Every time a stock's value changes because Elon Musk said something I become hyper aware of how goddamn stupid and fake capitalism is. How does the stock market even mean anything in the real world? How does it measure any real value if Elon Musk can single-handedly change it by being cringe? :agony-minion:
Did you ever hear about the deli in New Jersey that has a stock market valuation over 100M despite never doing more than 100k in annual profits and literally just being one corner deli no ones heard of otherwise?
Nah it's all CNBC articles. Basically two universities' investment funds own shares in that deli, a third university pays rent for an office next to the deli, the owner has criminal ties, and both the company that owns the deli and another company called E-waste with ties to the first one are weirdly overvalued. I'm not drawing any conclusions it's just weird all of this stuff is about the same deli. I'm guessing the explanation is more mundane that child trafficking though.
I'm in the E-waste management business, everyone immediately assumes you've mobbed up. It's a stereotype, and it's offensive.
Shell game, they're in the business of avoiding taxes (which is why half the company is in Hong Kong) that's also why the US is so worried about Hong Kong going to China. All their shell companies will be taxed by commies
Was Elon on SNL or something? My weird Tesla and Dogecoin enthusiast friend was going on about how he was watching SNL while we were trying to game and said dogecoin was crashing
Yeah, he called Dogecoin a hustle and I guess that caused a tank.
It was under .40 last week and now it's slightly under .50.
God bless this sub, but it wouldn't know a crash if one landed on it's head.
It tanked because the price reached an all-time high and people sold it to make money. It had nothing to do with how funny Elon was. Even if he was the best SNL guy ever, it still would have tanked because you're supposed to sell when the price gets high. Sellers cause the price to drop. Buyers cause it to rise. There weren't enough buyers to counteract what the sellers sold. Probably because a person who had been holding since it was less than a cent, and who had thousands/millions of coin sold. Buying that same amount when the price is over $0.60 is harder, because it's way more expensive than it was when that person bought.
Then, once the price drops enough, people's confidence in buying is shook because they see red so they stop buying for that reason too. When the price doesn't return, it sets off a chain reaction of selling. People trying to get out while they can make a profit. Unfortunately anyone who bought last night right before the show is pretty screwed because it's not likely to go back to that price anytime soon, if at all.
The people on r/dogecoin have this weird notion that people who bought in at $0.0001 are supposed to not sell when the price hits $0.71 so that the people who bought in at $0.69 can turn $100 into $1000. They want people to uplift them out of poverty by not taking profit on an investment or at least waiting years/decades before cashing out. It's capitalism. To invest under the premise that the other guy will be nice and not do the thing that materially benefits them is pretty silly. It's even worse brainworms than thinking Joe Biden is restoring the soul of the nation. Because it depends on capitalists not doing capitalism.
There was a bit on the 'weekend update' part of the show were one of the host ask him about doge and doesn't get it, he says it's just a hustle right? And musk says yeah it's just a "hustle"
He was, he was probably the one who single handedly got it to that level and told his accountants to sell as soon as he mentioned it on SNL which immediately crashed the price.
Good idea and it would avoid this kind of nonsense where the value fluctuates wildly bc of Twitter shit bc things would just be priced based on the labor time that it took to create the thing, I like it.
Pretty sure there are anarchists who have tried doing that before. It incentivizes a lot of weird unintended behavior in the group of people who uses it
You can never go wrong with the good old: from each according to ability, to each according to need.
Do you have any sources on that? I mean that not in a Reddit way but bc im genuinely wanting to learn more about alternative ways of setting about currency
I’m pretty open to the utilization of markets in socialism as a transitional thing but I do think getting to a step of making things based on labor vouchers is ultimately preferable to market whims and would be ideal (not sure if that should be the end goal or not but certainly a step away from market based systems)
No academic sources but your search terms are Time-based Currency, Labour Voucher, Local Currencies, and Labor Notes. Lots of city-wide experiments and socialism-specific models
My cousin bought in for a lark with $30 (he spends about the same weekly on lottery tickets) when it was 0.002 dollars to coin. I told him, take the win, cash out while it's 0.30 and you've made over 100x what you put in. At least take out $100 or something. He didn't want to, he wanted to let it ride. Hey, it went up to 0.5, then 0.7. He was pretty excited. Now it's back at 0.5 and you'd think he lost thousands of dollars. NO! You still made so much money, just cash out before everyone else figures out it's just a weird irrational bubble, god damn.
Reminds me a bit of gamestop. That bubble started to burst when it went mainstream
Owners of the largest doge wallets (I'm talking millions of dollars worth) cashed out last night during the beginning of SNL. I don't think a significant amount of people are willing to put more money into fucking doge, but I've been wrong before. God, this timeline is so dumb
Someday I hope I can cause things I hate to die by being so powerfully unfunny
Nah it dropped down like 33% as of right now, apparently nerds were expecting him to shout it out and when he didn’t I guess the “market lost faith” in it or whatever it is they say lol
I understood, I was just making a joke about Tesla doing negative profit.
A lot of people got in on the dogecoin train expecting Musk to pump it by going on SNL so when he didn't they just ditched the plan, that's what I'm imagining happened anyways.
True. I mean it’s all fake anyway, faith is wishy washy in the sense of the stock market. It’s basically “can I make some money on this right now” and that’s an unsteady af metric to build a system around. I mean it was going up just fine, people were hype about it, some one I know made 15k off it and then just bc meme king didn’t go “ay shout outs to doge coin haha!” It drops? It’s honestly such goofy nonsense.
https://twitter.com/MattBinder/status/1391262628819972104?s=19 :michael-laugh:
