How do you feel about buying from your “lesser fools”?
How do you feel about buying from your “lesser fools”?
According to the “greater fools” theory, people buying crypto assets are doing so hoping to find people who are more foolish than them to buy them later.
It follows, then, that when you buy a coin from someone they are your “lesser fool”.
How do you feel about them when making that purchase?
Some communities – especially bitcoin maxis – can be pretty harsh on people for selling. There’s been a bunch of memes and other content flaming someone for selling coins to buy a watch; even for buying a home or clearing debt there can be some backlash.
Can you relate to that “paper hands” scorn? Does policing these norms help build trust (and value) in the community?
Do you feel sorry for people selling their coins? Like, they’re the fools for selling for short-term gain.
Or is it “just business” – every trade needs a counterparty so there’s nothing personal. (No reason to hate on someone for selling you stocks or property, so same deal applies with crypto.)
Number 3. Despite growing up watching ducktales, and seeing Scrooge McDuck sitting on his pile of gold, I don’t ascribe to finite wealth theory, which is zero sum. Wealth can be created and destroyed. When I make prudent purchases that meet my needs, and the seller makes prudent sales that meet their needs, we both increase our wealth (because our circumstances are different).
That was a good show…