Re:Ethereum Isn't Fun Anymore
by brabel on Monday February 22, 2021 @07:36AM
(#26223780)
> How is that different from any other asset, stocks, land, property.
You're putting completely different things in the same bag. I would say you're right that crypto currencies and stocks are kind of similar, but stocks at least have a small (very tenuous, I admit) connection to reality. Stocks are related to real-world companies that deal things people are willing to pay for with real money. Stocks go up and down based on how much money the companies are making, not only based on how much speculation their stocks are being subjected to.
Crypto is purely and solely speculation. There's no one actually trading anything else other than the crypto coins themselves! That's quite different in my opinion.
Now, even though, sometimes, land and property are used as instruments of speculation, they're still connected strongly to the real world, real people. If the world forbid speculation overnight, people would still need to own property and land to survive, and they would still be willing to buy it in exchange for their work or other assets.
If crypto were forbidden overnight, the real world would be unaffected. Some people would lose savings they bet on a fictional economy, but beyond that, nothing would change. These things are fundamentally different.
You're putting completely different things in the same bag. I would say you're right that crypto currencies and stocks are kind of similar, but stocks at least have a small (very tenuous, I admit) connection to reality. Stocks are related to real-world companies that deal things people are willing to pay for with real money. Stocks go up and down based on how much money the companies are making, not only based on how much speculation their stocks are being subjected to.
Crypto is purely and solely speculation. There's no one actually trading anything else other than the crypto coins themselves! That's quite different in my opinion.
Now, even though, sometimes, land and property are used as instruments of speculation, they're still connected strongly to the real world, real people. If the world forbid speculation overnight, people would still need to own property and land to survive, and they would still be willing to buy it in exchange for their work or other assets.
If crypto were forbidden overnight, the real world would be unaffected. Some people would lose savings they bet on a fictional economy, but beyond that, nothing would change. These things are fundamentally different.