Young Men Are Making Risky Bets on Crypto and Politics–and Raking It In
wsj.com
wsj.com
Alex Monahan, 28, bought crypto and started betting on sports around the same time in 2019, taking the advice of his co-workers at the financial firm Susquehanna International Group. He was already “gambling other people’s money” at work, he reasoned.
He now feels as though he didn’t educate himself enough. The 2022 collapse of crypto exchange FTX erased about $400,000 from his portfolio. Although he has gotten roughly half of that back so far, he hasn’t bought crypto since. He continues sports betting and now creates videos about it full-time.
I am sure he has made more $ from his high-high paying finance job than that other stuff.
When you consider that it's base ledger only gets more unusable by the day, it's kinda shocking. People basically had to invent new ways to send Bitcoins to one another because the Bitcoin layer itself is fundamentally useless at this point. Nobody wants to pay for gas fees when they can use an L2 chain, miners are being disenfranchised as mining difficulty skyrockets, and users are (somehow) still demanding more digital coinage.
Every rung on the ladder is getting loose and people still want to climb it without even knowing where it leads to. The sort of stupidity that would be admirable if it was bravery and not petty greed.
Rug pulls and fraud everywhere you turn. Kids openly live streaming rug pulls and laughing at all the suckers.
Question is how much higher it can go before it's the short of the lifetime.
It is kinda funny to see the cycle over and over again. I mean looking back to alt-coins(litecoin etc.) then ICOs then NFTs and now whatever they are doing again... I have not even kept track of most of it. All somehow generating money from somewhere... And then going down again.
I'll bet it's very small. But that's on the WSJ to figure out, they're the newspaper, it's their job, after all.