[pphysch]

Broadly speaking, people are not buying crypto assets "for the lulz" because they have too much darn money lying around, they are buying them on the speculation that they will appreciate--like Bitcoin--and can be dumped at a profit.

[trevyn]

This is exactly the key insight in a post-scarcity environment, though: Beyond food and basic shelter, everything is lulz.

A lot of people didn't grow up in that environment of abundance, so they still think that "profit" is serious business and not lulz, but then they use that profit for big houses or yachts or children or other lulz anyway.

[pphysch]

Is it lulz, or is it a desperate attempt to find a financial/economic foothold when traditional footholds (bearable careers, houses, etc.) are increasingly out of reach for Millennials and onward?

[trevyn]

The traditional footholds are no longer relevant.

Millennials and onward live on their phones, not in a house or at a workplace.

From the traditional perspective, this seems like a loss.

From another perspective, it's not.