"Just wear a nice business suit to get your foot in the door" is just such laughably simplistic boomer advice regardless of the age of the person dispensing it.
Not to mention the advice of actually buying a physical cookbook -- what year is it?
Yeah, don't speculate in anything high risk. Leave that to important people. Instead, just consoom and spend your stimulus on business suits and concert tickets.
These people cannot stand the idea of speculative investments (such as DeFI) being available to the unwashed masses. Understandable, the author is a Financial Advisor after all and benefits from the impression that investing is some mystical voodoo that only Trained Professionals™ can do.
I mean, yeah, NFTs are a massive speculative gamble and probably a poor one ATM, the space is too oversaturated. That doesn't make speculation in general a bad idea.
His advice of "don't speculate with free stimulus money even if you can afford it, spend it on consumer goods instead" is still bad advice.
Young people are the ones who can afford to speculate without it hurting them too much. They have an entire lifetime to make lost money back, and if they win on their speculative play, an entire lifetime to compound it.
Speculative gamble in crypto is defintely a better one, especially the more known ones, BTC, ETH, etc. But NFTs? Cryptos are digital money. NFTs are digital hot air
Indeed! I found Matt Levine's post last Fall [1], particularly useful, as he believed you couldn't be prosecuted for insider trading of commodities (only securities). Then he received a nastygram from the CFTC :).
>Why do people keep posting this tired argument over and over?
Sour grapes. Easier to pretend _nobody_ beats the market than honestly admit you're not willing to put in the effort to constantly discover new alpha. And it's fine to not be willing to do that -- it takes a lot of effort and skill to discover alpha and most people will be better off improving their skills in their day job and just tracking indexes.
Doesn't mean it's impossible to beat the market, especially as a small investor where you have some advantages over larger players (your orders aren't large enough to move markets and reveal valuable information)
