This isn't a poll, but consider the large number of black people who purchased cryptocurrencies in recent years. One of the key motivations was a distrust of established financial institutions. Here's a link to an analysis from the Federal Reserve Bank of Kansas City:
Just now catching up. I'll tell You right off, TY Sir Clifton, but we aren't likely to agree on this. I only skimmed article, because it makes me sad, and a little mad.
First off, anybody considering crypto should know *exactly* what it is, and what it isn't. My views may be in the minority. You can see how it's viewed by this Harding guy. Other people view crypto as a political statement.
Here's what is, as a matter of *FACT:* It's a method of financial SPECULATION. That's it. Early on, it was pegged to gold. So it was SPECULATING in gold. That hasn't been the case for a long time tho. So now the question to ask is, what is the value that's *behind* a crypto-coin? What's *backing* it?
That's pretty simple, too: *Perceived* demand. To put it more simply, it's basically the same as investing in *art.* What's a coin worth? It's in the eye of the beholder. That's it.
Like I "said," minority opinion. But this is another FACT: For those people who brag about how many multiples of millions of dollars they've made? *Many* multiples? There will be an equal amount of money *lost* by a large number of people. If You get in early, You make money. But when *everybody* is getting in, because "the price can *only* go higher?" And the price *skyrockets?* They'll lose out bigtime. The pros and the early backers, and mebbe this Harding guy, will make out like bandits. The vast majority of small-time investors? They saw 3/4 of the value they put into it disappear lately.
From this Bradford who was interviewed:
> “If you’ve been hearing that people are getting rich dealing in the crypto space and—recognizing that you might have no wealth at all or have a major gap to break through—then crypto becomes somewhat attractive to you from that standpoint,” Bradford said. “So the wealth gap is the thing that really stands out.”
Yeah. I heard a guy who was getting rich of crypto explain why millennials were into it so much. He said, "It's the only way millennials can get enough money to buy a house."
I'm sorry. Only people who are financially retarded would believe that. If You're trying to come up with Your first piece of wealth, the *stock market* is too risky, unless You buy real defensively. And that is, by no means, a guaranteed return. Crypto to build wealth? Yeah, for a few. And they'll brag about it. More buyers, better for them. You don't hear much from the people who lost their shirts, do You?
> "Another consideration in crypto’s appeal is that many see it as a more financially stable and secure environment than traditional financial institutions. This is because cryptocurrencies rely on permanent, irrefutable records of ownership and a private key to access funds."
I'm sorry. This is financial malpractice. This efftard calling himself SBF? If that doesn't tell You how secure crypto is, I dunno what to say. Yeah, people can *see* it however they wanna. That doesn't make it true, however. Wishful thinking, as a general financial methodology, tends not to work out very good in the long run. But who worries about the long run? And that attitude, which rules the day, doesn't just apply to Blacks. Is a societal disease.
“This transparency and accessibility may appeal to Black consumers distrustful of traditional financial institutions and of participating in a system that may not work in their best interests,” Bradford wrote in the research study.
I can't speak to how well financial institutions work for Black people. My understanding is that there are *LAWS* involved that prevent some-a the discrimination and some-a the worst practices. In crypto? It's the wild west out there. As we've just seen with this SBF, who'll likely get away with it, for a number of despicable reasons, right?
Note that I'm not particular singling out Black people here. I was very surprised to find race even entered into the discussion. I'm mad at everybody who thinks getting rich quick is a good scheme. Is a good way of looking at the world. And I'm sad that, per usual, most people lose out with that attitude. But some will make humongous *fortunes.* There's always a few, bankrolled by the many.
The rock band The Who sung it best: "Meet the new boss... Same as the old boss..."
Mebbe I shouldn'a "said" below that White kids were stupid for not investing in the stock market, Sir Clifton. Because it mainly depends on what the stocks are bought *For.* And I hesitate to ask.
If You're in the stock market to *make money,* I think that's pretty foolhardy. Not *stupid* like investing in crypto. But I believe the *fact* is that most professional stock brokers don't make much money. If You're looking for the tip that will triple a stock's value, i feel sorry for You. And if You're trying to make a killing day-trading I feel worse.
I started a loooong write up of the principles of investing in the stock market, but You probably already know all that, and I dunno if anyone is even following the comments to this article any more.
As others have "said," TYTY Sir Clifton, for all Your time writing and engaging with the commenters. BTW, read another article today about crypto. The gist of it was that crypto needed regulating, but there are powerful interests against the idea.
TY for the info. I liked Adams when he ran on a platform of getting police to get down the crime. Sort-a counter-narrative. My understanding is he's accomplished, basically, none-a that. This here removes any respect I had for the man which, like I implied, wasn't stellar.
> "However, stock market participation is higher among younger Black Americans, with 68% of Black respondents under 40 now investing, compared to 57% of younger white investors."
As far as I can tell, young Whites have lowered the bar so low that now the gutter is the new sidewalk.
Have a good evening, Sir Clifton. My long day is done. (Mebbe more tomorrow. :-)
This isn't a poll, but consider the large number of black people who purchased cryptocurrencies in recent years. One of the key motivations was a distrust of established financial institutions. Here's a link to an analysis from the Federal Reserve Bank of Kansas City:
https://www.kansascityfed.org/ten/2022-fall-ten-magazine/inside-the-rise-of-black-consumer-cryptocurrency-ownership/
Just now catching up. I'll tell You right off, TY Sir Clifton, but we aren't likely to agree on this. I only skimmed article, because it makes me sad, and a little mad.
First off, anybody considering crypto should know *exactly* what it is, and what it isn't. My views may be in the minority. You can see how it's viewed by this Harding guy. Other people view crypto as a political statement.
Here's what is, as a matter of *FACT:* It's a method of financial SPECULATION. That's it. Early on, it was pegged to gold. So it was SPECULATING in gold. That hasn't been the case for a long time tho. So now the question to ask is, what is the value that's *behind* a crypto-coin? What's *backing* it?
That's pretty simple, too: *Perceived* demand. To put it more simply, it's basically the same as investing in *art.* What's a coin worth? It's in the eye of the beholder. That's it.
Like I "said," minority opinion. But this is another FACT: For those people who brag about how many multiples of millions of dollars they've made? *Many* multiples? There will be an equal amount of money *lost* by a large number of people. If You get in early, You make money. But when *everybody* is getting in, because "the price can *only* go higher?" And the price *skyrockets?* They'll lose out bigtime. The pros and the early backers, and mebbe this Harding guy, will make out like bandits. The vast majority of small-time investors? They saw 3/4 of the value they put into it disappear lately.
From this Bradford who was interviewed:
> “If you’ve been hearing that people are getting rich dealing in the crypto space and—recognizing that you might have no wealth at all or have a major gap to break through—then crypto becomes somewhat attractive to you from that standpoint,” Bradford said. “So the wealth gap is the thing that really stands out.”
Yeah. I heard a guy who was getting rich of crypto explain why millennials were into it so much. He said, "It's the only way millennials can get enough money to buy a house."
I'm sorry. Only people who are financially retarded would believe that. If You're trying to come up with Your first piece of wealth, the *stock market* is too risky, unless You buy real defensively. And that is, by no means, a guaranteed return. Crypto to build wealth? Yeah, for a few. And they'll brag about it. More buyers, better for them. You don't hear much from the people who lost their shirts, do You?
> "Another consideration in crypto’s appeal is that many see it as a more financially stable and secure environment than traditional financial institutions. This is because cryptocurrencies rely on permanent, irrefutable records of ownership and a private key to access funds."
I'm sorry. This is financial malpractice. This efftard calling himself SBF? If that doesn't tell You how secure crypto is, I dunno what to say. Yeah, people can *see* it however they wanna. That doesn't make it true, however. Wishful thinking, as a general financial methodology, tends not to work out very good in the long run. But who worries about the long run? And that attitude, which rules the day, doesn't just apply to Blacks. Is a societal disease.
“This transparency and accessibility may appeal to Black consumers distrustful of traditional financial institutions and of participating in a system that may not work in their best interests,” Bradford wrote in the research study.
I can't speak to how well financial institutions work for Black people. My understanding is that there are *LAWS* involved that prevent some-a the discrimination and some-a the worst practices. In crypto? It's the wild west out there. As we've just seen with this SBF, who'll likely get away with it, for a number of despicable reasons, right?
Note that I'm not particular singling out Black people here. I was very surprised to find race even entered into the discussion. I'm mad at everybody who thinks getting rich quick is a good scheme. Is a good way of looking at the world. And I'm sad that, per usual, most people lose out with that attitude. But some will make humongous *fortunes.* There's always a few, bankrolled by the many.
The rock band The Who sung it best: "Meet the new boss... Same as the old boss..."
We're in agreement about cryptocurrency. That said, a lot of black people have embraced it as an investment vehicle, including the mayor of New York:
https://www.cnbc.com/2021/11/08/bitcoin-in-new-york-eric-adams-says-crypto-should-be-taught-in-school.html
https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency
Black attitudes about investing are diverse. Use this link if you want to do a deep dive into an analysis by Ariel Investments and Charles Schwab:
https://www.schwabmoneywise.com/tools-resources/ariel-schwab-survey-2022
Mebbe I shouldn'a "said" below that White kids were stupid for not investing in the stock market, Sir Clifton. Because it mainly depends on what the stocks are bought *For.* And I hesitate to ask.
If You're in the stock market to *make money,* I think that's pretty foolhardy. Not *stupid* like investing in crypto. But I believe the *fact* is that most professional stock brokers don't make much money. If You're looking for the tip that will triple a stock's value, i feel sorry for You. And if You're trying to make a killing day-trading I feel worse.
I started a loooong write up of the principles of investing in the stock market, but You probably already know all that, and I dunno if anyone is even following the comments to this article any more.
As others have "said," TYTY Sir Clifton, for all Your time writing and engaging with the commenters. BTW, read another article today about crypto. The gist of it was that crypto needed regulating, but there are powerful interests against the idea.
TY for the info. I liked Adams when he ran on a platform of getting police to get down the crime. Sort-a counter-narrative. My understanding is he's accomplished, basically, none-a that. This here removes any respect I had for the man which, like I implied, wasn't stellar.
> "However, stock market participation is higher among younger Black Americans, with 68% of Black respondents under 40 now investing, compared to 57% of younger white investors."
As far as I can tell, young Whites have lowered the bar so low that now the gutter is the new sidewalk.
Have a good evening, Sir Clifton. My long day is done. (Mebbe more tomorrow. :-)