All along the way, there were some people who were calling me a killjoy and saying that everyone on board was in it for the lulz. But the people I saw doing this were not ironic memelords or anything, they were earnest working class folks who were taking the memes at face value and throwing money at what they believed was a chance to take down wall street while make money doing it.
So everybody gets obsessed with the lottery.
For whatever income you define as wealthy, a huge chunk of society can afford to save away 1/23rd of that annually.
Under today's taxes in the US, those gains are tax advantaged compared to income, so take whatever salary you define as wealthy and put away 1/29th of it per year, roughly.
It's not accessible to everyone, but calling it "fucking dire" is just fearmongering people into being even worse off with the lottery.
Individual economics are dire in terms of how much it costs to have basic security with housing specifically.
Median home price in the US was $222k in 2008, its $400k in 2022. Rents have gone up accordingly. Average person sees their paycheck go less far every year, and then add inflation on top of it. Putting away $1k in a year sure doesn't seem like it helps you.
Everything works out pretty well for you if you somehow own a house in the US, just hope you aren't behind the curve on assets.
This is between misleading and untrue. Home prices have gone way up, while home monthly payments haven't, due to the extremely low interest rates on mortgages. This means that downpayments are less accessible, but the rest of the payments are about as accessible as before. Until 2021, monthly payments were actually unusually cheap for the last bunch of years. Probably offsetting the higher down payments and lower inflation.
But the big one is that rents haven't gone up accordingly. I couldn't find 2022 data, but from 2008 to 2020, median monthly rent went up from $783 to $1,104. In 2020 dollars, it went from $941 to $1,104, or 17%. It's significant, but nowhere near the doubling you posted.
As economists sometimes say, "lotteries are a tax on the poor". (Or, "lotteries are a tax on the stupid.")
Of course, I don't visit the smaller memecoin subs which might be like that and same for possibly the Dogecoin one which is the largest one which I imagine might have that type of post.
The hate I usually see in crypto discussions is directed towards index funds or blue-chip stocks.
It is actively managed, meaning that specific stocks are selected to be part of the fund. This is the opposite of an index fund, where the goal is to buy the whole market.
That's why a fund like ARKG can sometime outperform the market, or, like recently, under perform. An index fund would match the whole market performance, no more no less.
I bought $1000 worth of BTC in ~2006. If I'd held onto it I would...probably not be a millionaire today, even if the math says so, because it was band new then, and using them is what makes them valuable.
It's a tragedy of the commons problem I believe.
that might be hard to do:
>On 3 January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block.