Why does the left hate crypto so much?

WebEschatology

Well-known member
Well 'they' can bum off.
that's the thing they won't, none of these people ever leave or just gently fade away because there's always a new oppertunity for them to get their ideas out there and profit off of it (and this is what created a culture where people who were effectily terrible at their jobs get rewarded)

tech is one example but especially now it's all over politics
 

Mr. Tea

Shub-Niggurath, Please
nothing "left" about these people though i would say?
No no, you misunderstand me. I'm not saying that - I'm saying you don't have to be a committed socialist to find the idea horrific.

It's obviously a terrible idea in and of itself, but I'm probably even more hostile to it as a result of watching that Line Goes Up video the other day.
 

Mr. Tea

Shub-Niggurath, Please
i feel like i might be out of my depth but isn't "real" money like my bank balance imaginary too? ie based on trust? don't they call it fiat currency and should i invest in real monkeys?
Yeah probably. But some money is more imaginary than others. Currency backed by a central bank doesn't (generally) evaporate overnight.
 

IdleRich

IdleRich
Eg

Brazilian hyperinflation lasted from 1985 (the year when the military dictatorship ended) to 1994, with prices rising by 184,901,570,954.39% (or 1.849×1011 percent) in that time[31] due to the uncontrolled printing of money. There were many economic plans that tried to contain hyperinflation including zeroes cuts, price freezes and even confiscation of bank accounts.[32]

The highest value was in March 1990, when the government inflation index reached 82.39%. Hyperinflation ended in July 1994 with the Real Plan during the government of Itamar Franco.[33] During the period of inflation Brazil adopted a total of six different currencies, as the government constantly changed due to rapid devaluation and increase in the number of zeros.

But I do agree that some imaginary things are more imaginary than others
 

Mr. Tea

Shub-Niggurath, Please
Well yes, obviously - that's why I added the (generally). But that was caused by specific external events and not simply over-speculation and the inherent volatility of the currency.

I mean, dollars, pounds, yen and euros go up and down against each other, a bit, but they seem significantly more stable than some bad cartoon drawings of an ape. Of course, the instability is precisely the attraction - when it's unstable in an upwards direction.
 

IdleRich

IdleRich
Between the end of 1945 and July 1946, Hungary went through the highest inflation ever recorded. In 1944, the highest banknote value was 1,000 pengő. By the end of 1945, it was 10,000,000 pengő, and the highest value in mid-1946 was 100,000,000,000,000,000,000 (1020) pengő. A special currency, the adópengő (or tax pengő) was created for tax and postal payments.[43] The inflation was such that the value of the adópengő was adjusted each day by radio announcement. On 1 January 1946, one adópengő equaled one pengő, but by late July, one adópengő equaled 2,000,000,000,000,000,000,000 or 2×1021 (2 sextillion) pengő.
 

IdleRich

IdleRich
Well yes, obviously - that's why I added the (generally). But that was caused by specific external events and not simply over-speculation and the inherent volatility of the currency.

I mean, dollars, pounds, yen and euros go up and down against each other, a bit, but they seem significantly more stable than some bad cartoon drawings of an ape. Of course, the instability is precisely the attraction - when it's unstable in an upwards direction.
Yeah, I just find these things quite fascinating, how did people manage? They always do though.
 
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