Meet Mike: how crypto turned a college kid into a 2 a.m. parlay gambler (stephendiehl.com)
Stephen Diehl's essay follows a composite kid, Mike, down a pipeline from a meme coin to leveraged options to a Kalshi account to a 2 a.m. sportsbook, poorer at every stop and sure he is investing. The line underneath: the price of Bitcoin measures only the price of Bitcoin.
The thread didn't fall in line. People who worked inside crypto analytics and Web3 confirmed the rot, but savers in Venezuela pushed back hard: a stablecoin is the only thing between them and a currency that halves overnight.
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