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How Gen Z is Hooked On Cryptocurrency and NFTs

posted by hubie on Thursday May 19 2022, @08:11PM   Printer-friendly
from the I'm-a-natural-born-gamblin'-man dept.

Phoenix666 writes:

BBC:

The lure of making a quick buck has always attracted young people to invest in risky assets. For Generation Z, it is the volatility - and the decentralised nature - of digital assets such as cryptocurrency and NFTs which appeals. But they are unregulated, meaning there is little investor protection.

"All my friends were talking about [cryptocurrency] so one day I just decided why not just jump in and see if I can make some money," says 20-year-old Paxton See Tow.

All he needed was his phone and trading thousands of dollars' worth of assets was only a click away.

The gamification of trading is cited as a key attractant for Gen Z investors. Is that good, because it draws more people into investing, or dangerous?

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  • (Score: 2) by JoeMerchant on Friday May 20 2022, @01:41PM (2 children)

    by JoeMerchant (3937) on Friday May 20 2022, @01:41PM (#1246565)

    Yes, yes, clearly the world has never seen a Ponzi scheme like BTC, one that is sold electronically, semi-anonymously, with no regard for borders or laws of any kind. It is very innovative, just not very valuable to society as a whole. We already have stacked lotteries run by the state, and at least their profits show up in places like schools and roads instead of Lambos and other overpriced luxuries from real-estate to travel.

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  • (Score: 1, Disagree) by khallow on Saturday May 21 2022, @04:24AM (1 child)

    by khallow (3766) Subscriber Badge on Saturday May 21 2022, @04:24AM (#1246780) Journal

    Yes, yes, clearly the world has never seen a Ponzi scheme like BTC

    Perhaps you ought to reread the grandparent who makes a convincing case that Bitcoin is not a Ponzi scheme?

    It is very innovative, just not very valuable to society as a whole.

    So what? Is your concept of "society as a whole" particularly valuable to anyone, including yourself?

    I have a solution here. How about we ban anything I don't like? For a reasonable price, I can be persuaded to not like Bitcoin.

    We already have stacked lotteries run by the state, and at least their profits show up in places like schools and roads instead of Lambos and other overpriced luxuries from real-estate to travel.

    And government corruption, war, etc. Don't you have better things to do than compare cryptocurrencies to government-run lotteries?

    • (Score: 0) by Anonymous Coward on Saturday May 21 2022, @04:37PM

      by Anonymous Coward on Saturday May 21 2022, @04:37PM (#1246862)

      Don't you have something better to do than make bad faith arguments as you whine that people don't like your little investment scheme?