Cross Post Jeffrey A. Tucker Millennials Are Obsessed with Cryptoassets Catallaxy Files
The New York Times ran a piece on Bitcoin with this sentence: This is how quickly these markets are moving. Not even the people assigned to be experts know enough to do a competent edit.
And this is precisely why so many of us are constantly intrigued by these markets.
Cryptofriends Last week, when the NYT story was being filed, I was sitting at the national convention of the Young Americans for Liberty, feeling a vague sense of discomfort for one ridiculous reason.
It had been a full day since I had talked with anyone about cryptoassets. So I grabbed the nearest dude and threw out a couple of observations. He could talk ICOs, trading platforms, obscure coins and services, with the best of them.
Pretty soon we had a big crowd, all talking and thinking about these bizarre new ways to invest. The crypto market, on the other hand, is incredibly interesting, lucrative, changing and wildly dynamic.
Yes, many people lose their shirts. This is not a disgrace but a bragging right. If you have bought high and watched the thing fall to zero, it only demonstrates your derring do. If you have made money, you are a bit cheeky about it because, after all, these markets are edgy.
And some people are truly winning. And do you really want this information known? The guy behind the counter nonchalantly says that his choice coin is Monero.
I banter with him a bit. We do what everyone in these discussions does: Who among us is the more tech savvy and experienced. Discerning that gives insight into the real question: How likely is it that some dude I bump into at a mail service would know anything about this new thing going on? Could be a coincidence.
Or he could be the voice of a generation.
According to the New York Times, the second conclusion is the more likely truth. After years as a niche market for technologically sophisticated anarchists and libertarians excited about a decentralized financial network not under government control, digital coins may be on the verge of going mainstream….
Cryptocurrency has understandable appeal to millennials who came of age during the financial crisis and are now watching the rise of antiglobalist populism threaten the stability of the international economy.
This is a fake, he said, just like all social media platforms and time-wasting video games. Typically with such reporting, there are great insights in this story, despite the misquoted price. The financial crisis traumatized a generation. They no longer trust banks. Conventional financial markets are driven by electronic trading, and there is no way to beat the market in the short run.
Plus, there is the draw of the new and techy. Young people have no assets but they do have tech skill. Crypto markets are easy to get into and you are rewarded for knowing your way around.
Older people tend to lack such skill, and they are afflicted by incredulity: The Nigerian dating scams target the lonely and vulnerable. The most common comment of victims who think they have found the love of their life is "I can't believe I was so stupid! The Nigerian dating scams are hugely profitable.
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The Nigerians call them 'maghas' which is slang for gullible white people. The scammers spend their day trolling the dating sites and chat rooms for contact emails, and then send off thousands of fraudulent letters and emails awaiting the victim's replies.
They are offering the chance of finding true love and happiness, and there are plenty of takers! However sooner or later, the vulnerable hearts receive requests that will ultimately lead to financial losses and heartbreak.
The scammers choose chat rooms and dating sites because the person in love offers the chance of the biggest payoffs. How Does the Scam Work? The Nigerian dating scams are often not easy to detect as the scammers are often highly educated, have exceptional patience and they do their homework!
The scammers start by stealing a photo from an internet site.
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They prefer to use images of white people capitalising on stereotypes and perceptions. The photos are usually of beautiful people and the quality of the photo is high. If you think you are being scammed, go to this site and browse all the photos to see if the person you are communicating has a photo on this site.
Then you will know for sure it is a scam! However they also use photos taken from profiles of other people on dating sites, so remember that the photos that scammers use are not photos of themselves - they are photos of innocent victims.
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They also use many aliases, emails, photos, gender, age and sexual orientation in order to cast their net to catch as many victims as possible. Often the scammers use attractive female photo profiles because lots of men will respond to an attractive woman's personal ad based on the photo alone.
They also tend to target middle-aged people looking for stable relationships. The rationale is that this type of person is likely to be more desperate, gullible and financially stable. They then post ads with fake profiles on online dating sites. They also lurk in chat rooms and social networking sites as well as Christian and other religious-based dating sites.
They then spend months chatting up and luring their naive targets with online intimacy. They often pretend to be foreign specialists [from the US, UK or Canada, but can be any European country]temporarily working in Nigeria or other African country. A slight twist is is when the scammer pretends to live in the same country as the victim, and once a relationship has developed, then advise they are required to go to a west African country on an assignment.