This was a great account and precisely correct in the description of experience and effect of someone who has spent no time whatsoever (as the overwhelming majority of crypto folk) in understanding investing.
When SmithBarney was a successful independent asset manger, it used to have a commercial that said “we make money the old fashioned way: we earn it”. And then it was taken over by Citibank and then later partly resold to MorganStanley. About the same time we entered fully into a world created by Milton Friedman, et al. Companies were no longer in the business of being good at what they do, they existed only for shareholders to get richer. This set us on the road to where we are now with crypto: the only value is an ever increasing one, the world and reality be damned.
But by and large the capitalist system continues largely in the rest of the OECD operating by providing value for what they do and that value is measured by doing better at what they do rather than just a share price. And returning to investors some of that surplus value more often in actual cash form of dividends. For that reason, Germany’s car companies are dominant and American car companies have all flirted with disaster and decline. And German car companies (and suppliers) have maintained or grown their well-paid workers. And for that reason also income and wealth distribution in the USA is the 3rd worst of the OECD countries, down there with Turkey, Mexico, and Chile.
Americans cannot rely on job income to cover all the expenses that are covered in the Northern European “socialist” economies by high taxes on wealth and stable industries continually innovating and climbing the value chain. Instead they have to invest. And investment take knowledge and effort at understanding. So of course Americans are left with going to the casino. And, like Jessica, are either not motivated to understand how to invest or are overwhelmed by what needs to be understood and, even more, constantly re-evaluated. We Americans have to hold many jobs to keep up and most of us don’t have the intellectual spare cycles or time to do this while struggling at multiple jobs.
Hence the biggest 2 attractions of crypto that Jessica so well demonstrates: you only have to HODL and believe. Zero knowledge and simple management. Sigh.
