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
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
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