I have a few friends who are invested in crypto. While I don’t want to get them financially wrecked, I’m enjoying every fucking second of this.
I don’t like to admit this, but I briefly got into crypto last year. I was desperate to try to find a way to get ahead financially. After like 3 months I was like ‘this shit is a scam and now I’m gonna go read Karl Marx finally’. I guess it was the final straw to radicalize me.
I was once invested too. I understand what it is and it’s not all doom and gloom. But I’ve yet to meet someone who is actually in it for the tech and not for obscene financial gain.
A brief conversation with my friend today:
It sucks, but I think people are starting to realize there is almost literally no way to ‘get ahead’ or even live remotely comfortably in this system.
Crypto Bros: ‘If you fool me 6 or 7 more times I swear’
Turns out the ‘slurp juice’ NFT meme is linked to fascist trolls (shocked, shocked!)
What on earth
Reactionaries love to make fun of people for believing in science which is very telling
what the fuck is this shit
Just your typical western leftist.
Can someone update a comrade only tangentially informed about the crypto-sphere? Read this article earlier today and that opened up more questions than it answered. Is this more substantial than the countless previous crashes/downturns?
Trust me though, the less you know about NFTs/crypto, the better.
I think it crashed similarly in 2017, but it’s become way more mainstream now. I would assume with its higher profile, more people will realize it’s a Ponzi scheme and it’s chance of recovery becomes slimmer each crash.
Also if you’re currency loses 80% of its value every few years, why would anyone want that?
I assume for the same reason anyone would ever buy any crypto - in hopes of large rates of growth. That’s all it ever was anyway, no? If you continue to buy at low points and sell at high points the crashes would even become desirable to maintain the rate of profit even when the highs in absolute term don’t reach as high?
Again, I haven’t really looked into this stuff since like 2018, but that’s what I figured back then. If this is something different - and media is making it sound like it is - I don’t understand how especially the relevance of the stablecoin stuff.
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Isn’t “I made money and here is how you can make money too” (one of) the base(s) of any ponzi scheme?
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Any currency can be attacked by investors, making it crash. Crypto currencies are more vulnerable because they are smaller (for the moment).
I don’t know anything about terra/luna. It sounds like an interesting idea. Maybe there was some structural flaw that made it more vulnerable to attack.
NFTs are a different thing.
The crypto subreddit is must read material right now
Jesus Christ…
“My $50,000 of luna from a few days ago is now worth $300.”
Gotta hand it to them though, the way they’re just matter of factly talking about losing their life savings is kinda impressive in a way
Most of those types just say ‘diamond hands! HODL’ until their account is $0.
I feel bad though, there are a lot of people who were preyed on and lost a lot. It’s pretty insidious to tell people this shit it the only way to financial peace.
Good thing it was fast, more than cryptocurrency.
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Crypto and NFT’s have always been a scam
https://twitter.com/rarecandyio/status/1521548615579226114?s=21&t=NxF8pkQEaBzQqBLKbXsIYw
The original tweet for the curious.
