On my way back from another place, I stopped by to get a haircut this morning. Curiously, a busier place than usually these days. Maybe anticipating another heatwave to come soon...
So, I had to wait for a little while, which hasn't happened to me there in recent months even if I went without any appointment.
As I was waiting, I couldn't help but notice that I was the only one not checking my phone while waiting. At some point it crossed my mind to do the same, but then I changed my mind.
I admit I was curious what were the guys next to me doing on their phones. At a glance, I saw they both had charts on their phones. "Hmm, day traders or investors?" I was thinking... I am leaning toward either the former or that they are newcomers in the investing world, crypto or in general, and they got worried about today's price evolution.
At some point, the one on my right logged into his crypto CEX wallet. He leaned forward, so the phone was pretty much in my eye sight. I recognized the wallet, I used it too. I even saw the amount he had in his account... And it only took a glance before I turned my head to not pry further. I wouldn't keep that kind of money in any CEX even if I had many millions of dollars, but whatever, it's his business. Now, imagine I was a guy with a criminal mind who just learned what I did... That's one reason why I don't use phone in public for sensitive stuff... You never know who's watching and what they are capable of doing with what they learn! And it doesn't have to be someone next to you if you use a public wi-fi, for example.
Generated with Venice AI
Anyway, crypto has become widely adopted by the looks of it, especially in the bull market. The younger generation may be more interested in it due to their continuous contact and long exposure to new tech. All guys waiting to get a haircut at the same time as I was and who were checking their phones, including the ones next to me seemed younger than me and really focused on what they were doing.
Maybe this generation understands best that the job market has no future and tries to find alternatives quickly.
Where I have my doubts is that a significant percentage of the population has what it takes to be a successful investor, trader, or whatever they decide to do.
But, two things can happen to improve their odds of success, other than failing forward:
- better tools, perhaps based on AI, which we didn't have (access to) when we started
- better education: if this is the path they choose to follow, and the alternative of a real job becomes more and more illusory, many will likely study to understand investment beyond the gambling mentality
At least I hope this will happen. Otherwise, we will see something that may become a large-scale tragedy if many will gamble away their savings and maybe loan to invest and end up with nothing (or with a loan to pay) and with no prospect of a job.
If "May you live in interesting times!" is a Chinese curse, we'll have to see what effects it has on us... The times we live are definitely interesting!
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Were they showing you as a flex you think? Friends of mine who share their financial details a little with me really know little about crypto and just look at the price action hoping for big moves.
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I have no idea why this guy was checking his wallet in public. Either way, stupid of him to do it, in my opinion. You might be right that he wasn't savvy in crypto. No one who knew a little bit about crypto would have kept many dozens of thousands of dollars worth of crypto in Nexo, even if, in theory, they have an insurance.
Nexo have been surprisingly resilient though, I must admit.
Yes, that's true. I still have a little bit there. Worth keeping it semi-dormant, since they also have a Visa card, if I ever need another backup to request.
It’s honestly striking how widespread crypto interest is now. I hope more people learn to invest wisely brother
Indeed! The time when this was more like a bubble we live in is over.
People are now interested in making money all the time. Almost every adult has one money making app or the other
Even kids of these days are trading on their phones
Yep, it's a phenomenon, for sure.
We live in very interesting times so I guess we're all cursed. I never check anything like that in public, you're asking to become a target. Plus leaving large amounts of cash on a central exchange, you're asking to lose it. Some people may not fully understand if you don't have it in your wallet it's not really yours...
If someone is smart enough they will get educated about investing, but so few really do. I've spent hundreds of hours learning about investing, and many more on crypto. The world is going to change very quickly, the smart will prosper, the others will not...
There is a new kind of smartness that is needed in the financial markets: emotional smartness, on top of financial knowledge.
It always amazes me to see people bragging in real life about their crypto earnings. I wonder if they realize they become targets by doing that.
I’ve experienced such before too. I’ve gone out many times and when I see people on their phone, they are either on a money making app or maybe checking charts…
I wonder if the real penetration of crypto in the world is really known, given that there are apps that "crypto investments" that aren't really crypto, only follow the price of the coins.
I just think the regular person knows the potential of crypto, and it's quite promising than most ventures do. People are actually enthused to be able to own assets not within physical view. The person with a huge amount on a CEX might just be a newbie who just wants to explore and make money without knowing of the risks you've mentioned
I think it helps that mainstream media stopped bashing crypto, as far as I can see it, and that it became a subject of debate in the US elections.
Yeah, that would be one of my options. He might be looking for an easy solution, kind of like ETFs in the US. I don't see most people deep involved into crypto. Only in for the profits.
Well, the profit aspect of crypto has actually done more onboarding, but retention becomes an issue in the bear market
That is true. Mostly a casino mindset, nothing long term.
I think those two things are really needed to succeed in this emerging space and the new reality we're heading into. Many of the established systems are broken and it seems a good thing that the newer generations are aware of that and seeking alternatives.
People are adapting to changes, and younger generations do it the fastest. I am still surprised by how quickly this becomes a mass phenomenon once the process started.
Yes, indeed. It catches up fast with the help of social media. I'm looking forward more to the number of flops, things going totally south, before we finally get it right.
I'm sure there will be quite a few more busts in the crypto world before we start getting things right.
I think times are tough and a lot of people are considering crypto or stocks as a way to earn that money. It's risky but I hope that they don't lose most of their money. I don't know if I would trust AI that much though.
I agree. Right now maybe many are looking for ways to supplement their income, but soon this may become the main source of earnings for many.
AIs are nothing but tools at this point. I wouldn't completely trust them with anything at this point.
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