‘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) : latestagecapitalism

[–] [email protected] 21 points 2 years ago (3 children)

Why do they deserve it according to you?

Why are these people not victims of a diseased system? If I look at what most of them seem to want, which is financial freedom and freedom from the grind, I can't blame them for trying. Even if I don't agree with the methode (crypto).

The whole point of me joining this ideology was that I wanted freedom from the meaningless grind for myself and others as well. I'm lucky to have found communism as an ideology but I could absolutely see myself becoming a cryptobro as well. Without guidance, you do what makes sense to you. And if you find a lot of people investing in a hard to get, seemingly endless pot of gold, you might want to chip in.

We can be critical at these people. But we shouldn't be hostile imo. After all, the big system has failed them again. What if they now find a better alternative in communism? And what if they are greeted with smug 'I told you so cryptobro' vibes? After all, we preach solidarity for our working class equals for a reason.

[–] [email protected] 17 points 2 years ago* (last edited 2 years ago) (1 children)

I would kinda restrain too from sneering at those people, but we also should not absolve them immediately. Critics should be in order. They are the victims, but they also had it coming, it's not like it was the first time workers were duped into the pyramid scheme mired by the prospect of joining the renter parasite class. Also they conciously did wanted to do that, i get that due to the overwhelming TINA brainwash and shitty work conditions* they can be somewhat absolved from that but still - it can be turned into the argument why they were victimized.

*Worth noting that those people are from aristocracy of labour to begin with.

[–] [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.

[–] [email protected] 11 points 2 years ago

Very good points actually. Consider me convinced of your view.

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

Cryptobros present bitcoin as an hedge against inflation. The best hedge against inflation is Socialism, because things are priced according to their cost of production, not by how much profit someone will make.

I personally got into crypto so I could buy a house, without having to enslave myself to a bank for 40 fucking years!!!

[–] [email protected] 0 points 2 years ago (1 children)

Cryptobros present bitcoin as an hedge against inflation. The best hedge against inflation is Socialism, because things are priced according to their cost of production, not by how much profit someone will make.

Commodities are sold at their cost of production in capitalism too. Profit is the surplus value that is stolen during the process rather than distributed to the worker.

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

No, things are priced according to supply and demand market rules. This is quite inefficient and often leaves the most vulnerable at the mercy of speculators, since they can manipulate markets to serve their needs.

Look at the price of oil. Its production costs have remained stagnant in the past years, yet its price has suffered heavy fluctuations. This is what happens in the absence of economic planning.

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

Supply and demand describe the fluctuations of the prices of commodities about their costs of production. They do not describe the prices of the commodities themselves. Oil's demand is relatively inelastic --and its supply constrained by cartels-- and as such its price can remain detached from its costs of production, enabling super-profits.

Late Stage Capitalism