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The Jackpot Age

https://www.greaterwrong.com/posts/3xjgM7hcNznACRzBi/the-jackpot-age

by jimsojim • 12 months ago

3 1 12 months ago

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greaterwrong.com

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willprice89• 12 months ago

Wage growth has severely lagged compounded capital, causing ordinary people increasingly see their best shot at real upward mobility in negative EV jackpots. Online gambling, 0DTE options, retail meme stocks, sports betting, and crypto memecoins all testify to the phenomena of exponential wealth preference. Technology makes speculating effortless, while social media spreads the story each new overnight millionaire, luring the broader population into one giant losing bet like moths to a light.

I don't think exponential wealth preference is the cause. For many people doing nothing is already (or at least feels like) a losing bet. At least if you YOLO what you've got into a losing bet there is a chance you come out ahead.

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