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A majority of Gen Z investors think crypto will make them millionaires

Author: mgh2

Score: 8

Comments: 16

Date: 2021-12-04 01:41:22

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Barrin92 wrote at 2021-12-04 02:10:09:

kind of sad tbh. Praying that crypto makes you a millionaire is essentially indistinguishable from gambling. It also fits with an increasing trend of people flocking towards influencer type jobs, young adults saying they want to be streamers, and so on.

At the same time there's decreasing or stagnating interest in the sciences, foundational tech, operations, management and so on, which honestly doesn't bode to well long term I think.

peakaboo wrote at 2021-12-04 07:42:54:

There is decreasing interest in the entire idea of going to collage and being in debt for life. As a consequence, people try to find alternatives.

sergiomattei wrote at 2021-12-04 04:58:10:

> At the same time there's decreasing or stagnating interest in the sciences, foundational tech, operations, management and so on

Citation needed

> It also fits with an increasing trend of people flocking towards influencer type jobs, young adults saying they want to be streamers, and so on

Citation needed?

Honestly I don't see much difference between this and kids saying they want to be YouTubers or pop stars. They're famous, kids like that kind of thing. I'd be glad to look into any statistics you got, though.

Barrin92 wrote at 2021-12-04 21:35:23:

>Citation needed

The Rise and Fall of American Growth’ by Robert J. Gordon, an entire book of empirical data on the slowdown of both technological progress and economic growth (in the United States in particular, but applies in much of the developed world). Or if you want a more plain point, the public R&D spending is at a 60 year low and has fallen from 13% in 1960 to less than 3% today, in the US.[1]

>Honestly I don't see much difference between this and kids saying they want to be YouTubers or pop stars. They're famous, kids like that kind of thing

The difference is that these preferences have changed, and interest in the sciences is in relative decline[2]. Interest in the sciences among children is falling.

[1]

https://www.aei.org/economics/us-federal-research-spending-i...

[2]

https://www.themanufacturer.com/articles/childrens-interest-...

zeruch wrote at 2021-12-04 04:10:04:

Because every gen needs a "day trading" dot com/bomb moment...

etaioinshrdlu wrote at 2021-12-04 06:13:16:

Well, simply working at various crypto companies for not very long (about 1-2 years) has made many of my friends millionaires. And these are their first jobs out of college. Some others just bought Ethereum early, or something.

So while a majority will not likely become very rich, many do. And at the scale involved, it's perhaps millions of people getting rich.

tromp wrote at 2021-12-04 08:52:06:

Many people are rich on paper, but many of won't be able to cash out if things start going sour.

doopy1 wrote at 2021-12-04 04:03:30:

Crypto has and will make many millionaires - it will also ruin many folks.

nabla9 wrote at 2021-12-04 02:00:24:

During the dot-com bubble digital currencies like E-gold, Liberty Reserve, flooz were going to make Gen X investors millionaires.

dragonwriter wrote at 2021-12-04 05:37:49:

That's what they sold, but AFAIK they didn't have anywhere near the breadth of appeal to Gen X as crypto does to Gen Z. Or even Gen X, for that matter.

dvngnt_ wrote at 2021-12-04 02:44:54:

Does anyone know for sure what the future will bring. Investing in crypto might actually set them on the path of investing correctly

derekjdanserl wrote at 2021-12-04 05:21:31:

Investing in what?

derekjdanserl wrote at 2021-12-04 05:16:38:

Keep criticizing them but what do you expect them to be doing instead? Dropping pennies into a 401K after giving half their paycheck to their landlord and the other half to student loans?

In the absence of hope, people gamble because the glimmer of a possibility gets them through the day. Whether it’s poor people buying lottery tickets or 19 year olds taking their father’s job at half the pay and no pension, you can’t suck all the hope out of a society and expect a rational outcome.

marderfarker2 wrote at 2021-12-04 05:42:47:

Maybe it is an indication of overpopulation and too much automation. Too many people but too few jobs to go around.

derekjdanserl wrote at 2021-12-04 06:24:58:

“Hitherto it is questionable if all the mechanical inventions yet made have lightened the day's toil of any human being.” —John Stuart Mill, 1848

There is always work to be done to reproduce society, but if reproducing society doesn’t turn a profit for the owning class, the work doesn’t get done and society doesn’t get reproduced.

https://wikipedia.org/wiki/Tendency_of_the_rate_of_profit_to...

derekjdanserl wrote at 2021-12-04 05:24:42:

“Will make them millionaires” should be replaced with “will afford them a home in a city with decent paying jobs.” For all intents and purposes, they are interchangeable and that’s the problem. This article makes me sick.