Here’s a thought-provoking post:
Here’s the biggest point:
[Bitcoin and similar have] given utility to some individuals, by making them rich. But since no new service or good has been created in the world, this comes at the price of making everyone else a little poorer.
Can this be true? Crypto has burned up a huge amount of electricity so it made at least some electric utilities richer as well as holders of crypto currency becoming richer. Sam Bankman-Fried and at least one of his sex partners are making the prison-industrial complex a little richer. But would the world overall be better off if crypto had never been developed or used? Think of all of the important mRNA vaccines we could have enjoyed if some of our best and brightest minds weren’t sidetracked into crypto fever.
The same author on X explains why we have to hear 24/7 hype from Bitcoin holders whereas those who own Malaysian ringgit are mostly peaceful: “… for people who hold it, it is pure economic advantage to hype it. This predictably creates a landscape of self-reinforcing hype.”
Related:
- “LUIGI hits all-time high at $60M market cap after Luigi Mangione’s arrest for murder” (Crypto News): The Luigi Inu (LUIGI) token first started gaining traction following Mangione’s arrest in Altoona, Pennsylvania and charged on Dec 9. The token’s market cap reached $29 million before it rocketed higher to $60 million, after the arrest was confirmed. Originally launched by anonymous crypto traders, the token is trending on Raydium, the automated market maker built on Solana. The connection between Mangione and the memecoin lies in the fact that his arrest and the subsequent media attention have significantly boosted the token’s popularity and value.
OT, but the US WOULD be better off with no H-1B visas: surprisingly honest and in-depth article dropped yesterday:
https://www.bloomberg.com/graphics/2024-cognizant-h1b-visas-discriminates-us-workers/
Sorry; non-paywalled: https://archive.is/wpVxK
So people of color excluding Indians think white people discriminate against them, now all excluding Indians think they are being discriminated. I love this……….
Crypto helps transfer money from n00bs to scammers and better traders? So it’s kind of like casinos, penny stock and FOREX trading of yesteryear. It appeals to young folks who want to get rich quickly without working for years and years. The popularization and how mainstream it became is quite new. And with casinos and penny stocks, there are some guardrails that have been added over time. With crypto the scamming happens on so many levels. Overall, crypto is good for black market transactions and avoiding US sanctions, so maybe that’s the biggest benefit? Also there’s probably correlation between greed and people losing money on crypto, so those that don’t seek to “make money fast” are less likely to be harmed by it.
It’s been away & now it’s back. Trump says it’s too big to fail. How will you be paying for Chun Wang’s trip to space if interest rates don’t reach 0 by liftoff?