Shorting Tether for Fun and Profit

Re:Shorting Tether for Fun and Profit by MuffinFlavored on Monday January 09, 2023 @08:58AM (#34310353)

> For someone making $15/hr, crypto maybe their only lifeline to escape the quagmire of poverty.

Or help keep them there as they keep getting "scammed" out of their money.

Think about $15/hr people who bought anything other than Bitcoin when Bitcoin was at $60k+

Crypto has most likely been harmful for a bunch of lower class people.

[ Parent | on HN ]

Re:Shorting Tether for Fun and Profit by RestlessMind on Monday January 09, 2023 @01:23PM (#34313913)

> Think about $15/hr people

Actually let's think about them. What could they buy in Q4 2021 (when BTC was 60k+)? If they were in the US, then probably some random stocks or some index fund, which has gone down in value (-20% for S&P, to -65-70% for "blue chip" ones like TSLA or META). Definitely not real estate. And forget about commodities.

Outside the US? I'd wager similar scene in other advanced economies. I don't even know what good options they have in developing markets.

Even today, I'd wager that BTC* will have a better outcome than S&P over the next 10 years.

*to me, BTC is the only reputable crypto. ETH, if you understand how it works. Forget about everything else.

[ Parent | on HN ]