RE: A Recession Will Bring Crypto Mainstream

[cflclosers]

You are so right about this. But the Gucci thing sounded so weird when I first heard it. Most reach people cannot pull off that look lol. I see lot of poor people aspiring for just one Gucci thing to elevate their status. I'm noticing more shoes in LA stepping off buses lol.

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Comments

[imno]

It took me a minute to process it also !LOL

But once I did it made so much sense.

!PGM

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[cflclosers]

I feel like a lot of the really really rich people I know are spending like it's going out of style, while the poor people I know are starting to freak out. It seems like we might be headed for some type of incident in the near future. Legacy capitalism is going to resist and people are going to blame each other. I hope we don't see bloodstains on Gucci shirts.

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[imno]

I'm hopeful we can avoid the bloodshed too and further I hope crypto helps let off some of the steam.

One of the things we saw in the last recession was a refinement of style for this very reason. No one wanted to walk around with big block letters on their shirt telling people they are rich like they did in 2007. But after the longest bull market in modern history people are in full clown costumes pushing that wealth and conspicuous consumption out there.

The theater will get pulled back but the ideas will still be out there.

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[cflclosers]

I have a friend who just bought another mansion and has 20 car hyper car collection worth many millions. I always tell him that I hope he's not driving one when the pitchforks come lol.

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[imno]

lol That's clown wealth if I've ever heard of it. I just can't even imagine. A few weeks ago me and my wife were talking about what we'd do if we ever became rich. We both had just a few things we'd buy that probably didn't come to $500k total. Mostly all functional stuff. And then it was just hang out with each other and enjoy life.

I'm guessing that friend will be just as conspicuous with his wealth no matter what's going on. I wish them great joy :)

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[cflclosers]

I agree with you wholeheartedly but strangely I personally know several billionaires and some that are close. Most don't flaunt but their housing certainly doesn't hide anything. I don't think I'd buy more house than I could clean and I'm most likely a condo guy. I noticed that in Los Angeles there are gangs targeting people based on this. It briefly made the news but not much talk about it anymore.

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