I tend to not get excited about the hot new thing in tech. Sometimes the thing has legs, like crypto-currency or LLM chatbots (probably), and sometimes it doesn’t, like metaverse or NFTs. But I work in tech, so I know a lot of people - am friends with some people - that tell me that the thing is the future and that I need to get in on it, too. Of all the fads that didn’t pan out, NFTs was the most satisfying to watch crash and burn.
Yeah, people are idiots, even smart people. They get blinded by the possibility of getting rich quick that they ignore the potential downsides.
I personally thought cryptocurrency would be big and considered buying some BTC when it was worth a few hundred. But then I stopped to think about it and decided it’s basically gambling that more people will jump on the bandwagon, so I’m basically profiting off suckers and betting that I’m not the sucker. So I steered clear. I followed the same logic for NFTs and other fads, and instead invested in broad index funds. I could’ve been rich, but I also could’ve lost it all by trying to time the ups and downs.
I’m happy with my decision. I’m on track for a decent retirement and haven’t had much financial anxiety.
That reminds me, we should also never forget that around the same time Mark Zuckerberg got so deep into Metaverse hype that he renamed his company after it and sunk 10s of billions of dollars into development with nothing to show for it
I tend to not get excited about the hot new thing in tech. Sometimes the thing has legs, like crypto-currency or LLM chatbots (probably), and sometimes it doesn’t, like metaverse or NFTs. But I work in tech, so I know a lot of people - am friends with some people - that tell me that the thing is the future and that I need to get in on it, too. Of all the fads that didn’t pan out, NFTs was the most satisfying to watch crash and burn.
I actually assumed it would take the place of art for money laundering.
It was for about 6 months
Yeah, people are idiots, even smart people. They get blinded by the possibility of getting rich quick that they ignore the potential downsides.
I personally thought cryptocurrency would be big and considered buying some BTC when it was worth a few hundred. But then I stopped to think about it and decided it’s basically gambling that more people will jump on the bandwagon, so I’m basically profiting off suckers and betting that I’m not the sucker. So I steered clear. I followed the same logic for NFTs and other fads, and instead invested in broad index funds. I could’ve been rich, but I also could’ve lost it all by trying to time the ups and downs.
I’m happy with my decision. I’m on track for a decent retirement and haven’t had much financial anxiety.
That reminds me, we should also never forget that around the same time Mark Zuckerberg got so deep into Metaverse hype that he renamed his company after it and sunk 10s of billions of dollars into development with nothing to show for it