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A comment on TikToker makes ‘scamcoin’ as a joke and within an hour it’s worth $70M. Parent comment

Re:TikToker makes ‘scamcoin’ as a joke and within an hour it... by JumpCrisscross on Wednesday April 28, 2021 @11:07AM (#26970234)
> the Fed's money needs to go somewhere

Having excess savings go into cryptocurrencies would be a stabilizing mechanism. It keeps it away from consumption, staving off inflation. And it keeps it away from financial assets, avoiding a generalized speculative boom. As long as cryptocurrencies remain decently segregated from the main financial system, the whole mechanism becomes a heat sink.

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Re:TikToker makes ‘scamcoin’ as a joke and within an hour it... by Wohlf on Wednesday April 28, 2021 @03:18PM (#26973006)
I'm not knowledgeable enough in monetary economics, but isn't this only half true? The money people are buying crypto with is going to whomever they purchased it from.
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Re:TikToker makes ‘scamcoin’ as a joke and within an hour it... by jcpham2 on Wednesday April 28, 2021 @12:14PM (#26971043)
I really enjoyed what you've said here and I agree that the traditional finance and the wild west crypto finance world _can_ absolutely work in concert with each other.

Just liquidated BTC to cover a down payment at my local bank where I've paid off mortgages already. The VP of the loan department completely understood why I wouldn't keep my money in their bank anymore.

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