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I did address this in a sibling comment - the exchanges are primarily used to buy and sell crypto to greater fools, and thus they are rooted in a greater fool scheme. The vast majority of use for crypto is speculation.
I assume the vast majority of crypto is actually Bitcoin and Ethereum. Do you characterize these as "speculation"?
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Not necessarily. If people buy after you trade then the value of your wallet goes up.
Could you explain further. I'm not sure I understand how this relates to the parent comment?
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The experiment wasn't even necessary - the Gilded Age was a libertarian's paradise with the gold standard and very little government regulation. What do we most associate with this era? Robber barons, utility monopolies screwing people over with ruthless business practices, confidence men and literal snake oil quack medicine. I genuinely can't think of a good (ie moral) reason to support the idea given how it is pred…
>The experiment wasn't even necessary - the Gilded Age was a libertarian'paradise with the gold standard and very little government regulation. What do we most associate with this era? Robber barons, utility monopolies screwing people over with ruthless business practices, confidence men and literal snake oil quack medicine. The rate of economic growth and improvement in people's living standards was much higher back…
The gilded age was no paradise and rose tinted views of the era just don't hold up to scrutiny.
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Based on both my observations of the space and interaction with crypto people and the crypto market. I know people who work in crypto too. Your defensive kneejerk reaction doesn't serve as an opposing argument - if you think differently, all you need to do is provide some evidence.
"That which can be asserted without evidence, can be dismissed without evidence." (Christopher Hitchens) You made the assertion, you claim to have evidence: the onus is on you to provide that evidence, otherwise how can anyone possibly challenge it?
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I don't know what the Gilded Age was (and too lazy to search) but, I quote "Over the past 160 years, life expectancy (from birth) in the United States has risen from 39.4 years in 1860, to 78.9 years in 2020"[1] so please do show some support for the affirmation "the average adult back then was much healthier". Unless you mean they all died healthy around 40 years of age - as in, they were totally healthy until 40 th…
While your point is absolutely true, note that life expectancy shouldn't be taken as the literal age most people die. It is the expected value of your age at death. Just like the expected value of a coin flip being heads is 0.5, but no coin is ever 0.5 heads. Life expectancy at birth in the times before modern medicine has always been dragged down significantly by the huge rate of infant mortality. It was more common…
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Not necessarily. If people buy after you trade then the value of your wallet goes up.
Could you explain further. I'm not sure I understand how this relates to the parent comment?
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Modern society would collapse if insider trading was legal. It would about as well as making bribery legal.
That's absurd. Insider trading makes markets more efficient as the information enters the market earlier, allowing them to reach the correct price sooner. There's no insider trading laws in commodities or real estate, have those markets collapsed?
Real estate is an especially bad example too because when selling a house you have to disclose any information about the property that may affect it's future value or risk legal action - but still real estate fraud continues.
Is this insider trading according to the law? Nonpublic information isn't being used to trade public stocks; it's being used to trade assets that don't appear to be regulated securities.
Why is the SEC so slow to regulate cryptoassets? Literally everything that they combatted for stocks and traditional assets is now taking place in the crypto ecosystem.