What you say is in line with my beliefs. Easy to understand why someone would believe “it,” meaning the US dollar, the Fed, the US banking system, etc. is not backed by anything or at least is on very shaky ground. “It” is still also still the best bet virtually anyone can make.
The only real hedge against ”it” collapsing is self-sustaining farmland, guns and ammo. And at that point, we are just talking perilous survival while everybody else dies and shit.
And they are. But the idea that the total lack of regulation that is inherent in crypto will lead to less corruption instead of more is some real galaxy brain shit.
As long as there is no regulation - and their probably can’t be because there’s no jurisdiction you can prosecute in - the frauds will always drive out legitimate business. It may be functionally impossible for every successful crypto business to not be a scam.
Every single time a currency collapses, the entire population and public voluntarily accept a new single currency used by everyone. Every single time. The entire population absolutely needs a uniform currency just to function with day to day activities.
“American dollar backed by nothing” is completely wrong.
US dollar is backed by: 330M Americans “needing” to use it every single day of their lives + wealth of American corporations + military + IP.
Same with every single other currency out there in the world. Some are stronger than others.
Just all the lols at Bitcoin being a functional currency ever. it’s deflationary, you can’t run an economy on it for the same reason everybody dropped the gold standard when there was no longer enough of it to support economic growth.
Sure, the banks are often predatory. Us govt, like every other one, does some bad things. Literally every crypto exchange is more predatory than any legit bank.
The USD is backed by the US govt ability to extract taxes in the future. As long as the banks think that’s a thing it will function. And they always will if your thesis that they’re in bed with the government is correct (it is).
Why do casinos exist answer a lot of the questions about why you put money in celsius.
Casinos are moonshots on a smaller scale though. Do you think anyone would play a version of blackjack where your best case scenario was winning ten cents an hour but also you might lose all your money?
What exactly do you envision your best case at playing blackjack for 6-12 months or something? Both outcomes in this case are the same delusions that drive the bus.
Fair.
Trump wins 2024, goes on a revenge tour and tells blue states to go fuck themselves, they’ll pay taxes and get nothing in return. Why? Fuck you, that’s why. US goes into chaos, on the brink of Civil War…. again.
Whoops, one man just fucked everything up.
i agree with you. it wouldn’t suddenly replace the only currency in a society. it’d be moving backwards, it’s an improved version of gold, not a better dollar.
i was just trying to point out that if you recognize the usa is evil and corporations are corrupt, and you still invest all your money with them, you’re vichy leftists. you’re supporting the bad guys because you selfishly think it’s your best shot to get or stay rich. the crypto people, the communists, have no standing armies. they only threaten the established powers, the capitalists who run the show and make their own rules. in crypto, even the richest man in the world plays by the same rules as you or me.
the rich dope who accidentally bought back the worthless nft he jokingly self-bid on? (that was posted itt the other day.) if that happened on ebay the rich idiot would be on the phone with paypal and hiring lawyers to send letters, he would be able to use his existing wealth to intimidate the other guy or ebay or paypal to change the rules to benefit himself. and he only needs to break one of those links to get what he wants.
the rich people who built this system have hypnotized you into thinking those middlemen, paypal and the banks, are there to protect you. that’s the same lie as saying the police are there to protect you, they’re there to protect the rich. in crypto, the rich idiot has to eat the loss and he knows he can’t do shit about it. and that’s clearly the best result.
You have never met some one with a craps system lol?
Idk how you get that. The government is there to protect you. Yes they do a shitty job. But there is a (yes, insufficient) measure of accountability there. Your alternative, where everybody plays by the same rules but nobody is accountable for their injury to others is pure Hobbesian dystopia. There’s nothing egalitarian or communist about it. It’s the opposite. It’s the apotheosis of anarchocapitalism. Call me a Vichy Leftist all you want but you’re here arguing for extreme right wing argle bargle.
Look, it’s not as if I have any illusions about me or anyone here being actual leftists. If I was I’d be out on the street with pocketchads doing something about it, not sitting in my suburban backyard with a Cuban cigar arguing about made up computer money.
This is exactly the proposition offered by Martingaling, which people will always reinvent because they’re bad at accounting for low probability, highly catastrophic events.
We already saw this situation 200 years ago.
Confederate dollar was made, the union guys won and everyone reverted back to US dollar.
Every country reverts back to 1 currency out of necessity no matter how shitty previous currency became.
Of course existing power structures help the already rich and powerful, conceded. Further conceded that my index funds are not morally superior investments. But if I put my money in a real bank and it goes BUSTO, I will get my money back. If Fidelity steals my stonks, I will get my money back. Financial regulation exists for a reason and it largely works.
I think most of us agree with you on all of that. I do at least. Stuff like celsius isn’t a bank and shouldn’t be allowed to masquerade as one.
Of course these people are idiots but this does not happen at banks and regulated investment firms.
One Sunday evening last month, Lucas Holcomb woke his pregnant wife. “Honey, we just lost $100,000,” he told her.
Mr. Holcomb had taken out a home-equity line of credit and deposited the proceeds with cryptocurrency lender Celsius Network LLC, which offered banklike accounts paying far higher rates than traditional lenders. He liked that the company had big-name institutional investors and touted safeguards meant to protect depositors from the crazy price swings common in cryptocurrencies like bitcoin.
But last month, with crypto markets nosediving, Celsius told clients it was freezing all withdrawals. The Holcomb family’s money was trapped.
Jesus. So he took out a HELOC at, what, probably at least 3 percent even if he was getting hte best rates at the time, but more likely higher since he’s an idiot, all to deposit it for a 10 percent return, netting like 7 percent? Christ.
It’s astonishing these people ever amass more than like $50 in the first place. Unbelievable idiocy.
Presumably he didn’t amass 50 bucks, thats why he needed the loan.