Equality in itself is good for the public.
However, i don't think this is a reasonable perspective. Naturally, it should also extend to stocks and real estate.
Uh, no..? The argument is just what the OP says it is: 'investing' in crypto does nothing productive for the real economy and thus is useless to society.
> The gang would be able to buy all sorts of things with their counterfeit money...
Formally it is not counterfeit. The issue is that you afford buying power to some people that others are not afforded - inequality.
But in many countries "exploited" means that the country is so corrupt that "yes, but your crypto savings can disappear overnight" is not a very good argument against crypto, because the normal system has the same problem. In some countries the very currency of the country itself has that problem, and it's not always hyperinflation. For example, I've heard quite a few times from Chinese people that they prefer bitcoin over Yuan, just for the ability to dodge the banking system. Apparently one factor is that normal people can't use Yuan outside of China without very strict limits (which is another instance of "why does anyone trade with China? They are never going to allow a fair bidirectional trading relationship with their citizens. Trading with China, you can only lose".
Crypto is also the only way Venezuelans, Egyptians, and many others ... have any banking services at all.
So I would argue crypto is a lot more useful than Apple. Just not to people living in the richest countries.
So shorting should come with a lot of warnings.
Probably something like 90+% lose over longer term. And you make nothing until you sell.
The money that comes out of your ownership share is tied to the success of the company, through dividends and buybacks.
That's me right now.
Okay, let me walk through it. I think what's going on here is an extreme double-fallacy: The idea that (1) there is a fixed supply of money (2) that consistently and fairly translates to spending power.
Both of these things are wildly wrong, rendering this article pure idiocy.
oatsandsugar•1mo ago