Yossarian wrote:Maybe I’m missing something here, but surely a major tool in detecting and preventing market manipulation in regular assets is to do with knowing who owns what and what they’re doing with it. How would that work with cryptocurrencies?
Yossarian wrote:Bloomberg journo goes to El Salvador and attempts to use nothing but Bitcoin. https://www.bloomberg.com/features/2022-bitcoin-travel-problems/Spoiler:
Hodge360 wrote:Was talking to my nephew yesterday who got sucked into the Gamestop hype. Asked how his shares are doing but he kinda glossed over it to tell me they're doing some interesting work in the NFT space!
Hodge360 wrote:Apparently they're looking at using NFTs to sell second hand digital games.
Dark Soldier wrote:This isn't Poopcoin or some scam shit that tanks in days, this was a huge, huge project.
Dark Soldier wrote:Anybody been following the TerraLuna drama? Oh boy is it mad.
They had Luna token, which soared from less than 50 cents to about $130 in a year. The creator went full ego and created their own stablecoin, UST.
However, rather than peg the stablecoin to the dollar, like the rest, he pegged it to Bitcoin's price. Bought a load of it to back it up.
Then Bitcoin went from 49k to 30k in a couple of weeks. UST, which should never tank, dropped as low as 20 cents.
Luna, the original, has now dropped to $1.50 in three days and its about to literally die.
Kwon's ego has led to multiple people losing millions. Its the biggest fall from grace in crypto history. Seriously, check the Luna chart, it's insane. Like 6th highest marketcap to death in days.
This isn't Poopcoin or some scam shit that tanks in days, this was a huge, huge project.
It represents the existence of opportunity, the possibility of economic mobility, the validation of the idea that you, a regular, hard working person without connections, can go from the bottom to the top, thanks to nothing but your own savvy choices. When that myth is shattered, disillusionment with the American system will follow. Unfortunately, given the realities of the moment, these newly disillusioned and radicalized and angry and broke people are far more likely to turn to fascism than to socialism.
Brooks wrote:It represents the existence of opportunity, the possibility of economic mobility, the validation of the idea that you, a regular, hard working person without connections, can go from the bottom to the top, thanks to nothing but your own savvy choices. When that myth is shattered, disillusionment with the American system will follow. Unfortunately, given the realities of the moment, these newly disillusioned and radicalized and angry and broke people are far more likely to turn to fascism than to socialism.
I mean, yes, but I'd sooner conclude a bunch of crypto bros just turn into some other kind of sad addict than get remotely Politically Active.
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