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>He poured money into several digital currencies—some $90,000 in all, pulled together from his savings, the proceeds from selling his house, and a business loan
by Barrin92 4y ago
>He poured money into several digital currencies—some $90,000 in all, pulled together from his savings, the proceeds from selling his house, and a business loan. “I took out some leverage, and I just kind of went gung-ho,” Mr. Johnson said. His timing was disastrous, as one currency he invested in, ether, plummeted in price and a pair of coins, TerraUSD and Luna, collapsed. He lost most of his investment[...]
This is just nihilism. Tone throughout the article largely paints a picture of disenfranchised people who see no path for career advancement and resort to casino capitalism. Immediately brings to mind the 1920s which we seem keen to be repeating on several fronts. That a non-trivial amount of people resort to what is effectively gambling as a means to build wealth should create some attention. And I think it's time to hold the predominantly very affluent people accountable who peddle these financial instruments to the masses.
- duxup 4y agoIt certainly fits some folks I know who made (for a while) some money and lost some money in crypto. In many ways their attachment seems to be about what they think the ethos of crypto currency is. But their own distaste for the existing financial system is quickly having the worst of it ... reflected in crypto currency. In the end everything is just people so yeah similar things come up. But man they believe.