After surging by 310,000 per cent, the value of a cryptocurrency, based on the popular Netflix show Squid Game, has crashed to $0 in what is likely to have been a "rug pull" scam.
  • Nakoichi [they/them]
    ·
    3 years ago

    So crypto is just like creating a stock based on nothing but speculation right? It's so absurd to me.

    • AlephNull [she/her]
      ·
      3 years ago

      I may not make much money, but at least I'm not pissing it away on jpgs

    • Ericthescruffy [he/him]
      ·
      3 years ago

      Especially because stock, itself, is nothing but speculation. In one of the Hell of presidents bonus episodes I honestly think Matt had a galaxy brained revelation that kinda got buried at the end of the episode: Crypto has essentially taken the position of stock trading in the 1920s...which is a bit frightening because we're essentially at a point where we've made an "abstraction of an abstraction".

      • spectre [he/him]
        ·
        3 years ago

        At least a stock theoretically gives you some sort of equity in an existing institution. Crypto is hot air all the way down, a gold rush except there's no metal and very little labor going into it.

      • LeninWalksTheWorld [any]
        ·
        3 years ago

        :sicko-yes: mfw I see Americans playing highly volatile markets to cope with the falling rate of profit