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Anyone speculating in crypto should be let to fail, but anyone speculating in stocks or housing should be backstopped... Why?

by beaned 4y ago

whimsicalism 4y ago
because crypto is icky and weird
nemo44x 4y ago
Because a government is only as strong as its businesses and buildings/assets. Crypto is on another tier and apart from government.
JackFr 4y ago
Well, speculators should not be backstopped at all. But if you feel there’s no difference between stocks (an enforceable legal claim on the real property and intellectual property of an on going enterprise), housing (real property) and crypto (nothing, literally nothing) then there’s no point in discussing it.
JumpCrisscross 4y ago
> but anyone speculating in stocks or housing should be backstopped... Why? Crypto is cauterised. There were inklings of institutionalisation, but the Fed raised rates before that took hold. This means the people and wealth in crypto can vanish without compromising much else, a statement I cannot make about most industries or assets. I would also venture that most people suggesting we not backstop crypto were also opposed to bailing out banks. But unlike with banks or housing, there is no broader interest in crypto.
hnews_account_1 4y ago
Before trying so hard to put your thoughts into the ether, stop for a moment and ask yourself if you can’t find the answer to that question. Is everyone on the fucking planet wrong? Or are you being stupid? Are stocks different from crypto? Why was there a need to bail out mortgage buyers? Did everyone just wake up one day and make a decision or is there detailed reasoning available for your perusal should you choose to look?
- whimsicalism 4y ago
  Seems quite easy for me to see the majority of people on the planet being wrong. Historically, it has happened quite a bit.
  - hnews_account_1 4y ago
    Indeed. But that is both from a less globalized and less open times. There have always been people who have recognized social idiocies and questioned why other people follow them blindly. We are not unique in that regard. Where we are unique though, is in living in an era of unprecedented freedom to voice that opinion and call others out (in the west at least). Which means, errors get caught before compounding too much. It also means knowing that no decision is made with the greater good or lining my pockets mantra solely. It is a combination of both.
sdiacom 4y ago
Because letting the fake crypto economy go to zero has no tangible effects on the real world, while letting stocks and housing go to zero has very real, very negative effects on people's lives.

Anyone speculating in crypto should be let to fail, but anyone speculating in stocks or housing should be backstopped... Why?

by beaned 4y ago

Anyone speculating in crypto should be let to fail, but anyone speculating in stocks or housing should be backstopped... Why?

whimsicalism 4y ago

because crypto is icky and weird

nemo44x 4y ago

Because a government is only as strong as its businesses and buildings/assets. Crypto is on another tier and apart from government.

JackFr 4y ago

Well, speculators should not be backstopped at all. But if you feel there’s no difference between stocks (an enforceable legal claim on the real property and intellectual property of an on going enterprise), housing (real property) and crypto (nothing, literally nothing) then there’s no point in discussing it.

JumpCrisscross 4y ago

> but anyone speculating in stocks or housing should be backstopped... Why? Crypto is cauterised. There were inklings of institutionalisation, but the Fed raised rates before that took hold. This means the people and wealth in crypto can vanish without compromising much else, a statement I cannot make about most industries or assets. I would also venture that most people suggesting we not backstop crypto were also opposed to bailing out banks. But unlike with banks or housing, there is no broader interest in crypto.

hnews_account_1 4y ago

Before trying so hard to put your thoughts into the ether, stop for a moment and ask yourself if you can’t find the answer to that question. Is everyone on the fucking planet wrong? Or are you being stupid? Are stocks different from crypto? Why was there a need to bail out mortgage buyers? Did everyone just wake up one day and make a decision or is there detailed reasoning available for your perusal should you choose to look?

whimsicalism 4y ago
Seems quite easy for me to see the majority of people on the planet being wrong. Historically, it has happened quite a bit.
- hnews_account_1 4y ago
  Indeed. But that is both from a less globalized and less open times. There have always been people who have recognized social idiocies and questioned why other people follow them blindly. We are not unique in that regard. Where we are unique though, is in living in an era of unprecedented freedom to voice that opinion and call others out (in the west at least). Which means, errors get caught before compounding too much. It also means knowing that no decision is made with the greater good or lining my pockets mantra solely. It is a combination of both.

sdiacom 4y ago

Because letting the fake crypto economy go to zero has no tangible effects on the real world, while letting stocks and housing go to zero has very real, very negative effects on people's lives.