I’m getting crypto ads on YouTube and Instragram now. It’s totally a pump and dump, especially now that the big money players are involved. When billionaires are tweeting about the crypto they’re buying the price soars. When they sell it, there will be no tweet about it. Just them laughing about capturing all your money.
This is just my opinion, though. I thought Bitcoin was dumb 10+ years ago when Gavin was giving them away for free. So don’t listen to me.
It’s actually verifiably true. For instance back when Tesla made headlines about buying a bunch of Bitcoin, which sent the price soaring (and cascaded to other business trying to me-too into the hype).
Turns out from their latest financial statement they pretty quickly sold off 10% or so for an easy $100+ million profit.
The response to Elon’s tweets after SNL are kind of sad. Lots of people who don’t speak English that well that placed money they couldn’t afford into dogecoin pleading with him to talk it up again.
Well, they got a quick education in class economics, at least.
aeneas
1651
I wonder how much of the worlds compute and power resources are wasted on this nonsense.
I don’t know about compute power, but power consumption:
Ethereum (+ a chunk of alt coins): Ethereum Energy Consumption Index - Digiconomist
Bitcoin: Bitcoin Energy Consumption Index - Digiconomist
Tesla is probably buying more right now.
Apparently all those fake scam coins are crashing. Lot of bag holders
And it’s now down another $1,500.
Finally rational currency, run by rational people, free of those unpredictable market forces, right?
ShivaX
1659
Truly we are free from the horrors of fiat currency.
KevinC
1661
I haven’t seen so much stupid packed into a single paragraph since Trump got banned from Twitter.
People pay for porn, so they’ll obviously pay A LOT OF MONEY for porn, right? /s
I see your joke there but in all seriousness OnlyFans is big big money.
This just proves that any new technology will be used for porn.
Sharpe
1665
But what comes first, the weaponization of new technology or the pornification of new technology? It’s a race!
Dramatic graphs aside, that’s still only a drop of, what, 5%? Today alone AAPL dropped 2.5%, S&P500 dropped 2.1%, NASDAQ dropped 2.6%, NTDOY dropped 2.8%, GOOG dropped 3%…a 5% drop really isn’t a big deal.
