Dumb money could only reach these
epic proportions
with massive government intervention.
And it’s the root cause of every financial crisis.
And #bitcoin will defund it.https://twitter.com/NickSzabo4/status/1153471576374829058 …
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Replying to @JWWeatherman_
Nah. It's just strangers conning strangers, media manipulation which goes on with governments and markets alike. The main difference is the government adds arrest and imprisonment to the defrauding of strangers who think PR people are their friends.
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Replying to @NickSzabo4
If normal people hadn’t been trained from youth to invest in things they don’t understand this epidemic wouldn’t be massive. My grandmother’s generation wasn’t nearly as easy to part with their savings.
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Replying to @JWWeatherman_ @NickSzabo4
I'm not sure what generation your grandmother was, but to hear my family talk about war bonds in WW2 (when mine would have been nearly 40) I'm not so sure... Quite a few were swindled in bucket shops and per capital income dropped almost 40% in the depression... Nostalgia?
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Replying to @CarCampIt @NickSzabo4
War bonds were not a crazy risk when the alternative is USD. And those small scams taught people not to risk more money- certainly not life savings - on risky investments. Public schools have greatly reduced the sucker acquisition costs.
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It takes a lot of indoctrination to move an entire population into investing in things they are utterly clueless about. There are always fools, but when this foolishness becomes universal, you have to look for causation outside human nature.
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Replying to @JWWeatherman_ @NickSzabo4
I wonder how much of this came about not from indoctrination (no doubt played a big part) but from the automatic equity investments (dumb money) that arrived out of wage/price controls of that era...401k, retirement plans, etc that companies used to lure employees and dodge regs
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Anecdotally, my grandmother was auto-buying GM stock prior to the depression and I don't think she even went to school (very poor Pennsylvania Dutch) or at least never went to HS
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Formal education didn't make a difference for that kind of mistake (or most kinds of mistakes in life, for that matter).
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