Crypto is just legalized pump and dump
(media.scored.co)
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I've spent years learning about investing before I realized the bullshit. By now I am convinced all of finance is pump and dump. Stocks, bonds, metals, wood, you name it. All pump and dump. I'm convinced they have automated systems that organize pumps and dumps for them, because if you plan well you can run hundreds of these at the same time. I think this is how Renaissance Technologies got 60% annual return. They claimed it was because of predicting the market (there is a whole Acquired podcast story/fable about them which contains some truths), but I think they do not predict the market. Instead, they make the market. What better way is there to predict the future than making it yourself. On Yahoo Finance for example, there are those fake news stories below stock prices showing what is "hot". Those stories toegether with mainstream media are all part of the pump and dump scheme.
Exactly.
And new things constantly invented for pumps and dumps. From scratch like that NFT crap, or by making things that had never been intended to become a finacnial toy.
Like carbon credits? Just another way to steal your money
Yep. And like tons of other completely virtual things.
Economy is completely broken since times when somebody found out that money could make money without doing anything useful. This unwinding exponentially and today we are at the stage where nearly all critical businesses already don't care about anything except completely virtual price of their completely virtual shares on stock exchange.