Not rich, yet? Read and act on How to get rich + BTB..."Theres a floor to saving and no ceiling(s) to earning" ... "You can sell your business, you can't sell your job" ..."don't be the boring rich guy"
I think the "buying btc won't increase relative wealth" needs a little more context. If you are in the top 75%, will buying btc (as opposed to s&p, real estate, etc) help move you to top 90%? For sure and any lower even more so. If top 90%, will it move you into top 95%? Maybeeee not. I guess this is assuming the average reader is the previously stated $200-300k income, $600-$800k NW which is probably top 90% of NW?
TLDR - if you choose to allocate more into btc and less into real estate, stocks, etc, you will increase your relative wealth because btc is better than those. If you're allocating to btc instead of your businesses, then no you aren't.
Wealth and status (value in general) are relative. If you were her best option (or at least the "expected value" of that being true were high), she would not leave you. You need a point of reference to say you're rich. Hence you gotta be at the top of the list of options.
That's the reason why "equalizing" everyone doesn't work: there's a prisoner's dilemma and people will deviate right away to be better than their competition.
No wonder wealth redistribution is such a popular topic - 90% of the population is a large majority shouting for "eat the rich".
Another way that wealth distribution has been happening is new governments coming in and forcing a redistribution of assets (see socialism/nationalisation in LatAm, Russia, countries at war etc., economic empowerment in South Africa, Zim, etc).
You need to protect your business interests too - it isn't enough to be anon as individuals, but you need to be careful on the business side too and protect against potential shareholding grabs/redistribution by Gov. Governments are just representative of the average voter, and the average voter is swayed by populism. Can your business be based/moved to a jurisdiction that protects property rights and capitalism without losing it all?
I watched this happen to the working class up close through the 00s and 10s.
Constant layoffs, automation, offshoring, housing crisis, drugs, you fucking name it. Not to mention second order effects like divorce, abusive relationships, welfare, etc. The jobs my grandfather and his siblings had are gone. And if they're still around, they're not remotely the same.
So I look around now, and it's happening to the 'middle class'. I think about that a lot when I read these posts. And how it looks exactly the same.
If you’re up 2x on blue chips and don’t need the money, should you still sell and dump profits into a larger primary residence / upgrade to a better location / don’t sell and let the blue chips ride? (not fan of being landlords either). Assume already living in a Tier 1 global city.
Just depends on risk tolerance and your long-term goals. If you have say $10M and 95% is in computer coins probably need to adjust. If you have $10M and $2M is in Crypto probably doesn't make sense to make that move
Hefty degen tax with 100% revenue going to support productive young people in some form. Old degens & degen heirs alike can be on benders 24/7 for a good cause. Win win win
*Forgive me Bull, for I am about to sin by engaging with this comment*
First of all, they chose to build it on Cardano because “This research-based approach provides Cardano countless benefits over its competitors”. Yes, the countless benefits of checking the queue so I can see how many days it’ll take my swap to confirm.
A sidechain is not a rollup. A rollup is a compression service that exists as a smart contract on L1 and writes state updates on the L1, thereby inheriting the security of the L1.
A sidechain is a completely separate blockchain with it’s own consensus mechanism, validators, etc., connected via bridge. They don’t post state updates on the L1.
So this thing is a sidechain that uses a wrapped asset, milkADA (lmao) as it’s base asset, and then having it’s own validators and consensus separate from the L1.
Per their medium, this was created because (paraphrasing) “people like solidity and the EVM, but Ethereum might not win as the king of smart contract blockchains, so our whole talking point is going to be enabling non-EVM chains to use EVM contracts (lmao)” while touting itself as a scaling solution.
From their site “Milkomeda can scale to hundreds of transactions per second without sacrificing long-term decentralization.”
Pretty f***ing bad TPS for a sidechain. Arby’s is in the thousands and it’s an L2.
They say they want to enable EVM compatibility for non-EVM chains because they think zk-validity proof based rollups will win, and Ethereum isn’t perfect for it because of the EVM, and L2s will move to other chains (lmao). Well, if it’s not gonna work on Ethereum, it’s not gonna work on another EVM chain.
“Enables the latest innovations in ZK tech to be implemented as L3+ solutions on top of Milkomeda.” Was said under the interoperability section on their site. Right now, zkp compatible smart contracts are NOT composable, because you need to make an application-specific circuit for each dApp. You’d need a zkEVM, which will be built on, guess what, an Ethereum rollup. So, not sure wtf they’re talking about.
So me, as an Ethereum user, should bridge my assets to a Cardano sidechain (two insecure things) that uses milkADA to pay for transactions, so that I can interact with contracts from other chains because “Ethereum might not win” even though they are touting this as a way for non-EVM chain users to use EVM contracts.
So, long story short, this thing is basically a glue-brained Layer-0/Stargate with peer-reviewed buzzwords.
Leaving low quality comments. Doing no research and wasting time of helpful and intelligent community members. 30 day ban. People can search your old posts and see the low quality. Enough wasted time.
Had to delete this, please don't post paid stuff on the free posts thx!
That said the you're mis-reading the comment. if the *majority* of rich people understand it it means it doesn't allow you to catch up the *majority of rich people. Average joes don't matter
Also on the high risk stuff all of that is your call we just post what we do
Not rich, yet? Read and act on How to get rich + BTB..."Theres a floor to saving and no ceiling(s) to earning" ... "You can sell your business, you can't sell your job" ..."don't be the boring rich guy"
It’s like you talk to me 1:1 with these posts. Thanks.
I think the "buying btc won't increase relative wealth" needs a little more context. If you are in the top 75%, will buying btc (as opposed to s&p, real estate, etc) help move you to top 90%? For sure and any lower even more so. If top 90%, will it move you into top 95%? Maybeeee not. I guess this is assuming the average reader is the previously stated $200-300k income, $600-$800k NW which is probably top 90% of NW?
TLDR - if you choose to allocate more into btc and less into real estate, stocks, etc, you will increase your relative wealth because btc is better than those. If you're allocating to btc instead of your businesses, then no you aren't.
Yeah that's fair agree with that
A statement on relative wealth, relative to the context
Wealth and status (value in general) are relative. If you were her best option (or at least the "expected value" of that being true were high), she would not leave you. You need a point of reference to say you're rich. Hence you gotta be at the top of the list of options.
That's the reason why "equalizing" everyone doesn't work: there's a prisoner's dilemma and people will deviate right away to be better than their competition.
Yep
Can't play musical chairs if everybody is assured a chair.
Solid article like usual. Gotta ask... Favorite Lil Mosey song?
Lmfao not what I was expecting to see in this comment section…. But it’s “Try Me”
No wonder wealth redistribution is such a popular topic - 90% of the population is a large majority shouting for "eat the rich".
Another way that wealth distribution has been happening is new governments coming in and forcing a redistribution of assets (see socialism/nationalisation in LatAm, Russia, countries at war etc., economic empowerment in South Africa, Zim, etc).
You need to protect your business interests too - it isn't enough to be anon as individuals, but you need to be careful on the business side too and protect against potential shareholding grabs/redistribution by Gov. Governments are just representative of the average voter, and the average voter is swayed by populism. Can your business be based/moved to a jurisdiction that protects property rights and capitalism without losing it all?
Yep hence wifi money is "safest"
Can’t believe this one was free. Feels it should be worth the cost of a yr subscription.
This resonated. Deeply.
I watched this happen to the working class up close through the 00s and 10s.
Constant layoffs, automation, offshoring, housing crisis, drugs, you fucking name it. Not to mention second order effects like divorce, abusive relationships, welfare, etc. The jobs my grandfather and his siblings had are gone. And if they're still around, they're not remotely the same.
So I look around now, and it's happening to the 'middle class'. I think about that a lot when I read these posts. And how it looks exactly the same.
If you’re up 2x on blue chips and don’t need the money, should you still sell and dump profits into a larger primary residence / upgrade to a better location / don’t sell and let the blue chips ride? (not fan of being landlords either). Assume already living in a Tier 1 global city.
Just depends on risk tolerance and your long-term goals. If you have say $10M and 95% is in computer coins probably need to adjust. If you have $10M and $2M is in Crypto probably doesn't make sense to make that move
Surprised the comparable wasn’t "United States of Asia” in your first few paragraphs, but still, a great post.
If one of my friends said he is going all in on XRP should I still be friends with him?
Nah
Hefty degen tax with 100% revenue going to support productive young people in some form. Old degens & degen heirs alike can be on benders 24/7 for a good cause. Win win win
lmao that jab at #2
"services" made in EE
On a serious note, it's painful to see the widening gap among friends, relatives in the early 30's.
2-3 were misfits and were hustling, trying since early, have an online income as their main rev source.
The other winners I met on my own path.
But the rest?
All stuck as wage slaves, can't imagine what's going to be like this next 10 years.
Will not be pretty
*Forgive me Bull, for I am about to sin by engaging with this comment*
First of all, they chose to build it on Cardano because “This research-based approach provides Cardano countless benefits over its competitors”. Yes, the countless benefits of checking the queue so I can see how many days it’ll take my swap to confirm.
A sidechain is not a rollup. A rollup is a compression service that exists as a smart contract on L1 and writes state updates on the L1, thereby inheriting the security of the L1.
A sidechain is a completely separate blockchain with it’s own consensus mechanism, validators, etc., connected via bridge. They don’t post state updates on the L1.
So this thing is a sidechain that uses a wrapped asset, milkADA (lmao) as it’s base asset, and then having it’s own validators and consensus separate from the L1.
Per their medium, this was created because (paraphrasing) “people like solidity and the EVM, but Ethereum might not win as the king of smart contract blockchains, so our whole talking point is going to be enabling non-EVM chains to use EVM contracts (lmao)” while touting itself as a scaling solution.
From their site “Milkomeda can scale to hundreds of transactions per second without sacrificing long-term decentralization.”
Pretty f***ing bad TPS for a sidechain. Arby’s is in the thousands and it’s an L2.
They say they want to enable EVM compatibility for non-EVM chains because they think zk-validity proof based rollups will win, and Ethereum isn’t perfect for it because of the EVM, and L2s will move to other chains (lmao). Well, if it’s not gonna work on Ethereum, it’s not gonna work on another EVM chain.
“Enables the latest innovations in ZK tech to be implemented as L3+ solutions on top of Milkomeda.” Was said under the interoperability section on their site. Right now, zkp compatible smart contracts are NOT composable, because you need to make an application-specific circuit for each dApp. You’d need a zkEVM, which will be built on, guess what, an Ethereum rollup. So, not sure wtf they’re talking about.
So me, as an Ethereum user, should bridge my assets to a Cardano sidechain (two insecure things) that uses milkADA to pay for transactions, so that I can interact with contracts from other chains because “Ethereum might not win” even though they are touting this as a way for non-EVM chain users to use EVM contracts.
So, long story short, this thing is basically a glue-brained Layer-0/Stargate with peer-reviewed buzzwords.
Surgical precision, the quackery of Cardano laid bare on the table for all to see. Love to see it 👌
Leaving low quality comments. Doing no research and wasting time of helpful and intelligent community members. 30 day ban. People can search your old posts and see the low quality. Enough wasted time.
30 day ban this was a total waste of time.
"They know what they are doing"
That is begging the question, actually.
Strike 3 for this idiot?
He's the resident Cardano expert, real ones will get it.
It's good to not have an echochamber
Had to delete this, please don't post paid stuff on the free posts thx!
That said the you're mis-reading the comment. if the *majority* of rich people understand it it means it doesn't allow you to catch up the *majority of rich people. Average joes don't matter
Also on the high risk stuff all of that is your call we just post what we do