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I didn't buy into them, nor was I the slightest bit surprised. The point is that like most theories about cryptocurrency value that originate with cryptocurrenc
by Nursie 4y ago
I didn't buy into them, nor was I the slightest bit surprised. The point is that like most theories about cryptocurrency value that originate with cryptocurrency proponents, they have been shown to be wrong when exposed to the real world.
To turn it back on you - I'm not sure why you're upset that a central bank currency is being manipulated, that's entirely the point of such a system, to allow manipulation by steering committees to attempt to smooth out the bumps and judders in the economy and keep things on an even keel. It's a good thing!
- trixie_ 4y agoI'm not upset either. The dollar is a stable because of manipulation though unfortunately over the long term it does lose value. The cost of stability. Crypto on the other hand I do expect to go up over the long term while being short term volatile. Let's check back in five years and see if that's the case.
- Nursie 4y agoWe can do that, and I'm not sure I would like to make a prediction about the price of any particular cryptocurrency asset that far ahead. But I'm also not sure what that has to do with my posts further up, which are saying that another claim about cryptocurrency, that it's a hedge against the stock market and the wider financial system, is wrong. If you're trying to say "Well it might work out, longer term!" then I'm not really sure it qualifies as hedge at that point, you're just talking about another investment which it turns out is quite strongly correlated to the general financial markets.
- aaaaaaaaata 4y ago> that it's a hedge against the stock market It can be, but still be correlated right up until that moment.
- Nursie 4y agoExcept it's not, it's literally just shown that when the stock market takes a dive and times generally get tighter, it crashes worse than everything else. The claim is a bust.
- aaaaaaaaata 4y agoI had a comment written, I'll leave it at this: https://www.dailymail.co.uk/news/article-10966165/Jerome-Powell-admits-understand-better-little-understand-inflation.html https://www.dailymail.co.uk/news/article-10966165/Jerome-Pow... Your faith is misplaced.
- Nursie 4y agoWhen I claim that anyone has perfect knowledge… I still won’t be interested in what it says in a Daily Mail article.
- aaaaaaaaata 4y agoDailyMail is like Wikipedia — a great first spot to spin off and read a dozen sources you probably haven't seen yet. All linked and just waiting for you. I wish you luck on your reading-less journey through this topic.