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Survey Finds 4% of Americans Have Quit Their Jobs Because of Crypto Gains

ds_mustang

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A recent survey of Americans found 4% quit working because of gains they made in crypto. The survey also shows most of these people are low paid workers making less than $50k a year. So at least some of the difficulty businesses are having finding lower paid workers is due to windfall returns from the recent crypto bull market.



Mark Cuban has commented on twitter about it here:

I know personally quite a few people in crypto. Some of them don't work anymore, but those are just a few. I know several who have bought houses this year but are still working. Others I'm not sure their situation but they are working and have said things about being glad they're in crypto. A conference I went to early this year was full of wealthy entrepreneurs from a wide range of businesses around the world, and pretty much everyone there was in crypto to some extent no matter what their business was or what country they came from. It's been an interesting year.
 
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solarion

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Doubtless even more have quit due to "wealth effects" within the debt dollar system. Artificial asset price inflation(bonds, equities, homes), as well as paying people to not work with stimulus checks and unemployment benefit "raises".

They're all artificial(including the crypto gains) taken in context...due to the nature of the debt based currency we erroneously call "money".
 

ds_mustang

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Doubtless even more have quit due to "wealth effects" within the debt dollar system. Artificial asset price inflation(bonds, equities, homes), as well as paying people to not work with stimulus checks and unemployment benefit "raises".

They're all artificial(including the crypto gains) taken in context...due to the nature of the debt based currency we erroneously call "money".
I'm still expecting some sort of deflationary crash in the actual economy and a debt crisis, but right now it all looks like inflation. Well apparently housing prices are crashing in some places... maybe something is starting.

All I know is an economy can't be run when people are quitting, and asset inflation is not a sustainable form of economy. Maybe don't quit your day job because you make $100k speculating.
 
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TAEZZAR

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A recent survey of Americans found 4% quit working because of gains they made in crypto. The survey also shows most of these people are low paid workers making less than $50k a year. So at least some of the difficulty businesses are having finding lower paid workers is due to windfall returns from the recent crypto bull market.
Easy come, easy go ! Within a year or 2, most will be worse off than when they started.
It has been theorized, that if all the wealth of the world was to be equally divided into all the people, within a short time the wealthy would be wealthy again & the poor would be poor again, with a few exceptions.
 

BeefJerky

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Talk about counting unhatched chickens. These people act like crypto actually produces something or has some sort of real intrinsic value. An idiot should be able to see how this ends.
Oh well, the musical chair game continues until the game runs out of people entering with their chair. I would say the smart ones are leaving with their chair and a few others right about now. But I always underestimate the number of knuckleheads available in the world today.
 

ds_mustang

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Easy come, easy go ! Within a year or 2, most will be worse off than when they started.
It has been theorized, that if all the wealth of the world was to be equally divided into all the people, within a short time the wealthy would be wealthy again & the poor would be poor again, with a few exceptions.
I agree they'll probably have to start working again, but I doubt they'll be worse off. They'll just have to start working again.
 

ds_mustang

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Talk about counting unhatched chickens. These people act like crypto actually produces something or has some sort of real intrinsic value. An idiot should be able to see how this ends.
Oh well, the musical chair game continues until the game runs out of people entering with their chair. I would say the smart ones are leaving with their chair and a few others right about now. But I always underestimate the number of knuckleheads available in the world today.
Crypto is producing a lot of economic activity. But you have to look beyond bitcoin and beyond mere price speculation.
 

Buck

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...if i'm now living off of the BC investments i've made, doesn't that mean i'm trading them out to buy my food, my fuel?

4% of people are now living like this?



that should help to increase the velocity by at least 4% i would think


i've not known anyone who owns so much stock, they just quit working, is this a new phenomenon?
 

solarion

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There'll definitely be a crash in asset prices. The fed is already allegedly decreasing the increase(lol) in asset purchases. This, if it continues, will lead to a huge crash in asset prices which, lets face it, only work in a fairy tale universe where debt dollars are conjured from nothing...in large quantities...in perpetuity.

Whether that leads to monetary deflationary forces overwhelming monetary inflationary forces or no will depend on how quickly the FRBNY lets the air out of the asset price bubbles that they've blown. Currently the situation bears a striking resemblance to stagflation...high inflation + high unemployment(low labor force participation), which has also held the velocity of "money" to very low levels despite the fed's best efforts.

I suspect the coming engineered asset price crash will be used as an excuse to expand the fed's reach directly into your own living room. The US debt dollar will be replaced with a centralized digital currency(CBDC), accounts set up, and universal basic income(UBI) initiated.

Create a problem ---> offer a solution ---> profit
 

ds_mustang

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...if i'm now living off of the BC investments i've made, doesn't that mean i'm trading them out to buy my food, my fuel?

4% of people are now living like this?



that should help to increase the velocity by at least 4% i would think


i've not known anyone who owns so much stock, they just quit working, is this a new phenomenon?
I think it's being seen on the low income side because people with a $35k job make $80k in crypto and think it's a lot of money and quit their shitty job. But yeah you can't live on $80k for long, and speculation isn't a replacement for a job.

There are income flows from crypto now... staking and various income producing investments. But I doubt people quitting low paying jobs have fully replaced their income with crypto income. I bet it's just financial ignorance. Give it a year and they'll be back at another shitty job.
 

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Easy come, easy go ! Within a year or 2, most will be worse off than when they started.
It has been theorized, that if all the wealth of the world was to be equally divided into all the people, within a short time the wealthy would be wealthy again & the poor would be poor again, with a few exceptions.
yes and no, If they invested wisely it could be a permeant gain. Land, house, education or a viable business would continue to pay off after crypto is gone.
 

Buck

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i'm just surprised there's anyone out there who'd bother to guess at such an insignificant number...
 

Irons

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Good for them! They took a chance and it paid like a mofo.



.
 

andial

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It's not right these low paid workers should know their place in society.
 

nickndfl

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They look like geniuses because it's an easy momentum play, but everybody knows those always subside eventually. That's when they get whipsawed and lose it all. When volatility returns the price behavior of cryptos will not make sense to those people and the burning will begin. Rinse and repeat.
 

solarion

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Except, the whipsaws have occurred many times, and each time they've simply been a buying opportunity. When the USD/BTC exchange rate exceeded an ounce of gold...people piled in...then it crashed from $1100 or so in late 2013 to < $250 two years later. People proclaimed it dead as a doornail. I know...because that's the last time I was exchanging USDs for BTC. The highest price I ever paid was $330 and it was obvious as hell it was heading back up. Here we are 6 years later and one bitcoin is worth $61k.

People just keep making assumptions, being wrong, and doubling down...

Now, one bitcoin buys 34 ounces of paper gold.
 

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Except, the whipsaws have occurred many times, and each time they've simply been a buying opportunity. When the USD/BTC exchange rate exceeded an ounce of gold...people piled in...then it crashed from $1100 or so in late 2013 to < $250 two years later. People proclaimed it dead as a doornail. I know...because that's the last time I was exchanging USDs for BTC. The highest price I ever paid was $330 and it was obvious as hell it was heading back up. Here we are 6 years later and one bitcoin is worth $61k.

People just keep making assumptions, being wrong, and doubling down...

Now, one bitcoin buys 34 ounces of paper gold.
May you be blessed with more miracles. Keep fishing for more suckers. Sell that dream....lol

Bitcoin to $1 million
 

Buck

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People just keep making assumptions, being wrong, and doubling down...
there isn't anything wrong with making that 'investment', but no one ever really profits until they sell, and many a smug individual waited just a bit too long, hoping to scrape everything out from that barrel

and found themselves in some interesting situations


it's never really 'the sheeps' game, it hasn't been in the physical metals world, remember the period of 'confiscation'?

now we're in a period of manipulation, it's not too difficult to do when there are new baubles to sell, think derivatives and their clientele, as the crowd moves over to 'participate'...

cryptos of various types have morphed into the selling of 'the ability to showcase' just about anything, think NFT's


in so many ways cryptos freak me out and in so many ways, the profits that are being left on the table, right now, that concept is absolutely crazy to me, imho

yet i'm fascinated by the people who 'up talk' it so much, the risk / reward / need of any type of crypto, at all

i understand, for them it's easily explainable, yet i always have the feeling, if i were to become 'invested' in any crypto, i'd feel like i was standing there, holding a lot of 'nothing'...it would be easier for me to 'visualize' nothing, if we were in a 'real world' with standard 7% interest notes and CC card interest at 18% max...in a stable world, it's easier to gauge value is what i'm saying

but, let me add: if i were holding some Tesla stock, i'd actually be thinking the same thing, most of the major corporations, today, have valuations based upon 'reductions' not based upon 'increased sales', honest valuations don't seem to exist in many areas of our economy, today

i'm being honest here, both sides of the same coin, even relating it to the market a bit, and i'm not seeing how this isn't a trial-balloon of a system that will soon ensnare us...but the harshest part is, any / all 'pain' is going to be felt by all of us, those currently invested in one crypto or another are going to have to leave those positions as they become 'one with the lord'...they become decreed to be illegal, etc, controlled to the point they might as well be, etc...

.gov (our over-lords), won't allow any competitors...

so, i've generally stated, when in such rants, to always offer:
Have an Exit Strategy, for everything you have, that you don't physically hold

...and remember, everything is not always an 'up' ride either...best i add that too

and, because at some point, you'll be approaching 'threat level wealth' and you'll be a bigger threat 'to them' so they're more than likely going to put an end to that somehow...


just saying...lots of things...rant over


:reading:
 

solarion

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but no one ever really profits until they sell, and many a smug individual waited just a bit too long, hoping to scrape everything out from that barrel
Confusing statement given bitcoin is what? ...7% from an all time high? ...and sell for what? Fiat? WHY?
in so many ways cryptos freak me out and in so many ways, the profits that are being left on the table, right now, that concept is absolutely crazy to me
You don't trust cryptos and you seemingly trust US dollars. ...mystery solved.
 

Irons

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in so many ways cryptos freak me out and in so many ways, the profits that are being left on the table, right now, that concept is absolutely crazy to me, imho




:reading:
I tried to wrap my head around the concept of cryptos and failed, it just didn't fire my interest or imagination at all. And if I'm not into something I can't make a hobby out of it and I'm sure as hell not going to spend any money on it. That's pretty much it.

I'm happy for the folks who are into it and I hope they continue to do well.



.
 

ds_mustang

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there isn't anything wrong with making that 'investment', but no one ever really profits until they sell, and many a smug individual waited just a bit too long, hoping to scrape everything out from that barrel
My wife spent years saying exactly that. She'd say it's not a gain until you sell. I'd reply that crypto is still in it infancy, still becoming something, and it's not time to sell yet. It took ten years and now it's finally starting to become apparent to me that crypto never needs to be sold. Just like most people never think about needing to sell dollars, crypto can just be USED. You can invest it and make a return, you can borrow against it, you can stake it. And like solarion says above... sell to buy what??

I know a guy who is closing right now on a house he funded completely off staking returns. Do you think he's going to sell the goose that's laying golden eggs?
 

Casey Jones

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Easy come, easy go ! Within a year or 2, most will be worse off than when they started.
It has been theorized, that if all the wealth of the world was to be equally divided into all the people, within a short time the wealthy would be wealthy again & the poor would be poor again, with a few exceptions.
True, dat.

Of course there will be the minority...the two percent of the four percent...who will sock it away and have a retirement - the kind that you can no longer plan for with stonks, bonds, or real estate. Because the stonk market is in a bubble, P/E is ridiculous, and the biggest notation of a stock's "success" (price rise) is whether or not it has a story - a "meme" stock.

Tesla is worth more than Ford. AMC, with no revenue, is suddenly worth the high triples.

Bonds, meantime, pay a fraction of inflation's rate as a percentage. You PAY to lend your money out.

Real Estate...its value depends on continuation of Rule of Law. Which is far from certain. It also depends on where people will want to be; and with the social implosion, there's no guarantee that humid, crowded, overcast New York will be as desirable as sunshiny Phoenix or Albuquerque. Finance, business headquarters, and peripheral cultural groups can set up anywhere there's electricity and an airport.

You pays your money and you makes yer bets...and just as with Bitcoin, not everyone is a winner.

Like the guys buying in NOW...the FOMO buyers. They are the ones paying for this windfall; and they'll realize how much they paid for it, with time. When it becomes apparent how relevant bitcoin will be.

The ones who sold out, and bought PMs or training and skills and maybe land and equipment...they're the ones who cleaned out. Few hodlers will recognize the need to do so. Maybe two percent.
 

dacrunch

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Well, I can still kick my butt for not following Max Keiser's advice to plunge into Bitcoin when it was under $10.... but I was broke at the time, and didn't understand crypto - and STILL DON'T...

If I'd put $1k into it back then... I don't even want to do the math... over 100 bitcoins...

I'm pretty sure that Max did, though, and must be sitting pretty with Stacy...

... but I probably would have lost the USB....