I love how the tech bros who can't stop whining about how America isn't a meritocracy anymore are going all in on crypto which is basically a "get rich quick without having to work" scheme that involves a combination of luck and rank political corruption. slate.com/podcasts/wha... - ThreadSky

sethcotlar.bsky.social • 55 days ago

I love how the tech bros who can't stop whining about how America isn't a meritocracy anymore are going all in on crypto which is basically a "get rich quick without having to work" scheme that involves a combination of luck and rank political corruption. https://slate.com/podcasts/what-next-tbd/2025/01/trump-is-the-pro-crypto-president-the-industry-has-been-waiting-for

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hurubird.bsky.social•53 days ago

You are not certain to say this, you don't even believe yourself.

D.Y.O.R

Lets say the bros are dealt a 'left' hand and everything goes south, would you've an iota of sympathy for their loss? You know the answer to that. I too had the same trail of thoughts.

I've been in the trenches.

rdthorsett.bsky.social•54 days ago

It seems like we're getting closer and closer to a world which openly admits that the most desirable business skill is the ability to fleece people, and that "getting rich quick without having to work" is a truly deserving sign of merit.

sethcotlar.bsky.social•55 days ago

BRB, writing a Weird Al-esque version of an old Madonna song about the merger of crypto and Christian Nationalist scammers in Trump's GOP--it's called "Pump-and-Dump Preach."

jackacid.bsky.social•55 days ago

sethcotlar.bsky.social•55 days ago

In all seriousness, has anyone written the article yet about how crypto scams appeal to economically-frustrated young men in ways both similar and different to how essential oils MLM scams appeal to women? https://www.pushkin.fm/podcasts/the-dream/s1-e2-womens-work

dmnd.me•55 days ago

@bft.wtf @caspiancey.bsky.social what’s your fav piece on this

dmnd.me•55 days ago

Just remembered that this exquisite essay exists

https://lauriepenny.substack.com/p/ship-of-fools

bft.wtf•55 days ago

This was my attempt that got at related, but not quite the same ideas https://youtu.be/x4Ah8zqEgzo?si=iIZA6zIxBUGq47jD

oddletters.bsky.social•55 days ago

i think golumbia touches on that in The Politics of Bitcoin

danmitchell.bsky.social•55 days ago

I think there’s something to this, but my guess is that the women are more legitimately economically frustrated on average than the men.

sethcotlar.bsky.social•55 days ago

Sounds plausible. One thing I love about that "The Dream" podcast is that it is very sympathetic to the women who get sucked into these MLM scams...their economic woes are 100% real and their options are quite limited, which is why they're vulnerable to savvy scams like this.

danmitchell.bsky.social•55 days ago

Sympathetic, yes, but nothing was held back. It was great. They didn't pretend the women weren't fools, but also didn't gratuitously rub it in.

Another guess: the middle-aged guys who get crypto-scammed are likely much more like the essential-oils women than the younger dudes are.

danmitchell.bsky.social•55 days ago

From what I've seen online and in the media, the older dudes are, very generally, acting largely out of desperation (whether legitimately or not) while the younger dudes are more like the day-traders of the '90s and are also more "political," like they're sticking it to The Man.

lxlloyd.bsky.social•39 days ago

I work in compliance and risk management in crypto. The most likely scam victims are actually 20 something guys (possibly because they have no concept of risk/are too cocksure) and then it’s people we could consider “elderly”. Honestly I think it’s about over embracing tech without skepticism.

lxlloyd.bsky.social•39 days ago

But also, the amount of time I get stuck in rooms at conferences or events with twenty something crypto bros who don’t fundamentally understand tokenomics, economics or the actual technology itself is mind blowing.

sethcotlar.bsky.social•55 days ago

It strikes me that one difference is that the women who get ripped off by MLM scams work their asses off, usually in return for very little economic return, while the young men who get into crypto spend their days doing...what exactly other than putting money into the pockets of already rich people?

soyweiser.bsky.social•55 days ago

Think a few young people who get into crypto do work either promoting it (aka talking about it everywhere) or trying to build some site/whitepaper/app thing that goes nowhere. Or they try to build their own coin from nothing. I'd assume that takes a lot of time (for no payout).

trustywoods.bsky.social•55 days ago

that is the weirdest part. Like buying "gear" in an online game.

maryangelaperna.bsky.social•55 days ago

Women get caught up in MLM scams (I did, 25 years ago, Mary Kay, I know, I know), because I had a baby, she was sick, we were in NYC, husband worked for CUNY, it was a promise to make money, work from home.

That’s pretty much it. Of course it was a Ponzi scheme

grateful4lessons.bsky.social•37 days ago

I suggest you research “ponzi schemes.” I wouldn’t be so quick to lump all MLMs as pyramid or ponzi schemes. Some have been, no doubt. However, there are direct sales companies (MK+) that are true businesses and allow people to make money/commission thru network marketing (a real business).

maryangelaperna.bsky.social•37 days ago

L M A O

smallestfries.bsky.social•55 days ago

Haven’t seen this comparison before…and it seems pretty dead-on. Both groups also want to talk incessantly about their side hustles.

supaspoida.bsky.social•55 days ago

I’d definitely like to read that.

micah541.bsky.social•55 days ago

I was just thinking this is obvious https://bsky.app/profile/micah541.bsky.social/post/3lesx4oo7vk2h

edwalker.bsky.social•55 days ago

Crypto Bros: we need a bailout because we ran out of greater fools.

abbylynn55.bsky.social•55 days ago

Pyramid scheme.

cvilletgr.bsky.social•55 days ago

Bitcoin went all in on defeating Sherrod Brown here, mostly through anti-trans ads, of course.

petit-a.bsky.social•54 days ago

Money-ness is an ever expanding concept in America. First, only treasuries were near-money, then mortgages, then corporate bonds.

Bitcoin can easily become near-money -- it's about as "real" as the Carnival Cruise Line debt that the Fed bought in 2020.

ristox.bsky.social•55 days ago

Meritocracy is not when your daddy gives you lot of money and you have lived privilege life since you were little child. Musk, Trump and most of them are total opposite what they claim to be.

amandamarcotte.bsky.social•55 days ago

"Meritocracy" always assumed you can suss out merit based on whiteness and maleness.

sanho.bsky.social•54 days ago

The upside of pushing the US into default:

spiderandme.bsky.social•55 days ago

And, like all libertarians, imposing costs on third parties.

arterialz.bsky.social•43 days ago

It's about undermining the USD as the global currency.

It might look like more brosphere grifting but it's right on plan, China and Russia are allies in this goal and Drump + Leon are their assets

Fascism is a global project

arterialz.bsky.social•43 days ago

richp86.bsky.social•54 days ago

"Crypto" = "creep dough"

ladyboater.bsky.social•55 days ago

Weird anchor baby Barron's favourite project. Be in no doubt Barron has more power than the rest of the Trumps put together and will be the sole inheritor. Why do you think the Ice Vein Queen stayed with Donald? Every renegotiation of the prenup involved handing power to her child.

rauchway.bsky.social•55 days ago

The federal bailout of crypto will be glorious

burtonad.bsky.social•54 days ago

One word: plunder.

sethcotlar.bsky.social•55 days ago

But I was assured by all of the Tea Party people who now support Trump that they are adamantly opposed to government bailouts!!! Surely they will hold to that principle and kick the bums out who would ever propose such a thing!

rauchway.bsky.social•55 days ago

As soon as they give up the money they had in Silicon Valley Bank, I bet they will

jennvg.bsky.social•55 days ago

The funniest thing about the SVB thing was that was a run that they caused themselves by tweeting too much. Crypto is gonna be an even dumber mess. How they parse the bailout to exclude the 50k life savings loss while covering the 50 million bad investment decision will be quite a spectacle.

ozmodiar.bsky.social•55 days ago

I don’t want to touch crypto with a ten foot pole but I’m frustrated/fomo about the fact that the pump up will probably work for awhile if the White House is really in to it

smtuffy.bsky.social•43 days ago

What if I told you that crypto was already bailed out in March 23

dmnd.me•43 days ago

USDC would have been insolvent and a lot of scam businesses at Signature would have gone away, but I think Coinbase and Tether would still be with us and it would not have had as much impact as FTX already had.

paulriz504.bsky.social•54 days ago

Already bailed out 3 billion of it when SVB went under in March 2023

Saylor should be begging for cash in the street right now but the feds determined it would be systemic so here we are right now.

chuckmccullagh.bsky.social•55 days ago

The election shadow that's received insufficient attention. Thanks.

acernine.bsky.social•54 days ago

bitcoin is bulls**t and needs to die.

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