• chinawatcherwatcher@lemmygrad.ml
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    2 years ago

    tbh your comment is pretty lazy thinking lol, this is coming from someone with crypto. all crypto is by definition fictitious capital, from the obvious shitcoin scams to btc and eth; the reason why its price is so variable is because it’s only tenuously tied to any sort of real-world value. one of the major reasons behind crypto’s creation was to avoid centralized banks, and yet centralized monopoly capital via investors, early adopters, and other means have incredible control over the entire crypto market.

    • Bobbycostner@lemmygrad.ml
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      2 years ago

      Being an early adopter doesn’t give you control over the market. Being rich does. It’s no different to anything you can buy. If that makes crypto a Ponzi scheme then everything in the world is. As for not being tied to anything real. The same could be said of the dollar.

      • chinawatcherwatcher@lemmygrad.ml
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        2 years ago

        yes, early adopters account for likely a small portion of the total crypto market than rich people, i thought i made this pretty clear and your comment does not contradict anything i said.

        As for not being tied to anything real. The same could be said of the dollar.

        ding ding ding! correct, the dollar is essentially backed up by US imperial structures, and when it collapses will be replaced by national currencies that are backed up by both the value of trading with their respective countries and, in all likelihood, gold. the major difference between USD and crypto is that the latter has entire markets of capital investment and return despite the fact that crypto has little to no inherent value and additionally produces no value, thus being fictitious capital. this make crypto more similar to stocks and wall street than any national currency outside of post-gold-USD and the USD-era.

        • Bobbycostner@lemmygrad.ml
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          2 years ago

          replaced by national currencies that are backed up by both the value of trading with their respective countries and, in all likelihood, gold

          None of the other currencies are backed by anything either. No currency is backed by gold. Saying backed by government doesn’t really mean anything.