https://theconversation.com/impulsive-psychopaths-like-crypto-research-shows-how-dark-personality-traits-affect-bitcoin-enthusiasm-180782

  • FlakesBongler [they/them]
    ·
    3 years ago

    Personally, the problem that I have with crypto is that they're purposefully targeting the working class

    Think about how often you hear them telling people that crypto is a fast and easy way to make money, how they're putting commercials during the Super Bowl and putting out news about delivery boys becoming millionaires

    The average Joe thinks the stock market is this byzantine enigma (mainly because of decades of stock bro shit), but is constantly being hit with propaganda about how easy crypto is, you just trade some dollars for BoingCoin and you'll make money back!

    Of course, they're never told that the majority of people who profit off this shit are already rich and make their money from selling crypto to the masses

    At the end of the day, someone with 20 dollars is able to at least get something to eat and someone with $20 of PlopBloks can't

    • MerryChristmas [any]
      ·
      3 years ago

      Thanks, this one makes sense to me. I see the ponzi scheme criticism levied against crypto a lot, and I don't really see how that's any different from the stock market or our retirement funds or like... the economy in general. It's just one giant over-leveraged ponzi scheme held together by duct tape and massive amounts of debt.

      But I do see how this provides a more efficient method of robbing the working class, and you're right, that is a big problem. I don't think it's unique to crypto, but crypto is uniquely enticing due to all of the lottery ticket type stories, the tech evangelism and the Twitter guys talking about how easy it is to get rich. There's also a much lower barrier to entry, with lots of coins being valued like penny stocks, so people are more likely to jump in without doing their research. I can see how that would lead to an environment rife with pump and dumps.

      It's also worth noting that the same folks sitting on the boards of our banks are sitting on the boards of exchanges like CoinBase, so they clearly see the opportunity to fleece some suckers.