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Why Is Crypto Crashing?
- jqpabc123 11mo agoThe best available excuse for holding crypto is that it is "digital gold". But real gold has been fully digitized. It's easy to buy and hold gold without ever taking physical custody of it. And, gold can be bought and sold without any transaction fees. And, the gold market is regulated and audited --- unlike crypto. And, gold has industrial and numismatic value that bitcoin lacks. Central banks around the world are currently stockpiling gold as a hedge against a failing US dollar. Right now, the "smart money" knows that the best available "digital gold" is actually the real thing --- bullion.
- _wire_ 11mo ago> But real gold has been fully digitized. It's easy to buy and hold gold without ever taking physical custody of it. (...point by point gets sillier, until...) > Right now, the "smart money" knows that the best available "digital gold" is actually the real thing --- bullion. -- Impressively obtuse and confused reasoning! A case study for Brandolini's Law and Hegelian mental gymnastics. -- The commenter omitted the final point, so here's Doctorow last week on "Boss preppers": https://pluralistic.net/2025/11/22/eschatology-watch/#guillotine-watch https://pluralistic.net/2025/11/22/eschatology-watch/#guillo... "The modern goldbug is a crypto weirdo, and that a weird thing to be a prepper about. It will be a very odd apocalypse that takes down all of modern civilization except for blockchains."