🐈

The only long-term relationship young people have are usually with parents & family. This biases towards being conservative. They're "anti-cool". Even if the advice is sorta correct ("looks like a bubble to me, back in day when I blah blah blah") it is ignored.

What makes this worse is that the only "good" advice is usually wishy-washy and boils down to "think for yourself, here's 100 books and 100 years of data." While "correct", it's also not sexy. It's like the old wise sensei being ignored and shunned for the hot new cobra kai.

there's also the INTERNAL audience younglings carry with them. Like an overly critical IFS family. This adds to a cacophony of voices pressuring towards high risk - high reward actions while adding *just* enough doubt & friction so that the actions are fucked up or mistimed.

Let's take the recent crypto moves. In terms of overall percentage gain, they aren't that high. double triple, whatever. Compared with the leverage you can get with traditional methods, it's a lukewarm "meh". They only *seem* high because they're prominent in the social story.

Compare to VC investing which seeks 10x , 100x returns. The increased volatility/risk/long-term-holding of the "asset" demands an increased return.https://twitter.com/a_yawning_cat/status/1339803542756839424 …

BUT there *is* an advantage for those who understand how social stories develop. The actually "cool" people can milk the wannabe "cool" people by selling them the leftover dream. Even though it's usually past its "Good By XXX" date and sometimes even expired.

Another issue is that one can imagine buying 10 dollars of bitcoin at 1 cent and feeling like they missed out. yet the personality required to have done that and held that is NOT who most people are but tantalizingly provides the illusion that it "could've been"

Normally this type of penny-stock buyer mentality is gated from the public imagination because it's wrapped up as ownership percentage in a company so it avoids obviously wrong market cap calculations. e.g. forking dogeCoin as notADogeCoin and sell 1 coin for 1 dollar to friend.