Ame on Nostr: Memecoin gambling presents the opportunity to double, triple, or 10x what you put in. ...

Memecoin gambling presents the opportunity to double, triple, or 10x what you put in. Assuming 5% annual yields after inflation, the best case scenario is the difference between living on $50k a year (doable, if you have a house and know how to cook) and living on $500k a year, both with no working at all. It's an entirely different order of life, the same as a homeless guy trying to win $10k so he can buy a trailer and not be homeless. Even if you've got a billion dollars, being a ten billionaire makes you a lot more powerful, reorients your social circle, puts you on the radar for reshaping politics at a high level. Unless comfort is the only thing you care about, there's always a reasonable calculus for betting it all to try to add an order of magnitude, assuming you think you know the odds.

Don't get me wrong, putting money on a memecoin at the height of its initial pump is rarted, but the appeal of gambling in general is clear. By the time an upper-middle class White guy is in his mid-30's, if things go okay and he does well, a seven figure net worth is in the cards, and that's a decent life, but he's not going to ever have eight figures barring extraordinary circumstance, and it'd take multiple generations to break into the next class up, which would open up a whole new suite of opportunities for his children. A shortcut straight to a multigenerational status goal is evopsychological crack.