Comments (12)
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HumbleMemeMaker 4 points ago +4 / -0

Respectfully disagree. Permissionless financial transfer is an enormously powerful freedom. I understand your skepticism, but think you're incorrect. Crypto goes up and down, usd only goes down.

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ApparentlyImAHeretic 3 points ago +4 / -1

Crypto is literal mass delusion. It's the agreement by a lot of people that something without mass has value, and will fluctuate based on how much value people assign to that nothing. Lots of people who are into investing treat stocks the same way, so its only natural they'd instinctually play the crypto market like the stock market.

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HeyJesusBringMeABeer 3 points ago +3 / -0

CBDC? Nobody wanted or asked for that.

It's a desperate move by an obsolete government.

We already have Visa/Mastercard which is digital. Everyone has a credit score. Give this stuff to the government and they'll be building huge databases with all your info, income, purchases, vaccines, etc. They'll tie it to a wellness "green" pass which might also track how much you spend on carbon emissions, tax you on CO2 etc. They'll know everything about you down to the last molecule of carbon footprint you "cost society". Then they can use your DNA and data to build you out on a chip, as an avatar, and predict everything about you. They can re-create you and simulate you and run drug simulations & studies on your clone.

Crypto is going to be somewhat tied to USD for as long as the USD remains the world reserve currency. People are buying crypto with USD, and selling crypto for USD.

It's still a new technology, but has things like decentralized governance built in, which is a far more democratic "people controlled" way of doing money. It's just the beginning.

Crypto has a major sell off at the end/beginning of every year it seems, right around tax time. But also coupled with that, China seems to ban it every year around the same time too. Recently it was in the news that Russia was banning crypto.

The economy is down across the board right now, including traditional stocks.

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deleted 2 points ago +3 / -1
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Agent777 2 points ago +2 / -0

It's interesting. It's almost like playing the stock market if stocks were just stocks and no shares in an actual company that produces products or does something, just the stock and it's up and down value.

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Mad_King_Kalak -2 points ago +2 / -4

You have heard of the ".com bubble" bubble, right?

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Agent777 1 point ago +1 / -0

No, I haven't. Care to enlighten me?

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Mad_King_Kalak 0 points ago +4 / -4

Ah. The short version: In the 90's there were all these internet start-ups that were going to revolutionize how we do X or Y by using the internet to do it. Some of these companies got tons of investors and kept chugging along but never actually making any profits but with high stock prices, until the .com bubble burst in 2000 when the market realized that things were inflated. A short, sharp correction followed, along with a short recession. No bailouts were done. Things recovered quickly.

2
Texasnumber1 2 points ago +2 / -0

Just like the stock market cryptocurrency can be manipulated If you want to make money you gotta watch them and learn and learn their patterns pump and dump

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Fileiro 2 points ago +2 / -0

Hedgies unloading their bitcoin positions to raise liquidity for margin calls on leveraged stock positions.

This is hardly rocket science.

In other news, bitcoin has appreciated an average of 198% per year since its inception.

But please keep putting your super-valuable totally not dogshit fiat dollars in the bank for a 0.01% annual interest rate.

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Agent777 2 points ago +2 / -0

The most rational explanation I've heard for the dip as that everything follows BTC at the moment, and china is Fine with BTC.

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Mad_King_Kalak -2 points ago +2 / -4

Don't call me a dipshit.

Where, oh where, do you get this fallacious idea that crypto is supposed to be "independent of the market'?

Even other wealth retention assets like gold and real estate go up and down, and do so with the market. The damn stock market itself is, partially, a wealth retention mechanism of everybody trying to beat inflation.