honestly don't think his brain works in such a straightforward cause and effect way. those goals might be knocking around in his head, but I don't know if there are any connecting strands to them
since the most robust crpyto is ‘tethers’ that are linked to the US dollar (they are being used to facilitate crime) ruining the dollar is …not optimal for them
yeah exactly, all their fake currencies are just securities priced in and traded in dollars. the collapse of the dollar won't make everyone buy bitcoin or eth.
There is something to understand here. Stablecoins may be the backbone of a lot of the crypto market, but it doesn't have to be. Liquidity will flow from usdt denom pools to eth, sol, btc denominated pools in the case of usd nuking. It'll hurt, but not as much as it'll hurt trad markets.
The Captain has indicated that we are approaching an undefined length of turbulence. We ask that everyone please buckle your seatbelts and return your trays to the upright position. For everyone's safety, please stow any handheld devices, as unsecured objects are bound to injure during flight.
I feel certain that he has said as much in the past, but it is now impossible to Google search his name with words like collapse, destruction etc, and find anything not from the last week
It’s anyone’s guess. Thiel wants to cause a currency crash, Bannon probably wants to cause a crash. Musk might be trying to get a market crash so he can buy a major industrial firm?
Others did the planning for him. He's a follower of people who stroke his ego, rather than a leader in his own right. A "useful idiot," some might say.
We saw him hollow out twitter with this shit, and the insane unprofitability of the shell that is left is conveniently obscured from us as he can just funnel money in privately
He can't do that with the US gov when he craters it
Going to war with the FDIC is the dumbest idea imaginable. Yeah no let’s fuck with the organization that insures your money, the organization that was established to prevent bank runs from tanking the economy. The organization that keeps my bank from losing all my savings
You know in the movie Heat when the bank robbers tell everyone that their heist won’t affect their bank accounts cause their money is insured? Yeah they’re talking about the FDIC.
y'know what, if they do that lets just bring back literal trading. I don't care if it's a more messy and flawed economy overall. I absolutely will participate in a Pathologic economy over cryptocurrency's cemetary of a system.
Did you know that no cultures we know of actually participated in trade and barter? Prior to the invention of money we (humanity) largely had gift economies within our own communities. Even trade between communities was more about relationship building than getting a good value.
huh, neat.
I worry the aftereffects of our current economic system will force a transition to trade first before going back to gift economies, if they ever do.
I say this because of the handsanitizer garage guy during the pandemic.
People with that "grindset" mindset may resist the idea firmly.
You're very much not wrong to worry about that. Money, and to a greater extent debt, really broke the human mind IMO. People even financialize their own familial relationships these days. I'm not sure the genie of debt will ever go back into the bottle even under full communism.
Yeah, but encouraging more aggression avoidant people to use that method when dealing with "grindset" people will be difficult as well.
We'd need more people willing to use such methods in each local community.
1. Humanity goes back a lot further than 8 THOUSAND years.
2. By bartering do you mean everyone in a community making little "I'll give you three chickens for a goat" trades for their day to day exchanges? Because I'd like you to find me an example before the dawn of currency.
Did trade and barter happen among absolute strangers? Yes. When the need arose. It was also rare and not what the post I was responding to was implying.
genuinely do not think he has a plan here. ruining the us dollar ruins crypto by extension lmao, ruining the stock market ruins crypto by extension. they are duuuumbbb
he thinks he's untouchable. the capitalists today have been getting high on their own fumes thinking they're untouchable and revered kings. they genuinely have no idea how deep the hatred of them runs and they cant fathom it.
the comparison i like to draw is to that of the guilded age billionaires. they gave back whatever meager amounts because they knew that they had to look like they where providing a societal benefit. the billionaires of today think they have a mandate from heaven and dont care to "give back"
like we dont even hear about billionaire philanthropy anymore. it was obviously doing nothing but protecting their assets/money but they dont even bother trying to look like theyre doing good anymore.
Isn't crypto all dollar backed? Crash the dollar, goof luck cashing in your crypto. That's if the shitcoin you're holding isn't just a straight-up scam.
Not necessarily. Stablecoins are the majority of denominations, but don't have to be. In the case of a usd or stablecoin crash, pain can be limited by shifting more assets to other denominations. A usd crash will impact crypto less than trad markets.
So instead of dollars, you'd speculate with... what? Eu will regulate a sudden surge of crypto speculation. Yuan? Ruble? Pound? And crypto would still be defined by the hard currency, not vice versa so there would be no "switching" to crypto.
It's an interesting question. They are not dollar backed per se, the question is what can you buy with them? Obviously at the moment the most useful thing you can buy with crypto is USD
The ultimate privatization is the privatization of currency itself.
People think the Fed has over-reach on the value of a dollar, but even the biggest Fed Printing Horror story has nothing on what two billionaires could do with a simple agreed on pump and dump.
I might be wrong on this, but isn't having a digital ID critical for moving away from a fiat currency? Wouldn't that need to be in place before we do away with the dollar and switch to a CBDC?
His foreign dictator friend would benefit from a weak dollar. Plus, oligarchs around the world will sweep in to buy up US assets for pennies on the dollar.
He wants a crash, his friends want a crash, and he'll profit from our ass best he can.
Gonna have to do the mao landlord thing pretty soon.
I'm just a stupid guy but it really seems like they are trying to crash the economy and do like a giant wealth transfer like in 2008/2009. I'm honestly looking at cashing out my 401K cause if the market crashes what's the point.
When I used to think of "the contradictions of capitalism", I didn't really imagine one very stupid capitalist unintentionally undermining the global capitalist order lol
Eh, last I heard Brics had a bit of infighting of its own, they could still fumble the bag and leave, like, Europe or China alone to become the global currency standard.
It's fucking hilarious because they are literally doing the "Run the country like a business" bullshit, not realizing that unlike dying firms, you can't make the government look "lean and mean" on balance sheets for an acquisition. They honestly think if they tank it, they can buy it cheaper.
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The other part is to plunder the country and force the displaced workforce into the jobs just vacated by mass deportees.
Anyhow, I wouldn't be surprised if they forgot that BTC is traded against the dollar.
Hybrid-Warfare is about the best term I can think of to describe what Musk is doing.
Musk is attacking the USA in every way he can, while trying to avoid a 'kinetic response.'
Dreamland for Musk.
We saw him hollow out twitter with this shit, and the insane unprofitability of the shell that is left is conveniently obscured from us as he can just funnel money in privately
He can't do that with the US gov when he craters it
Plus they generally aren't charging things like low balance fees and if you got a great one, you don't get overdraft or transfer fees either
I worry the aftereffects of our current economic system will force a transition to trade first before going back to gift economies, if they ever do.
I say this because of the handsanitizer garage guy during the pandemic.
People with that "grindset" mindset may resist the idea firmly.
We'd need more people willing to use such methods in each local community.
2. By bartering do you mean everyone in a community making little "I'll give you three chickens for a goat" trades for their day to day exchanges? Because I'd like you to find me an example before the dawn of currency.
Meanwhile in reality the majority of people would just shift to canadian or mexican dollars
People think the Fed has over-reach on the value of a dollar, but even the biggest Fed Printing Horror story has nothing on what two billionaires could do with a simple agreed on pump and dump.
or wait did they have controversies
I can’t remember why this is the only crypto site I know by name. But it’s probably for bad reasons I’d assume
He wants a crash, his friends want a crash, and he'll profit from our ass best he can.
Gonna have to do the mao landlord thing pretty soon.
https://bsky.app/profile/criminalerin.bsky.social/post/3lhvudwf4ck2s
Like, literally hoard my nuts, because I'm hoping they'll retain some kind of value while the dollar becomes worthless.