Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards collapsed
The MSM hates crypto and they love reporting when it’s down but are quiet when it’s doing well.
Even stupid shit coins like Shib and Doge will rebound when bitcoin picks up.
Banks and trading platforms need to be regulated much more for stocks and crypto. They purposely let people get in too deep. Crypto investment should be with spare cash you have, not loans etc
Social media need to start being responsible along with knobs like Musk. People buying a coin because it’s trending on twitter is the dumbest shit ever.
Exactly why I’m not crying. I had some money invested in crypto (long story lmao) and yeah, crypto died along with my wallet value. But I still own the coins, just waiting until rebounds and then I’m leaving this sinking ship lol
ATA and DOGE is what I have right now, btc and eth are too stable for what I was doing. It worked well for a few months until the crash at the beginning of the year of course.
Same lol. I made a bit swapping eth for stab. Lost that or more in this crash.
I lost more in something else that’s kinda embarrassing but hope I’ll get that back too.
Some people still think BTC and other cryptos will continue to be valuable assets… Which is believable in a way because I think USD is going to become a crap currency and I like how if I buy some BTC or monero or something you actually own it as you own the keys.
Some corporation or the feds can’t just siphon it from your bank for whatever stupid reason they think of or they can’t raid your home and confiscate it as easily like they are doing to people increasingly for whatever stupid political reasons.
Not to mention the western financial system is just abhorrent. The libertarians rebel against it because they see it impedes their ability to own property. Which is true because none of us really have that and the privilege actually owning the means of production will give us in a socialist society.
For those reasons I have been a crypto advocate. Crypto let’s us undermine the financial system and it let’s us control our transactions without the knowledge or consent of the capitalists.
And it had been a convenient way for me to make some money but seeing crypto advance I think some of those speculative elements need to be disabled.
“Elon plz Pump Doge! I love Tesla and you’re the sweetest smartest oligarch I swear! Pump Doge or my daughter won’t afford her school lunch for the next 2 years!”
Crypto is literally a ponzi scheme and will implode on itself, it’s weird having to tell this to people who call themselves communists. It’s literally just a new stock in how much can I tax the power grid and sell back the difference. You can make a shit load of money, but it is only really valuable especially with alt coin when you have enough capital to swing prices slightly enough to cause a spike then sell.
Not to mention that Marx wrote about Fictitious capital, and how when interest rates(or other essentials) increase, investment into fictitious capital decreases generally. This should not be a big surprise that it doesn’t do well in an awful period of recession/inflation and increasing interest rates.
Calling all crypto a Ponzi scheme is pretty lazy thinking. You should probably try to understand the difference between them before trying to make that claim.
tbh your comment is pretty lazy thinking lol, this is coming from someone with crypto. all crypto is by definition fictitious capital, from the obvious shitcoin scams to btc and eth; the reason why its price is so variable is because it’s only tenuously tied to any sort of real-world value. one of the major reasons behind crypto’s creation was to avoid centralized banks, and yet centralized monopoly capital via investors, early adopters, and other means have incredible control over the entire crypto market.
Being an early adopter doesn’t give you control over the market. Being rich does. It’s no different to anything you can buy.
If that makes crypto a Ponzi scheme then everything in the world is.
As for not being tied to anything real. The same could be said of the dollar.
yes, early adopters account for likely a small portion of the total crypto market than rich people, i thought i made this pretty clear and your comment does not contradict anything i said.
As for not being tied to anything real. The same could be said of the dollar.
ding ding ding! correct, the dollar is essentially backed up by US imperial structures, and when it collapses will be replaced by national currencies that are backed up by both the value of trading with their respective countries and, in all likelihood, gold. the major difference between USD and crypto is that the latter has entire markets of capital investment and return despite the fact that crypto has little to no inherent value and additionally produces no value, thus being fictitious capital. this make crypto more similar to stocks and wall street than any national currency outside of post-gold-USD and the USD-era.
I think a massive rebound will happen, especially when the Fed pivots. Inflation is already slowing down, once they start cutting interest rates the tune will change. Stocks have been going up, crypto will follow.
Wish I could actually get a job then… might work for my parents tho since I already have work from them. not the same as some short term employment to buy some more crypto now vs later
There is a lot here to unpack.
Exactly why I’m not crying. I had some money invested in crypto (long story lmao) and yeah, crypto died along with my wallet value. But I still own the coins, just waiting until rebounds and then I’m leaving this sinking ship lol
Are you mostly on Bitcoin and Ethereum or are you heavy on altcoins?
ATA and DOGE is what I have right now, btc and eth are too stable for what I was doing. It worked well for a few months until the crash at the beginning of the year of course.
Same lol. I made a bit swapping eth for stab. Lost that or more in this crash.
I lost more in something else that’s kinda embarrassing but hope I’ll get that back too.
Some people still think BTC and other cryptos will continue to be valuable assets… Which is believable in a way because I think USD is going to become a crap currency and I like how if I buy some BTC or monero or something you actually own it as you own the keys.
Some corporation or the feds can’t just siphon it from your bank for whatever stupid reason they think of or they can’t raid your home and confiscate it as easily like they are doing to people increasingly for whatever stupid political reasons.
Not to mention the western financial system is just abhorrent. The libertarians rebel against it because they see it impedes their ability to own property. Which is true because none of us really have that and the privilege actually owning the means of production will give us in a socialist society.
For those reasons I have been a crypto advocate. Crypto let’s us undermine the financial system and it let’s us control our transactions without the knowledge or consent of the capitalists.
And it had been a convenient way for me to make some money but seeing crypto advance I think some of those speculative elements need to be disabled.
“Elon plz Pump Doge! I love Tesla and you’re the sweetest smartest oligarch I swear! Pump Doge or my daughter won’t afford her school lunch for the next 2 years!”
why is everyone acting like crypto is just done for ever now? If so I’ve lost a lot of money.
Crypto is literally a ponzi scheme and will implode on itself, it’s weird having to tell this to people who call themselves communists. It’s literally just a new stock in how much can I tax the power grid and sell back the difference. You can make a shit load of money, but it is only really valuable especially with alt coin when you have enough capital to swing prices slightly enough to cause a spike then sell.
Not to mention that Marx wrote about Fictitious capital, and how when interest rates(or other essentials) increase, investment into fictitious capital decreases generally. This should not be a big surprise that it doesn’t do well in an awful period of recession/inflation and increasing interest rates.
Calling all crypto a Ponzi scheme is pretty lazy thinking. You should probably try to understand the difference between them before trying to make that claim.
tbh your comment is pretty lazy thinking lol, this is coming from someone with crypto. all crypto is by definition fictitious capital, from the obvious shitcoin scams to btc and eth; the reason why its price is so variable is because it’s only tenuously tied to any sort of real-world value. one of the major reasons behind crypto’s creation was to avoid centralized banks, and yet centralized monopoly capital via investors, early adopters, and other means have incredible control over the entire crypto market.
Being an early adopter doesn’t give you control over the market. Being rich does. It’s no different to anything you can buy. If that makes crypto a Ponzi scheme then everything in the world is. As for not being tied to anything real. The same could be said of the dollar.
yes, early adopters account for likely a small portion of the total crypto market than rich people, i thought i made this pretty clear and your comment does not contradict anything i said.
ding ding ding! correct, the dollar is essentially backed up by US imperial structures, and when it collapses will be replaced by national currencies that are backed up by both the value of trading with their respective countries and, in all likelihood, gold. the major difference between USD and crypto is that the latter has entire markets of capital investment and return despite the fact that crypto has little to no inherent value and additionally produces no value, thus being fictitious capital. this make crypto more similar to stocks and wall street than any national currency outside of post-gold-USD and the USD-era.
None of the other currencies are backed by anything either. No currency is backed by gold. Saying backed by government doesn’t really mean anything.
I think a massive rebound will happen, especially when the Fed pivots. Inflation is already slowing down, once they start cutting interest rates the tune will change. Stocks have been going up, crypto will follow.
I find it hilarious. Crypto hasn’t even really got started as far as I’m concerned.
Wish I could actually get a job then… might work for my parents tho since I already have work from them. not the same as some short term employment to buy some more crypto now vs later