Which is extremely ironic for the whole crypto community because the crypto was supposed to be this groundbreaking decentralized currency that can take on the central bank and the dollar (you know, when it crashes). It turns out that crypto is itself being used to fuel the strength of the dollar instead.

Like, what do these people expect when they hand over their dollars to buy crypto (which is now tethered to the dollar)? Where do they think those dollars go?

The greatest trick about finance capitalism is that you can invest in anything that is not productive, like real estate, or crypto, or AI (which has its uses but most investment went into the overhyped nonsense), and you end up with a very lucrative position quickly. Why invest in an industry or company that takes 30 years to see return, when you can get rich from investing in speculative assets less than a year?

[–] SamotsvetyVIA@hexbear.net 13 points 1 week ago

because crypto was supposed to be this groundbreaking decentralized currency that can take on the central bank and the dollar

Even those who would critique capital end up reinforcing it instead

[–] TheWolfOfSouthEnd@lemmygrad.ml 1 points 1 week ago* (last edited 1 week ago)

Can you give a similar analysis to the stock market? Alls I normally see on Crypto is “it’s a scam” with nothing deeper, and I’m curious as to how it compares.

Edit; corrected a spelling error.