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> you don’t have to race to find a sucker to liquidate your position Whose the sucker when they tell you that limitless, growing, roll-over debt is a actually
by scottiebarnes 4y ago
> you don’t have to race to find a sucker to liquidate your position
Whose the sucker when they tell you that limitless, growing, roll-over debt is a actually a feature of the system? Who pays the price when a government hands over billions of dollars to bailout the financial/auto/x industry?
> assets linked to governments or value generating corporations will have value for the foreseeable future
"foreseeable future" means whats exactly? UK pension funds were about to collapse until they were bailed out by the government. How foreseeable are events like these, wiping out people who have otherwise done nothing wrong?
https://www.theguardian.com/business/2022/oct/06/bank-of-england-confirms-pension-funds-almost-collapsed-amid-market-meltdown https://www.theguardian.com/business/2022/oct/06/bank-of-eng...
- mlazos 4y agoSo you’re suggesting we just let the financial and auto industries fail? There’s a cost to that too because once again, these industries provide value to society. Crypto provides no added value and wouldn’t even solve either of the problems you mentioned. And yes we could horribly replace our currency with it but there are zero benefits to doing that over the current system. The fact is it is not a currency and it is not a business providing value, so you are purely speculating on sentiment, hence it’s a ponzi.
- landemva 4y agoThe owners and creditors of auto industry can fail and the assets (factories, IP) would remain and be transferred to new owners. Bankruptcy does not disappear factories.
- Philadelphia 4y agoAnd the owners did fail. Chrysler was transferred to Fiat in bankruptcy, and GM shareholders were wiped out