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
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.
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.