Crypto Has Evolved In To The First Global Casino

live22

For the first time ever, anyone anywhere, can take money, and buy some tokens. If they were doing research, I’d call that investing. But they’re not doing research. Therefor, all live22 doing is gambling. Crypto has evolved in to the world’s first global casino.

And the reality is, there’s NOTHING shocking about it. Humans love gambling. I have a word for the tendency of markets to become bubbles, crash, and become bubbles again. I call that CAPITALISM. That’s what we do (see U.S. stock market circa 1927, 1937, 1973, 1987, 1999, 2008). It’s not just Americans. When the great Japanese land bubble peaked in 1989, at $1 million/square meter, the Imperial Palace in Tokyo became worth more than all of the real estate in California combined. The Japanese weren’t investing in real estate, they were gambling in real estate. For ten years (1980–1989) it worked, until it din’t. By the time that bear market ended, in 2005, prices were down 99%, right back to where they started 25 years earlier.

To put things in to perspective, all of crypto is worth about $830 billion. That’s about 1% of the total global equities market, which is over $80 trillion.

The Crypto Gambling Going On Today Will Be An Asterik When The History Of The Greatest Wealth Creation Period Ever Is Written In 20 Years
In an earlier post I titled “The Crypto Bubble Isn’t A Bubble It’s A…”, I put this Crypto moment in to perspective relative to where I believe Crypto is going to be in 20 years. This bubble, and eventual crash, will just be a blip when viewed in the context of the massive wealth creation to come from Crypto.
As I’ve written previously, Amara’s Law: We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run, is part of the reason we get bubbles.

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