Comment on SEC says it will deregulate cryptocurrencies with 'Project Crypto'

• Lumisal@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

  It rebounding and crashing by hundreds in value like a meth head on caffeinated cocaine laced with LSD is what doesn’t make it a currency.

  No one wants a shit currency where one day a donut costs 1000 and the next 2000 and on the weekend it’s either 599 or 3999.

  That’s why it’s at best a speculative asset, except it’s dumber than that because it’s intangible. It’s like the long term stupidity of fiat mixed with insane instability, all while using way more resources.

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  • iopq@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

    Same thing happened to the Argentine peso, let’s not pretend if you make a government currency it’s magically stable

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    • Lumisal@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

      The Argentine peso crashed and then stayed down. That’s actually a sign of stability, because it’s remaining at a constant, not jumping up and down wildly.

      It didn’t crash only to go back to original value to the decrease by half and undulate like a wave, like Bitcoin and other crypto does.

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      • iopq@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

        What are you talking about? It crashed, then crashed again, then crashed again. How is that stable?

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