Observations from a late 30 year old

This is not to be pro or con bitcoin. It’s observations. I hope it’s helpful.

I started work in May 2007. For the first few months, things just got better and better. Then, in a matter of months, things changed. Here’s what I learned:

Most people in the system, especially those less mobile (big mortgages, families, lack of flexibility, lack of savings, low net worth) will deny most disasters. They simply do NOT want to talk about it.

There can be humungous changes that are laughed at by the majority. Though I like most of his stuff, Bill Mahr did a skip ripping bitcoin. There is a clip from him years ago about how the phone “is not a swiss army knife”. Generally the more entrenched, the more you don’t want to see new possibilities.

The people with the most advice tend to (but not always) have the least money.

In late 2007, it was apparent that things were spiraling out of control. When you did some research, you found that everyday Joe owned 10 houses, and successful Tim had 20. I knew people carrying 3x their annual income in credit card debt.

In 2016, and especially 2017-2018, the housing market had to crash. Right?

In February of 2020, I asked a coworker who used to work at a publicly traded scientific company about covid. He laughed it off.

So what do I see today. I do not know. I see the traditional crowd laughing, but it’s nervous laughter. I see a fed chairman continue to mumble through nonsense. I see a bank of america report about “transitory hyperinflation”. I see 6 trillion of debt, and tons of debt in europe, and no clue how the bill will effect us. My take-it will actually drag down the economy and create even more debt.

The biggest financial mistake most of my peers made was waiting for a crash that never came, of not taking the time to research what is going on. I don’t believe anything is crazy. The stock market isn’t crazy, it’s a reflection of bank balance sheets.

I am no Guru, and I am a terrible trader. But I’ll tell you this-it’s not about this crisis. It’s about the next one. They are going to make rates negative.

submitted by /u/mrbiggelsworth07
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