Millennials are ‘delusional’ about how rich they’re going to be

[Zin-Zang]

http://www.investmentwatchblog.com/millennials-are-delusional-about-how-rich-theyre-going-to-be/

So why do so many think they’ll be rich? They may be “delusional” about “how much money they are able to save and how much they will be able to earn,” explains Agnes Kowalski, a wealth therapist — who adds this can happen with people of all ages. But she explains that millennials in particular “have incredibly powerful new belief systems about not capping how much money can be earned” as “there are so many careers that were non-existent even 10 years ago” — which may help explain why they think seven figures is possible.

Interesting enough, you see this in Bitcoin all of the time.

People mortgaging a house , (that was already paid for)
Using Credit Card Debt to Buy as much Crypto as Possible,
(This lead up to the $20000 overpriced BTC, and the blockage by Banks aided the downward collapse of BTC)

All thinking it was going to make them Ultra Rich, and the exact opposite has occurred,
Prices are Crashing with little incentive for anyone to buy them , as everyone knows the price is going lower.

FYI:
All those people that purchased BTC with CC Debt , and now can't afford to even pay off that CC Debt.  
https://www.zerohedge.com/news/2018-12-06/economic-downturn-credit-cards-arent-being-paid-accounts-are-being-closed

A new report is shining some light on an indicator that the economy is about to take a major downturn.  
Credit card accounts are not being paid and some accounts are being closed in anticipation for an upcoming recession.

So the next guy that yells BTC will Moon Again, ask him/her , who is left that is stupid enough to throw their money at it,
when it has already wiped out the financial future of millions that believed in it like a false religion.

FYI2:
To all of fanatics that claim , you don't lose anything til you sell.
Go tell that bullshit to the guy losing his house and possibility his wife, because his job can't pay the new mortgage.  
Or the millions that credit is destroyed.
It is 7 years to restore bad credit, so expect this crypto winter to be as least 7 years.
Does anyone really think BTC can survive a 7 year bear market?
BTC Death Spiral in less than 3 years, set your watch.  

[btc-room101]

http://www.investmentwatchblog.com/millennials-are-delusional-about-how-rich-theyre-going-to-be/

So why do so many think they’ll be rich? They may be “delusional” about “how much money they are able to save and how much they will be able to earn,” explains Agnes Kowalski, a wealth therapist — who adds this can happen with people of all ages. But she explains that millennials in particular “have incredibly powerful new belief systems about not capping how much money can be earned” as “there are so many careers that were non-existent even 10 years ago” — which may help explain why they think seven figures is possible.

Interesting enough, you see this in Bitcoin all of the time.

People mortgaging a house , (that was already paid for)
Using Credit Card Debt to Buy as much Crypto as Possible,
(This lead up to the $20000 overpriced BTC, and the blockage by Banks aided the downward collapse of BTC)

All thinking it was going to make them Ultra Rich, and the exact opposite has occurred,
Prices are Crashing with little incentive for anyone to buy them , as everyone knows the price is going lower.

FYI:
All those people that purchased BTC with CC Debt , and now can't afford to even pay off that CC Debt.  
https://www.zerohedge.com/news/2018-12-06/economic-downturn-credit-cards-arent-being-paid-accounts-are-being-closed

A new report is shining some light on an indicator that the economy is about to take a major downturn.  
Credit card accounts are not being paid and some accounts are being closed in anticipation for an upcoming recession.

So the next guy that yells BTC will Moon Again, ask him/her , who is left that is stupid enough to throw their money at it,
when it has already wiped out the financial future of millions that believed in it like a false religion.

FYI2:
To all of fanatics that claim , you don't lose anything til you sell.
Go tell that bullshit to the guy losing his house and possibility his wife, because his job can't pay the new mortgage.  
Or the millions that credit is destroyed.
It is 7 years to restore bad credit, so expect this crypto winter to be as least 7 years.
Does anyone really think BTC can survive a 7 year bear market?
BTC Death Spiral in less than 3 years, set your watch.  

Its much worse,

The stock-market of 29' took 30 years to recover,

The gold crash of 1978-1982 took 20 years to recover,

HODL'r morons don't understand that these HUGE trillion usd parabolic-rises, takes generations for people to forget, and return.

[pptIox]

Just Millennials? I think everyone has such delusion.
The desire for wealth is irrespective of age, which is the nature of humanity.

[HODL2090]

People mortgaging a house , (that was already paid for)
Using Credit Card Debt to Buy as much Crypto as Possible,

This is something that is generally discouraged, people are advised to only invest amounts they can afford to lose, and should never invest money they do not own.

All thinking it was going to make them Ultra Rich, and the exact opposite has occurred,
Prices are Crashing with little incentive for anyone to buy them , as everyone knows the price is going lower.

Well, Bitcoin has been responsible for making people ultra rich, for everyone buying at the top, there's another who bought lower and is selling for a profit. A lot of people's let have benefited from bitcoin, but just like trading in any sector, everyone can not win, everytime

[btc-room101]

Just Millennials? I think everyone has such delusion.
The desire for wealth is irrespective of age, which is the nature of humanity.

Agreed should say 'millenial hodl'rs

but there is a hard message that millenials are soft idiots, unlike the prior john-wayne era of 50's,

[btc-room101]

People mortgaging a house , (that was already paid for)
Using Credit Card Debt to Buy as much Crypto as Possible,

This is something that is generally discouraged, people are advised to only invest amounts they can afford to lose, and should never invest money they do not own.

All thinking it was going to make them Ultra Rich, and the exact opposite has occurred,
Prices are Crashing with little incentive for anyone to buy them , as everyone knows the price is going lower.

Well, Bitcoin has been responsible for making people ultra rich, for everyone buying at the top, there's another who bought lower and is selling for a profit. A lot of people's let have benefited from bitcoin, but just like trading in any sector, everyone can not win, everytime

Well most of the Economists are saying a Trillion USD evaporated in the collapse of the crypto paraobolic-rise, IMHO the chinese who mined the majority, sold all along and pushed 'hodl' narrative, it would be interesting if the majority truly evaporated and or changed hands, I suspect that a lot did evaporate, as so much of the crypto wealth was funny numbers ran by exchanges, where they were buying/selling 'fiat crypto', meaning they where selling shares of bitcoin that they didn't actually own

I don't think any HODL-rs got rich, I think they got fucked, but certainly the CHINESE BITMAIN and friends made 100's of billions of US dollars, and used it to buy western real estate.

[squatter]

To all of fanatics that claim , you don't lose anything til you sell.
Go tell that bullshit to the guy losing his house and possibility his wife, because his job can't pay the new mortgage.  
Or the millions that credit is destroyed.
It is 7 years to restore bad credit, so expect this crypto winter to be as least 7 years.
Does anyone really think BTC can survive a 7 year bear market?
BTC Death Spiral in less than 3 years, set your watch.  

What proportion of cryptocurrency investors were buying on credit cards or mortgaging their house? I imagine it was pretty small. Do you have any data to support this theory of yours?

Anyone who racks up high-interest debt to buy cryptocurrency probably deserves to have their credit destroyed.

[Zin-Zang]

To all of fanatics that claim , you don't lose anything til you sell.
Go tell that bullshit to the guy losing his house and possibility his wife, because his job can't pay the new mortgage.  
Or the millions that credit is destroyed.
It is 7 years to restore bad credit, so expect this crypto winter to be as least 7 years.
Does anyone really think BTC can survive a 7 year bear market?
BTC Death Spiral in less than 3 years, set your watch.  

What proportion of cryptocurrency investors were buying on credit cards or mortgaging their house? I imagine it was pretty small. Do you have any data to support this theory of yours?

Anyone who racks up high-interest debt to buy cryptocurrency probably deserves to have their credit destroyed.

The portion from BTC $1000 TO BTC $20000,
numerous articles discuss credit cards being ban by the banks to buy crypto (Google it)
and all you have to do is read these forums to find someone that mortgaged their house without telling their wife.  

Those people that you say deserve it are the ones that allowed many in here to earn windfalls.
Fact is those people were lied too, when users in these very forums claiming bitcoin could only go up, and they could become rich.

The fucking Bitcoin miners are shorting their own coins, which should tell you we are near the end for bitcoin.

[jimbo2000]

I think you greatly over-estimate just how stupid people are and by that - how many people took or mortgages or credit card debt to invest in to crypto. Most people are pretty sensible and know that that's a combination for ruin.

[Zin-Zang]

I think you greatly over-estimate just how stupid people are and by that - how many people took or mortgages or credit card debt to invest in to crypto. Most people are pretty sensible and know that that's a combination for ruin.

Hmmm ,No

https://www.vice.com/en_us/article/d3xywq/buy-bitcoin-with-debt-insane

https://www.biznews.com/premium/2018/02/09/insanity-bitcoin-owners-debt-buy

https://www.cnbc.com/2018/01/11/taking-on-debt-to-buy-bitcoin-is-a-bad-idea.html

https://www.thepennyhoarder.com/smart-money/people-taking-debt-to-buy-bitcoin/

http://time.com/money/5117306/buying-bitcoin-investors-crazy/

https://cryptovest.com/news/almost-1-in-5-investors-are-going-into-debt-to-buy-bitcoin/

https://cointelegraph.com/news/man-borrows-325000-to-buy-bitcoin-investment-or-gambling-on-life-savings

https://www.newsbtc.com/2018/03/23/using-student-loans-buy-bitcoin-will-lead-debt-woes/

https://slate.com/technology/2017/12/bitcoin-s-surge-is-leading-people-to-take-out-mortgages-to-buy-cryptocurrency-regulator-says.html

https://businesstech.co.za/news/banking/219507/south-africans-are-pawning-their-cars-and-taking-out-second-bonds-to-buy-bitcoin-debt-expert/

https://www.businessinsider.com/buying-bitcoin-with-mortgages-credit-cards-2017-12

https://www.bostonglobe.com/business/2018/03/22/college-students-are-using-student-loans-invest-bitcoin-yes-really/Syr7mJpgIzDn6iOa6a0g5J/story.html

Are those people still looking sensible to you ?

[NeuroticFish]

Interesting enough, you see this in Bitcoin all of the time.

You see this in Bitcoin because it was a huge rise last year and people got struck by FOMO.
But it's not about millennials, I think that it's spread between all the generations.

And yeah, the ones getting in debt for buying Bitcoin are in a trouble now and the propaganda machine targets them fiercely. Some sold at a loss, some will sell at a loss, some will hold.
Bitcoin should rise again when a new market cycle starts (of course, there's no guarantee, it never was). Some did gain nice money, some may gain nice money in the future.

There needs to be a good combination of luck and patience in all investments. The ones getting the right combination win, the others lose. Sadly can't everybody win.
The rest.. is just bombastic news and propaganda.

[RonF]

Meh.  I'm a hodler from the start and got rich.  Bought several hundred bitcoins at about $250 each and then got an equal number of bitcoin cash for free when it first started in August.  I sold half of each at a great high price and still have the other half.

I am now wealthy.

Most younger investors do not understand about hodling.  So in panic they usually sell out for a great loss if the value drops.

Hold onto your investment, my friends.  That is the secret.  Or sell out and continue working at McDonalds or some such place while figuring out how to pay your large debts on very low wage.

Your welcome for my advice.

[Julunguul]

Just as workers demand that their wages go up, they imagine that with wages rising, their lives will be far better. In fact, not everything is in line with expectations. of course our daily needs also increase in price, where everything will be directly proportional to what is obtained, the economy is always trying to remain stable

[Coyster]

It's all down to over expectations of this system and it should not be so,based on the fact that the price skyrocketed one time,now people see it as the ultimate part to unreserved wealth..

It's too bad most times they get to learn the very hard way,and hence they tend to lose faith in the network and categorize it as a scam or a ponzi

[cellard]

The millennial that think Bitcoin will go to $1,000,000 because they aren't wrong, as Bitcoin going $1,000,000 eventually is a physical fact, as long as Bitcoin is unconfiscatable decentralized hard money measured against fiat currencies.

However, most millennial are extremely short sighted, they want lambos NOW and only NOW, so they will be ironically the ones that sell all the way down to the bottom, and the smart people that understand the game theory involved in the fact that Bitcoin already won, will buy all the cheap coins. Im not saying all millennial are short sighted idiots, but there are a bunch that are. A minority will hold through the next decade and end up on top.

Most boomers and older gens will be smoked tho. They are just too technologically incompetent to know where the blind blows. Just look at Warren Buffet and co. Total fucking morons when it comes to Bitcoin.

[tomahawk9]

So the next guy that yells BTC will Moon Again, ask him/her , who is left that is stupid enough to throw their money at it,
when it has already wiped out the financial future of millions that believed in it like a false religion.

Millions? You any proof or data to back up your claim? Becase I'd say the number of people who invested blindly in bitcoin with money they couldn't afford to lose is pretty low, and tbh, anyone who decided to mortgage their house or whatever to buy bitcoin deserves to get burned, I mean, that's what you get for being that dumb.

Prices are Crashing with little incentive for anyone to buy them , as everyone knows the price is going lower.

Good thing that this downtrend won't last forever, once there's a reversal we're gonna see a huge wave of FOMO again, it's all a cycle.

[Barkey]

http://www.investmentwatchblog.com/millennials-are-delusional-about-how-rich-theyre-going-to-be/

So why do so many think they’ll be rich? They may be “delusional” about “how much money they are able to save and how much they will be able to earn,” explains Agnes Kowalski, a wealth therapist — who adds this can happen with people of all ages. But she explains that millennials in particular “have incredibly powerful new belief systems about not capping how much money can be earned” as “there are so many careers that were non-existent even 10 years ago” — which may help explain why they think seven figures is possible.

Interesting enough, you see this in Bitcoin all of the time.

People mortgaging a house , (that was already paid for)
Using Credit Card Debt to Buy as much Crypto as Possible,
(This lead up to the $20000 overpriced BTC, and the blockage by Banks aided the downward collapse of BTC)

All thinking it was going to make them Ultra Rich, and the exact opposite has occurred,
Prices are Crashing with little incentive for anyone to buy them , as everyone knows the price is going lower.

FYI:
All those people that purchased BTC with CC Debt , and now can't afford to even pay off that CC Debt.  
https://www.zerohedge.com/news/2018-12-06/economic-downturn-credit-cards-arent-being-paid-accounts-are-being-closed

A new report is shining some light on an indicator that the economy is about to take a major downturn.  
Credit card accounts are not being paid and some accounts are being closed in anticipation for an upcoming recession.

So the next guy that yells BTC will Moon Again, ask him/her , who is left that is stupid enough to throw their money at it,
when it has already wiped out the financial future of millions that believed in it like a false religion.

FYI2:
To all of fanatics that claim , you don't lose anything til you sell.
Go tell that bullshit to the guy losing his house and possibility his wife, because his job can't pay the new mortgage.  
Or the millions that credit is destroyed.
It is 7 years to restore bad credit, so expect this crypto winter to be as least 7 years.
Does anyone really think BTC can survive a 7 year bear market?
BTC Death Spiral in less than 3 years, set your watch.  

Only 7 years if you say fuck it and never pay a cent of debt. Pay your debt of quick and your score goes way up very fast. Still mad gains to be made in crypto. You just not going to find them in the top 200 projects right now.

[btyco]

The beauty of crypto is that it is decentralised and not dependant on a single economy. There is a major increase in crypto use in south america so those places will pick up where other areas falter

[squatter]

What proportion of cryptocurrency investors were buying on credit cards or mortgaging their house? I imagine it was pretty small. Do you have any data to support this theory of yours?

Anyone who racks up high-interest debt to buy cryptocurrency probably deserves to have their credit destroyed.

The portion from BTC $1000 TO BTC $20000,
numerous articles discuss credit cards being ban by the banks to buy crypto (Google it)
and all you have to do is read these forums to find someone that mortgaged their house without telling their wife.  

You're assuming that every coin was bought on credit for the better part of a year? That's completely insane. It seems you have no data to support this theory of yours.

A few credit card companies restricting investments with revolving loans doesn't tell us how significant it was. It certainly doesn't equate to the entire market being built on a credit bubble and every holder mortgaging his house to buy at $20,000.

Your entire point is based on nothing more than hyperbole.

Those people that you say deserve it are the ones that allowed many in here to earn windfalls.
Fact is those people were lied too, when users in these very forums claiming bitcoin could only go up, and they could become rich.

Who cares? They stupidly believed BTC would endlessly rise. That was their fault. That's how markets work: Stupid and impatient people give their money away to the smart and patient people.

[Zin-Zang]

It is almost comical , how many insensitive asshats claim no proof is being provided,
(When a simple Google Search is all that is needed.)

and yet totally promote btc price will rise with zero proof to back up that falsehood.