A fool and his not-really-money are soon parted
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@loopback0 I only know Malcolm in the Middle from the memes that say "remember Malcolm in the Middle?"
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@Gustav it’s the best.
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Wait, it's from 2000? So it's not an age thing, it simply never got popular in my country.
On unrelated note, it's interesting what we remember from our childhoods and what we don't. The other day my sister asked me out of the blue "hey what was that old children's cartoon called where fish went to school?" and I was most surprised that I immediately knew the answer.
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@Gustav said in A fool and his not-really-money are soon parted:
"hey what was that old children's cartoon called where fish went to school?"
That's a pun, isn't it?
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@Tsaukpaetra said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
"hey what was that old children's cartoon called where fish went to school?"
That's a pun, isn't it?
Depends on the fish, technically.
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@Tsaukpaetra Maybe, but probably not.
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@Tsaukpaetra said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
"hey what was that old children's cartoon called where fish went to school?"
That's a pun, isn't it?
It is in English language version. For everyone else it totally flew over our heads.
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@Gustav What was the cartoon?
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@GOG Tęczowe Rybki. Called something completely different in English.
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@Gustav said in A fool and his not-really-money are soon parted:
Called something completely different in English.
Apparently. Possibly.
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@dkf or maybe it's the same. I swear I checked it before and it was something different.
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@Gustav said in A fool and his not-really-money are soon parted:
@dkf or maybe it's the same. I swear I checked it before and it was something different.
This is why I keep a jar or peanut butter handy, it's a helpful reference in case of skifjip.
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@Gribnit said in A fool and his not-really-money are soon parted:
skifjip
I didn't know you were Dutch.
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@dkf said in A fool and his not-really-money are soon parted:
@Gribnit said in A fool and his not-really-money are soon parted:
skifjip
I didn't know you were Dutch.
More comprehensible than his English.
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@Gustav said in A fool and his not-really-money are soon parted:
@GOG Tęczowe Rybki. Called something completely different in English.
@dkf said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
Called something completely different in English.
Apparently. Possibly.
Ok. Time to put on another , 'coz I have no idea of what all y'all are talking about.
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@GOG said in A fool and his not-really-money are soon parted:
Ok. Time to put on another , 'coz I have no idea of what all y'all are talking about.
Apparently, a TV show. I just followed links on Wikipedia so I don't know really.
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@GOG said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
@GOG Tęczowe Rybki. Called something completely different in English.
@dkf said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
Called something completely different in English.
Apparently. Possibly.
Ok. Time to put on another , 'coz I have no idea of what all y'all are talking about.
Leciało na Wieczorynce czasami ok. 2000. Enjoy your .
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@Gustav Yeah, by that time I was more of the red-square demographic.
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@GOG I know what you mean but
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@Gustav Given that I remember Martial Law, it's sorta appropriate in context...
ETA: I woke up one morning...
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@dkf said in A fool and his not-really-money are soon parted:
@GOG said in A fool and his not-really-money are soon parted:
Ok. Time to put on another , 'coz I have no idea of what all y'all are talking about.
Apparently, a TV show. I just followed links on Wikipedia so I don't know really.
Spoken like a true
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@Gustav said in A fool and his not-really-money are soon parted:
@GOG said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
@GOG Tęczowe Rybki. Called something completely different in English.
@dkf said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
Called something completely different in English.
Apparently. Possibly.
Ok. Time to put on another , 'coz I have no idea of what all y'all are talking about.
Leciało na Wieczorynce czasami ok. 2000. Enjoy your .
Are you actually old enough to remember year 2000?
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@BernieTheBernie vaguely.
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@LaoC said in A fool and his not-really-money are soon parted:
While Crypto Bro Scammed Clients, Reporters Scammed Readers
True, but universal and not specific to this. The article itself says:
The business press is rarely skeptical about the speculative heroes of the moment
About this:
How could this happen? How could no one have seen this coming?
he received little scrutiny in the media. On the contrary, he was celebrated.Within margin of error, everybody saw that coming. All of crypto is a scam, so, naturally, this was a scam too. For proper media scrutiny, every article should start with this disclaimer. Which probably gets old for the audience reading about the latest crypto bullshit.
However, when it's being reported by "the paper’s cryptocurrency correspondent", you've already crossed the counter-factual "let's assume crypto isn't a scam" assumption, and the report is to be viewed in that light.To be fair, people are also telling me the stock market is a scam, so maybe I shouldn't judge people who didn't believe that crypto is a scam, either.
Singer has been criticized for his eugenics-like approach to disability
Dubious. Reminds me of the vs flamewar, where each accused the other of similar things and of completely misrepresenting the other.
In just two years since Bankman-Fried’s first political donation, his money hired dozens of top-flight lobbyists and political operatives,
Lobbyism is legalized corruption, news at 11.
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@topspin said in A fool and his not-really-money are soon parted:
Within margin of error, everybody saw that coming.
Everyone except the idiots with far too much money who made up the core base of marks in the scam.
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@topspin said in A fool and his not-really-money are soon parted:
To be fair, people are also telling me the stock market is a scam
If by "scam" you mean "optimized for generating asset bubbles in an 'easy money' environment", I fail to see how that's controversial.
Same goes for crypto.
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@Gustav said in A fool and his not-really-money are soon parted:
@loopback0 I only know Malcolm in the Middle from the memes that say "remember Malcolm in the Middle?"
The important part about Malcolm in the Middle is that the opening song was made my They Might Be Giants, which is an awesome band.
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@topspin said in A fool and his not-really-money are soon parted:
To be fair, people are also telling me the stock market is a scam, so maybe I shouldn't judge people who didn't believe that crypto is a scam, either.
Oh, the stock market absolutely is a scam. Remember GameStop?
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@topspin said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
How could this happen? How could no one have seen this coming?
he received little scrutiny in the media. On the contrary, he was celebrated.Within margin of error, everybody saw that coming. All of crypto is a scam, so, naturally, this was a scam too. For proper media scrutiny, every article should start with this disclaimer. Which probably gets old for the audience reading about the latest crypto bullshit.
However, when it's being reported by "the paper’s cryptocurrency correspondent", you've already crossed the counter-factual "let's assume crypto isn't a scam" assumption, and the report is to be viewed in that light.That's just, like, your opinion, man! Which I happen to completely agree with, but that doesn't change the fact that plenty of people think otherwise, and most of them, I believe, in good faith. A highschool buddy of mine used to work for IOTA. Intelligent guy, PhD in maths, done all kinds of serious crypto shit (as in protocols) before, but he believes in the lofty goals of IOTA. TBF, most of them beyond simple speculation, but still blockchain bull.
I think it's a kind of intellectual disability from decades of being subjected to the mantra that success is measured by the amount of money you make, no more, no less; that you're a weirdo if you believe infinite growth in finite space is a problem, and other pieces of ideology like that. But they still honestly believe crypto is a useful thing.To be fair, people are also telling me the stock market is a scam, so maybe I shouldn't judge people who didn't believe that crypto is a scam, either.
Yeah, and even that number is hardly more than an asspull.
Hardly anyone buys stocks to profit from the earnings, or options to insure an actual, physical trade. You don't invest in things you think make sense or are ethical or any such shit unless you 're either someone who thinks they have enough™ money anyway or it's your business to serve those people. You buy stocks you believe other people will believe in in the future and put money in the pot that raises the stock price. If that sounds familiar, that's no coincidence.
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@LaoC said in A fool and his not-really-money are soon parted:
That's just, like, your opinion, man! Which I happen to completely agree with, but that doesn't change the fact that plenty of people think otherwise, and most of them, I believe, in good faith.
TBF, people regularly fall for Ponzi schemes, despite the fact that everyone should know better by now.
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@LaoC said in A fool and his not-really-money are soon parted:
If that sounds familiar, that's no coincidence.
I know, that's why I ended that sentence with "I shouldn't judge people who didn't believe that crypto is a scam, either" (which the two posters above telling me but it is seem to have missed).
Yeah, and even that number is hardly more than an asspull.
Hardly anyone buys stocks to profit from the earnings, [...] You buy stocks you believe other people will believe in in the future and put money in the pot that raises the stock price.Yes, but it serves as a valid baseline for how reasonable the current price is and how likely it may still rise, compared to it coming crashing down someday and leaving you hanging. If the valuation is such that you make up all the investment again in a reasonable time frame, without selling, just from the profits, then the stock isn't going to come crashing just due to a valuation bubble. And even if it did, you need not care. (You can of course still lose if the company itself runs into problems in the future, but I'm arguing about fantasy valuation bubbles detached from what the company should actually be worth.)
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@GOG said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
That's just, like, your opinion, man! Which I happen to completely agree with, but that doesn't change the fact that plenty of people think otherwise, and most of them, I believe, in good faith.
TBF, people regularly fall for Ponzi schemes, despite the fact that everyone should know better by now.
They're learning thoygh. "Just send me money and other people will send you more money" doesn't work with that many people any more. You need an bit of
$TECH
and financial fairy dust these days.
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@LaoC said in A fool and his not-really-money are soon parted:
Hardly anyone buys stocks to profit from the earnings, or options to insure an actual, physical trade. You don't invest in things you think make sense or are ethical or any such shit unless you 're either someone who thinks they have enough™ money anyway or it's your business to serve those people. You buy stocks you believe other people will believe in in the future and put money in the pot that raises the stock price. If that sounds familiar, that's no coincidence.
I suspect you'll start to see a change there, as money is now on a longer term megacycle to become more expensive everywhere in the world at once. When borrowing was nearly free (for larger investors; little guys got the shaft, as normal) there wasn't a big incentive to be careful with it or to demand reliable returns. But when you have basic interest rates that can actually hurt you if you borrow a billion or two, you make sure that that borrowed billion gets enough back to pay off the interest as well as giving you your profit.
In some senses, this is a return to normality. Interest rates have been historically extremely low over the past 15 years.
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I hope nobody is dumb enough to give them any loans, I want to see this crash go through and keep on crashing even more of the industry!
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@Gustav I think you were looking for this emoji:
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@topspin said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
If that sounds familiar, that's no coincidence.
I know, that's why I ended that sentence with "I shouldn't judge people who didn't believe that crypto is a scam, either" (which the two posters above telling me but it is seem to have missed).
I think your conclusion is backwards. Instead of not judging crypto investors, you should be judging the hell out of small time stock investors.
I know only one person who started off as non-millionaire and made significant profit in stock exchange. He pulled the ultimate bumbling idiot move. The year was 1990, capitalism just started in Poland, nobody had any clue how stock market works. One of the first commercial banks in Poland just started selling its stocks to people, directly, just like that. So the guy joined a long, long line without really knowing what the line is waiting for, which was the style at the time. He paid some money and received some paper he didn't really understand. He was scared of what his wife would say, so didn't mention it at home. Then he lost the paper, which was the only proof of stock ownership. 8 years have passed before he randomly found it again. By that point, the stocks went up 10,000%.
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@Gustav said in A fool and his not-really-money are soon parted:
significant profit in stock exchange
Depends on your definition of "significant", but I'm not talking about 10,000% profits but "beating inflation and then some, with 5-10% yearly returns".
(That was before inflation was30%8%)
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@topspin significant, as in you could renovate a kitchen with the money you earned over years, or something. Nothing major.
Beating inflation can be achieved by reflexively putting all your excess money in any random index fund. I meant I don't know any small time investor who consistently beats my strategy of putting all excess money in any random index fund. Except this one guy who was literally blessed with idiocy.
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@Gustav said in A fool and his not-really-money are soon parted:
putting all your excess money in any random index fund
That is my definition of "putting money in the stock market".
It just averages out the market and relies on the market going up in general, but if all of the market is a scam, then when the music stops the bubble pops.Of course, if you buy GME, you get shafted even more.
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@topspin said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
putting all your excess money in any random index fund
That is my definition of "putting money in the stock market".
But "beating inflation" is not my definition of significant.
Also, I believe there's a big difference in actively participating in the decisions what to invest in and how much, and actively recusing yourself from any and all decisions what to invest in and how much.
On the other hand, there's an entire professional class of people who very consistently do better than index funds. The one thing they have in common is that they already were obscenely rich before they started investing. Or in other words, they didn't start investing until they've already got obscenely rich through other means.
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@Gustav said in A fool and his not-really-money are soon parted:
On the other hand, there's an entire professional class of people who very consistently do better than index funds. The one thing they have in common is that they already were obscenely rich before they started investing. Or in other words, they didn't start investing until they've already got obscenely rich through other means.
The man who's got kopeks does kopek deals and earns kopeks, while the man who's got millions must necessarily earn millions.
The ruble is like an overworked mare - it needs a long time to bear another ruble, while the million is like a sow, giving birth to many millions each year.
Pop quiz, young 'un: what classic Polish novel is that from?
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@GOG no fucking clue but I'm sure he was a great poet.
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@Gustav 's The Doll, you uncultured swine!
Seriously though, it's surprisingly good once you get past the whole "it's on the school reading list, ew!"
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@GOG memoirs of old perverts just isn't my thing.
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@topspin said in A fool and his not-really-money are soon parted:
@Gustav said in A fool and his not-really-money are soon parted:
putting all your excess money in any random index fund
That is my definition of "putting money in the stock market".
It just averages out the market and relies on the market going up in general, but if all of the market is a scam, then when the music stops the bubble pops.Of course, if you buy GME, you get shafted even more.
The fun thing is that pretty much every asset class will do something like this at some point. The question is whether it's a permanent thing or just the market readjusting, etc.
In the case of crypto, it's trying to solve a real problem, it's just a super shitty non-solution to the problem.
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@boomzilla said in A fool and his not-really-money are soon parted:
In the case of crypto, it's trying to solve a real problem, it's just a super shitty non-solution to the problem.
Honestly, I kinda fail to see what problem it is trying to solve, other than, y'know, paying for drugs over the internet.
Crypto is just as much fiat money as normal cash, only it doesn't have men with guns actually backing it.
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@GOG said in A fool and his not-really-money are soon parted:
@boomzilla said in A fool and his not-really-money are soon parted:
In the case of crypto, it's trying to solve a real problem, it's just a super shitty non-solution to the problem.
Honestly, I kinda fail to see what problem it is trying to solve, other than, y'know, paying for drugs over the internet.
Crypto is just as much fiat money as normal cash, only it doesn't have men with guns actually backing it.
One ginormous problem is that those men with guns are often pretty shit at managing the currency.