To be clear, I am 100% on board with the possibility that Tether is a massive fraud. But there's a broader context of shenanigans here that is underreported. For example, consider the way Chinese stocks are listed on US exchanges.https://twitter.com/mathewi/status/1446468360745652226 …
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Cryptocurrency in 2021 is a mirror universe of Wall Street. Both run on lies, self-delusion, obfuscation, hidden risk, bankrupt premises, arrogance and waste. But crypto makes a different set of people rich, many of them outsiders, one of them a hamster.https://www.bbc.com/news/technology-58707641 …
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This is not my defense of cryptocurrency, which I've called out a lot in the past. I continue to believe what I said in this thread. But I think we need to move past saying "bubble, bubble!" and realize this poisonous phenomenon has deep roots for a reasonhttps://twitter.com/Pinboard/status/1399066534769659906 …
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This is an excellent point. Crypto is a lottery ticket for the hopeless, and right now it's not such a bad lottery ticket. If you dive into enthusiast communities, you find a lot of struggling people who have no prospect of advancement in the real economyhttps://twitter.com/obelos/status/1446483485770739721 …
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"We'll make our own financial system, with blackjack and HOOKERS" is not the craziest response to what happened in 2008. I'm sorry it's using more electricity than Finland, but we kind of brought it on ourselves.pic.twitter.com/Ddo1fMa0d4
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If Trump was a raised middle finger to a bankrupt political system, then whoever the hell all these cryptocurrency moguls are is the same thing, raised to Wall Street. They're tacky, preposterous, mendacious, corrupt, and you should not underestimate their appeal.
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This is what happens when you don't let people deposit stuff in a savings account that earns a reliable 1% over inflation. Shit gets weird.
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End of conversation
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Crypto, fiat, commercial paper, gold - it doesn't really matter - there are still the fundamental issues of value and trust that don't really go away. They might be a little different facets, but they are still there.
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All the crypto-hype folks I know who aren't techies benefitting from the dev side of the business are people with overwhelming debt (usually college) who have no prospects of ever getting out from under that burden. Crypto is the new, unregulated lottery for them.
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