Posted on November 25, 2021 by Scott Shuda
The boundary between investment and entertainment has disappeared as markets spilled over to Twitter and Reddit. Losses generate online karma. Owning certain assets puts you in good standing with others on the internet. Everyone is pumping their bags online, and admonishing those who sell.
And then one asset catches the attention of the masses. And then they tell their friends. And then you see it on CNBC. And it’s trending on Twitter. And the story sounds so good, who cares if it’s true. Because if enough people just believe, they’ll buy it. And if enough people buy it, the price will go up. And if you buy early enough and sell at the right time, you can make millions.
Those who can spin compelling narratives. Those who can incite FOMO. Those who can buy the influence of influencers. They are going to make a ton of money. Sure, someone else has to lose a ton of money for them to profit, but who cares? It’s not like they’re going to get caught.
We are in the middle of a trillion dollar game of musical chairs. Except some people think their chair can’t disappear, other people sit in a chair before the music actually stops, and a few players just pick up a chair and leave the room altogether. The only losers are the people actually following the rules.
When all of the players think that that everyone else is the sucker, half of them will be wrong. But you don’t read about the suckers. You read about the winners. And you think you’re going to be the next one.
Welcome to the Golden Age of Grift. Let’s go pump some dog coins.