News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
This is embarrassing. Currency should never be an industry in the first place.
That's part of what they're lobbying for - to have it treated as a currency and not a commodity.
They should treat it as a currency first then. The first major problem with crypto I saw was people were treating it as a commodity instead of using it to buy things.
They were buying things with it. Mostly drugs and other illegal things, but still.
That is/was its number one use as a currency, but more crypto was moved around as commodity trading or being held with the intention of commodity trading then ever use to buy things with.
But it really doesn't work as a currency.
Real currencies represent debt, not value. You work a week and you're owed something for that work. You get currency that represents what you're owed. You're not meant to hold on to currency, it represents an incomplete transaction. When you spend the money you get the value of what you're owed.
Crypto currency depends on it having value. People holding onto it in the hopes of it increasing value. If people stop holding onto crypo-currency the value would crash and it would be useless.
It's not really feasible to take out a loan denominated in crypto currency. Sure it might be technically possible to make this happen but you'd be a fool to borrow crypto currency as if it increased in value (which it has to do to avoid crashing) you'd end up owing more value than you originally borrowed even before any kind of interest might be charged. There's a reason why central banks want slow by steady inflation: people can be confident that if they take out a loan they won't wind up owing more in value terms than they originally borrowed.
Crypto "currencies" simply aren't currencies because the nature of it being required that they have an increasing value to avoid crashing means they can't perform the basic functions of finance.
People buy crypto currency in the hopes that it will increase in value. Inevitably everyone who might possibly be interested in buying into crypto currency will have already bought into it. There's a finite number of people in the world. When that happens it will no longer be increasing in value and then what do the people that bought into it as an investment do? They sell. And the value crashes. This means is fails at the other requirement of a currency, a stable value.
It's a pyramid scheme and everyone knows it. The crypto guys are just trying to get in the last few pumps before they dump it entirely.
By your definition stocks are also a pyramid scheme and everyone knows it. The more people that buy it, the price goes up! Sell? The price crashes! What a revelation!
Nope. A stock is a share of a company. A company has assets and revenue. Stocks either provide dividends (which is a share of the profits) or will invest their profits into growing the company which increases it's value, which in turn increases the value of the share.
Certainly stocks can be over valued, and I'd say many of them are right now. But that aside there is a value in a share of company that isn't based solely on someone else valuing it hoping someone else will value it more.
You know very little about the stock market. You should read up on the OTC markets.
You may know more about this than I do, but this seems incorrect. The crypto industry relies on trading commodities. If they wanted a digital currency, would they not lobby for a central bank digital currency?
They want the cryptocurrencies that already exist to be treated as currencies instead of as commodities.
They’re lobbying so they can make more money from cryptocurrency. It’s not going to benefit the common folk in any way (unless you believe in trickle down economics).