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> it's not doing any better Really? As of writing, the S&P500 is down ~10% from its all-time-high. Bitcoin is currently down over 50% of its ATH. Other cryptoc
by the_gastropod 5y ago
> it's not doing any better
Really? As of writing, the S&P500 is down ~10% from its all-time-high. Bitcoin is currently down over 50% of its ATH. Other cryptocurrencies are faring even worse. The stock market is doing significantly better.
This is an oft frustrating topic in the world of cryptocurrency enthusiasm. The contemporary American banking and finance system is awful. It's worthy of a great many of criticisms. But crypto solves none of them, and removes the few, feeble protections that are in place to protect average everyday people.
- JaimeThompson 5y agoCrypto allow new middle men to come into existence which allows them to make money the "old fashioned way".
- zelphirkalt 5y agoCrypto-currencies make a few people win out at the cost of others, who in hindsight mistakenly "invested". The ones who won evangelize it the most, but they don't stop and think about, where that money came from. Might be an uncomfortable thought. Then you have the hopeful ones, who hope to win out in the future. Basically all driven by volatility and the believe, that they will be able to exit at the right moment. And maybe they will be, but then others are the losers. I don't find this to be an ethically OK way to act.
- GoblinSlayer 5y agoThere's no choice anyway: fiat system is worse.
- cedilla 5y agoThe "fiat system" doesn't even compete with crypto currencies.
- GoblinSlayer 5y agoOn the other hand, bitcoin can regain those 50% in a week. You buy it either now or at ATH, but it's okay, all hodlers buy at ATH.
- TigeriusKirk 5y agoAs of Friday, 42% of NASDAQ stocks were down over 50% from their highs.
- the_gastropod 5y agoIn other words, 58% of NASDAQ stocks weren't?