Friday, January 21, 2022

Fake Money, Real Crash

Imagine, if you will, a currency backed by the full faith and credit of a coterie of Randian techbros, unfettered by burdensome regulations... the sort of currency which Libertarians would assure you is better than government-issued fiat currency.  Imagine the possibilities (it's useful for money laundering and dark web trafficking in drugs and humans) afforded by such money

 Just imagine what is possible without oversight!

Wow, a crash estimated to be worth (whatever that really means) one trillion dollars of funny money occurred.  The premier cryptocurrency, Bitcoin, has lost 45% of its value from a November peak, and even dodgier, Dogeier, cryptocurrencies have probably fared worse.

Libertarians typically being a lot less intelligent than they think they are (this is why they embraced Dunning-Krugerrands), I imagine there will be a lot of outcry over the possibility that such a crash could happen.  These brainiacs sure hate regulation, even though it would save their asses from ruination.  I've long suspected that cryptocurrencies constitute a pyramid scam and crashes such as this convince me of this more and more... I mean, the very prefix 'crypto' suggests to me that something is just not on the level.

I'm just glad that the one good friend of mine who is heavily involved in cryptocurrency (a socialist, oddly enough) got in on the ground floor, and will probably end up fine.


Grung_e_Gene said...

BitCON and Crypto is going to make some people some real money while thousands lose. It's a classic Ponzi and the best description I saw on Twitter was "Imagine running your car to solve sudoku and then you pretend the emissions are money".

Richard said...

This sounds suspicious. It reminds me of the Tahitian Noni Juice scam that was popular in Utah back in the 80s.

It was called a pyramid scheme. I think i need an economist from Ankh-Morpork to explain it to me.

Ten Bears said...

Just ones and zeros in/on a computer somewhere.

Buttermilk Sky said...

Imaginary currency can lose value? Shocking. I for one am investing in tulip bulbs instead.