Comment on From millions of dollars to under a grand: The dramatic fall of the NFT

• mattyroses@lemmy.today ⁨1⁩ ⁨month⁩ ago

  The government you’re talking about can print money at will.

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  • HK65@sopuli.xyz ⁨1⁩ ⁨month⁩ ago

    But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.

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    • mattyroses@lemmy.today ⁨1⁩ ⁨month⁩ ago

      That’s just FOREX with extra steps?

      If Russia controls the entire supply of Bitcoin (which is what you’re saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it’s just a Russian currency.

      The whole supposed attraction of Bitcoin is that it’s not a government currency, and the supply isn’t controlled by a central bank. Ethereum has additional uses to that, but that’s still one of the prime factors as well.

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      • HK65@sopuli.xyz ⁨1⁩ ⁨month⁩ ago

        Not the entire supply, just enough to affect prices. Basically the stock market but without even the appearance of it not being manipulated to hell.

        And it’s not Russia, or not just them, anyone with enough money to play can fuck people with sub-8 figure net worths over.

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