You can't handle the wealth!

avatar

image.png


Hands up if you read the title of this post with that Jack Nicholson voice from "A Few Good Men". Okay, hands up if you went back and did after I mentioned that....

This isn't the second post that I planned on writing today, but a post by @tarazkp and another one by @taskmaster4450 made me realize I needed to write it.

This is something that has been floating around in my head for a while now based on some of their previous posts. The thought process still isn't super clear for me, so I apologize in advance if I tend to ramble or jump all over the place.

separator.png

The idea that cryptocurrency is going to help spread the wealth and put it into the hands of more people is pretty common. I think it is going to very likely happen and in many cases we have already started to see it happen. Cough DOGE.

Of course Dogecoin is just a recent example of what has been happening for the past several months for many people who were well positioned coming out of the bear market.

I don't disagree with this idea, but it does raise some concerns for me.

For the most part until this point, people who are rich have always been rich. It is basically just a way of life for them. There are certain things they understand about that wealth and there are many things that they appreciate about it.

My issue is the fact that "regular" people may not know how to handle this new found wealth.

Sure, there are going to be plenty of people who learned how to budget in the lean times and they will apply those principles to any wealth that they come upon no matter the amount.

On the other hand, there are others who will likely burn through this newfound wealth on hookers and blow. Actually, as I type it out, that doesn't sound much different from the current rich people!

I know the masses are aching for this scenario. My question is, can the world handle it? Can the economy handle it?

Maybe I am being overly concerned and it would actually make the economy thrive if the playing field were more level.

Like I said, I have read a lot of posts about the fact that this is going to happen, so then what does the world look like once it does?

You can thank me later for the post topic idea :)

I don't know if you have seen the movie Caddyshack, but when I consider this, I always find myself thinking of Rodney Dangerfield's character... New money infiltrating the domain of old money. Are they ready? Is the world?


Direct link


Sports Talk Social - @bozz.sports


TEAMUSAhive_footer_bozz.jpg


@eos.detroit Staff Writer/BOID Team Leader

Join our Discord here

Posted Using LeoFinance Beta



0
0
0.000
16 comments
avatar

My issue is the fact that "regular" people may not know how to handle this new found wealth.

I agree with you and to me also it is an issue. Since many people who have never earned this much now have got quite a big amount through crypto. Rich people already know the ways to utilize this money but not everyone can do this. You touched the nice topic.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Thanks, I appreciate it. Yeah, they may not even be irresponsible with it, they may just not know what to do with it. That could almost be as dangerous as blowing it frivolously.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I feel that's a whole new issue we will see. Your right most common folk have no clue what to do with 100 bucks alone a few hundred thousand or even tens of thousands.

Hopefully people use it first to pay any debt they have. Cause truly you are broke if you owe anything to a central bank or credit. Including a house.

I know if I come Into that one that lets me my debt will be paid before this new world comes.

I for one will not sign my debt away to give up freedom so if I can pay it off that's one step closer.

0
0
0.000
avatar

Smart move! I just made the clicks to eliminate my debt in the past week. Next up is my mortgage if alt season kicks back in. From there... Who knows. I have always said next time my wife needs a car I want to pay cash for it though.

Posted Using LeoFinance Beta

0
0
0.000
avatar

It doesn't take much to earn money in a bull market but yes I agree they don't know how to handle it. Then I start seeing NFTs being sold in the million dollar range and when I look at the NFTs, I go WTF. I can't even tell if its a legit transaction anymore.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Yeah, I read somewhere at one point that people were selling NFTs just as a front to transfer funds from one account to another but I don't know how legitimate that is.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Money Laundering but I don't know if its a good thing to do. Because everything is done publically on the blockchain, they can eventually find out who did what with enough work.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Yes, that is true.

0
0
0.000
avatar

Okay, hands up if you went back and did after I mentioned that....

I actually did that.

The true wealth will come when we will no longer pair crypto to dollars or any other currency and use it as the currency.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Yes, that is a good point. I think we are still quite a way away from that though. Like 5+ years I am thinking. Who knows though.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Your post is reblogged and upvoted by me. It is a good post. Thank you @bozz

0
0
0.000
avatar

Great post. As long as people convert their crypto holdings to $$$, it is not truly accepted in my opinion.

P.S. I did try and read the title as Jack Nicholson but my impression was not very good.

0
0
0.000
avatar

haha brilliant clip! I think there will be more opportunities for people to gain more wealth, but with crypto, you still need to save and build your stack to get those stake rewards, so perhaps things won't change too much?

Thanks for sharing on LNs!

0
0
0.000
avatar

This is a thought-provoking post ... what will likely happen is that much of the crypto wealth will be converted back to fiat for most, while others more prepared to see crypto as an asset will pick it up ... so, over the course of a decade, inequality may sadly be reestablished even more firmly. Inequality of the knowledge of what wealth is and what is to be done with it will always produce this result for the masses UNLESS there is a massive shift in thinking around crypto in particular.

That said, what I am personally doing is getting prepared ... purging all unnecessary consumer habits, learning different modes of increasing wealth ... growing in every way possible ... I don't know if that is going to be enough but it is what I am doing...

0
0
0.000
avatar

There are many example of big lottery winners where they end up broke within 5-10years even if they won like 10mil or so. This is because they dont know how to protect their wealth and one of the most common mistake is they anyhow invest and lost ton of their wealth.

0
0
0.000