Why do they deserve it according to you?
Why are these people not victims of a diseased system? If I look at what most of them seem to want, which is financial freedom and freedom from the grind, I can’t blame them for trying. Even if I don’t agree with the methode (crypto).
The whole point of me joining this ideology was that I wanted freedom from the meaningless grind for myself and others as well. I’m lucky to have found communism as an ideology but I could absolutely see myself becoming a cryptobro as well. Without guidance, you do what makes sense to you. And if you find a lot of people investing in a hard to get, seemingly endless pot of gold, you might want to chip in.
We can be critical at these people. But we shouldn’t be hostile imo. After all, the big system has failed them again. What if they now find a better alternative in communism? And what if they are greeted with smug ‘I told you so cryptobro’ vibes? After all, we preach solidarity for our working class equals for a reason.
I would kinda restrain too from sneering at those people, but we also should not absolve them immediately. Critics should be in order. They are the victims, but they also had it coming, it’s not like it was the first time workers were duped into the pyramid scheme mired by the prospect of joining the renter parasite class. Also they conciously did wanted to do that, i get that due to the overwhelming TINA brainwash and shitty work conditions* they can be somewhat absolved from that but still - it can be turned into the argument why they were victimized.
*Worth noting that those people are from aristocracy of labour to begin with.
What’s special about crypto? I mean what is ethical about working and spending in the imperial core? And how does trading some crypto add to the depravity?
Crypto is special because it has a huge environmental cost while mostly just serving as an investment. It is far too unstable and the cost of executing transactions are too high to serve as a currency for most purposes.
From what I’ve seen it seems that it’s for the most part the same people getting rich off of crypto, as the ones who have gotten rich through conventional means, as they had the funds to invest early.
The environmental cost is something that mainly applies to bitcoin, Ethereum is moving to Proof of Stake which will reduce energy consumption by a lot. Even other Proof of Work coins use less energy than Bitcoin, Algorand is doing well. Eventually they’ll all go down that road so I think it’s a bit of a strange bandwagon everyone jumped on criticising crypto when it’s still at very early stages.
Very good points actually. Consider me convinced of your view.
Cryptobros present bitcoin as an hedge against inflation. The best hedge against inflation is Socialism, because things are priced according to their cost of production, not by how much profit someone will make.
I personally got into crypto so I could buy a house, without having to enslave myself to a bank for 40 fucking years!!!
Cryptobros present bitcoin as an hedge against inflation. The best hedge against inflation is Socialism, because things are priced according to their cost of production, not by how much profit someone will make.
Commodities are sold at their cost of production in capitalism too. Profit is the surplus value that is stolen during the process rather than distributed to the worker.
No, things are priced according to supply and demand market rules. This is quite inefficient and often leaves the most vulnerable at the mercy of speculators, since they can manipulate markets to serve their needs.
Look at the price of oil. Its production costs have remained stagnant in the past years, yet its price has suffered heavy fluctuations. This is what happens in the absence of economic planning.
Supply and demand describe the fluctuations of the prices of commodities about their costs of production. They do not describe the prices of the commodities themselves. Oil’s demand is relatively inelastic --and its supply constrained by cartels-- and as such its price can remain detached from its costs of production, enabling super-profits.
Suggested reading:
- Value, Price and Profit
- Capital Vol I
There is a lot here to unpack.
- 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
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.
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.
replaced by national currencies that are backed up by both the value of trading with their respective countries and, in all likelihood, gold
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
🦀 🦀 🦀 🦀
I still have a bunch of money locked up in crypto.
I only feel bad for the Global South people who got tricked into supporting crypto.
