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The real world value when they throw out huge sums like “190 million” - represented as digital beeps and boops - was specious enough to begin with. Now imagine trading today’s beeps for tomorrow’s boops. And the values are determined by an ungoverned beep made by propertarians and white supremacist nerds and pedophiles.
You can try to explain how this all makes sense but it’s kinda all bullshit. Or it just sucks so much that it’s impossible this is the only way to do things. It just can’t be.
some people work six jobs to pay rent, and others are smart enough to know that the next card the dealer is going to flip is a low beep boop so they already made a deal with the dealer to switch cards, and now their kids will never have to work a day in their lives
huge sums like “190 million” - represented as digital beeps and boops
Is also how most fiat currency is represented, in bank accounts, and also requires whatever bank to have enough liquidity for people to ‘cash out’ their digitally represented big numbers just like crypto markets
Of course there’s things like FDIC(assuming the bank meets its requirements, which in the recent case of the collapse of Silicon Valley Bank they did not) that can ameliorate bank runs and the like that don’t exsit for crypto
It’s not mentioned in their release, or course, but they should have received nothing. It wasn’t “normal” people though, so of course the government bent over immediately and did everything possible to make nepobaby venture capitalists whole
The real world value when they throw out huge sums like “190 million” - represented as digital beeps and boops - was specious enough to begin with. Now imagine trading today’s beeps for tomorrow’s boops. And the values are determined by an ungoverned beep made by propertarians and white supremacist nerds and pedophiles.
You can try to explain how this all makes sense but it’s kinda all bullshit. Or it just sucks so much that it’s impossible this is the only way to do things. It just can’t be.
some people work six jobs to pay rent, and others are smart enough to know that the next card the dealer is going to flip is a low beep boop so they already made a deal with the dealer to switch cards, and now their kids will never have to work a day in their lives
Not that im pro crypto, but
Is also how most fiat currency is represented, in bank accounts, and also requires whatever bank to have enough liquidity for people to ‘cash out’ their digitally represented big numbers just like crypto markets
Of course there’s things like FDIC(assuming the bank meets its requirements, which in the recent case of the collapse of Silicon Valley Bank they did not) that can ameliorate bank runs and the like that don’t exsit for crypto
It’s all bullshit was their point I believe (ALL of it)
The FDIC pulled the classic bullshit protect the rich scheme with SVB
https://www.fdic.gov/news/press-releases/2023/pr23019.html
It’s not mentioned in their release, or course, but they should have received nothing. It wasn’t “normal” people though, so of course the government bent over immediately and did everything possible to make nepobaby venture capitalists whole