Since many people who have never earned this much now have got quite a big amount through crypto. Rich people already know the ways to utilize this money but not everyone can do this. You touched the nice topic.

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Thanks, I appreciate it. Yeah, they may not even be irresponsible with it, they may just not know what to do with it. That could almost be as dangerous as blowing it frivolously.

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