this post was submitted on 14 Apr 2024
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[–] [email protected] 12 points 4 months ago (2 children)

OWS existed because banks were getting bailed out and ordinary people weren't.

Since then, an alternative money supply with no bailouts has gained tremendous momentum.

So we're still protesting, just in a way that's harder to shut down for "public safety" reasons. And instead of participation making you worse off, it makes you better off. Over time, adverse selection will leave only bailout recipients using bailout money.

[–] [email protected] 16 points 4 months ago (1 children)

People are still getting hosed with that “alternative money system”. It’s the rare person that makes enough and bails out with profits, even rarer gets enough to be wealthy. It’s the “influencer” of money. Everyone thinks they can be the winner, but there’s tens of thousands of failures for each person on the top.

[–] [email protected] 1 points 4 months ago

I recognize that most of the time, the market isn't soaring like this. The average user, most of the time, has lost money. The tried-and-true method of becoming a winner with this instability is to "Dollar Cost Average" over long time periods. Nobody who has DCA'ed for more than a few years has lost out; it's trying to time the market that tempts and screws beginners.

As one dev put it - Bitcoin isn't a "get rich quick" scheme, it's a "don't get poor slowly" scheme.

[–] [email protected] 16 points 4 months ago (1 children)

If you're referring to bitcoin for that alternative money supply then I regret to inform you that it's manipulated to hell and back, from "stable"coin printing to now ETFs.

[–] [email protected] 1 points 4 months ago (1 children)

Believe it or not, it used to be even worse! The big step forward IMHO is that there's no privileged party that has an advantage manipulating the price. Congress should be prohibited from owning anything but long-term dollar bonds.

[–] [email protected] 2 points 4 months ago (1 children)

The big step forward IMHO is that there’s no privileged party that has an advantage manipulating the price.

Until Elon Musk tweets out that he will exchange Tesla vehicles for Bitcoin or that Dogecoin is a good investment.

Digital currencies are somehow worse than gambling unless you're famous enough to do a pump-and-dump.

[–] [email protected] 1 points 4 months ago

Musk doesn't have any authority over Bitcoin, though. When he eventually fails, the rules won't be changed to save him - like they were for dollars.