sadly this may be a bit
this post was submitted on 05 Dec 2024
94 points (100.0% liked)
Slop.
356 readers
18 users here now
For posting all the anonymous reactionary bullshit that you can't post anywhere else.
Rule 1: All posts must include links to the subject matter, and no identifying information should be redacted.
Rule 2: If your source is a reactionary website, please use archive.is instead of linking directly.
Rule 3: No sectarianism.
Rule 4: TERF/SWERFs Not Welcome
Rule 5: No bigotry of any kind, including ironic bigotry.
Rule 6: Do not post fellow hexbears.
Rule 7: Do not individually target other instances' admins or moderators.
Rule 8: Do not post public figures, these should be posted to c/gossip
founded 3 months ago
MODERATORS
The fact that it's hard to tell is what worries me
Shit like this is why at least once a week I read something and say "fuck it, maybe I do live in a simulation."
I hope so
griftobros go "to the moon !!! diamond hands 😎 " until their excrementcoin went from 100 dollar to -5000
it happened to my inlaw a lot lmfao he really likes this crypto shit
Only tangentially related but the day is coming where this crypto shit collapses the economy. It's a completely unregulated securities market, there's derivatives, all sorts of shit. It's basically the stock market pre 1929.
There are 2 trillion dollars in Bitcoin right now lol. That's more than the US ~~GDP~~ budget deficit
When this thing goes to zero, and it will, because that's its intrinsic value, we are going to be watching old fart technically illiterate congressmen talking about the necessity of bailing out DOGE coin and that will be my breaking point
There are 2 trillion dollars in Bitcoin right now lol. That’s more than the US GDP
US GDP is above 20 trillion.
Besides, the American economy will be fine. A lot of investors will loose their money, and the media will frame a crypto crash as catastrophic for America because they believe that investors are the economy.
But the average person will only be affected if a crypto crash triggers a broader recession. Though such a recession would have happened with or without crypto anyway, because periodic recessions are the normal operation of capitalist economy.
Ty I meant to put budget not GDP
I am out of coffee and taking Ls all over the place
I don't know how to tell to you, but it's not bigger than the budget either
It's bigger than the budget deficit stop being a weird nerd
When this thing goes to zero, and it will, because that’s its intrinsic value
That's not exactly how the labour theory of value works. Most big crypto currencies are either tied to some currency, or require massive computational resources to produce. This means that the value of the labor embodied in the electricity and GPUs is transfered over to the crypto.
Crypto fluctuates a lot more than normal currencies does because it is way more influenced by supply and demand than normal currencies (regulated by governments) are.
I'm not normally a "well, akahually" guy, but you're off by an order of magnitude in regards to size of US GDP. The annual GDP of the US is closer to 30 Trillion right now. We can hem and haw over how much of that is real production vs FIRE industry or other net negative value endeavors, but gambling on unregulated securities is not even close to being greater than the total GDP as of now. That doesn't mean it couldn't have humongous consequences, it's just important to keep our perspective.
Damn ty embarrassing
I meant to put budget not GDP
That would make more sense! Simple edit.
Hawk Tuah and GRIFT ON THAT THANG
this just proves america is a meritocracy. the millionaire, hawk tuah, has appropriated the wealth of the laborer, because capitalism always finds a way to efficiently move capital to where it needs to be, IE, out of the pockets of poors and into the pockets of hardworking millionaires. god chose hawk tuah, who are we to question that?
"if I had known that I wouldn't have bought your coin" brother what did you think the podcast shilling a memecoin was going to do brother
What no nut November does to a guy