While sitting in at a Volkswagon service center to have my car evaluated after it being hit last, I was reading a story about the Australian stock market conditions that made me angry. The article was talking about the potential for a large correction (surprise surprise) that could be coming, as the market is reaching toward new highs, pushed heavily by retail investors, which means private investors, not the institutions. They are chasing yield like all investors but as I have stated many times for a few years, have nowhere else to go, so they keep driving their wealth into stocks. What made me angry was embedded into this quote:
“They don’t have enough money to buy property, they don’t have enough money to buy high-end art, they don’t have enough money to buy Bitcoin but they have enough money to buy little stocks and that’s why we’re seeing these frothy conditions.”
Fucking assholes.
It is listening to this bullshit that is killing the mom and pop investors, as they are turned away from viable options and told that they have no place to put their money except into a stock bubble. I agree that most people can't invest into property or high end art, but bundling Bitcoin in there with them is about as shady as it gets, as it attempts make buying Bitcoin the same as buying a Da Vinci, Renoir or Gaugin.
And it will work.
The people will listen to this advice as it comes from the people they always listen to, no matter how wrong they have been or the cost to them. In some way, it makes sense, as because everyone listens, everyone fails together, making the failure seem unavoidable.
"It wasn't my bad choices - as everyone else did the same".
But they didn't. Not everyone did the same, because the institutions and the people giving the advice don't lose. And, they don't only make gains on their investment, they have free resources available to suck up the retraction and invest more, further extracting from the retail investors. What most retail investors seem to be doing is buying the hype and therefore, consuming overbought stock that is going to go down in value - a depreciating purchase.
What is interesting is that with just a little bit of Googling, any one of these investors would be able to see that even though the price of Bitcoin is rising (and will likely retract also), the concept of "not having enough money to buy" is bullshit, as they will see how diverse the ownership is, with people buying from some of the poorest nations on earth.
But they won't Google it, or when they do, they will rely on the information of the sources they recognize and trust, the same ones who they are already trusting, the ones who are spreading the FUD. Does it serve them right?
Yes and no, perhaps. While the information is available, sifting through that information to separate truth from fiction is difficult and even a lot of the internal industry information is driven by greed and FOMO, hype and desire. People shilling coins for profit, not for the development of the industry itself. This is definitely part of the problem in crypto, as so many participants are not far removed from the mindset of the architype of the "greed is good" investor.
Eventually, the public narrative will change however and as more and more institutions buy in, the mom and pop investors start to participate too, because they have been told to buy the media outlet mouthpieces that drive advice for profit. However, this will lead to a lot of people getting burned as they look for yield over fundamentals, but eventually, the normalization process will settle the marketplace and it will mature.
This will drive the rounds of value into the places that hold value, not just usecase, but applied usecase. For example, rather than saying, "this could be used for", Hive can say, "this is being used for", backed and proven by years of not only transaction history, but a massive amount of content history from real people, using a diverse array of applications.
This has value.
It is going to take years for this industry to mature and it is going to take the current participants time to mature also. For those who are not yet in but will be, it will take even longer for most of them to decouple themselves from what they have known and who they have trusted, and start exploring and redefining what it means to invest.
I believe that in time, the current order of the investment business will seem archaic in its very clever design, as while it effectively generates wealth, it does so in a way that damages society. In many ways, the economy is similar to having a powerful but highly pollutive engine, where while it does what it is intended to do, the byproduct of its activity destroys the environment in which we live and reduces our well-being. Ultimately, we want an economic engine that works for us to increase our capabilities as a society, without harming us in the process. We are definitely not there yet and the engine currently in production needs to be replaced.
The internal combustion engine of the extractive economy will burn until it is out of fuel and to create better, we need to stop filling it up.
Taraz
[ Gen1: Hive ]
Posted Using LeoFinance Beta
If we're lucky or smart (those two are not necessarily independent but often seem to be) we won't need to go to the end of the current investment model. I don't think we're going to have to go to the last drop of hydrocarbon before we quit burning it,,,
That sort of bullshit makes me crazy. It's either an incredibly poorly researched article OR intentionally misleading. Either one is enough to make me crazy.
Was it a general interest magazine or was it industry specific? Not that it makes a great deal of difference.
Uggghhh. I have just currently bought a little teeny hunk of BTC. My thinking was that I could buy a bit more than I want to spend on Hive for the month and let the remains appreciate a little. It's been pretty steadily down since I bought :) So my investment advice remains unshaken: Don't do what I do.
Why keep mining oil if there are better options? Pretty much only one reason.
This was my thinking too. It annoys me. I would say that it is deliberate.
General nonsense - it is a low quality publication, but is popular and built for the masses. Perfect for spreading misinformation.
If looking longish, it will be okay. Longish being a year or two, so it is not that long :)
I'm actually looking 'weekish' :) So, once again I've screwed the pooch...
:)
It is a harder game to play. I do it a little, but only with little amounts.
I am just testing the comment speed of this new lightning thing on Leo :)
Posted Using LeoFinance Beta
What is the advantage of a popular general interest magazine misrepresenting BTC like that? Advertisers 'request'? I'd tend to think that the dipshit that wrote the article didn't research it enough to find out that you could buy just a few sats ($10 worth would be enough to beat the fees, I think.)
I posted this complex comment via HiveBlog 15 minutes ago. HiveBlog is just flat broken for me. How can we get more people to come to this place when our 'signature' front end is complete shit? I can't think of a way forward with that either.
It is a News Corp news site, it is par for the course.
Yeah, the condenser definitely needs work or better yet, replacement.
!ENGAGE 25
ENGAGEtokens.In past publications you have touched on the gap between investor groups and how some groups have been left behind due to lack of or poor economic information. Venezuela is a clear example of how a country with a lot of oil is poor because of its lack of investment, strategic development and erroneous and obsolete economic measures. There are examples of countries with few resources that have a growing economy. And as it happens with countries, so it happens with people: we lack vision, shrewdness, audacity to leave old patterns behind. We must look for alternatives if we do not want to be left behind.
Countries are run by people, people who act the same at all levels of the economy - poorly. At some point though, an algorithm will be introduced that will cut the people out of decision making altogether.
One day the small investors will wake up and learn a little bit of alternative investments. One nice thing about Hive is no real transaction fees, no account maintenance fees. Brokerage accounts have all kinds of fees and limits and minimum amounts needed to make a transaction. Yes to turn Hive into a local currency make involve fees they are in most cases a lot less than brokerage fees, and one day small investors will learn this.
The brokerage fees are quite high for normal trading, often with flat fees that will kill any small amount traded. I checked some a few years ago for a post and the highest minimum was something like 12 dollars per transaction. That excludes 80 percent of the world's population.
Part of the reason I gave up on learning more about the stock market, I bought some stock, it went up a good percentage for the time, so I sold it. after all was done. I made 2 dollars, the finance guy made 10 dollars each way, so racket I saw and stopped investing in Stocks.
it is a crazy system where the skimming means emptying the till.
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