You make a case for crypto speculation as the only way for youngsters to get rich. I'd like to point out that crypto is arguably a negative-sum game, ie only some can get rich, and only at the expense of others. This is in stark contrast to equity markets as a whole.
I didn't say it works for everyone, I explained why people take the risk, what the macro backdrop is for this behavior. It's quite disappointing that nobody engages with that point.
Further, getting rich at somebody's expense is business as usual for any asset, be they stocks, housing, metals, anything. It's a false morality to think that this is a behavior that "good" people widely reject. Absolutely everybody in a position to do so, will. Have you ever met a home owner that gives a social discount to his inflated house when selling? I don't think so.
> Further, getting rich at somebody's expense is business as usual for any asset, be they stocks, housing, metals, anything.
No, see, that's the point I am trying to make and that you are not getting. Housing and the economy as a whole are constructive activities that create value. Crypto is not, as far as I can tell.
No, capitalism is positive sum outside of a few edge cases where negative externalities are generated. Blockchain-based markets, being hyper-capitalistic, will, I suspect, prove to be positive sum as well.
