This category of scam, which both Ponzi schemes and pyramid schemes fall into, are occasionally called “greater fool” scams – because the trick is to find someone more foolish than you to buy you out before it all falls apart.
Since things aren’t looking good, he might just avoid the subject for once. Good luck!
Neoliberal economics was debunked, chewed apart and dismissed by mainstream economists when it was first proposed in the 30’s through 60’s.
The impression I’ve got was it was a fringe nutjob thing for a long time, not coming out of qualified academics. But politically motivated goobers. From what I understand even as it became a certified thing in the 70’s and 80’s mainstream economists were mostly dismissing it in the same way geologists dismiss flat earth theory.
Even as politics carried it into a mainstream position. It was never rooted in anything like academic rigor, never had anything more than hand wavy evidence in it’s favor. And there has always been serious mainstream criticism of it as not real or rigorous economics.
What’s changed more recently is serious work unpacking the damage and it’s failures has gained both academic and popular traction.
Or just some base awareness of what’s going on. With a commodity like corn you can know how much is planted, what the growing season’s weather was like etc. With a stock you can look at the company and know if they have potentially important products coming. Bonds you can assess if that government is likely to last longer than a year.
So do you keep an over/under prediction when your sister will need your financial assistance?
At least sports betting has entertainment value. Most professional sports are boring to watch without either lots of booze or betting.
That noise you hear is the invisible hand working hard to rub one out.
I´ll just leave this here:
Will somebody think of the poor ugly ass monkeys
Posted just before this latest crash, the best thing on NFTs I’ve ever seen:
It’s got lots and lots of ugly ass monkeys.
A friend asked me to explain Crypto. I said it’s just like the old cartoon where the coyote runs off the edge of the cliff but can keep running until he looks down. It’s just like that.
Yeah it was good, but it was also two hours and eighteen minutes…
Well worth it, IMO. I found it better (and more gripping, even though it’s mostly a guy reading at a table) than lots of full-length documentaries. It’s like listening to someone read an excellent essay on the subject with helpful illustrations popping up (though it would work pretty well as audio too).
When the stonks market correction hits biggly, these things will crash by 10x that amount as people rush the doors to leave the building. And crash right into each other.
This ponzi scheme is killing the planet faster with its insane energy usage, more and more software is getting infested with crypto mining crap, techbros seem to think you can set up a functioning state by just selling NFTs to one another(?) and all the while we have various friends and family members boring us to death with it (i hope they haven’t lost most of their savings) so it can’t come soon enough.
my analogy for cryptocurrencies is that it’s as if idling your car 24/7 could generate worked sudokus which can be traded for heroin.
to extend the analogy, an nft is when your heroin sudoku has an image on the back of it.
Its already happening.
Rising Fed rates have triggered a Nasdaq crash for the last 2 weeks. Tech companies are notoriously undercapitalized and overleveraged. Its rippled through the larger S&P type companies to a lesser degree.
Crypto is crashing along with it.
The last servers, switching systems and electrical grid will be reserved for keeping their blockchain running.
Hard to pay for things when the nearest working terminal is a 100 mile hard-slog through cannibal-infested badlands.
“Who run CryptoTown?”
“Um. No one. We sit on our asses trading numbers, and fight over the last cans of beans.”
“What’s the plan now, genius? We’re all gonna have to till the soil!”
Hard months later…
Nonsense! If they wave they screens in the air, displaying their e-coin balance, Adam Smith’s invisible hand will bring more beans to satisfy market demand!
(It’s called Thunderdome for a reason.)