At the end of an article is an anecdote about an older (for Silicon Valley) woman who states "And maybe I’m going to lose [my investment of $12k].. Maybe I’m going to keep cleaning houses. But something is telling me I can trust this generation."
My worry is that (1) people like this woman who don't understand markets, let alone cryptocurrencies, will get burned by this, and (2) some small set of people who do understand markets will take advantage of those who don't.
This could result in a situation in which techies are blamed, like Wall Street, for causing lots of people to lose money (and -- let's face it -- lots of people will lose money, if not now then at some point).
When my 70 year old neighbor who can barely operate an iPhone wants to buy crypto, all I can think of is that scene in the Wolf of Wall Street where they're selling people penny stocks. I do think there is a utility for crypto and I do think some cryptocurrencies will be good investments long term. But I also think the hype is outpacing the utility and a lot of people will be left holding the bag
At the end of an article is an anecdote about an older (for Silicon Valley) woman who states "And maybe I’m going to lose [my investment of $12k].. Maybe I’m going to keep cleaning houses. But something is telling me I can trust this generation."
My worry is that (1) people like this woman who don't understand markets, let alone cryptocurrencies, will get burned by this, and (2) some small set of people who do understand markets will take advantage of those who don't.
This could result in a situation in which techies are blamed, like Wall Street, for causing lots of people to lose money (and -- let's face it -- lots of people will lose money, if not now then at some point).