The full faith and credit of the USA includes the taxes from our labor and creativity. Our grandchildren's future lifetimes of work are guaranteeing the monies Congress is spending today.

The crypto selloff is not particularly noteworthy. There are well-known companies that have lost more value. Roku, Netflix, Peloton, Chewy, Upstart, Shopify....all have lost a higher percentage of market cap than Bitcoin. No one would say these companies are scams or ponzi schemes. They are simply volatile assets whose rise was fueled by cheap money and people who don't have a deep understanding of valuation principles. Same as it ever was.

The crypto crash is REALLY affecting the black community far more than any other race communities.

The black community jumped aboard the Crypto train because it wasn't a suspicious white man's game like stocks and bonds. The unfortunate part is that many in the black community have treated Crypto like a 401K while having little understanding of it. What little generational wealth they had has been wiped out.

^^^^ So this whole thing is racist. I KNEW it!

So is this trend devaluing all nothing, or is a nothing specific devaluation?

quote:

Originally posted by a1abdj:

quote:

The dollar is solely backed by the "full faith and credit" of the US,

Well, which would you put more full faith in?

An entity with billions of dollars worth of physical assets, or something on the internet?

An entity with billions of dollars worth of physical assets, and which owes 31.5 trillion dollars, and maybe 100 trillion or more in unfunded liabilities such as pensions and social security benefits does not strike confidence in me. All I see is a looming disaster.

From 2013 when we were just 12 trillion dollars in debt. Think about that.

This stuff makes zero sense to me.
I was at a fellas house the other day and he had what looked to be a 2 foot long piece of PVC pipe attached to his shed with a wire coming out of it and running to an upstairs windows.

He said it was Euro maybe Nuro miner or something like that and it just collects random cryptocurrency out of the air.
He said his buddy puts them up all over town.