RE: Oh! So it's gonna be like that, huh?
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I was just writing about this, but a different tangent.
I wrote about the Lemming like aspect of our culture, but you have hit on another strong cultural trait we have; gambling.
My guess would be is the cultural celebration of greed that we see on a daily basis. People like to gamble.
We do love it.
I remember having a long discussion with someone dear to me about the value of investing in dividend stocks, rental properties with positive cash flow and selling calls monthly on stocks you never want to sell, as I was painting a picture of how you could use any asset wisely to make consistent income, and get rich slowly…
The person I was talking to said those were good ideas, but the real genius he appreciated was a crypto investor who routinely bought 1000 shares of the newest meme tokens, as part of 100 different token bunches once a week, and how this guy was rich because one of the tokens 100x each week making up for his losses on the other 99 tokens. He thought the guy was genius. I thought the guy was a gambler.
But that’s who we celebrate in this culture.
Gamblers.
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1000 shares of any of these new meme tokens could be as little as a dollar or a euro. So a bunch of 100 of these things may have cost about USD 100 or EUR 98.
If he has the disposable income available to do this, God bless him. If he does this along with regular purchases of BTC/ETH/etc., he should be OK.
If he does not, he would be like the poor people who spend hundreds of dollars twice a week at the grocery store buying lottery tickets hoping to hit the jackpot. For those people, maybe the memecoin strategy would have worked out better for them.
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True, I hope he wins. But your right, the majority will lose.
I tried to do something similar with Hive Engine tokens, then I discovered how important liquidity was.
As for the person you wrote about, it must be a nightmare to manage that wallet or portfolio he has.
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I was thinking along the same lines.
Every Christmas my family (my grandparents and their 100+ descendants) get together and the amount of "scratcher tickets" that is handed from person to person is insane.
Someone of course always yells out "I won $50" or "I won $100" but if you start paying attention, our family is throwing soooooo much money away.
At least we can pretend it helps pay for education (the California Lottery system is supposed to help pay for education costs) and, well, it is lots of fun to give out scratcher tickets.
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I love the name scratcher tickets.
It sounds so fun and harmless…but then you had to bring up the fact of how much money your family is throwing away… it’s in our culture. LOL perhaps our very beings : )