A lot of these people don’t have the money to lose and were tricked by celebrity Super Bowl ad endorsements and whatnot. There will be suicides over this. It makes me sad to see leftists celebrating.
The rich will be fine, like they always are, it’s the people with just a little tiny bit of disposable income who were looking for an investment similar to the houses their parents bought in the 80s, bought into the crypto hype, and got in too deep who are going to suffer and lose everything to the people who have more money than them. It’s just cash flowing out of the hands of the “middle class” and into the hands of the already rich.
I agree, but it won’t die, bitcoin will drop like it always does, the rich will buy back in at low prices and the cycle will continue to fuck over regular people trying to plan for a very uncertain financial future.
Seeing as how crypto is starting to attack the left, I'm going to have to drop a fat miss on this one. Greedy assholes wanted to ruin the environment to make a quick buck, and now it's blowing up in their faces. Boo fucking hoo. There's a lot of things you can make the "they were just mislead" argument on, and this sure as hell isn't one of them. They knew going in what to expect but were too blinded by avarice to care. Nobody gets into crypto with the idea of just making ends meet; they all wanted to become fuck-you rich and didn't care who they'd have to step on to get to that point. Not a single honest person is 'holding the bag' right now and the only bad thing about this situation is the fact that the people who made money off the scheme are neo-Nazi pedophile terrorists.
They can cry me a river and drown in it as penance for buying into the most destructive pyramid scheme they could. Anything bad that happens to cryptobros is cool and jokes.
They aren’t all neo-nazi pedophile terrorists. You know this. Stop blaming people, we’re all trapped in this system and trying to survive. Most are normal people afraid of their financial future.
Counterpoint; a lot of these people are right wing, Alex Jones type listening nutjobs because that was where much of the original bitcoin hype was cultivated before the market legitimized it. So we ended up with all these libertarian psychos who lucked themselves into becoming millionaires and have been using that money to fund a lot of the more prominent white supremacist shit we've seen these past few years. I know a guy living it up in Bali who is exactly that and he's not alone in his background and beliefs.
I don't really disagree, I just think this is the wrong time to start celebrating. When it drops to under $100, so that we can be pretty sure even the Winklevosses are looking at a sea of red ink, then it's time to bust out the crabs. Right now, it's just the little people getting screwed.
Major exchanges going down has historically caused crashes, but temporary ones. There are two things that would truly destroy crypto as we currently know it: a technological problem being found in the protocol of at least Bitcoin if not others, and a general understanding and acceptance by the public of the complete uselessness of crypto for anything other than essentially scamming people.
A worm that stole a few billion dollars' worth of crypto from all over the Internet has the potential to hit both of those points, I suppose.
A lot of these people don’t have the money to lose and were tricked by celebrity Super Bowl ad endorsements and whatnot.
oh boy do I have news for you, this only covers BTC traders, the people who got scammed by celebrities are altcoin traders. I assure you, the percentage of people who are underwater through altcoin trading is much more higher. Consider this: 90% of altcoins fall straight to $0 after mere months.
Yeah this is my take on it as well. These 40% aren't shitty libertarian ideologues, they're regular people desperately trying to find a way out of the gutter, and instead they've been scammed.
I’d argue that’s just a vocal minority of assholes on the internet. There are a lot of people who are just desperate due to the current economic conditions
It’s also people like public school teachers who are being offered O.25% interest on their bank savings account while inflation is 8-10%, but others are getting 20% from UST (before the crash)
People are desperate because there is practically no social safety net and they are terrified of how to pay future medical bills and sending their kids to college etc.
Maybe for those silly "investors" this will be the push they need to see that Capitalism has failed. I think this will lead more people to Communism than suicide.
A lot of these people don’t have the money to lose and were tricked by celebrity Super Bowl ad endorsements and whatnot. There will be suicides over this. It makes me sad to see leftists celebrating.
The rich will be fine, like they always are, it’s the people with just a little tiny bit of disposable income who were looking for an investment similar to the houses their parents bought in the 80s, bought into the crypto hype, and got in too deep who are going to suffer and lose everything to the people who have more money than them. It’s just cash flowing out of the hands of the “middle class” and into the hands of the already rich.
This shit needs to die yesterday. Better for this to happen now than after several more years of innocent people getting sucked in.
yeah it's like an MLM in that it's very sad they were scammed but the only alternative to them losing their money is them roping in even more people.
Not to mention more years of horrific environmental damage.
I've got some bad news for you
I agree, but it won’t die, bitcoin will drop like it always does, the rich will buy back in at low prices and the cycle will continue to fuck over regular people trying to plan for a very uncertain financial future.
Seeing as how crypto is starting to attack the left, I'm going to have to drop a fat miss on this one. Greedy assholes wanted to ruin the environment to make a quick buck, and now it's blowing up in their faces. Boo fucking hoo. There's a lot of things you can make the "they were just mislead" argument on, and this sure as hell isn't one of them. They knew going in what to expect but were too blinded by avarice to care. Nobody gets into crypto with the idea of just making ends meet; they all wanted to become fuck-you rich and didn't care who they'd have to step on to get to that point. Not a single honest person is 'holding the bag' right now and the only bad thing about this situation is the fact that the people who made money off the scheme are neo-Nazi pedophile terrorists.
They can cry me a river and drown in it as penance for buying into the most destructive pyramid scheme they could. Anything bad that happens to cryptobros is cool and jokes.
They aren’t all neo-nazi pedophile terrorists. You know this. Stop blaming people, we’re all trapped in this system and trying to survive. Most are normal people afraid of their financial future.
Those at the top (those actually making money off crypto) are.
EDIT: Having re-read it, that response comes across as extremely sussy.
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Counterpoint; a lot of these people are right wing, Alex Jones type listening nutjobs because that was where much of the original bitcoin hype was cultivated before the market legitimized it. So we ended up with all these libertarian psychos who lucked themselves into becoming millionaires and have been using that money to fund a lot of the more prominent white supremacist shit we've seen these past few years. I know a guy living it up in Bali who is exactly that and he's not alone in his background and beliefs.
The right-wing nutcases mostly got in years ago, unfortunately. Most of the people who are in crypto bought in in 2021.
But are the people who got in in 2021 the holders of the majority of the coin?
No, but the 40% is of the total number of people, not the total number of coins.
We're just gonna go back and forth. I mean, I feel for the little guys but to me that just means we need that percentage to be higher.
I don't really disagree, I just think this is the wrong time to start celebrating. When it drops to under $100, so that we can be pretty sure even the Winklevosses are looking at a sea of red ink, then it's time to bust out the crabs. Right now, it's just the little people getting screwed.
Fair, so how do we crash this shit for good? Attack the marketplaces? 💁♂️
Major exchanges going down has historically caused crashes, but temporary ones. There are two things that would truly destroy crypto as we currently know it: a technological problem being found in the protocol of at least Bitcoin if not others, and a general understanding and acceptance by the public of the complete uselessness of crypto for anything other than essentially scamming people.
A worm that stole a few billion dollars' worth of crypto from all over the Internet has the potential to hit both of those points, I suppose.
Sending my energy to our DPRK hacker comrades.
oh boy do I have news for you, this only covers BTC traders, the people who got scammed by celebrities are altcoin traders. I assure you, the percentage of people who are underwater through altcoin trading is much more higher. Consider this: 90% of altcoins fall straight to $0 after mere months.
Yeah this is my take on it as well. These 40% aren't shitty libertarian ideologues, they're regular people desperately trying to find a way out of the gutter, and instead they've been scammed.
Anti-Krypto Aktion :gold-antifa:
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I’d argue that’s just a vocal minority of assholes on the internet. There are a lot of people who are just desperate due to the current economic conditions
Like the video about the problem with nfts mentioned, this is a war between the 5% and the 1%. Fuck them
It’s also people like public school teachers who are being offered O.25% interest on their bank savings account while inflation is 8-10%, but others are getting 20% from UST (before the crash)
People are desperate because there is practically no social safety net and they are terrified of how to pay future medical bills and sending their kids to college etc.
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Maybe for those silly "investors" this will be the push they need to see that Capitalism has failed. I think this will lead more people to Communism than suicide.
I’m just saying that when it happens we should be welcoming them with open arms to our side rather than doing an end zone dance.
To paraphrase Michael Brooks, love the people, hate the system
And I’m saying we should welcome them with open arms rather than doing and end zone dance that’s all