21–25 of 25 posts
Crypto is a zero sum game. "The Public" can't be making millions on aggregate. Probably something like 90+% lose over longer term. And you make nothing until you sell.
Explain to me how crypto is zero sum? It can be infinity rehypothecatated..
What a weird biased tone throughout this whole article
What is weird about it?
So shorting should come with a lot of warnings.
The entire crypto market cap is about $2.8T, which makes it about 75% as big as Apple. Would the same argument make sense if the author were to say Apple employees alone "push up prices for houses, resort hotels, and all sorts of other things they do with their money". Kind of a stretch if you ask me.
But apple makes (at least in theory) a useful product that consumers value. As is pointed out in the article.
But in many countries "exploited" means that the country is so corrupt that "yes, but your crypto savings can disappear overnight" is not a very good argument against crypto, because the normal system has the same problem. In some countries the very currency of the country itself has that problem, and it's not always hyperinflation. For example, I've heard quite a few times from Chinese people that they prefer bitcoin over Yuan, just for the ability to dodge the banking system. Apparently one factor is that normal people can't use Yuan outside of China without very strict limits (which is another instance of "why does anyone trade with China? They are never going to allow a fair bidirectional trading relationship with their citizens. Trading with China, you can only lose".
Crypto is also the only way Venezuelans, Egyptians, and many others ... have any banking services at all.
So I would argue crypto is a lot more useful than Apple. Just not to people living in the richest countries.
Earlier quoted context omitted.
Explain to me how crypto is zero sum? It can be infinity rehypothecatated..
Crypto is a box where a bunch of people put money in and get exactly the same amount out (just distributed differently).
Earlier quoted context omitted.
Crypto is a box where a bunch of people put money in and get exactly the same amount out (just distributed differently).
By that logic even the Stock market is a zero sum game.
The money that comes out of your ownership share is tied to the success of the company, through dividends and buybacks.