I have a few friends who are invested in crypto. While I don’t want to get them financially wrecked, I’m enjoying every fucking second of this.


I don’t like to admit this, but I briefly got into crypto last year. I was desperate to try to find a way to get ahead financially. After like 3 months I was like ‘this shit is a scam and now I’m gonna go read Karl Marx finally’. I guess it was the final straw to radicalize me.

I was once invested too. I understand what it is and it’s not all doom and gloom. But I’ve yet to meet someone who is actually in it for the tech and not for obscene financial gain.

A brief conversation with my friend today:

It sucks, but I think people are starting to realize there is almost literally no way to ‘get ahead’ or even live remotely comfortably in this system.

What on earth


Reactionaries love to make fun of people for believing in science which is very telling

what the fuck is this shit

Just your typical western leftist.

Crypto Bros: ‘If you fool me 6 or 7 more times I swear’

The crypto subreddit is must read material right now

Jesus Christ…

“My $50,000 of luna from a few days ago is now worth $300.”

Gotta hand it to them though, the way they’re just matter of factly talking about losing their life savings is kinda impressive in a way

Most of those types just say ‘diamond hands! HODL’ until their account is $0.

I feel bad though, there are a lot of people who were preyed on and lost a lot. It’s pretty insidious to tell people this shit it the only way to financial peace.

Can someone update a comrade only tangentially informed about the crypto-sphere? Read this article earlier today and that opened up more questions than it answered. Is this more substantial than the countless previous crashes/downturns?

Trust me though, the less you know about NFTs/crypto, the better.

I think it crashed similarly in 2017, but it’s become way more mainstream now. I would assume with its higher profile, more people will realize it’s a Ponzi scheme and it’s chance of recovery becomes slimmer each crash.

Also if you’re currency loses 80% of its value every few years, why would anyone want that?

I assume for the same reason anyone would ever buy any crypto - in hopes of large rates of growth. That’s all it ever was anyway, no? If you continue to buy at low points and sell at high points the crashes would even become desirable to maintain the rate of profit even when the highs in absolute term don’t reach as high?

Again, I haven’t really looked into this stuff since like 2018, but that’s what I figured back then. If this is something different - and media is making it sound like it is - I don’t understand how especially the relevance of the stablecoin stuff.


What you are describing is volatility and that is how money is made by the big firms which use algorithms. People like to shit on crypto culture (I know I do) but crypto is not just a bunch of libertarian fintech bros. It is primarily massive institutions who are pumping and dumping, money laundering, and bypassing all sorts of regulations all the time. (and the CIA is massively into crypto) Like in the stock market, retail makes up a small percentage of trades and is constantly having their emotional responses weaponized against them. Twitter should be seen as a hopium factory.

I make my living investing and consulting. My advice is do NOT read corporate media for investing advice/insight, read it only to get insight onto what the “narrative” is at that time. You want to look at forums and do your own research. I had a particular education and work experience which made me suited to this but anyone can learn it. Just always be a little bit paranoid.

AS far as your original comment “Is this more substantial than the countless previous crashes/downturns?” I would say yes. The interplay between crypto as a money creation/laundering scheme and the stock market has been enormous these last two years. The flow between the “covid” Quantitative easing (money printing) and the crypto, housing, bond, and stock markets bubbles is not just in one direction. Many people think “the fed gave wall street money and they put it into the market and generated returns.” it is way more complex than that. Wall street sets up hidden, off the books, and regularly illegal vehicles to manipulate values, overleverage themselves, run pump and dump schemes and suck the money of retail investors, then turn around and make fat fees all along the way. The short version is that the whole is greater than the sum of it’s parts.

As far as crypto goes I would recommend reading this. [https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3 ](It is anonymous but the logic is good, the data within is independently verifiable, and it tracks 100% with my knowledge of the culture of finance)

If you want more reading on the stock market I recommend Wall Street on Parade, medium, and fringe forums. To get really good insight on finance you have to be happy going to places where like 100 people have read this article. Many of the more mainstream alt accounts (youtubers for example) work with big firms whose interests are opposed to yours. You have to be extremely paranoid about the conflict of interests of the person you are reading/listening to.

Edit: removed my first paragraph as it was superfluous and incited judgment (tl;dr I made money in crypto by understanding it’s pitfalls going in and knowing crypto bro culture was largely marketing and knowing how retail is being played by institutional investors) just trying to engage in good faith discussion about something I know a lot about.

Joe Bidet

Isn’t “I made money and here is how you can make money too” (one of) the base(s) of any ponzi scheme?


I am not advising any particular action and there is no conflict of interest in my comment. I am just saying that people should take off their “judgment goggles” when assessing financial vehicles. Also, there is no way you read my whole comment that fast

All of capitalism is a ponzi scheme. If someone tells you “I made money working at this firm and so you should consider applying” that doesn’t automatically mean they are trying to sell you on a ponzi scheme.

I recommend you reassess your analogical thinking - definition of analogy “: a comparison of two otherwise unlike things based on resemblance of a particular aspect”

Good thing it was fast, more than cryptocurrency.

Idk anything about this, but I’m happy if the crypto bros are losing

Crypto and NFT’s have always been a scam

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