I know it’s popular to meme on crypto, but this is typical dumbasses funding get rich rugpulls. Crypto is not an investment or a “currency” in the traditional sense. It’s an alternative money transfer so you don’t have to go through banks. And you can use p2p exchanges so you’ll never deal with some scam exchange like FTX.
The thing that protects crypto is the transparency. The entire ledger of every coin is viewable by the public so long as you use real exchanges and don’t use some scammy broker type shit like what FTX was running. So where stocks/banks can be rigged and people doing illegal shit all over, people using crypto eventually get caught. As we can now see.
This is why shit like NFTs get really bad media. Some dumb shit silicon valley tech bros made somes stupid jpeg and now that’s all NFTs are seen as. When the real application of that is to apply it to real word assets and stocks and a way to track the items to prevent fraud. This would completely undermine the way in which wallstreet cons the stock market. An in ability to short and make up fake shares would break the US economy.
Is it all ridiculous and unnecessary? Yeah it is. I would much rather there be no such thing as a stock market because it think it’s fucking dumb in general. The only “stocks” should be for the workers having a way to show ownership of the company they work for. I however don’t live in a communist utopia so I won’t fault people for trying however they might to fix some of the corruption in this one.
I know it’s popular to meme on crypto, but this is typical dumbasses funding get rich rugpulls. Crypto is not an investment or a “currency” in the traditional sense. It’s an alternative money transfer so you don’t have to go through banks. And you can use p2p exchanges so you’ll never deal with some scam exchange like FTX.
The thing that protects crypto is the transparency. The entire ledger of every coin is viewable by the public so long as you use real exchanges and don’t use some scammy broker type shit like what FTX was running. So where stocks/banks can be rigged and people doing illegal shit all over, people using crypto eventually get caught. As we can now see.
This is why shit like NFTs get really bad media. Some dumb shit silicon valley tech bros made somes stupid jpeg and now that’s all NFTs are seen as. When the real application of that is to apply it to real word assets and stocks and a way to track the items to prevent fraud. This would completely undermine the way in which wallstreet cons the stock market. An in ability to short and make up fake shares would break the US economy.
Is it all ridiculous and unnecessary? Yeah it is. I would much rather there be no such thing as a stock market because it think it’s fucking dumb in general. The only “stocks” should be for the workers having a way to show ownership of the company they work for. I however don’t live in a communist utopia so I won’t fault people for trying however they might to fix some of the corruption in this one.