this post was submitted on 15 Aug 2022
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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] 16 points 2 years ago (37 children)

There is a lot here to unpack.

  1. The MSM hates crypto and they love reporting when it's down but are quiet when it's doing well.
  2. Even stupid shit coins like Shib and Doge will rebound when bitcoin picks up.
  3. 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
  4. 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.
[–] [email protected] 3 points 2 years ago* (last edited 2 years ago) (30 children)

why is everyone acting like crypto is just done for ever now? If so I've lost a lot of money.

[–] [email protected] 11 points 2 years ago (24 children)

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.

[–] [email protected] 6 points 2 years ago (1 children)

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.

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

It's almost like crypto is only valuable if other people give a shit, whereas actual commodities have inherent value.

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