- Feb 7, 2011
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The stock market, in its present state is just a scam by the rich to take from everyone else. The hedgefunds win, the retail investors lose. The hedgefunds scam billions by destroying functioning companies, put people out of work and are massively rewarded for it. Hedgefunds illegally short sell stocks that they don't own and the SEC doesn't bother to try to do anything about it, and even when they do they're basically toothless because all they can really do is levy fines and the fines are always less than what the hedges make in profit from their illegal trades.I mean that's the stock market in general. Bets on how much a stock might be worth at some future date, and its as intangible, obtuse and reeks of money laundering and scams as any crypto or NFT.
The government is complicit in this, the banks are complicit in this, and the whole system is propped up because if it collapses the entire economy goes down the drain with it. "Too big to fail" means that these entities are allowed to do whatever they want and get away with it because they're basically keeping the world economy hostage.
Crypto and NFTs are just another get rich quick scam that promises those in the lower classes a chance at being the wealthy if they just get in on the scam early enough and dump enough money into it, but it's really just moving money out of the hands of the middle class into the hands of the rich. Crypto and NFTs are worse though, because in the most critical time to fight against global warming they're doing the opposite and making global warming and energy production into even more of a crisis than it was a decade ago on the promise of free money if you just destroy the planet a little faster.
The faster countries start banning crypto like India and China have done the better. Russia is next, but I really don't have much hope in the US following suit. I suspect more than a few senators have already diversified their investments into crypto and aren't going to be willing to give up those profits.
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