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I was stuck in some tourist hell and met some people at next table that were 'into' crypto. A couple of older ladies (65+) and a 30 year old daughter with a dyed mohawk.
One of the older ladies had made a pretty sizable investment based on daughter's expert advice and they were all quivering with excitement about all the money they now 'had'. Were in town shopping for a retirement condo with their crypto winnings. Asked me if I'd 'heard of crypto', 'what I thought', 'which one was best', etc.
Told them my opinion: there's a transaction mechanism that is useful, its a new thing and 'its fine'.... as a currency... uh... seems sort of arbitrary... you can gamble on it but there's not a good reason for it to have value. The idea will be used by banks and commerce, for sure, but these random currencies won't gain value from that.
Man they didn't like that, there was some solid fundamental reason that it was going to take over as the worlds fiat currency or something. Ask for details and they're just tongue tied.
I felt so bad for them. Clearly had no idea what sort of ride they were on, were riding the euphoria spending their future gains, the power of un-reason. Greed just pouring out of them, they'd won the secret lottery. Was like adam sandler in 'uncut gems.' I told them to enjoy their success and make it real today but of course it was december 9th 2017 and two days later it started losing value.
Who knows what happened to them. Probably didn't buy the condo, but if they believed and stayed true over the next 5 years they'd be sitting pretty today.
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