Late Stage Capitalism

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‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash (IMO they deserved it and only have themselves to blame) (theguardian.com)

submitted 2 years ago by [email protected] to c/[email protected]

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[–] [email protected] 5 points 2 years ago (1 children)

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?

[–] [email protected] 5 points 2 years ago (1 children)

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.

[–] [email protected] 1 points 2 years ago* (last edited 2 years ago)

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.