The ostensible argument for crypto is that it's a hedge against the broader economy and will retain its value in a crash. In reality, it's a speculative asset with no underlying value that tracks the broader economy. Its only use case is crime. It's all a con. Let's hope crypto bros get wiped out. - ThreadSky

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kimshum.bsky.social • 35 days ago

The ostensible argument for crypto is that it's a hedge against the broader economy and will retain its value in a crash. In reality, it's a speculative asset with no underlying value that tracks the broader economy. Its only use case is crime.

It's all a con. Let's hope crypto bros get wiped out.

Reposted from Matt Novak

Beautiful

Comments

robsforman.bsky.social•35 days ago

The big rug pull

kimshum.bsky.social•35 days ago

If any consolation, I don't think it is. That requires a rube to leave holding the bag (which they don't have yet; thus all the talk of having the US gov "invest" in BTC). Crypto crashes every couple years, I think this is that, sparked by tariffs. With the caveat: not an expert, just my impression.

sw0rdfish.neptunesbeard.team•35 days ago

Oh but there is… there’s many of them. The whole thing is a scam. Interested people love to say they are corrections, but that’s just all the “crypto bros” taking their profits . Then it crashed a bit and a bunch of people lose a bunch.

sw0rdfish.neptunesbeard.team•35 days ago

Sure some hold on to ride the wave, but most don’t/can’t. And collectively, they’re holding the bag. It’s like the whole Online poker scene. They wipe out the small “fish” as a group slowly over and over and don’t actually play against each other.

cade011.bsky.social•35 days ago

"Buy the dip!"

meccanised.bsky.social•35 days ago

Wait until you see your 401k balance tomorrow. This market crash won't be limited to just digital assets.

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