Topic: If everyone spent all their money on crypto instead of Powerball tickets... (Read 693 times)
March 13, 2016, 01:11:55 PM
It's not only the money wasted on lotteries. If I didn't waste so much money on useless overpriced things I don't need and had invested it all in alt coins instead I would have made more money to begin with
March 13, 2016, 01:00:52 PM
The jackpot for Powerball is in excess of 1.3 Billion dollars. This means that tons of Americans are going to go out and pour dollar after dollar chasing a jackpot that simply is not going to happen for them. Altogether, over a billion dollars has been spent on lottery tickets in this last run up. But what if they had spent that money on Bitcoin (or for an even better return: Monero) instead of lottery tickets?
First of all, the 'return' on an average Powerball ticket is abysmal: barring the grand prize, the smaller prizes are so small and insignificant compared to their odds that they might as well not even exist. You have to assume that if you don't win the grand prize, you are essentially throwing your money away. And you have to accept that you will likely not win the grand prize.
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
So what if all these millions of Americans threw that same $20 into a pit of cryptocurrency? Well, Bitcoin and Monero are not some zero-sum games. Unlike lottery tickets, the more people believe in a cryptocurrency, the more valuable they become.
And it doesn't have one single winner: if everyone invests their time and capital into a financial network, then it begins to represent a larger and larger share of humanity, rewarding those who put their faith in it early on. Instead of having thrown your money away, when the dust settled you would certainly have something which would be worth more than what you paid for it.
And the beautiful part? You wouldn't have to sell it, or trade it in. Bitcoin and Monero have built in utility to be a functional money all on their own. So when you spend your $20 on some 'worthless internet numbers' (and so does everyone else) and you discover that those 'bits' or Monero are now worth $$$ each, you now have a large share worth of functional money that can be traded to anyone else on the network for goods and services... and if you believe in your asset enough to keep going you can sell your own labor, goods, and services for more.
Everyone would win - which is a far cry from the "everyone's going to lose" reality that is the modern lottery.
So this week while everyone is frothing at the mouth thinking about what they would do with that jackpot... remind them of the "bitcoin jackpot winners" from the late 2000's. Because the speculative stage of Bitcoin is still going (and the safest play in crypto) and the dangerously explosive Monero growth is just beginning. In order for a cryptocurrency network to function as a self-contained financial universe it will have to undergo a serious of violent and enormous expansions. Many more of these expansions are yet to come.
Anyone who holds a "ticket" at that point wins. We're all gonna be winners, at every stage of these networks' ascent. This is the power of belief, and the power of a growing decentralized financial network. The lottery tricks people into believing something too-good-to-be-true to steal their money.... whereas we are offering the world something actually too-good-to-be-true (but yet still true) and trying to enrich them despite their skepticism.
First of all, the 'return' on an average Powerball ticket is abysmal: barring the grand prize, the smaller prizes are so small and insignificant compared to their odds that they might as well not even exist. You have to assume that if you don't win the grand prize, you are essentially throwing your money away. And you have to accept that you will likely not win the grand prize.
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
So what if all these millions of Americans threw that same $20 into a pit of cryptocurrency? Well, Bitcoin and Monero are not some zero-sum games. Unlike lottery tickets, the more people believe in a cryptocurrency, the more valuable they become.
And it doesn't have one single winner: if everyone invests their time and capital into a financial network, then it begins to represent a larger and larger share of humanity, rewarding those who put their faith in it early on. Instead of having thrown your money away, when the dust settled you would certainly have something which would be worth more than what you paid for it.
And the beautiful part? You wouldn't have to sell it, or trade it in. Bitcoin and Monero have built in utility to be a functional money all on their own. So when you spend your $20 on some 'worthless internet numbers' (and so does everyone else) and you discover that those 'bits' or Monero are now worth $$$ each, you now have a large share worth of functional money that can be traded to anyone else on the network for goods and services... and if you believe in your asset enough to keep going you can sell your own labor, goods, and services for more.
Everyone would win - which is a far cry from the "everyone's going to lose" reality that is the modern lottery.
So this week while everyone is frothing at the mouth thinking about what they would do with that jackpot... remind them of the "bitcoin jackpot winners" from the late 2000's. Because the speculative stage of Bitcoin is still going (and the safest play in crypto) and the dangerously explosive Monero growth is just beginning. In order for a cryptocurrency network to function as a self-contained financial universe it will have to undergo a serious of violent and enormous expansions. Many more of these expansions are yet to come.
Anyone who holds a "ticket" at that point wins. We're all gonna be winners, at every stage of these networks' ascent. This is the power of belief, and the power of a growing decentralized financial network. The lottery tricks people into believing something too-good-to-be-true to steal their money.... whereas we are offering the world something actually too-good-to-be-true (but yet still true) and trying to enrich them despite their skepticism.
yes, lots of americans and europeans spend money on lottery hoping for them to be lucky person, even if they know that they won't win,, and if they would spend money on bitcoins, price of bitcoin would rise so that means they would get more money and yes they would be happy
January 11, 2016, 05:15:14 PM
WRONG!
A 1.3billion Dollar jackpot is only about 800 million Dollars spent. What makes the estimated jackpot so high is if you take the annuity payout over 29 years. You get your first payment instantly, and the rest is invested over the annuity period and they expect to make profit to the tune of $500 million.
#2, If all that money was invested in Bitcoin, it would quickly shoot the price up and most of those new buyers will never make a profit on their investment. I guess the only concern here is that hodlers will be just fine, right?
Granted that the odds of winning it is around 292,000,000 to 1, but for many people who only put up $10, it's not an issue, they spend that on a pack of smokes. What will they do with their .02btc? What a joke... Most people aren't investor types let alone some obscure crypto coin.
A 1.3billion Dollar jackpot is only about 800 million Dollars spent. What makes the estimated jackpot so high is if you take the annuity payout over 29 years. You get your first payment instantly, and the rest is invested over the annuity period and they expect to make profit to the tune of $500 million.
#2, If all that money was invested in Bitcoin, it would quickly shoot the price up and most of those new buyers will never make a profit on their investment. I guess the only concern here is that hodlers will be just fine, right?
Granted that the odds of winning it is around 292,000,000 to 1, but for many people who only put up $10, it's not an issue, they spend that on a pack of smokes. What will they do with their .02btc? What a joke... Most people aren't investor types let alone some obscure crypto coin.
January 11, 2016, 05:07:36 PM
Thay can spend crypto on power ball tickets,one day it will happen.Winer can say that he will buy btc for all
money and some doge
money and some doge
January 11, 2016, 04:57:22 PM
TL;DR
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
The lottery tricks people into believing something too-good-to-be-true to steal their money....
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
The lottery tricks people into believing something too-good-to-be-true to steal their money....
You are right, of course, that it is wasted money, but so is a shot of whiskey-it produces nothing and you won't see that money again.
I am 100% opposed to regular play that is basically mostly preying on the poor, but when it is 1.4 bil, come on; I would just get a ticket for pure entertainment and will hold it as a historical record to look at in bemusement later on. Besides, at least in some states (like CA) at least 25% of it goes directly to education. 27% also supposed to go to education in TX, but research has shown that it just goes to "general fund", which means absolutely zilch.
It might not stay the largest powerball draw for long. Look how short it took for the jackpot to reach this new high since the change of format, a couple of months. A few bad draws in a row and the prize may make someone one of the richest persons on the planet.
As far as spending it on bitcoin, it is something totally different. An investment that can yield 10x returns on a good day vs a chance of over a billion dollars. The first is investing, the second is gambling.
January 11, 2016, 04:40:19 PM
TL;DR
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
The lottery tricks people into believing something too-good-to-be-true to steal their money....
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
The lottery tricks people into believing something too-good-to-be-true to steal their money....
You are right, of course, that it is wasted money, but so is a shot of whiskey-it produces nothing and you won't see that money again.
I am 100% opposed to regular play that is basically mostly preying on the poor, but when it is 1.4 bil, come on; I would just get a ticket for pure entertainment and will hold it as a historical record to look at in bemusement later on. Besides, at least in some states (like CA) at least 25% of it goes directly to education. 27% also supposed to go to education in TX, but research has shown that it just goes to "general fund", which means absolutely zilch.
January 11, 2016, 02:13:52 PM
The jackpot for Powerball is in excess of 1.3 Billion dollars. This means that tons of Americans are going to go out and pour dollar after dollar chasing a jackpot that simply is not going to happen for them. Altogether, over a billion dollars has been spent on lottery tickets in this last run up. But what if they had spent that money on Bitcoin (or for an even better return: Monero) instead of lottery tickets?
First of all, the 'return' on an average Powerball ticket is abysmal: barring the grand prize, the smaller prizes are so small and insignificant compared to their odds that they might as well not even exist. You have to assume that if you don't win the grand prize, you are essentially throwing your money away. And you have to accept that you will likely not win the grand prize.
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
So what if all these millions of Americans threw that same $20 into a pit of cryptocurrency? Well, Bitcoin and Monero are not some zero-sum games. Unlike lottery tickets, the more people believe in a cryptocurrency, the more valuable they become.
And it doesn't have one single winner: if everyone invests their time and capital into a financial network, then it begins to represent a larger and larger share of humanity, rewarding those who put their faith in it early on. Instead of having thrown your money away, when the dust settled you would certainly have something which would be worth more than what you paid for it.
And the beautiful part? You wouldn't have to sell it, or trade it in. Bitcoin and Monero have built in utility to be a functional money all on their own. So when you spend your $20 on some 'worthless internet numbers' (and so does everyone else) and you discover that those 'bits' or Monero are now worth $$$ each, you now have a large share worth of functional money that can be traded to anyone else on the network for goods and services... and if you believe in your asset enough to keep going you can sell your own labor, goods, and services for more.
Everyone would win - which is a far cry from the "everyone's going to lose" reality that is the modern lottery.
So this week while everyone is frothing at the mouth thinking about what they would do with that jackpot... remind them of the "bitcoin jackpot winners" from the late 2000's. Because the speculative stage of Bitcoin is still going (and the safest play in crypto) and the dangerously explosive Monero growth is just beginning. In order for a cryptocurrency network to function as a self-contained financial universe it will have to undergo a serious of violent and enormous expansions. Many more of these expansions are yet to come.
Anyone who holds a "ticket" at that point wins. We're all gonna be winners, at every stage of these networks' ascent. This is the power of belief, and the power of a growing decentralized financial network. The lottery tricks people into believing something too-good-to-be-true to steal their money.... whereas we are offering the world something actually too-good-to-be-true (but yet still true) and trying to enrich them despite their skepticism.
First of all, the 'return' on an average Powerball ticket is abysmal: barring the grand prize, the smaller prizes are so small and insignificant compared to their odds that they might as well not even exist. You have to assume that if you don't win the grand prize, you are essentially throwing your money away. And you have to accept that you will likely not win the grand prize.
So when you spend $20 on ten Powerball tickets, that money is basically being thrown into a pit. It no longer exists and you won't see it again.
So what if all these millions of Americans threw that same $20 into a pit of cryptocurrency? Well, Bitcoin and Monero are not some zero-sum games. Unlike lottery tickets, the more people believe in a cryptocurrency, the more valuable they become.
And it doesn't have one single winner: if everyone invests their time and capital into a financial network, then it begins to represent a larger and larger share of humanity, rewarding those who put their faith in it early on. Instead of having thrown your money away, when the dust settled you would certainly have something which would be worth more than what you paid for it.
And the beautiful part? You wouldn't have to sell it, or trade it in. Bitcoin and Monero have built in utility to be a functional money all on their own. So when you spend your $20 on some 'worthless internet numbers' (and so does everyone else) and you discover that those 'bits' or Monero are now worth $$$ each, you now have a large share worth of functional money that can be traded to anyone else on the network for goods and services... and if you believe in your asset enough to keep going you can sell your own labor, goods, and services for more.
Everyone would win - which is a far cry from the "everyone's going to lose" reality that is the modern lottery.
So this week while everyone is frothing at the mouth thinking about what they would do with that jackpot... remind them of the "bitcoin jackpot winners" from the late 2000's. Because the speculative stage of Bitcoin is still going (and the safest play in crypto) and the dangerously explosive Monero growth is just beginning. In order for a cryptocurrency network to function as a self-contained financial universe it will have to undergo a serious of violent and enormous expansions. Many more of these expansions are yet to come.
Anyone who holds a "ticket" at that point wins. We're all gonna be winners, at every stage of these networks' ascent. This is the power of belief, and the power of a growing decentralized financial network. The lottery tricks people into believing something too-good-to-be-true to steal their money.... whereas we are offering the world something actually too-good-to-be-true (but yet still true) and trying to enrich them despite their skepticism.
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