We live in a strange time. I know you could say that about almost any point in history, but let’s face it. The past year has been more eventful than most. The past few months have been even more eventful if you’re an investor or follow economic news. We recently learned that a multi-billion dollar hedge fund is no match for a bunch of shit-posters on Reddit.
I’m not gonna lie. That story still puts a smile on my face. Last year sucked, but when a bunch of shit-posters on Reddit tank a predatory hedge fund, the world is an objectively better place.
As much fun as that is, there are some other stories related to investing that are worth noting. On top of the craziness caused by r/WallStreetBets, it has been just as chaotic for investors of cryptocurrencies. When the financial world is in chaos, cryptocurrencies that thumb their nose at old economic institutions tend to thrive.
Now, full disclosure, I do own Bitcoins. That’s the only cryptocurrency I own and I don’t own much. I’m not a bold investor. I buy index funds and ETFs. I would not fit in on r/WallStreetBets, nor would I be a good evangelist for Bitcoin.
For that same reason, I’d like to send a special note to those currently caught up in the Dogecoin craze. If you don’t know what Dogecoin is, then that’s understandable. It is a cryptocurrency like Bitcoin, but it’s unique in a few very particular ways.
Most notably, Dogecoin is often treated as a joke. That’s because it started off as one.
That’s not my opinion. That’s literally part of its origin. Its creators, Billy Markus and Jackson Palmer, were legitimately surprised when people started using it. I guess they didn’t get the joke.
That doesn’t mean Dogecoin has absolutely nothing going for it. It is a functioning cryptocurrency that uses some of the same technology as Bitcoin. Its most notable difference is that, unlike Bitcoin, there’s no limit to how many Dogecoins can be mined. Whereas Bitcoin can only ever have 21 million, Dogecoins can be mined indefinitely.
It may seem like a small difference, but that difference matters if you understand the basics of scarcity in economics. Most people understand it on some levels. If you can make an infinite amount of something, then it’s not going to have much value. If something is incredibly finite and difficult to obtain, like gold or Bitcoins, it’s going to have more value.
It’s that concept that I’d like to convey to those cheering on Dogecoin. Thanks to the recent upheavals from r/WallStreetBets, Dogecoin has been surging more than most currencies and even people like Elon Musk are cheering it on.
That’s not unusual. Sometimes, certain assets get propped up for a brief period. That has happened a lot with cryptocurrencies over the past decade. However, with Dogecoin, it’s a lot more style than substance.
Whereas Bitcoin gains value as it becomes more accepted in various sectors of the economy, Dogecoin gains value because people are just cheering it on. One has long-term sustainability. The other ends as soon as people get bored or find something else to cheer on.
Today, it’s Dogecoin.
Tomorrow, it could be JackCoin, a cryptocurrency made exclusively for people named Jack.
Is that the dumbest idea in the history of finance? I don’t know, but entire economies have gone bust for dumb things before.
Again, I’m not an investment expert. I’m not giving investment advice to anyone. However, to those thinking about getting in on the Dogecoin craze, I offer one important message.
You can win with style over substance in a lot of things, but not when it comes to money. At some point, a product has to demonstrate its value. You can only prop it up for so long before basic economic forces take over. It’s not fair and it’s not rational, but that’s how economics work.
Dogecoin will find that out at some point. Investors may have to find out the hard way.










Tales From The Comments Section: When Hypocrisy, Lying, And Trolling Converge
Even the most luxurious palace has a septic system that contains its foulest shit. It’s not just a fact of life. It might as well be a law of physics. In the same way the brightest light still casts a shadow, there’s always a dark underbelly to any world we explore.
The internet is no exception. If anything, the internet has more dark underbellies than most and I’m not just referring to porn sites or nefarious Google searches. Those are all plenty disturbing, but if the internet has an overflowing septic tank, it’s the collective comments section of many sites.
They’re not just the comments section to certain news sites.
They’re not just anonymous image boards like 4chan that pride themselves on excess shit-posting.
Even the comments section of mainstream websites like YouTube, Facebook, and Reddit have comments sections that will give your faith in humanity a hefty gut punch. They come in many forms, but they tend to follow the same patterns.
They’re degrading, insulting, whiny, vulgar, immature, and just plain wrong on multiple levels. I’m not calling for them to be censored or banned, outside the kind of comments that incite violence in the real world. I’m just pointing out that this is the ugly side of the internet and we can’t deny its stench.
I say that as someone who has spent many hours, much of them wasted, in comments sections and message boards over the years. Even during the early days of the internet, complete with dial up and AOL keyword searches, I’ve seen this ugliness firsthand. I also don’t deny that there are times when I’ve contributed to it. That’s something I genuinely regret.
While all toxic comments are different, they often employ similar rhetoric. It really hasn’t changed much from the AOL days. Just the other day, I made the mistake of browsing the comments of a YouTube video. I saw the same whiny, angry ranting that I saw on old message boards in 1999.
The topics may change. The verbiage may differ. Even the arguments made, if there are any, tend to be fairly similar. I could single out plenty of ugly comments I’ve encountered. However, I want to highlight one that I’ve seen a lot more of lately, especially among fans of superhero comics, Star Wars, and Star Trek.
They usually go like this.
It’s a sweeping, generalized statement. It’s usually said out of a mix of hate, resentment, and tribalism. Ironically, it’s often Star Wars fans who say stuff like this when talking about characters like Rey. It’s ironic because Obi-Wan Kanobi himself once said, “only a Sith deals in absolutes.”
It doesn’t help that these kinds of absolutes are total bullshit encased in wishful thinking that’s built entirely around head-canon. Certain fans want to believe that everyone agrees with them and those who don’t aren’t “true” fans.
It’s basically the old “no true Scotsman” fallacy, but this one is laced with a mix of lies and hypocrisy. That’s because it’s demonstrably provable that these kinds of sweeping statements are wrong.
Not everyone hates Rey, Captain Marvel, or whoever else is the object of resentment at the moment. For one, Captain Marvel’s movie raked in $1 billion at the box office. Clearly, more than a few people liked her.
The same can be said for Rey. You can go onto Amazon and readily find merchandise featuring her. She may not be on the same level as Luke Skywalker, but that’s not a reasonable bar for a character who has only recently entered the franchise.
I can also attest that Rey has plenty of fans. It’s not just that I’m one of them. I’ve been to comic book conventions. I’ve seen women, young girls, and even a few men dress up as Rey. I’ve seen even more dress up as Captain Marvel. She clearly has plenty of fans.
That makes the whole idea that “nobody likes this character” or “everyone hates this character” demonstrably false. Those who say it aren’t just lying trolls. They’re hypocrites.
Now, I’ve made the mistake of arguing with these people before. I can safely conclude that it’s not a productive use of my time. These people will never be dissuaded. They still want to live in their head-canon where everyone hates exactly who they hate and anyone who thinks otherwise is just part of an evil conspiracy out to get them.
It’s a dangerous, toxic mentality that extends beyond fandoms and into politics. We saw just how bad it could get on January 6th during the Capitol riots. I’m not saying angry Star Wars fans are that bad, but the mentality is the same and it’s just as dangerous.
Again, I freely admit I’ve posted my share of dumb comments. I’ve said dumb things before, as well. Everyone has. We’re only human. We’re not perfect and never will be. I believe in free speech strongly and I understand that this is a byproduct of that. I’m willing to accept that.
I’m also willing to use that same freedom to point out the idiocy and hypocrisy of those kinds of comments. They’re not just a useless waste of bandwidth. They’re a symptom of a much larger problem. For now, the best thing to do is ignore these people and let them live in their fanciful head-canon. It may not fix the problem, but it’ll keep it from getting worse.
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